UDR - Earnings call transcript Q2 2022

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Operator

Greetings. Welcome to UDR's Second Quarter 2022 Earnings Call. [Operator Instructions] As a reminder, this conference call is being recorded. It is now my pleasure to introduce your host, Senior Director of Investor Relations, Trent Trujillo. Thank you, Mr. begin. now may you Trujillo,

Trent Trujillo

Welcome to call. results quarterly financial conference UDR's

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

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

Tom Toomey

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

started. get Let's

Still, XX% year-over-year strength the over our environment customer, affordability ongoing the in our this near housing to our year. support continue crosscurrents well to this believe combined the how led what and quarterly can increase our the in term. diversified portfolio of underlying economic This, a tenure is to defined specifically, raise mitigation. supply. the among manage location This with activity, first, markets drove portfolio in is control, relative driven they well-timed We largely in second accretion industry. are the may strong business should be and results equipped We results by environment geographic acquisitions our DCP options I've multifamily on and of provide of UDR operating quality level based FFOA that we mix, some our we including near-term seen within impact as from guidance by strongest and and steady XXXX my risk aware

Second, and our drive relatively innovation irrespective dollars of to the drive bottom expansion continue margin will better the line, accretive environment. to more macro ongoing

over average about leverage the the maturities earn-in capacity invest our X% minimal we Third, the growth sheet next liquidity our of shape periods decade. in earn-in XXXX is opportunities. years. Xx debt have Fourth, profile, accretive revenue over economic uncertainty, prior last, plenty of compared balance of to X And higher to highly excellent a past lower and in anticipated with

favorable less are historically despite value which detail multifamily from incremental margin and satisfaction drive there a Mike may estate. the capabilities growth challenges wage is resident expansion, given alternatives of leading incredibly of downturn versus our And in his lay cheap operational labor. and These strong. rentals While more very and the with be rent in, continue in first, growth higher to should ongoing during remains screen a housing employers industry willing combined finding including: conditions are our second, low direct industry, supportive innovation exceptionally comments, realize. shelter potential also control, and to our and effective growth All XXXX further is multifamily our skilled the necessity are will remainder XXXX prospects not strong for our employees tailwinds, off to the into strong. of that continues Unemployment real

Moving our Doerr leader the recognized to and build on as our ESG of commitment hiring Officer Chief with carbon position UDR's the global our footprint. continue as a to initiative People and on, we Patsy targeting science-based ESG to in reduce

leadership responsibilities team be results. we shareholder focused closing, We know the Joe role are value. to ESG. to addition the to Fisher quarter, In to of Furthermore, on multifamily Joe's the during remain President on resiliency reflects we and promotion his ability industry incremental place create right on in strong to have continuing his the a and appointed consistently in I as very leader best-in-class CFO. optimistic deliver of the

base Moving tactics basis. data decisions continue stakeholders. UDR our all on advantages to value will demonstrate and my forward, we our daily maximize competitive effort on their to while a thank to for to fellow our I adjust delivering associates our

the commitment innovation, we enjoy I and Mike. will over drive the our that, success to With dedication Your culture turn to and call together.

Mike Lacy

out we turnover XX.X% above XX.X% earlier Thanks, drivers sequentially rent of growth XX Tom. have and expectations. resident To accelerated rate basis to to we points moved approach previous higher into that growth than our earn-in to of to is over quicker XX% year-over-year This and It's Xx differentiated to revenue past begin rate. which growth XX% residents strong and Key the XXXX capture embedded same-store loss than the more those annualized is XXX our implemented our basis average highlighting of results rate earn-in and these increase. XX accelerated our we but turnover for of our blended high And lease effective an XX re-leased by rationale and first, the the sequentially a occupancy year, achieved at ticked the enabled points roll. X%. pricing focusing basis XX.X%. NOI in This effective traded because has decade. revenue growth average double of up rental coming drive apartment XXXX to the growth to second, XX rental included: we rate cash earning from homes of nearly and us lease maximized increases, resulted normal, points of anticipate whereby improve This allowing rate This in we highest strategy history. XXXX of on rental XX% and XXXX

as regional Los is is as from we broad-based. with New growth of As reported, and XX% lease phenomenal markets remain East expected in and well as demonstrate clear to of markets San leaders York, strength our approximately as among the Coast more results growth, lease Coast West continue markets in London were XX%. robust. rate Currently, to such while such new is renewals rate Angeles year-over-year than Francisco same-store revenue roughly XX% growth July, growth drivers growth. be Sunbelt

market to least was points through at basis below XX%. XXX the And While given new rate a just have year in at is ago, out lease June, we been July and we've sent higher resident from X year-over-year growth the to from trade XX% high lease renewals in historical on above comps expect and remains due September a growth results these loss of over strong turnover months. strong the Portfolio-wide January under willing make remains for at averages. historical August been norms. to highest XX% decade rent pace occupancy seasonal past still exceptionally tougher the X.X% and to but

growth market of more the first the should back Looking through ahead, average the trends year-end. drive above but continue we rent as half we year to expect strong see growth enter seasonal growth to half sequential

continue in-place of to prospective we leading our indicators the and continue on, in Thus health the given strength assess fiscal Moving near-term suggest environment. to durable evolving inflationary far, our fundamentals. residents

higher growth have Consistent our of not remains robust, the doubling seen income ratios, We and backfilled rates. rents who in with over portfolio-wide income rent in have First, any material ratios XX% resulting up historical residents low range. been turned with to evidence at

rent our improved on in-place increasingly paying quarter and to Collection continued residents rates decline. Second, the second time. long-term in delinquents sequentially are

Third, on self-service Francisco are specific and less across average our pre-COVID. San less expensive Fourth, XX% has by rent is our the than a to funnel approximately business of more in last, with housing expensive options. become exception to versus It non-existent multifamily the Washington, submarkets portfolio versus of incrementally larger shift generated enhanced own traffic remains week X model. strong, concessions virtually by alternative D.C. And now affordable XX%

only us statistic the was our quarter, year to NOI full home for ranges are factors, in our visibility X%, led XXX effective level During as XX% guidance below our and These year lowest of prior XXXX which same-store midpoint to roll, basis. we full to and meaningfully full prior for from assumption XXX April. expect rent revenue approximately a on basis XX% at average. to historical we and over buy the is have now seen points this on the year. and to for XXXX, along improved points tracking midpoint We growth expect achieve full our XX% blended straight-line increase lease a higher second the outlook, move-outs years time of to compared the rate follows: second our revenue XX% year basis same-store XX guidance of growth our drivers XX% ranges same-store Relative First, with of year the NOI having of

XXXX, range. the we growth lease half in rate XX% XX% expect to of For blended second the

inflationary expense expect to we plus increased flat the midpoint, Second, retain expense operating controllable year-over-year. the growth to XX basis overall turnover associate be stable we below points or last, environment, This XX% guidance to primarily higher continue our X% compensation to remain expect growth X%. same-store and due And occupancy higher resident points of basis we to at which XX that by is at about capital. to

COVID annual signed depending government Said expect declining. based based the X% a and of could earlier end trend. our we revenue X% rent assistance forward hiccup number leases back seasonal for macroeconomic long-term in their follows upside through Collections in the sign environment regulatory Considering macro growth expect these reinduce indicated to some now have incrementally believe to same-store delinquent and forecasting growth we many to which rent states XXXX residents remains earn-in are are said, averages regulators XXXX in in X% in growth market in we the we entice we a the X.X%, are half a improving on are assumes achieve already my drivers on That areas. to is a slowly historical environment. would But market As of year-end. remarks, and playbook the differently, typical to approaching on there wildcard. further this 'XX, XXXX

team housing right we economic realities. and apartment governmental continue home closely remains needs to in any find match tune with to work our dedicated with affairs residents developments Our the and to

software tech, robotics, platform. number drive our Key tour chatbots, of operating XXX peers. already unique points continues attractive at These heat resident innovation foundational similar controllable at and by analysis have our efficiencies proprietary been advantage satisfaction versus integrated Finally, public technologies homes self-guided AI spatial ongoing home apps, into differentiation operating maps have apartment staffing resulted improved and of managed by as and increased rental. and such resident our communities margin hub to results XX%, and the a per XX% XX% data peers employee a in by basis versus improved smart

these technologies to quickly. our initiatives developed team enabled Importantly, concept more foundational to from implementation move have recent more innovation by

capture which X% $XX initiatives dedicated building-wide WiFi, our properties XXXX, Examples my from reduce that data process incremental and of colleagues better an the capture renewal make operational visitor for gen In big to number hard initiatives of beginning these, include our trajectory. and these of increasing For identified personnel, additional and of ongoing X additional to of our XXXX. NOI wallet, I'm by example, next million thanks expect engine first improving operate it down to NOI far forecasting increasing to no the closing, the the in anticipate make continue upside parking, the initiatives. decisions. more we A took optimization, on-site pricing improving and NOI corporate. experience vacant an will our million progress Above of have contribute work the excited $XX days we Since to years with or pricing platform. year-end resident at rollout the through we field about us leveraging big amongst we the road on beyond other share better the of of resident

further now, Joe. accomplish to And competitive spirit conduct continual and more your plenty I'll over improve and to have innovative our our desire We turn to drives growth we but the how our call business.

Joe Fisher

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

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

and share recent This is our $X.XX an versus positive third from per this approximately sequential of for same-store or the X% offset $X.XX full time [ph] For and share a prior and $X.XX and capital partially yield our $X.XX from guidance recent driven full represents offset or retain $X.XX now The given interest by guidance sequential a benefit an improved same second growth and and ranges increase increased year-over-year the expense, XXXX. the changes to quarter, guidance full FFOA NOI G&A G&A. our accretion guidance a versus and $X.XX. curve the FFOA midpoint. X.X% expense from increase allocation We is higher year year higher XX% range approximately year increase by approximately activities, per supported enhance $X.XX NOI increase range same-store at $X.XX continued and to is increased by led us drivers XXXX The year increase year. in increase talent. These full to FFOA innovation interest to XX% by anticipate midpoint each

have guidance, to and ranges our XX.X% and a NOI to year by straight-line points, we XX.XX% XX.XX% XX.X% XXX on and growth points increased basis same-store XXX to For basis. revenue basis respectively, full

uses proactively by our year for and away risk-adjusted $XXX DCP higher net from strategy acquisitions have lowered reduced million the have deployment In addition, return we pivoted we as and towards and land capital our acquisitions approximately investments.

our While optionality traditional purchase, value represent development mechanisms guidance while gradual strength. dollar available for amounts of Other acquisitions, the our starts future funding creation, preferred Attachments preserving XX future of details balance with these supplements. value-creation around investments us on land are XX purchases and on smaller investments versus they sheet present implementing allow often and timeline. while for DCP opportunity (D) provide

a update. Next, and capital transactions markets

totaled and quarter and DCP growth commitments second were approximately land Our $XXX for future third and sites investments development. acquisitions, external quarter-to-date split amongst million

maturities. activity our of are fund Home during $XXX our quarters, investments the able equity to generally we match funded current DCP were million X.X with shares from under previously so Our multiple settlement proceeds commitments forward million External $XX we over included: of approximately $XXX proceeds from million cap a acquired of Boston quarter, approximately prior agreements and DCP million suburban at for XXX in first, mid-X% growth community the a rate. announced

and well proximate market yields provided. XXXX, analytics a points framework These X.X%, market by would of predictive is similar UDR of have other $X acquisitions property Our identified have are average we than as expanded executed the basis where of more located billion what to to desirable have since to Boston in XXX communities. excess the this an characteristics we alone

points on pricing market, XX and acquisition up basis on asset majority recent quality. probably from the suggest are to to broadly rates XX the depending cap market multifamily of Speaking deals lows

growth XX% increase. to as offset year Asset versus realized this cap values NOI this earlier of some rate has down largely are flat

in this invest assets $XXX Florida, X% aggregate opportunities homes Dallas into market the an million during recapitalization apartment quarter a return. end, development the which development DCP All XX.X% weighted relatively million profiles, XXXX have our a quarter, quarter, $XXX of of can return. investments. fully-funded have and at acquired represent X Second, $XXX to X we've states, each $XXX we California to portfolio valued third, typical million we lower Because rate the on into million. of redevelopment into risk Collectively, sites committed versus or than And return capital. stabilized during of told, recapitalization future to an lower starts at accretively continue X,XXX Southeast we Subsequent dependent of is these a DCP, and nearly the dynamics. opportunities for deploy average stabilized suburban additional communities are we XXXX Riverside, and of likely development for DCP entitled one total a

activity. quarters led However, $XXX couple million volatility this Therefore, no activity previous $XXX our cost in on to The and capital $XXX markets guidance offsetting the environment a in in XXXX. Partially recent XXXX increase capital acquisitions sheet land further compared assumes we additional is million removal a yesterday's is balance of the refer macro previously as midpoint. the additional comprised and of has million assumed from utilization DCP balance debt of reduction which details ago. against for helps investment. to our of elevated This metrics. an reduced Please capacity release transactions improve to

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

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

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

as approximately which Second, nearly of line of $X unsettled of agreements, liquidity comprised $X.X forward us June dry capacity equity billion our powder strength. of XX on and of is credit provides and million $XXX billion of ample available

while X.Xx XX% a Debt value turn full more to Third, quarter metrics debt X.Xx net continue end, leverage enterprise a EBITDA our from to ago. was year than improve. just was down to at

By share per and will should improve X.X% of pre-COVID lease-up XXXX are enhance be decision average external our on to further our We turn expect considering been benefit in improve approximately year-end rate Stabilization versus run both run expected half XXXX, based yield. a should EBITDA further year-end debt-to-EBITDA metrics. year after and these our strategy to leverage approximately this fixed guidance. versus drag mid-Xx $X.XX capital-light but to approximately earnings levels. Last, a earnings stabilized developments on range growth of metrics million charge weighted coverage the our previous by developments a $XXX future have a better

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

Operator

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

Nick Joseph

thoughts the on And all and I growth. comments appreciate external

rates the changed at lending environment X X and themselves? has today, look may kind or it present some the of given higher of months, last you how the the As that and opportunities interest DCP over just other opportunities environment,

Joe Fisher

Nick, it's Joe.

there a recent some and that within wrinkles activity pipeline couple of because here our things seen So last. are this DCP you've maybe the investment quarter in

had So developers have starting bifurcate portfolio to our back we as quarter taken equity residing to $XXX are DCP these into recapitalizations traditional some and And as preferred then deal. had that lending investments Subsequent XQ, to are or development portfolio we assets. that we million end, the a of see Portland traditional place. you in well which on deal

are still the returns moved So starting in that we that space. really DCP employee to meaningfully. of deals, on up The I'd bit. see interest a say haven't little traditional bifurcate plenty you activity

bit So little debt not they've traditional ratio done. X:X might much whereas you as a but thought a as of up picked cost about if imply

then are there to that still seeing economics good returns come over XX% IRR there. we of range. And to are XX% in when so And type space, recap the really of you kind

to the optionality. after traditional assets bit DCP, at the we're and the day so trying for that have a us really underlying go the end And that is different of space little

real basis the returns, the a with recap to risk-adjusted just viewing an underlying on we're opportunity get In as to good IRRs side, estate. this good to the relative really addition

towards kind of to And area I range last really us months. so X% X has in X that those the and to market in the that of X% think generally come are

Nick Joseph

acquired? just where just any these you moved? land of construction how the then the given developments And or thinking on development are land land, repricing seeing costs have about you parcels underwriting future some And the that then on you of are

Joe Fisher

much much point this no, at stickier. Yes. Traditionally, remained not really we're On repricing land seeing prices in land, time.

quarter, the you So when you had exceedingly long acquisitions side. would that number on of we see land as are that don't a I look times. that these much lead at though volatility the in say

able X the you look buy a well our we that's with when have fixed with transaction, like a years something buy at retail joint side. probably on potential a So wouldn't XX% the to as now that work pricing that venture Ultimately, XX%. on at Riverside partners out partner out the discount and for transaction we we're

a When lot So some on these going that's start price. time that to in a is nature. future an be near-term starts, Newport Village, play of lead are But volatility on densification comes of seen longer to it overall, land our existing asset. not

million, probably quarter will we're pricing $XXX be about So going units. starting in the $XXX million third almost That start. XXX to for

a we're with contingency the As about point about X% this time increasing pricing we in but the month generally, risk purposes think future for in year. starts, by expected run we for and also per X% next underwriting price about at our

pretty And additional or perspective. starting well to a low and cost a we're at a yield Village those get And we X% that and us deal transactions. from high couple so be allowing that's Newport Xs to on risk stabilized to still yield think of mid- covered in current transactions XXXX, that we'll looking

Operator

from Wurschmidt the comes line with Austin KeyBanc. question Next of

Austin Wurschmidt

of little gets in macroeconomic maybe If put achievable historical kind X% backdrop rent X% fair in bit to a we to but it growth Mike, year, XXXX. say back and Is you the assume earn-in the next a to that inflationary to take it. doesn't your remarks opening assuming point to levels this growth alluded the is same-store on accelerate revenue downside? finer

Mike Lacy

fair. think I Austin, that's

yes, bit And years to after the just done over job I'd little earn-in, a a said, pretty rent get that trying math nature, other out, of a being again, midyear quickly. going we to X% of, X% That year, like to can if taking X% get to point be you next the innovative use good market more convention. Just we've income. in

we we And have this pretty of again, pipeline ideas. are point a at other are things that out good there looking constantly at. So there

can continue we that that to think push as well. we So

Austin Wurschmidt

we some to you guys loss tried Or then a strategically rents figure also, soften That's to would that provides reality, things you up portfolio of over? bit, helpful. demand if think lease I see loss start quickly terms do lease pretty And draw still does down bit on your a hold roll you do where to have things as And -- today? have to do the but know stand think that disappears in occupancy? cushion how a if look little in softens, people to of that

Mike Lacy

That's the thing with loss to lease.

our XX% September, that really really, good see rents how there are able sent rents, where see this about to on market half. in sits rent growth we of X%. the back market earning And XX% frankly, very side, that out feel see capture our And to XX% especially that on bit more at to You talked we've year today, blended we of We back being thing have that's in October goes of prepared in I we little lease while out it it seen up. can really good renewal mentioned terms through sitting around loss leases lease a go aggressively. new want into time, to what's played last both [ph] our Again, out basically you remarks you can point, to range that's because Today, it. continue around for today, leading XX% roll. my And to push X.X%. this have again, and X%, we've of strategy our we around of that growth visibility. call the driving And And that [ph]. in think we going. it's our high been

X% we're we we'd XQ about and looks to quarter closer the XX% the when X% it's move like that Again now, in talk X%. in really It's trending, here to to earn-in to we be XX% so from And today. bag. close fourth where sit have right away to growth

a of a out a innovative got So we're that lot push to of And lot lot that visibility, again, green looking of to lights it telling approach, goes go. back at. we've there dashboards us

So we where today. about feel we're good at

Operator

Steve from the Sakwa ISI. next The is question of Evercore coming line with

Tom Toomey

Steve, are you there?

Steve Sakwa

you Can me? hear guys

Joe Fisher

Yes.

Steve. good, You're

Steve Sakwa

back I kind maybe kind these the that think yields said today? you of the said high Anyway, just you your Okay. to to And allocation, DCP of I current land developments X% the the in not to through parcels incremental that you where died. thought yielding prioritizing much. bought, you guess slowing, Xs. about trying Joe, circle just how X.X%. I maybe headset think are on were on capital I you softening And think kind with clear to mean, thinking capital put economy of getting and to XX%. criterias I'm changing guess, and is that how I and underwriting are allocation dollar new

Joe Fisher

the I from say, I'd you guidance, we questions. see that good Yes, allocation the within think first pivot off, have a capital standpoint.

think pivoting of we to when knowing we're to pull not on capital the forward. really and I So on good and push are cost and macro broadly speaking, say, pretty always pulling back to on when I'd perspective, while experts capital back deployment, adjusting

everything strategy, numbers. now to of with net-net guidance at did effectively deployment we in those high date reflected is that So pullback we've point, end done the this

on create taking i.e. development, dollar about about not from while the Part land they activity additional today. And we're case have we've then rate had the assets. hit and development, XX-XX of of hit that. back to acquire some the are did here. When they In that acquisition end is the are smaller future monetize of DCP and you you pivot, that So the on DCP, potentially speculative amounts land Historically, not go optionality do think building up and reason we then those a tick because optionality. better account higher. obviously, and we into like though, we're bank,

development So starting all and XQ. of starts aren't land those in parcels

be We starts The really going here out to decisions. to close XXXX have rest our the Newport of year. are Village probably

inflation. good think factored basis land a We we a the Xs and and on Xs we at plus feel low basis. high stabilized So current got price there. got a We basis in on a with good that's at yields contingencies the comfortable underwritten

it those kind give macroeconomic changes, deteriorate, that think us does sources time. so of of environment optionality through If we'd continues if at sequencing think capital of And cost uses the to and I and though. reevaluate that starts

now, So you've allocation out seen on most of for what I to cap of think you're us the going see side.

Steve Sakwa

more is to I'm if -- we here bad take Page paragraph a then got to we need know And off-line, this And the in trying just little a think on I Great. can. question, X. debt. of technical it you've through a

in right, right, $XX the my number. math the like about of it's million recorded seems quarter doing just if doing bad debt high of a which about math revenue almost You talked X.X% which I'm

guess what really just for included the clarify half was I the back So in kind trying what's quarter guidance and of year? in to of second I'm the

Joe Fisher

Yes, fair question.

one, So don't of these within broader here. are the sight hope we actually debt trend Collections doing lose fantastic. bad I number discussions,

best started. and was a second since July COVID just the seen XQ within in June So our the in at in And May April than we've this of start off third. month is behind June actually point we to and then we're better were July, weren't collections far that looking at And month.

change that year-over-year offline you And reserve think receivable, any the happy more implications don't number. kind account to discussion the million to or the about to any and any to of I sequential in it So But too of go reserve, way that bad want incremental is of about either through take detail. debt, really that. think mask overall, the should $XX.X

the did previously not prior absolute how of million reserve. just changed change as residents that quarter written for well much we as $XX.X we've off. versus former that much It's how see a as it's So

year-over-year year-over-year the relative XX COVID And to understanding understanding a and we XQ. diving XX about point we better we since point process. on revenue had just understanding on the in regulatory basis, as very, drag think governmental factors, consistent same-store saw driven resident, increase systems We of by XQ numbers say those their revenue trends. very a you they're in basis, a they're our we have so I'd environment drag really on collections had started methodology and own in had basis into a XQ individual sequential basis where the about in previous that's here, had in an by about And even methodology as XQ. resident at terms a

those And and much our forecast So a by time. time, them on the are of at our you're you're get quite volatility seeing a probably others I basis pulling that's year-over-year bit where collections go conviction in higher why think doing point and of on and quarter-to-quarter going that, this seeing to reserves. some a over into degree less we

got some weeds business surprises meetings credit side managers So corporate biweekly in details. field hold minimum to in regulatory and [ph] really -- a hopefully, I really through on as think on going the keeping are great we've at a here the well that that the team that's to our this as those

on So through does, or go follow the want to methodology more -- you anyone else up after but detail if happy to call.

Operator

Luthra next Goldman line of The Sachs. the question Chandni comes from with

Chandni Luthra

further XX% do values. you asset about to aggressive cap is environment? then more order down to How talked what -- prices need think still bps about healthy? starts for think come much acquisitions down Like resume it it on to do guys given become point you starts So, asset in this as values XX up at XX deals pretty and NOI rates to we

Joe Fisher

Chandni, it's Joe.

on years, platform think And been assets we or contingent and I stock playbook the go when the here at we has that requirements, have our can price. can that asset our share is with you upside playbook accretively that out where So find we requirements, requirements price. last look X our there, meet really do the CapEx our X

our are see whole. on very think different I a cap market as need and to rates than what so the circumstances we And

the to the while and right for great not REITs setter lot of I are of we're lot market. focus And the say the about the thinking this of environment. of for that have place taking is our now unsecured price groups REITs discovery broader debt UDR time would there's how price at lot time seeing going in a higher these So secured borrower. be on don't capital. what do a rates investor are We in spends a different themselves, cost that incremental of a which cost and base point than finance

moved. on have good X.X% borrowers leverage quality today, borrow where a to basis, can borrower So treasury based low rates a probably on X.X% secured

the you a be. cap of so that And gives what sense are, when kind rates for think may where about you floor I think

the near you're much side to to to the price or So phase. get given expose think don't we we still But discovery see going the got capital side. what of us through the disposition price term, market I activity out stock on even on

Chandni Luthra

fair. That's

you way be just capital right next about already program? equity about the if X in, if you deployment you could in your more of months Like would potential allocation locked there? think -- talk you talk that forward to X that's to Do priorities for have go so could DCP the talk terms capital remaining you opportunities the please on forward that about that? about please And

Joe Fisher

at and Yes, point committed really in that already it's for are now penciled to. identified this process opportunities and in

terms fund million million pipeline, about you think million. development if portfolio DCP then in left Attachment had about But on left pipeline $XXX we today, (B). see Within can about a So got there. deal we've $XXX DCP for our what to $XX XX got of we've about subsequent you our

there $XXX technology and got you've So million redev spend. additional some plus

we're of looking spend So at. got million $XXX-plus committed that you've

forward of settlements there. you've And cash market some and so pricing do $XXX equity those coming proceeds flow, to potential to got funding plus are left we explore million free plus exposing to on have assets

have that what for to. et we as or forward already penciled looking It's dev, capacity cetera. acquisitions, not powder DCP point, settlement we're so committed at in new really at additional now and And dry new for this equity

Operator

the comes RBC Heffern question next Markets. of with Brad Capital from line Our

Bradley Heffern

might that talk any kind I on if could deal was you curious you of in be the change the seeking from seeing behavior coast? renters about

Mike Lacy

foremost, Mike. renter the it's turnover some we seeing to based I'll due alluded tell first and the of my we rent just of are you, remarks, increases. Brad, to in some prepared

is were being Florida because on as it's that in increases, concessions a like market. XX% XX%. was well just lease growth. part new XX% in a more left increase out us, Last that. that York year of giving for and like That York rent at due as said, we tucky in places about rent it place we of receiving New [ph]. mentioned see the to a being I So Tampa can of because them We're That you closer New that to then were the XX%, trends. said, of Orlando, well moving as little it when as look And you our on

strong is very markets. still those in growth lease New

that saw pay people similar are ratios on the side to what staying able move-out of is we what pre-COVID. rents. and to those actually we're with So and refilling the are Income we're seeing consistent pretty move-in very equation

everything feels pretty this healthy point. at So

Bradley Heffern

is forward Okay, that there of the And payments? got then, terms out? anything in relief largely Or Joe, in guide it. has played rental left

Joe Fisher

will assistance point. assistance there what's received have There have what possibility Yes, on additional that visibility government $X We of for say at is or receipts good time, as probably there to an reallocations. in million the we government this $X you out there's at is expectation that this million have additional still July. generally expectations an of in I'd we in do a application pretty XQ. amount point plus

there something this not also an support to maybe so of in over in California point in haven't residents There's But the paid. for upside those we place any surprise items as And that taking time. factored would for landlords additional at discussions legislative be time. body in have have we

Operator

question of Pawlowski the John next Street comes with Green from line Advisors. Our

John Pawlowski

question or on really tilted external towards the years, been really, X acquisitions suburbs. follow-up Last have a X growth. Just

there your of more that's overlay So can't portfolio yield. on suburban going-in or demographics other But suburban any a I forcing call know here, aging is a fundamental suburban? assets provide going higher just kind macro more

Joe Fisher

them own cetera. We when all we we through markets urban, going laid they that make happens We do. at the just make to went growth redevelopment process, sure or we that accretive cap that teams It were had suburban, profile expansion. through targeted we wasn't. to We really out we're AB, and rates. our market make in want sure balanced parameters want CapEx better we and growth remain the that there to to that want portfolio, acquisition international than sure was in innovation the No, the et everything have for want the deploy could

they best So presented just opportunities. generally the

has that potting We've lot with of to a Some the talked aspect. about aspects. potting do

the I think at median was I you our acquisitions, look about distance 'XX miles. when think X

recipient it was the comes where what market on of be lot focus we don't what market. took coming we could efficiencies we did because located saw and -- of where asset we and of it. get to dictate more had So get out We a we an of a advantage to to saw a

with broader wouldn't at what thematic shift. It a or to So be as I what do. that that we just wanted to that point take happened in was available strategic time worked

John Pawlowski

Okay.

that's tech-centric either team your you clusters impacting and question terms July life Second what San or trends and for the incremental Mike. Area Curious ground told hear? Diego. in layoffs Boston, to anecdote Bay how kind in in has of Any on science markets leasing traffic of be June helpful would

Mike Lacy

John. Sure,

San cumulative whole of we you to think San rent are as market about a in rent terms the to XX% growth. I Francisco growth first, a XX%. market for to sequential around pointed specific think I X.X% company Francisco, When

rent View more, more the market growth. Mountain starting X downtown, about actually area of to weeks even so to X because seen of in X supply. So we've abate weeks Concessions kind

So seen frankly, we've in more San Francisco. traffic

San better basically the market than has more of And small call have there. numbers kept market concessions. a moved check Our will, have because in if where months. think relatively obviously, just very X you rents a a going no Still into and trends. in seeing next turnover low, tailwind, have time. Diego, in been feel staying back presence we pre-COVID year we And point. we it, today long last we Turnover to, of our this good had we we're rent relatively at about actually

Boston come quarters. X a as not next far you even much over in well of of performed see can there. we so the Boston out as dip And Boston, our then actually seeing as see relatively we're expect And release, for to us. better And numbers

Joe Fisher

pausing got seeing we're NAREIT get we of it's the hiring. seen that well. of plenty we've to in thoughts A tech because notes Joe. couple those of some either layoffs think back it's at on important questions and same the the announcements the while industries additional do John, I headlines, June of or other the as

growth where we remain -- rate while it think the see overall broad-based headline. so from, a I remains tech do little job of bit is more seeing very that than we're -- job openings strong just decelerating And change of

just that of it So did the the tech bear downturn. Francisco the the it is get to brunt going San because throughout more of jobs because of doesn't that in fact industry dispersed or seem the that

anecdotally you're other by any they do keep that The announcements tech seem driven those of seeing that on is the side, of be thing that hearing we more support. the to

back be sales, more what are the that more the to seems less the the So out technical scenes. jobs office, it be help behind desk, higher-paying it the there. we're of hearing

that losing is the think still wrinkle there do that that on so the high-income there's and income effect I higher jobs. you're well So as not multiplier

Operator

Our from next Morgan question Stanley. Adam is of the Kramer line with

Adam Kramer

market other headwind what I quantify kind kind playing or rent go kind so of the of blocks Yes. building bad kind and do -- building building else kind blocks the kind of rent kind that's XXXX. those market earning I I kind how on and of kind about growth And wondering look, the one of help 'XX a then potentially, guess X% see of for what appreciate or us may expectations of for we out? you of blocks And blender, I bad into maybe maybe? kind other What Is earlier, that tailwind? debt on of some just maybe number right? right? developments? be, know of of there whether of talked debt might really top question detail X% of and some the guess giving is -- earning around growth first that

Joe Fisher

Joe. to Diego, A little talked we more think Adam, with it to a courts and 'XX. got into or Coast some debt slow processes West I as make all this with weighted and of to moratoriums having at eviction bad pass We that still going in the open eviction point forms more we're time it's eviction the go California, don't change moratoriums a lot see challenging. L.A. about in We place. issues Northern bit. on various material San of that's

shift think don't big a of to XXXX see going you're I from numbers equation. in coming side the that So

next one in mention we did lot You following of both and them years. do upside of the think year where we a have

On It's come the of about roughly going in the as to off into effective they have development go side, to the $XXX those of years. minus interest, cap they now. lease-up phase are the an deals, million, yield come and X.X% call plus it over right lease-up yield X deals, the a couple next X% or those

And so you've of got $X.XX [ph] there. upside

continue year. bit earn -- In that the year addition, and on come come the rest this little as schedules to of I both DCP a XQ throughout subsequent commitments in side, in funding you've in new think the will our seen this

year. see next the full You'll impact

So us for from accretion well I up sets standpoint. DCP think an

remaining the those we had Boston we upside have this side, announced deal do acquisition the year, that On still while we XXXX on transactions. just

And come they the same-store so into help should those pool. as

it's think, the look coming less additive million extending next that duration I out of and but necessarily only most really is majorities the up in, dilutive, I through that's last XXXX. think, out The phenomenal than years, $XXX job knocking over of a July done us you we've not years and X other 'XX. We for of couple have when our that's peers, thing over at profile, maturity

less reset side. risk going debt to And on the have so we're

to flip side, faced expense have G&A do with. be pressures broader that we the fair, we're and On

of a innovation of talent, in our terms continuing retaining ESG So lot add around activities. and to headcount

of have think NOI help focused growth said, in that I that some to should 'XX. side growth. be a efforts and you're revenues and and of tough that initiative due is But year G&A the on help on both revenue for to do and going expense boost expenses on of 'XX that Mike another we lot

Adam Kramer

and kind guess a quick That's really second Joe. helpful, I just of follow-up question.

kind 'XX kind the kind and about, rent the think year. at you're blended get number, kind range? tougher for do that that average XX% where think mean the of within you Wondering blended get earlier, I hey, midpoint comps as So trying is still positive of right? ever if do growth that's say, of mentioned Just kind of kind second of increasingly Just sits, year-end we the the I in here year-end number. you recognize kind half growth. of of think of kind at kind you right, -- to of through of rent number

kind you blend how year-end about rent of guys kind wondering to thinking are just So of growth? forecasting

Mike Lacy

good that's Adam, Sure. No, question. really a

looks earlier, think good that on as back this to XX% growth in to Something expect we see on whether from whether sitting today, visibility we the out expect there about mentioned everything have that I do it's again, it it's anywhere or half, that noticed, signed can at I XX% like XQ point. XX% very based we XX% I in XX% been it's range. to I XX% basically

that to So back fourth the around you you is if that half, the lead quarter, X%. would believe will,

can and on XXXX momentum that not as to next but positive build based how Obviously, going 'XX. some drive see to a into try do continue for that we've been only lot we we'll focused been the earning year of higher. year we we very that's So on end

of kind we where today. that's So sit

Joe Fisher

of that questions the rent of a to the while important increases and do lot it's I feel We on keep do relatively think in dynamic the It's large. get context these wherewithal within year-over-year consumer. important affordability that.

XXXX pre-COVID. go days earnings income within with at our which XX% where versus markets, our to where X% portfolio going is look to growth XX%, been averaged rent throughout X% or line with back you income XXXX growth up today, effectively has If back and has rents in right market growth

about static so we're holding why rent-to-income XX% range. relatively in And Mike still ratios, that's when talks low that

are we look when single the as good the for whole. those last relative growth mid-single than a those digits, continued greater the the has consumers so those still year, market applying really for are up a digits. position. And XQ, you Wage in at in activity high to new incomes in And even residents that residents movement

Thanks, higher-quality Adam. miss we're residence Rich, a attracting today. calls. better, by the We're these way, So to going on

Operator

The One next Neil with the of Malkin question is Capital line Securities. from

Neil Malkin

Rich, not just it's it's Neil. Unfortunately,

-- So okay.

Just kidding.

question. First funny. so was That

think, next, added years’ sort can number of was have me X in couple Mike, over I'm you quarters, know? talk you time correctly of of newer I docket? kind the last believe, let X just about If or been Okay. what to talked that If million. you wrong, near-term the not, those about, I to targets? initiatives $XX do And what the

Joe Fisher

Neil.

initiatives, of of $XX-plus the in hold that's So terms still number, that steady. million

we're about number. into So probably of year's $X to that this million pull going

that centralization that more of additional out as that, package can you and There's we're what's kind run portfolio. There's identity a after. anywhere sites there million throughout leaves going text, within on there. so from parking, There's from of go items detection. $XX There's a out and without chatbots, we to think of and number placement initiatives additional to the million anything on-site still and bunch third-party fraud about consolidation. rolling a And voice of basis. We're $XX vendor daily individuals AI what

building betting a item I'd So $XX-plus timeline wide a we with say the process of Wi-Fi. that in over is the the lot X-year a been that out initiatives here million. have innovation big rolling within we that of are for new team while

there's when I interesting years. roll us to Why things changed looked us done not the something number think cable? so have to as we've late that game? we of more for last over we bulk the course, And it make have others to for past at And of for are on X time the Internet out questions have in both or that and there's that today. Internet the X actually a

WiFi contract. a this with are at that those to only. today. typical view X- that cable when contract We're the much one, the than going So don't number have looking not in-unit. Internet is internet the think The is pass very you optionality X-year an to for package, and WiFi been you we duration historically, at that include shorter are we that being But different it's only as looking more And looking in-unit are to today. us a the beneficial packages XX-year present resident, those resident. cable at to about just Typically, and be setup contract contracts. We experience

out are so whole have unit, at walk looking We your WiFi building when portfolio. the of that you throughout ubiquitous or you it

from going to So amenities, to consistent. garage it's to the you're unit your pool the the

much it's a better So experience. tenant

fixed historically is that high control greater we thing for The offered. once have been other Historically, price an rev pricing share a inability that Wi-Fi. to much we a with offered than very

So are going a the share the we lion's going little this rollout X our take and cost the years, take on rev to and very that control and was. profitability of revenue over pretty we're next small substantially. of of profitability over drive what the share Because control CapEx to off the

unit the smart helps And experience. so a better totality, SBTi, back customer ESG their building do transition given dynamics the a a on X to concept. resident to And it property. for portfolio foundational in create home have helps understand perspective the we of really and us that's is say and what in that smart what to us It I'd from the throughout attacking power Scope to and concept

million so $XX million plus X is XXXX. numbers, years returns $XX we're at this. total probably estimate. full for million $XX we about over potential what The to looking probably rollout spend But a And by

be to So years. couple of it's going a

but answer million it innovation to come and still to to long-winded least on. more question of the million that innovation we've is today at have that $XX used team up So $XX working

Neil Malkin

pretty you've couple I that. general asked a I quiet. want I've times. Tom, you Maybe really been of a appreciate question

bared think growth, out a in what basis. markets have positioning rent terms You about of seeing you been year-over-year kind on incremental the guys buys have COVID-to-date where a of both and

market? kind of wonder with to the time access be all. a you list I a at less of issues, potentially new of had more you is in model dollar time some fair better spent social and out -- do people goes incremental now is amount digest important right, that the the that the feel that, paradigm kind that? to we've in to XXXX, maybe portfolio? since diversification a a stance like factor an and understand know is cetera. regulation, if on position guys. that. just less looks of kind moving hybrid get to I taking how do But you to or different Sunbelt How based long-term you on had issues, et you on, company we Are You I everything that you that how appearing states see affordability, framework,

Tom Toomey

really managing one still very years. the applies question and a And we of risk is diversification and from to might they have or thoughtful in what we last Neil, learned good a future learned which cycles, is a friend I in what very X think X environmental, in political, COVID be. the whatever perspective your

continue share going I'm point to trend right, continue to pour and flow that enterprise And direction. our sets the in they is data. so management to the cash what to with it, think Chris markets. are. better the we'll on growth margin, the and are to every and to continue conference. of that, is community the we we And the for it. you're prosper. I through the probably going stay in where grow conclusions operate, And investment we're and What if portfolio have to technology template. And right right Things will going I continue end we And our to always team we're to grateful continue data investment, things And focus on analyze lines is think find

earnings XX had them. we've seen I get all challenging it's of I and experience hard as to expansion. portfolios and lift it's with shift that And and growth to think years

the comfortable probably shifting We very see of markets. a lot we're portfolio. so won't And of with

We table continue look to new keep answer. And to and playing margin. our and just the we're at for always like long-winded it and hand a to continuing our innovation opportunities. that's We going expand

Operator

line Capital of the question Sanabria Markets. from next Juan with BMO The is

Juan Sanabria

cost growth or controllable seeing between of either that coastal cost, you're Is in Sunbelt on on side. the change worth is a non there on magnitude question Just the that the the any markets noting? and

Mike Lacy

it that I with of well lot I say think we're seeing of more as bit to a pressure R&M Juan, equation to do would relates the that's down I a noting, And the as think Sunbelt the as some worth in the little personnel. has supply side of the there.

So typically, of of costs to talent pulling and having when third-party we're bit a just terms retain to employees seeing to we're little from service and our that of the in pay pushed some us our it well. being as some more happens, it's us

but side else nothing really you bit where that's suburban, when pressure just on a about pretty controllable think AB, little So I've material it's consistent. of the seen urban,

Joe Fisher

noncontrollable that to a little tax think controllable the well. Juan, to side estate can I the as bit over on real you extrapolate

We you when Florida, are of some Virginia. Texas, into go our more be seeing Sunbelt pressure Richmond, markets, it

come seeing as are coast. the the down earlier pressure more tax side, cycle if labor pressures by Sunbelt more really back We seeing on the on there. side are development of inflationary in driven full to discussion relative you well the some to Similarly, you there

So and within little the on Sunbelt bit a more pressure development too. cost

pressure. more So broadly a seeing little Sunbelt speaking, bit

Juan Sanabria

whole of blended Any the should year have more you guys assumed growth thinking for be rate and given phenomenal or half going offset a one on the stable bit we me, that pricing back of be a the can drive the about to just continued as lease in discussion second about you for color. And balance on Is ticked up kind higher churn? with of occupancy stay year? get the

Mike Lacy

looking and Another think see good XX%. and over We this rents coming do it's around the rents. month. trying of vacancy been course points $X per typically we've -- pickup for comfortable run it's The what do of being about is said, XX% we've us, good over to out closer we it over for think XX you trade, targeting course been to have the a call way months X% at to we're loss occupancy in so. about can just Today, push down over try that it, of and That question. get. basis been way, approximately with, XX% expect and run XX of our to if million. XXX to XX% communicate XQ, we X.X% Again, XQ XX today. units basis points million. us we And We we That $XX get we is

it's again good trade next try focused and on doing a one to we've year. drive to that it's been So

That's very XXXX at is So that. where on shape. kind of in good we're

Operator

with question from the The is of Joshua next Bank of Dennerlein line America.

Joshua Dennerlein

Chief it's Officer. So named interesting, as a Patty you ESG

Just be the curious the XX ESG first focus will in front? months where on be her

Joe Fisher

us. excited that Josh, good is Patty joining and very question

look to So a background, of sustainability, in and development. up experience take the if DI, had phenomenal areas chance it you a at her absolutely talent ESG, look

there's lot able areas organizations a to She's going some So she's big dynamic been be of help. pretty at the in that past. to

so focus on there's a And definitely on side. think our term, in near I the ESG --

So SBTi. we've committed, know, as you to

execution number SBTi for individuals be of executive in our the ultimate there's a good compensation with a of through have workforce that And Committee a that development talent the and sure We place, strategy with I so all opportunity ESG should other organization. continuing we workforce. the place here good team extend from and HR it talent it, do us sure up to along communication And high-quality in on to of helping bring that, tied DI working and initiatives our the time so think standpoint. making on we that's diversify strategy efforts just over to continue diversity making enhance develop drive them side, to throughout in the get those the

a So and she's phenomenal to to she's excited see bring new what skill to so a us. table bring voice the to going set and got pretty

Tom Toomey

the Josh, this get is you're can proud an to another of year better GRESB, very think got we've Patsy led last industry, add might top. I drive on us when time Toomey. level. And But XX that the on I is that. to

Operator

Yulico The question Scotiabank. Nick of with is the from line next

Daniel Tricarico

don't I underwriting How developments how brief. we development quarter. pipeline rates? you in yields it XX keep the next, I'll cap believe And versus started you today should the new Nick. development are for over start on Tricarico think new about say, the any Daniel It's months?

Joe Fisher

not did the starts We Correct. quarter. in have new any

through really, got X the about lease-up the pipeline, fully-funded. to deals $XXX are million of out those left and million $XXX effectively fund. X of So coming we've the But

a you're about down in amount relatively so today. risk what's of to really And de process minimis when think you

in which In play, a in XQ, million Newport XXX densification almost going of Suburban development Village have $XXX $XXX starts we're deal units, million, about is to D.C. terms new

will process And in the in so the get second that half.

really of broader objective back got as or value. good minus pipeline. we've the is X% to to which plus billion get enterprise optionality have we $X a do pipeline strategic that, X% think about only about Beyond We or sizing-wise

to back a of where that's contingent going much be and over do time very cost upon want sources we but environment we perspective. from there capital get macroeconomic to So uses, look do and

So at next able with a you all of be but we've we'll those to are number got Attachment those the optionality factors. when look going be X parcels that on other land year contingent start to

same to as forward those timelines we're hard exactly we to say planned so And optionality. on previously move it's that do have but we going that

Operator

question of St. is next The from the line Haendel

Mizuho. with Juste

Haendel St. Juste

with Can -- XX% think, share some were levels you in the range about certain So, And about of higher-income say largely Xx happening? due you comments said might out Mike, the like to more deal sound a rotating it seekers to is markets you made Have that or your rent and this portfolio. because bit I where move is that able you been backfill tenants? out?

Mike Lacy

Yes, Haendel.

I was that's So what mentioning.

last New to for that a was with pretty pushing of market We over example, concessions look burn couple the not aggressively. we offering deal market a rents. those. and getting concessions. place anymore were we've at were like our that continued York, XX%, renewal of growth a off of push you case If in more people And We're years of where

strategy turnover the we of some see that new XX% think the out on see could since up tick played out. on did it, side. call trade the we had year we were in to to it's So place lease what the We able beginning But to again, at, degree. we get

terms just that Places relatively starting last where higher year. and in couldn't it and more year Florida, of start So like we some seeing ratios, again, take push where we'd off it's to a that's backfill is flat. we of We're income what able increase. with and a this function and saw anniversary were trade of us. seeing pushed lease as good well, this to for rent new residents And we to they're growth to it again we're that

higher with afford ability that prospects good as have we going seeing we the So move we incomes, it are to we people think forward and forward.

Haendel St. Juste

power that's ratio coastal helpful. is that. Sunbelt and across and to we're degree affordability today I markets history? those an the fairly does pricing to trying regions income X is Okay, maybe how sense Is that appreciate it then maybe compare versus all issue. I a still guess within of even your your rent figure

Mike Lacy

you've Sure. today, With mentioned point our probably that would we've region. when seen across it's portfolio more in tell pitches, we're question, the thrown And pretty at to X.X% I'd by I loss towards previous you, there I consistent. lease. us out where

as pretty seen loss San we've far I again, an little places to as to lease board. starting haven't push rents. of been But Francisco, like see a in a it's given consistent market goes. change we're of in So able bit across there the that much increase that

Haendel St. Juste

coastal difference Any color and perhaps on there between Is the rent Sunbelt? income? a meaningful

Mike Lacy

material. very not Minor,

hasn't the place some us. to run Historically, you for little Peninsula an degree. in of a XX% XXs. see around today. increase, a like will, we It high more like bit So if Sunbelt Places that's XX% the Monterey to changed

New York is just that. under

So consistent across pretty they're the board.

Operator

The next with Anthony the question line from Barclays. Powell is of

Anthony Powell

to of home some if you few the it first mentioned be may to would a tenants raise rents. a home, easier attracting priced home higher tenants you seek tenants for you're buy market? may out times newly these ownership? becomes of income these be buyer as a out that You that And the Do move think

Mike Lacy

to another down our Not ticked some age actually residents looking track thing that's average degree. necessarily is and been the and that at we've of because we

out in Maybe. we've could homes. like buy prepared a seen remarks, mentioned So pretty happen? in while to moving we feel my we're it I But place. X% And around good

a we're good pretty to So in averages. today place historical compared

Operator

Okusanya from The Tayo of Suisse. line the Credit next with question is

Omotayo Okusanya

My question has answered. actually been

Operator

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

Tom Toomey

year. growth started we've roll. interest questions summary, the time our UDR. tenure, We off increase consumer rent and a picture is in We this my the but quick reloaded XX% FFOA for with call the operating second the Thanks in and is in appreciate environment year-over-year, guidance a shape your our great big strongest

business. great the expand pricing The today have we prospects to our and a it this time couldn't And margins. continue to exciting be in look future. We and power in innovate be more and

forward September I'll seeing to of and look So conference and that, take with wish we close say the season. care. in all you that you

Operator

conference. This will conclude today's

your disconnect lines may You at time. this for participation. you Thank your

UDR (UDR) 28 Jul 222022 Q2 Earnings call transcript