UDR - Earnings call 4 2023

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

Operator

Greetings, and welcome to UDR's Fourth Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference call is being recorded. It is now my pleasure to introduce your host, Vice President of Investor Relations, Trent Trujillo. Thank you, Mr. Trujillo.

begin. may You

Trent Trujillo

quarterly UDR's conference call. Welcome financial to results

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

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

Tom Toomey

portion Ens UDR's call. To be XXXX Vice are and Call. The during versus Mike typical the Conference translate Senior range will quarter's Van to year enhanced experienced Quarter Senior Operations, challenges this Presenting outlook call Fourth Fisher; XXXX and year for outcomes the Q&A Chief and available Andrew President with today Lacy; our welcome Financial this with of last is year. combined our X of also into our Cantor the ahead. communicate how supply-induced the Thank face me you, a for Officer, Chris to of in Trent, potential President we we we Officers, and on for the over have industry expected the years, call, volatility begin, wider Joe

earnings outlook these As our drivers. with their potential such, in we that conjunction presentation published outcomes highlights release, and an

webcast prepared presentation, slides Our screen. the on your on our the with see and should those remarks aligned

We format only calls. of usual will resume future our earnings remarks on prepared

Moving press on, Fourth from key deck. outlook These X our first, peer the are one and release on and takeaways X.X% Quarter XXXX forth XXXX our XXXX Year our and results of strong summarized particularly Full met Full per and share expectations are FFOA set was call. Quarter same-store the of Third growth NOI highest on the amongst guidance of year same-store our Slide group.

growth. that core but we XXXX, upon based our expect historically continue remain demand to will will economic lay consensus Second, on resilient high and apartment estimates, supply new in growth

appropriate. ongoing Third, take incremental capital-light give greater will investments the cost will we of this growth above but a XXXX, given elevated innovation maintaining detail when broader NOI drive continue market Lacy of capital, in subject. will you to we in advantage still are opportunities Fourth, our strategy on Mike

and For we unit XXXX, joint example, through deals opportunities. $X accretive roughly venture operating in executed of billion partnership

turn positioned and will beyond. our capital to feed signals. balance that, Joe. eyes and the capital external And to our our over of remains fifth, sheet in XXXX for We needs call continue open cost growth well our fully keep With to I'll fund

Joseph Fisher

outlook our will our the year that XXXX The XXXX include Tom. guidance. you, Year macro building full trends recent topics and today Fourth cover and Thank guidance, XXXX drives Full and including our the blocks I results, transactions, of Quarter

First, beginning with Slide X.

$X.XX per ranges. share provided achieved FFO of $X.XX of Full and midpoint Year guidance our Quarter Our the Adjusted and Fourth as previously

strategy XX operating occupancy in we point quarter, you half resulting during a that the more month Quarter, bottom sequentially shifted of Fourth each of can see the defensive Third XXXX. during Occupancy going the basis build the to Quarter. and improvement for higher sequential into trended slide, the that On a versus

in XQ right pivot decision rate expectations, of occupancy in growth blended this was lower a our the original strength elevated it versus new resulted but base to in portfolio given XXXX. multifamily anticipated, supply As position place

encouraged renewal and minus For are X.X% January, to seasonal X%. increased far. to activity and occupancy to trend, sequentially Market with have growth operating following improved. further new Concessionary these make but improved lease lower, X.X% turned lease a trends plus rent and lease continued normal does growth results. positive One not is Blended trend thus of positive rate rate growth patterns rate by XX.X%. we growth month of

we detailed to high fees, Moving UDR. venture with our X% various LaSalle yield executed and XXX were quarter, mid- both the platform growth. number an us Through variety X, at high a up enhance include: for Slide future joint as home Suburban to million that one, community transactions in we on a and range in accretive yield. mid- X% the approximately Boston, liquidity stabilized well to initial during be our initiatives the These $XXX set expect to of on, acquired

million liquidity. at three, per interest for we mid-X% million We ROE and $XXX the enhance continue our and old range are approximately of was further [indiscernible] expected investment to which investment These sold explore dispositions. to efficiencies a a already million resulted or asset. be cap shareholders. Number at unit, buyer ownership developer's average in noncash will DCP loss distressed in of and assumed future $XX $XXX,XXX years And to our our UDR. enhanced in on income, expand LaSalle, accretion drive a to a Oakland two, weighted X.X which operations, strong opportunities our appraised our we executed scale-oriented $XX provide rate with fee earnings community

the The lease-up of X-month norm. is is range. on X- still asset a submarket or mid-X% community yield the The were in assumed concessions to Oakland and initial the in

yield be to the in expect the range. we X% stabilized, once low However,

Slide to Turning our outlook. X and macro

set top-down forecast. to fundamental approaches utilize years our bottom-up and and macro XXXX in As past,

Our factors internal run economic best their they that a XXXX built forecast growth consensus informed forecasting growth bottom-up and supply estimate market this models, as by X% our forecast market was expectations and top-down combined we variety teams and demand regional by local understand in our drive of a of roughly rent third-party with markets. forecast for growth dynamics the

demand when and for market at XXXX historically and to X% rent Our against continued by third-party multifamily deliveries forecaster growth set stable is the forecast is conservative slightly estimates for to expectation compared positive concessions. high X.X% elevated prominent driven

to growth. ties supply growth, X% employment Mike economic discuss, forecast As impact approximately to blended Primary for GDP assumption wage growth, our to include and its the the variables growth uncertainty. homeownership rent changes XXXX and our pricing, lease will rate on rate,

step we the for industry, consider intermediate-term Turning we back to and and the near demand remain encouraged by metrics. Slide supply outlook key X. to of a If variety

left, ratios average. consumer with rent-to-income resilient the First, our at remains the at top long-term

right, homeownership rent correction Second, at to long-term more declining rate accommodated absent significantly from change at own, not supports affordability favor the environment, than expensive a home roughly this in less alternative XX% or do rate versus prices housing near a top dynamic in to stable interest term. improvement a relative to expect we major and options XX% decidedly remains our pre-COVID. This a

averages. demand. data at their support should prime for are bottom bottom remain fourth, rental should provide deliveries well expected left, largest renter near-term XX% financing benefit now Third, significantly is multifamily through in right, at XXXX, is down the in census least continued that remain costs. This to and the and activity at historical below years. from elevated long-term future highs, And U.S. growth is while latest starts a outer-year absent cohorts retreated This the the recent change indicates a

Moving on to Slide X.

of our over quarters. forecasting U.S. Based peak the next closer and half to long-term record expected for before of XXXX downwards, historical to in trending completion deliveries in occur Third-party are providers on markets the XXXX. X X deliveries data the averages are in second currently forecast, the multifamily to middle

our markets absolute is to all long-term are and of Slide as coming throughout We after not move the quarters remain the rent our lease-up forecast. On XXXX cognizant Positively, that impact face XXXX. capitalize of the The have expected primary on there will XXXX concessions we XXXX, supply above regions concessions in the regions When markets, forecast half and are second update. peak deliveries market market their a growth higher compared although start and to will we will of deliveries materially coastal supply Sunbelt of which in driver to greatest XXXX, higher face supply. move ability are XX, to slippage significantly the they the in seen than level deliveries context averages. could that be as elevated feel new on more levels relative be provide XXXX into to

income senior revenue full the A of decrease on our full XXXX developed DCP of average on $X.XX, expenses. the midpoint, to from market investment is $X.XX include XXXX $X.XX from ranging revenue, same-store expense a at bottom $X.XX XXXX, Slide ownership market to dependent markets Drivers share development, assuming XX. FFOA due NOI the Primary offset is year-over-year is $X.XXX all at the arrived Mixing FFOA decrease. a As a lower of year reflected that include on impact at level, its negative $X.XX recently building per this evident guidance, Sunbelt together, expectations coastal our including same-store be to activities same-store year from this expectations the this than guidance blocks balance to supply DCP rates on positive representing for growth summarized a potential expected X% we a decrease which growth page, to share with in guidance $X.XX refinancing shows increase year. more of per by X.XX% loan. of communities, construction lease-up from X.XX%. Slide translate dynamic pressured and the XX a

While our approach have downside refinancing to continues the advance in a chosen take discussions, guidance. including we scenario by the developer to conservative

quarter the expense to expect from this the refinancing and building inflationary average blocks, do earnings wage and rates to risk growth. of have an see at on decrease investments G&A, with and clarity $X.XX higher Continuing expiration certain DCP the approximately our XXXX in and by approximately additional of not second reflective time. from hedges the We interest interest due $X.XX decrease

sequential present is Slide decrease first X% to Moving FFOA the an share to specific approximately or XX, and maturity midpoint. DC-related consolidated our our guidance of reducing matures of is and schedule future range The driven at line potential on $X.XX This per the strong headwinds total $X.XX $X in quarter, quarter by XX% our a an higher G&A. Last, In roughly NOI, and sheet committed approximately $X.XX of same-store cash trends risk, expenses and combined refinancing thereby XX, free interest ] Slide to despite higher through capital, macro we primarily debt [ billion first disposition our position. a with attributable flow, liquidity. to $X.XXX in minimal on seasonal and balance excellent of our decrease Only due and all, expense XXXX. projected near-term debt XXXX. capacity, sits decrease to

Our better of capital to Mike. deployment, variety balance continue long-term remain remain We opportunistic With over the sheet liquidity excellent in shape. to I to and will in we that, call our a capital utilize accretion. and allocation advantages drive turn

Michael Lacy

and initiatives, guidance, Today, results trends drivers expense our expectations an for our year our XXXX outlook on Joe. same-store the revenue cover blocks Thanks, full various and of building growth. into across I'll our innovation operating regions growth same-store XXXX factor following the How our for topics. other update

XX supply earnings the achieved our growth in earn-in our revenue given in which points average our prudent, expense outlook other call. We of half came growth, markets. initiatives. for XX lease historical new I many by the growth our Slide during of same-store XX. of XXXX, embedded from the points defensive primary XXXX growth, expectations fourth XXXX basis XX or of some blocks our on third quarter of basis basis point approximately the about occupancy believe rate full trade include our with Turning of the versus at operating what normalized XXXX Starting elevated The rate to contributions and blended guidance XXXX from rate earn-in average, and year we building quarter increase our to lease spoke innovation our is reduced this

XXXX. lease portfolio in growth points is forecast Next, blended to approximately rate be XX basis

convention, add about midyear points basis our growth should a XX to revenue year. same-store this Given growth rate

negative impactful but rate positive to of X.X% growth second a the in of means be impact year. is should This lighter during that XXXX our on blended growth dynamic, forecast, first will lease Our the before growth. X% new the XXXX, renewal and if less half of improving blended expectation through approximately our growth. marginally half of accurate, XXXX have more XXXX that our rate rate Underlying growth approximately assumptions blends

during recent provides X% seen support average, even we combined periods, assumptions. with for reminder, approximately recessionary which, rate renewal those have on a growth As trends,

debt expect Lastly, be we combination to flat of and bad roughly the occupancy in XXXX.

innovation and our are to add basis million $X XXXX other expected revenue $XX growth, Moving approximately on, same-store to XX to initiatives points operating million. equates which to

should addition well retention The property of as of growth bulk property-wide this the WiFi, rollout come continued fraud. from improved of other as as enhancements and such lockers our less package the

our retention, easier XXXX For will of basis first assumes points the XXX guidance that of comp. this resident be half that below our turnover comes XXXX. Half from

of as do anticipate may first you we and evictions were elevated repeating seen delinquent remember, long-term XXXX. in half have long-term We the As activity XXXX delinquent skips through stabilize. not this

which us from should improvement with renewal. thereby UDR, our point our improving improve The their time proprietary helps their throughout other customer experience probability project, basis of XXX experience resident come

seen a early this with initiative on X for year-over-year benefits higher the resident have consecutive basis of retention We months.

and basis improved our approximately XXX or our will to experience reduced relative advantage every project points turnover, turnover margin improve operating expand continue $X of retention customer drops peers. to believe our line. We For bottom our to million

to of we variety credit screening. and screening are reviews process resident improvements fraud, a AI-based our measures implementing upfront threshold Regarding enhance

negative X% bad of and more see our the potential growth legislation, resident-friendly same-store our in revenue minimizing of guidance end for with X%, end than innovation, occurs XXXX low improve is year lease accretion achievable it rate X% The growth year the year-over-year front of that growth initial range continue X.X%. our the occupancy, from range same-store critical. blended to approximately this at debt up, a midpoint or throughout revenue door our high throughout Rolling blended the Given to lease rate forecast. Conversely, reflects higher is of X% additional all to we from ratably level before gets the full X%. portfolio, a

and loss recognition from occupancy innovation our of level initiatives. some And delayed income

perform to Turning regional XX X% is our the which to grow led the coast X%. and than Sunbelt XX% East growth NOI expect The East the forecast better our comprises by to same-store Coast. to of Coast, continue Slide approximately we expectations, revenue in XXXX, by will revenue

negative demand Signs New is We expect more upper which Orange D.C., recent cautious Boston, same-store growth softening Monterey of Philadelphia forecast of full Los we a levels grow XX% Orlando revenue leave Denver, approximately of which the relative to softer. pricing roughly market. The that scheduled highest positive leaders Peninsula On Washington, comprise revenue of are pressure Diego, by to XX% by basis, least Coast, Tampa growth, forecast power. to be York, markets. to Francisco, comprised some our each our grow be see year among to and to of same-store new revenue NOI Sunbelt deliver our to San West Dallas our slightly continue Baltimore, at in X% expect our Seattle should X%. of same-store are produce Last, and of in while us markets, San in which to are to County, supply forecast X%. tier and NOI, Nashville, the Angeles, Austin, and on X% Sunbelt expected X%. to and

growth of taxes, in as XX, by Slide expect driven midpoint. shown This on, real XXXX a same-store growth is primarily insurance. on the personnel, at expense X.XX% and Moving we estate

expense to expenses, the XX% total only renewed our increase we While December. realized XX% premium X% reflects in was insurance policy of growth when of

increasing the XXX first XXXX. by to growth quarter the growth should guidance, of the beginning elevated $X.X same-store retention XXXX This In employee realized due has total a points. of credit expense effect quarter onetime more year-over-year at basis be million than expense of first we terms

X XXX XXXX, for year the our Wi-Fi or expect with growth to the in low Additionally, midpoint. we full initiative range expense year X% than year be lower an costs amount these to full throughout incremental associated our property-wide would points normalized million. Absent approximately $X same-store basis the factors,

the margin expanding presents further eagerness over the will and collaboration to continue turn we while increasing challenges, I to leverage growth, their our I resident operating operating retention, teams to our tools innovative and closing, revenue near-term thank improving environment and intention innovate call superior now for In time. some the drive to over results. of new with Tom.

Tom Toomey

as and XX. successful on trajectory, Mike, consider to When of Slide the you, summarized potential we Thank growth key XXXX come components back a business. our I running

understand customer. is First to your

other and apartments rent-to-income housing. ratios Our favor residents over continues of to healthy have affordability forms relative

we So effect that elevated XXXX. expect sometime after the supply versus dynamics will view our demand supply the to as of revert favor and transitory

experience can how into we customer greater In retention, X for improved resident satisfaction, terms success measure translate our which and months. they has of through initiatives consecutive

trend We this continue. expect to

is engagement corporate have dialogue second understanding the your proud culture The and to town component halls, well. and is listen surveys, as in we and Through is responsibility discussions, to and created And frequent an a of open third leader recognized associates. investors. characteristic fosters that innovation. UDR

conducting engaged, year. We calls, meetings investor XXX are roughly highly each

value that We investment we outlook. investors well. a think are and From can improve. a believe we cycle on regardless stakeholders full read is doing have economic company have the a we are for created maximize we of what creation these our and where interactions, confident good we

our our operating on control, we to and of a supply we face nimbly sheet the maintain flexibility. plan namely, this leaning and what balance in talent, XXXX, to operating taking and innovation, focus liquidity strategy approach developing into In can capital-wide platform means adjusting

face environment open forward. we With I'll together, Operator? can successfully we believe that, Q&A. to Taken up macro whatever it moving navigate we

Operator

first Wolfe Instructions] Citibank. line from comes Our the question Eric with [Operator of

Eric Wolfe

talked of in see a might on And assets? ownership you've that the similar a math third I of asset taking the about you the the dilution through $X.XXX get Can outcome. DCP from think you how us X past, walk to

help likely So if just beyond impact any in understand XXXX guide. what's us incremental there's the

Joseph Fisher

some take it's some through math how we I'll Eric, that Maybe of on of remaining then you Joe. approach $X.XXX, and kind risk and that. quick the DCP

So asset its a in binary outcome kind as get that is I coming is naturally in to has there Philly dilution. which a some upfront, But and mentioned asset, if discussing from moving process now of XQ think I'll and refinanced investment that a were into that lenders. take results right refinancing, lower-yield acquisition, were of to a we that up ownership we with be we'd be effectively which to in DCP to high-yield related not

$X.XX that the the that of at about down, that's shifts So range midpoint. number whole including

occur So right to if shift did $X.XX. has it bit ownership the by mentioned to refinancing that dilution of the in in would back little rest range do took with up theory, of that we entire a The as [indiscernible], it. we of release, there has

we've these them that we may capital. it and with an addition, as are roughly cheaper million $XX a in refinance in payoffs assumption of half deals have the there sense window In make and economically cost have out prepayment go their into opening to we some that of got back of for

you that from of as continued accruals drag on well, of offset by And get the portfolio. so little bit a rest the

kind So puts $X.XXX. the it's on takes of and the

we're capital is understands availability. into be interest relates One is given place rates cost rest As these really and the aspect place the cash just capital upfront and you the perspective, what what's took of rents underwrite getting markets X happens market, component, supply risk through to have go flow I the to kind going of three, take and think with everybody any development. rates, trying we to going Two walked of what kind of delay in the and it portfolio, [indiscernible], any on cap and we areas timing that to primary When there. deals, into of the

main of kind we're of And one so is really into when drive trying run you is that these which going with we when the do those that's [indiscernible]. couple any of more get distress, of X to stack what them kind factors But on up, into deals. of not a be bit you to little underwrite enough go areas happened distress any these. Clearly, to a

with down percent. familiar worst Oakland, I think respect, one still rents what everybody down rents is still submarkets in since downtown with NorCal being XX-plus and pre-Covid, then of the in happened perhaps pretty that

a continue the of through shortfalls. in the presentation, That off And so the in take the the yield did and asset it more of up next years, in didn't lease to here support developer the concessions as said, on want to couple flow next the burn keys continue we hopefully you cash palatable to years. as couple back see that we getting

risks Center a Philly but that mentioned, same couple to those As same challenged perspective. supply Philadelphia the a degree, to City not downtown I concession a it the market from and relates in asset or of

they COVID that take been sure partner to some felt trying has more to there NOI that We it couple can just make prudent on the process development get weaker. to on But proceeds finish different in mentioned, out a that that as put risk so street. bit coming approach it have line is we And a I but and terms, with the little of conservative development. perhaps did delays through and to the a lenders,

that, mentioned else there. is out what Beyond you

So what those X go of the we testing or would are you roughly got and just stress scenarios, X $XXX million. those $XX list XX on plus those of and when outstanding balance million are balances through consider we kind assets, the minus other XX of watch of

XX% to of are they do, for reasons, watch have They risk but 'XX. So of first degree varying until our rest the don't come book. 'XX up same only maturities the the on that and about of the have they don't list

time have decides do bit making unless, payments. there, the of So developer to a little of course, not continue partner we

and/or back, plus near in even time. obviously of term X potentially see all minus $X.XX risk take term. don't to that's or We have over those So longer if we did really have

process. these the lease-up rest that, other you Most of the book of there. of the in get business, are into $XXX-plus stabilization million and/or the out Beyond their that's

which, at of above rest this rents to got expectations. forma are NOI, and in we've those time, visibility pretty So pro good line the on

rest And book of the good feel about pretty so business. that of we

Eric Wolfe

just property, very try take That's guess, the And helpful. Merritt, why small I then loss. the maybe sell Oakland Lake it, to quickly, just not

You mentioned some California. the in of struggles Northern

So more the it just in accretive selling versus putting of increase uses your is why question the today, exposure term? I guess sort there into near

Joseph Fisher

Yes.

the appraisal a dictated impairment. asset, third-party are do But getting that you it on at upside noncash taking that income, be there's at concessions obviously, off it there valuation, over, think through obviously, quite think and that resets, bit we when where it stabilized. other a look we we're of I So and today real estate tax burning

in So than market it transaction better now from it's whole a given of Oakland value California Northern where, the to clearly, probably there. hands our challenged, a risks perspective specifically and bringing the market some right out pretty as in

and optimize by to sure not I'm you trying value price simply So liquidate.

bit keep it's better. think for a and when a market little better it the team's is down then to our the road hands couple in operations I years evaluate of

Operator

Austin comes next with of the from line question KeyBanc Our Wurschmidt Markets. Capital

Austin Wurschmidt

blended into the growth fair up lease see a in little picks XXXX? you half half. rate of then points we rate rate lower growth say in of year this basis first in 'XX, growth you it And the XX the and mentioned last in you and lease and back the in point XX Mike, basis improvement continued to guys of first assumption that half then kind bottoms of in growth averaged half half the of that lease year. Is back second guidance assumes think the bit

Michael Lacy

back I is look to question. the first half Yes, what year. can of going the the for see think thanks expect half to you Austin, similar very is to last

that where So things is XX track we to points today. basis first expect half

I'll closer -- been we're we of just second where now, blends. -- what And of at the to we've blends. you X% half in is promised see the As to right on tell terms today

little this closer our a tend it If went you point and . And basis at to X%, to to trends. to about to rents. through can January. we as deck. better December But see things season. We lot we of promising some We that with but don't to look us driving talk of than in we put start starting to to heard in off a get we're Again, in a you've want better year, start X% to are XXX -- XX.X% operate our expected. able significantly our seeing to closer position more are our a that has us things call January, some have drive that increase, today do before, the better strategy. leasing to occupancy you We're the

Austin Wurschmidt

Great.

been of inflect, sounds the in can inflection this it So like the of further portfolio. Sunbelt cadence versus and The guess, about XX% about of spreads how how XX%, wondering half that up comparing sort rate I'm year-over-year lease you this back for thinking the most provide markets detail the stacks growth And thinking the you're year. the you're that for should deterioration portfolio. just I have year kind of you're the portfolio overall challenging or on your across markets that in? any Just how

Michael Lacy

in And the though question. against tell they a And off really we tell of the Sunbelt year on against able the the our that to teams for to accomplish. basis compare proud you, of We year. were even the a as another Yes, a as off Coast Austin. well different what slide good definitely facing playing to can Coast higher That's I start ourselves peers. perform within And expectations we're we our And as for very supply strong this good are year. relative . We're the that I'd Sunbelt. walks where just here, good some put in East Page and XX, expect West we're you out markets that's coming well. a

it's we that, of with I or this that still that think here has relatively growth we're supply of seeing so. on next growth. We're facing But a top over to the in still expect with job quarters wage X strong what lot do area.

and pretty other level points our earn-in up So we our and when total revenue down we income. expected XX, what's put the think seeing XX basis double. to income Other interesting we're positive That's absorption. is Sunbelt. Page about at portfolio for about make versus blends expectation the break on And of our you from what us, for

it that So a working against to and relative as to on out pay starting performance positive lot we've peers. translating rolling relates dividends, been our what's WiFi, to for that's of things example, our that's

Operator

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

Brad Heffern

points above Occupancy flat assumes in was level, guidance but basis occupancy. January 'XX about XX the

just is that you in plan expectation Or growth So trade that to rent is for curious spring? I'm the just assumption? the conservative that occupancy a

Michael Lacy

to Brad. that It's We're starting today. see a catch, good

again, wanted we you lowest. just push then into in you as the to move time to aggressive to our occupancy can to And up. period lease So more as the It of occupancy leases start leasing your a start you are build turn. season, get allows our expirations where

the XX.X% us. so probably for is high mark a And

the to XX%, that very that momentum, I lease all think quarter, of a Again, expect is on to through January. is we to blends. maybe December our lot to as continue test closer XX% the even move And we of down positive high change can range that side. rate see new and come from from you the

in. was January negative lease X only had X.X% we in So growth negative days December. it's X.X%. February, new

are call, it's too things looks So but promising, it it's and probably trending like upwards. early to

Brad Heffern

back treating plan to the do just at Or it you in? Okay. book on forward keep the it plan and of are redemptions based how same And that the recent take Do in you come book reinvest you to you was? DCP size going shrink and then experience? kind always DCP as assets

Joseph Fisher

binary if that you're back, plus naturally, bit think minus to that's in $XXX that to were a take shrinkage. mentioned Embedded guidance, going I that Philadelphia balance. with outcome or we which million potential of see there we asset, little

then have about to we in would that bring So mentioned million million. that the assumed $XXX And redemptions it half we down back $XX the of of year.

you don't that a balance desire to could continue That So down, dilutive. bit that. which said, is little see beyond think shrink near any to flow there's term I

kind seeing double-edged lot now, paybacks have that unit a a out DCP find annualized traditional off not that starts as get of of is we're we fact continue speaks kind dropped level. there on into redeploy to said, but to either hope sword that it's opportunities opportunities the XXX,XXX or the think to I the side in terms recap the of those in of of some that space -- we side. That right to

developers starts do lot see that. expect wouldn't over between shrink to today. us development to that, to I pivot continue as a So I of it you'll there between sense. much not But makes But redevelopment, beyond time, continue it out think acquisitions,

Operator

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

Joshua Dennerlein

markets you coming it's guidance difference X% lower? where in years, maybe renewal growth is more driving just Mike, engage explore split I are to between closer Or of X% are X%, recessions that there XXXX. for think in guys conservatism normal to Are just kind there want assumption the just some you specific versus to your trying rate I said from?

Michael Lacy

to be still come so. Yes. on feels X% next or down that renewals that we And Good leases months as range. the X over forward you, spending X% it to question. tell a comfortable you to see just pretty started think to move our just as general, renewals closer in the started we X.X% I'll as we're about we new and year, can

to up picking Our rents market facing your expectations seasonality supply, typically, though are pick we're with as start well. up even

So can if to our growth improve. new lease to continue continue see we

healthy Coast, Coast, the East difference but to X% tight not that pretty on versus spread range to testing it, start way But see again we a and You're a to between renewal around regional then in renewals, as just going up forward. big in the performance, can to range. X, there's more our we X.X move new overall. And that, it's as Sunbelt renewals call typically the it that usually all relates of, is between West

Joshua Dennerlein

half follow-up then Does on maybe And the just imply second that like that. Okay. X.X? or the renewals one X.X% spreads

Michael Lacy

They're right pretty consistent now.

playbook X.X% we typically Our X% out in we XX% point when basis again, to around renewals, XX% it's is for negotiate of the to our year. And and range. X% send XX that usually on

And foreseeable future couple in and again, can test And the the So quarters will. first see what back with rent if I rent. renewals we the least up, we'll of market range. that feel at we happens with in waters push comfortable

Operator

Feldman the of Wells Our next line comes from with question Jamie Fargo.

James Feldman

Really, in -- gives terms -- markets or average above I go? markets. where the you about those I numbers or the on cycles what about do mean, Slide seeing from you more highest rents guide else thinking basis What historic like really of just markets. kind just guess numbers talk could even do any think points right you're kind a in thinking you're like about XXX can XX, of you you third gives you how about than I question it. mean, comfort So now? just you however visibility in visibility historic of giving how those, what parties it's on maybe supply whether

Joseph Fisher

at point, Jamie, facing that to to the we in this point of what in But a as big the and the look really as we will a of into not think, goes Maybe kind higher really there we isn't back we but it's When to change. get I'll get bit It in at 'XX middle that of come versus half behind that the deliveries Joe. kind a XQ, are and here. deliveries I material Michael year, on facing were you difference between me visibility. little expect your it's in do here the start we face start of XQ, time off year.

of seasonally were start back seeing basis. come on to time, results up we little run traffic time, off start a month-over-month the concessions pricing fact good pushing to the a that blends occupancy. That gives traffic you a the weak drive of that bit into some the of and terms is putting at we not here floor go least and worst as and the a little in year. we did stronger seasonally able of into but conviction period So facing behind maybe that finding to the in as a saw and typically we we're up of have we year already bit. kind we're us, and some We're power a renewals move is you are good schedule the rents delivery gives seen terms during a of rate period a we we that conviction It

helps to markets. in bit those it supply approach that a So little high

Michael Lacy

could just add. I If

telling coming look us, lot they're and impacting of a that bottom-up able from time third-party doing approach is spend for both top-down our think the us data and to them field a supply of we and I the directly how whether it's start and a we're versus at range feel pretty year how season. plays region to see in by good provided especially again, it the it we'll as we triangulate into why the relates Denver, here around of that here we that's and we've outcomes, leasing and to out, moving a all

James Feldman

you year? concessions think than even developer out kinds things opportunities more headlines merchant then KRF a very for starting of it And all ] week change estate, helpful. behavior on in and distressed stories What in seeing seem [ now the will guys merchant stress you to for you as issues? originally are have big Okay. present That's real to commercial And of you're any terms guides, more terms thinking there. in of see

Joseph Fisher

lot little you financing think that reality space, commercial headlines the estate. revolves that I the multifamily, in Freddie bank guess think for A maybe I Mae to they Joe. than back differently is of are because sector do majority when take broader of real just of some important have Mac out versus and stress other Fannie it's about there. maybe the about we that around the think first space. Jamie, multifamily our it's sectors a the bit do stepping as the

banks to up go of And some more so end factors. having those risk heavy the sometimes

you between within that the distress in business, you got typically of needs-based wanting to see flow but of start a flowing delineate to don't same level multi. it or plenty and capital So that X fact those to still through into it,

with think you'll we've a I see keep some in of past, little distressed developers the what bit sure. about for I'd which talked So

to this that are are forma cap higher you are Merritt these delays, going below that expectations, and So talked Lake that distress developers earlier, about. talking we on have about obviously, some Modera the interest we pro feel as of see or just extent rates to NOIs like that you deal rates

of side is with with lot at pricing see seeing and and that yes, capital the other capital time ton That availability for of distressed different meeting on out another brokers, still discussion, rates at the it in out demand team like plus still are multifamily. Cantor of capital, and Andrew point NMHC, X% cap a to risks say partners, and little of I'd spent you be just between a the still said, a plus big or from do X% minus minus the well-priced you're a quite providers. GSEs there meeting some with buyers seems time. And going was a of that But or cap the in that minds this world. There's bit of general consensus we're sellers.

feel that I'd So buyer. say, doesn't distress, like really as a

James Feldman

make this the or clearly you I at is mean, ways I and deals it think business, business that like some beyond strong your look just impairments great of you're debt you've when could distressed all just about, development lending part there's and in because does mean on If a operating capital about preferred core skill don't the get mean, the Okay. you taken other and just talking does space? even I that. your story, lending at rethink so to be I ask follow-up of of you the you're much you investing moments. just some want set in very projects

Joseph Fisher

it makes don't of I we options the us that suite think rethink have.

We're not a that's diversification we've diversification but also of obviously, think ways of of I platform, capital. deploying been markets the really pony. of one in the one-trick powers terms of

may we DCP time certain of when continue to thoughts at changes not have returns sense. provided our make don't I decisions all so at what on like for time to points And us. into pivot it capital good way over investments. Those It's deploy think other a solid

don't really forms all a being go to We'll see I So into continue that of us. capital. pivot for

Tom Toomey

checks down rates might a that Toomey. And lot last with arenas for significant public the of never you've ours coming XXX one look days distress, this But of even my with XX add, And the path X or entity example. That people of bigger distress. a what experience helped. at it. Jamie, offered of that [indiscernible] Lot X signature creates have a large capabilities capital distress slightly that you bps. a can there's ever bank, deals I up, than hard interesting, lot no when is the that estate. find everybody we distress. what's And gotten it lot certainly is real a write is, scale with of in for and was to highlighted the in inside say just got

in So reach leads ours because the of Freddie yes, and get Fannie a significant level-type that in beyond entity distress. they but should off, probably become X, market, range will that a and to as then capability backstop. And and no, deals X capital picked mass, of distress can grab it

keep, Joe risk-adjusted what our that. of cost of be against But about about our be to DCP, cautious open, is on a matched lot we'll be any as going anytime against said, with into to We'll all going pretty capital. nimble aspect development coming lot of back going see the makes sense competitive we're and and smart capital. market options online it So and activity soon. a a not program of recap to respect And

Operator

Our next with UBS. comes from Goldsmith Michael question

Michael Goldsmith

Slide Can you the little at West on And a your XX, top bottom a of and trending from Coast recovery as whole. have look growth pace a the Northern bit California when about talk markets you Seattle? and you

talk cohorts? is can some wide how trajectory just of we improving? then the can about these little these see gap them to the you and And between a So markets bit when start of

Michael Lacy

first. with starting take diversified. first Michael, to Francisco be area, It's Sure, say Seattle, Francisco. I'd it is Specific a this Mike. good crack at to I'll San San

good got I can along to you team downtown that XX-XX covers down of We've exposure tell rest about total We year. X% area it Peninsula, really NOI, job the and XX% and terms of in SoMa #X the we are the growth then our in in last our be did suburban. market. a of expect urban revenue

rents. is late, San all we're seen I X%. In been there. your December, over have sitting specific I blends or And XXX ours at out had look XXX, so as it's increase down market and with of days XX.X% Today, the occupancy. we trajectory XX XX%, the Again, we've our I lot what a January, work month-over-month. actually able drive of the do so, We've starting with for to point and a lease around think Francisco that, really to momentum. basis concessions time. of that one we're we're negative And about question to say So around example, when period highest were come of around to flat, trends our a expiration low last

A So cleaned get we have up there. up not with pick demand try the seen lot to do excited that too city to about being of it, has but more.

You don't much have as supply.

for So a today, very diversified San not Francisco market. is behind feels relatively again, far too us, well. Seattle

there's exposure Bellevue that we've a being about thousand heard along all out recently, office TikTok. where square space taken suburbs of area, XXX-plus feet lot the are the most a by of and We to

points, pick recently, blends, traffic just X.X%. seen about basis I XXX our can increased in area. about from we've X up December to, going that tell call it, more to So from you January

than would have what into year. moving better today of So that we bit expected the part little the feels a country

Michael Goldsmith

savings generation the you're the current revenue for follow-up innovation opportunities and basis revenue in my points midpoint guidance then income other the and for from is of And your from -- including XX same-store of platform? benefit further what cost are

Michael Lacy

a Yes, things. few

what a they're a us, project. color working for what improvement them. little prepared our talk expect of lot the armed start a me in XXX we're it remarks you've this to putting on, about the lot some exactly on put that. We basis be retention of it power turnover starting today, a customer we do about back heard revenue side bit the mean, the initiatives expense point my both year Let and just it. side. question and experience will from That's knowing us give And do with and They're and recently in information. we for of that use on I the can of to step just teams of you

a get scores, together example, can whether went can retention an we score to trajectories. scores a our negative use good that [indiscernible] change their sentiment service this, data And of give again, people XXX,XXX XX% it's or we recognize if you scores, how an we're of you those move you survey a a bad on proprietary it, to information understanding we their call those trajectory. And can lot have points all to sentiment, and higher with a rate, trajectory more I'll through,

improvement X in last the Over seen turnover. an we've months,

the putting historical a turnover actually XXX on fourth better by than flashlight and our this, the points specific was basis average. to quarter, Just

just we're scratching now surface. the again, So

in even to program. expect We it 'XX benefit that relates and more a this year, to come as but 'XX

XX,XXX In units today. addition, the we got our WiFi talked We've coming got XX,XXX throughout about a year. another about installed rollout. little bit We've

this so is dividends not year, And only to going this pay to but into continue future. the

come think million that's As more we about in of right benefit $X now, in a in and incremental XXXX. revenue XXXX to

Aside block that, to debt to just getting people from able AI around our the that, excited more from door. to try and to in really front be bad fraud starting understand detection, in, coming about utilize who's

see in starting that's that, of So well. as proof terms difference income to utilizing as as of verification. for it well our we're And we're a us ID making our

driving number on we're And as highly focused expenses, it relates to that down.

as of that the WiFi. our of Act off I'd our anniversary-ing guidance well the X.XX%. remind from around CARES midpoint the audience is the saw You as aside

Our to is around growth organic probably closer X%.

can a state, an ROIs the that of requests number to re-pipe. down, and the drive can we my things of vendor top more We can savings, that we mind some try limit some hitting face. the efficiencies is of efficient we're off us, drive more working consolidation, of to control, into and of are also to and what are some trying with costs product more after Still insurance that service that example to the can expense where think I that personnel eliminate around teams having a

So can do help those are things just of we the year. a we throughout that that few us will examples control expect

Operator

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

Adam Kramer

in kind of bit of like as versus there occupancy thinking guess, guys January that results? January with of looking Wondering, of of kind rate of, maybe in is your forward was XQ versus December like maybe talked to the that the the January it then you that play move looks about little think, you're deliveries, about some ask kind to guess, of pre-material XQ, in the in wanted looks terms improvements build and of I in growth a in And going kind and XQ, I kind the that market. in your January. about fact further a in sequential at XX in sequential months deliveries well. I blended did new the of X, decent results the Slide step-up markets? kind in of how here relative February December And And and Just in factor in kind there lease kind in drop-off it the

Michael Lacy

for in, the jump have to to of Joe just can. lower that a drive he wants Adam, Quarter. And has lease you lot Again, of I'll it's the Mike. took and to occupancy expiration. with we start us, stance in Fourth trying up if that do

our specific get more And probably I'd difference. necessarily it. time and of retention. a focus make with deliveries. you in there it's period can tell around we It's a not on where how the So I'll it's really say more you, did to

that XX% XX% for bringing when And up, helps actively historically again we're with points We're you time, in look we occupancy. Once and we're today. January. experienced mark period than better to is we you driver a XXX that high during which at turnover, were too able to probably obviously that us. so our into that basis that would up again, retention able it's have trying to of down range, what build continue

think XX% while rents. I is probably our closer in range, February to the high or comfortable and we're XX% XX% testing

the to probably most I'd about that and is excited most probably so thing the trajectory. And point

And lot call negative the at growth. down, a but fact lot change looking confidence that It to lease in a January, new we X.X, is X.X very trend. coming of that as that of in low X.X gives it's January, of positive move from negative forward, from So of February. lease rate us a it, expirations December

bit over So a give time. out little how to more this plays time see us

Joseph Fisher

of above kind Page there's if just of here think And accept close based showing off Adam, spike, of there kind degree on terms you always been to the in the be on you're of running of of and third-party where year. spike, this will. kind out in so I quarter is X kind even a going only units know half back last maybe all of we we midyear X,XXX and slippage, some we're What to with forecast. that that have year

and obviously. another isn't really X talking big number. you're X,XXX better So units you're it creates, in about slippage would time, will delivery a maybe cognizant our be we number. a some markets schedule roughly higher the a into of period but a got it's expect. There big risk not probably and that Yes, We're typically seasonally million a slippage, having when you've units And quarter. collective it only of which that

that to risk and of that of what us of it's be get given be terms in power ahead and too cognizant approach and could try to appropriate in come far balanced and some pricing think to on -- I our not we So others, guidance. think and for ourselves

Adam Kramer

helpful. That's very

know bit the have quick what you've for I little Wondering Just accounted a maybe this you that the bad guidance. some maybe a embedded in differently peers. than debt follow-up. reserve of

the year-end? And where the of reserve the at it then what guess, assumption of just is around, bad maybe I guidance assumptions then and debt for bad So and I where is kind what guess, debt is, kind today?

Joseph Fisher

Yes.

part first a we excessive of last of out. really 'XX kind the long-term year level after So when months last the delinquents, challenging of of X leveled had

it, call XXXX. consistently collected during assumption as XX.X% that So go of we base period that's case our time. are we pretty really to, into And getting

last debt. And reserved those individuals in year had year-over-year we an about first But help that there's out saw level, bad terms expenses, the higher really rates. on potentially so on at in implications thinking we those occupancy, turns on stress no because those of quarter appropriate for

so said, the same stay started of basically And think those some That that Mike into level. that I we're taken go we we've at taking. actions an to assumption

to terms to at in credit of through move-in taking a other lot kind haven't income of delinquency. Subsequent industry our of And processes to us to of in take this become monies hope assumed continue who upside landlords look over so and really some those possibility limit in cottage the of that, verification the time. and related of terms some efforts, door fraud front in But because at and advantage thresholds, be and we for reevaluating the and a deposit aspects actions to fraud benefit comes those our now, there's ensure and it AI-based and we're of we time. door assumption, get year-over-year flat try a creating has that front it try in point we to really ID

Operator

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

John Pawlowski

what like Sunbelt in if on roughly, growth growth clicked double expense the X% Mike, on respect or average low would you expense look XXXX of to the market the with expectations? guidance, it, Joe terms --

Michael Lacy

pretty XXX all of other. they're John, within probably points each basis close,

place We pressure just are experiencing in the given a on a that, personnel just little like supply. more bit

have from WiFi our of that, rollout Aside on more today. we the do

So seeing we're we're the portfolio a incurring that because that's in other But of expense. the seeing in we're again offset what income as double whole.

elevated different. So in but not the materially Sunbelt, slightly

John Pawlowski

interpret just Mike, has Okay. so the Sunbelt bps. of point, follow-up call a it, income, your I that doubled did ancillary the And XX lift to to then comments

we're math to interpreting looking X% I level -- And to negative in market. revenues the in Sunbelt of terms that of X% closer X% X% growth just really market range Am so your to for organic correctly? negative revenue

Michael Lacy

negative. coming more the for year the Yes. XX give XXX on the We're on at bps X% about call I'll but expectations to color expectations negative year a our the you earn-in basis be midpoint imply will it, contribution full Sunbelt. would that with, our points negative little into from bit and blends, closer on about that

Operator

next Wedbush comes from Securities. Anderson with Our question Rich

Richard Anderson

that of is is it is you forward. X of also avoid And got sort the of number continues Isn't X% future cholesterol something people we today's into moving. they that or are designed blended the me me, picture confident or still this get your is the inconvenience this they're get they whatever excuse they -- though over I so get and if number around, be it realistic renewal of or of is really X and drop-off. find So tells can economic the in X% even interesting the -- -- know street, to It that resilient the economy perhaps swing sticking view, months free any factor time. going across avoids we year will about that for the guidance part sort what in present beaten away the middle the but tense be blob guidance really resilient material But on. an that if to to on system kind this an of supply that go

the factor and of the the demand swing that is activity economic side pure here equation? to So upside, the

Tom Toomey

Toomey. Rich, is this

people and growth smoothly. I it at of continue, been of And seen the goes think a supply picture strength It's equation. the were set reentering pretty okay? the robust what surprised We've the to job perfectly. of if have is nailed absorption revisions darn that ahead side numbers the nailed the market, up. -- the you wage we're jobs, of the

jobs. get hit the our we'll you in Supply business But it. past if mean, And right I'm road, number a I So bump long starts upside [indiscernible], a has in the the will, scenario. time. that's a sure anybody is and not with jobs

be that, But But in as where that pointed consensus we'll to hope Mike out. we're that and plays results. material started by trend Joe middle. how outlined continues, -- our So playing to. revisions a right now, it January off right as see that and it February, would the we're and encouraged on down

Joseph Fisher

seeing those -- those I in renewals on for submarkets. concessions some think market-wide Keep why only add individuals you're concession. Rich, to concessions. there and offer on mind that very are distressed -- in not jump just are Rich, are to developers in thing Those the your a that comment concessions

X stock market, call when levels units concessions. our X.X% distressed you to those of of that have, implies to it, a But in So deliver locations. aren't maybe lot offering certain X months across of only that

as and not resident jump that every X% it's months. the to So opportunity if renewal X go has ship, get avoid

So it move about that the jump B are not our jump little bit that yet. in But creates we to just to see fact lot of concessions. terms B and a just of a stickiness, don't some they want of also As talked to has renters there's a starting the it's the a bit. Nobody little abundance move, costly continue Sunbelt, versus asked to. it to in the into but quarter, last not we that for A And

in are starting after see [indiscernible] in and concessions start of months that that We're couple ratchet a to shift staying down We continuum to dynamic to to little of the renter B shift start approach seeing last back normalized location. bit. a more the seeing a B the

Richard Anderson

the households much you Okay, of all neck make woods? seeing more in do your it's in expensive cool. this at own Camden's about of to And you What the comment then route. market. increasingly going real new play quick. Obviously, out market share rental that Are a home

Joseph Fisher

Yes.

on any the you think of single-family equation, Camden rental affordability When or as XX, in see other that single-family. distressed that, the be pretty more has you it the I have for the years seeing been rentership of the point for a team and at in capture are the it side. when terms last multi of way. side spot swing XX much pendulum as Typically, see you

minus so XX% peaking that And of to X, to little down bit. that the you with of see ownership a last plus start signs year see started home you've over rate out or tick or kind to

on the think I So macro on that. definitely side, agree

to buy terms to the it's used our at We it case then you ground, at below what the of look expect activity, when that to seeing for actually you move-outs we're look in significantly guidance. what backdrop macro our And be still the be. on

pricing so obviously renter And keeping on the the pool, in more more helps helps and on the we're and side. people side which retention

XXX% Camden that. we're with on So in agreement

Richard Anderson

in already, I are theory, is and if numbers Yes. get it which interesting. you mean wondering saying the you're seeing just your I you're

Operator

Our the of Haendel comes next from question line St.

Securities. with Juste Mizuho

Haendel St. Juste

to follow for you ones mentioned I San Mike, me. on quick on Seattle. and Fran I Two your up wanted think comments don't it.

what and concessions own being where in those maybe prevalently So the and markets portfolio? your perhaps then broadly you're are more offering outline what can used seeing and X you in concessions portfolio today also share you're in specifically more

Michael Lacy

translate to quarter, the That's Yes. Francisco, days, And to we Specific thanks over fourth XX X that come half actually quarter. question. during weeks about mentioned, rents that is XXX those the of during as as of blends lot offering around point and for A coming that last the San that well were the down concessions I range it see pickup that you in December. into market market where down XXX, up. coming basis from that's just

mentioned exposed XX% And area it's it's the down SoMa across board. I pretty earlier, we're consistent Peninsula, across the pretty consistent along board. XX% downtown the

so. there a or relates more That's haven't over it market really concessions today, we the Seattle, rents offered year where concessions. we And last market adjust any not our anything we're offering to tend else. to As than

Haendel St. Juste

comments wait here. perhaps as certainly It see return interest. not deployment sounds not better having capital necessarily And have to for think guys made a versus to you there's I you Okay. like conservatism on an back

what more talk you'd hurdles more to could here bit to or perhaps you get and with on how DCP [indiscernible] have about see changed a if curious So active hurdle deployment. and rates more rates need

Joseph Fisher

days. is little guess improved has of equity the capital-light a our has mode. cost strategy dramatically capital XX last a overarching, that Obviously, debt we in still Cost sit deployment I improved bit. So to the of in XX

has bit. pricing probably little a Asset improved

you and a move in at getting bit backdrop better, supply off macro of throughout as time the terms and little the So we the risk continue environment a take year. clearly of to

we [indiscernible] that some mid- initially. high props LaSalle venture But I'd the we on the deploy increased One degrees on Upland to deal Xs that with our maybe focused to So of are to that joint and in conviction. deploying done most the today, continue Andrew is LaSalle, got big say partner, team area

With few the a bought in just it seen rate capital and of we've compression where we for trade clearly would ago. inside deal cap a flows months that rates,

get opportunities. out to end we'd share So and like guidance. about the $XXX within at at continue We've go million to there our more put high with them, deploy

that, opportunities we a get come So can redeploy. DCP We'll that's along the maybe priority paybacks today. that To look some and take and the extent at obviously.

are reprieve to down Development, little we've bit hard in cost. come bit. a of a little They of seen terms starting

be we're And on that the move in X.X% the say hard so to I'd as inflated on we we'll probably that the have to type prepared, in cost look and to X% the into shovel-ready as year given at take a potentially range when appropriate current continue we is deals you're think be throughout bit I historical terms year NOI picture, fundamental the to delivering should better a those which, time well go deliver you of supply than start levels when XX clearly, little a XX below should good of into.

through we So that taking a as at be look other the piece move that's we'll year. the

Operator

BMO John the line next Kim Capital of question Our with Markets. from comes

Robin Haneland

DCP. on particular a the touch John. wanted simply infield. reason there any return a this? of were versus just for currently looks on on at many like cash the of Was I is Junction of are it Haneland How to the This and couple X to basis rate preferreds extended, for these the Robin balance accruing Phase

Joseph Fisher

Yes.

these, be developments of of pay terms they are to majority by are because cash So in accrual, versus definition, going accrual-based.

migrate So way the cash to operational, just they'll assets with will generally reserve typically flowing the accrual flow, an is so start ours same going those an as over that to their fund pay accrue. to to have cash We're on senior help and time, portion. senior rate that the point, but loan going interest have to at and

which bit about have but So for majority you and it. specifics accruing little as we'll some follow a more you up ones probably degree I now, think off-line get assume cash flow, on are of

maturity between maturity. years and our you delineate In want senior to terms to do the loan of maturity,

not are those Sometimes coterminous.

and/or in position. supplemental the for so maturity disclosed mezz position we our And there pref that what our on is XX-B

have built into rights And so those. typically, extension going they're to

So That seeing have. that Philadelphia senior maturities, all in their here in about there maturity said, XQ. terms with exercise that's rights we a they you're some little bit really is up of a coming asset of extension talked in the

'XX. 'XX Beyond next and our starting that, maturity

some So we trigger of really upcoming, which event. don't type typically have capital much senior of maturities terms in

John Kim

set of Got policy? the it. just given rates you maybe current can any renewal touch are emergency, insurance risk flood in And on your SoCal, way? And on impacted your

Michael Lacy

Yes.

emergency. now, of they state a So right in are

So there efforts place. in are price gouging

it's can probably around XX% we in leaks, now, impact how a for So just of We there's at us. it we've time. have XX say impact. currently a hasn't -- facing maximum been any a huge or that terms given impacted that big some us, been Right of hasn't charge XX overall, to happy do it units are but

Joseph Fisher

go water, And quick, a it may from adequacy insurance look take when renew storm, every -- of name our we just the year perspective, we at single limits across whatever through renewal, be. obviously

we're in insurance at point with program. time covered feel the I this so And appropriately

Operator

of Linda Jefferies. question comes next Our the line from with Tsai

Linda Yu Tsai

question. Back one innovation to income. other Just and

highlighted million contribution the million in $XX $X 'XX. You to

L.A., NAREIT to next XX innovation from I back at over months. $XX there million think was XX slide a the and showing

Did $X your million NAREIT? this million change to in year you're outlook year anything conservatively. less. at million The a $XX versus So is to $XX guiding back

Michael Lacy

No, nothing's changed our in outlook.

that front just for of today. think a us. about assessing initiatives list XX still others in that we're have We looking at the of I us, are out we're

our we that, efforts. And of to which been we've to last points on put trying move with X out able and pretty again, we probably place And year, where to start the constantly and dial should NOI basis so think produce. to the XX that of that's the or we're consistent around a years figure it's X incremental ones good

Joseph Fisher

talked a But And that's I big and million incremental. is. $XX Mike that as Yes. it to think relates as related of still call of WiFi million that, million about, kind component to was $X million, it, million $XX $XX to to $X

innovation. big we we in of you ideas through number say I those things say, as bit that So so continue coming parking what a I lot where We little Mike that schedule once a goes know to That's then is the XX mature opportunities rollout biggest or not that were other are some the context that installed. of $XX leasing also look captured is. That million pretty really where just Those it goes storage an implications componentized or fraud you pricing of when outside relates as points we would can WiFi Those at at like the concrete to lift customer what each get occupancy, to of explicit et power, capital, that expenses, basis is very XX you to income. or efforts. it to our are asset about talked within when that cetera. mentioned, it about, that bps. When rollouts explicit we would talk and charge too, fee. within comes but that those cycle years experience,

they're are nature to beyond explicit terms harder very timing those but opportunities are that, so resident. and in And quantify soft in of because by above

those but so will And aren't in over come our guidance. time embedded

Linda Yu Tsai

an in But 'XX? is opportunity

Joseph Fisher

we factor real above to or we detractors costs, kind debt. cost Mike us. capital opportunity lot about a and totality mentioned That we that Xx our when from that customer We downstream is into there, that X% of $XX captured and renew customer 'XX. turnover more push that to year-over-year But in $X do continue at million expenses the think do and basis. usually bad there's adds think assumed XX to on of experience bit reduced with a there's an continue plus beyond minus a upstream, side, return. the of X.X% supporters move to on year-over-year revenue number, million that's start little experience. But in and the Similarly, on right number, no you fraud to improvement in opportunity return,

after as fraud obviously, we which move prevention. some million of we're opportunity the that's out to going a and $XX So portion to roll going years be this future of a of,

Operator

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

Anthony Powell

one Just for me.

some New I that of softness for think the your you what's Maybe outlook kind York. talk term on in meeting in saw you in there going market. about earlier call mentioned that

Michael Lacy

Mike. Anthony, is Sure, this

background, a going financial little the to revenue We're tell X% give our in I'll this market peers for that with you, the to down us, York, And up prior mainly team district. end year. to the Just market. New amongst top NOI in

to running So tell from we that coming really today. what [indiscernible] We good they've seasonal I'll done flat December. job. started in basis were And points, about happy XX.X%, going occupancy roughly up we big a off of some XXX I'm to did the January, more our and you are [ then time. XX% They're highs. of slow blends ]. But from period pretty experienced, actually they're increase we've see obviously

things coming So some improve of off to it's that continue hopeful probably but a we're are there. seasonal, of high, to some it's of anxiously going are

Operator

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

Tom Toomey

forward take your seeing of events. We look that, Thanks support of to interest care. to upcoming all With many you time, and you for the of in UDR.

Operator

teleconference. This concludes today's

time. at lines your disconnect may You this

UDR (UDR) 7 Feb 242023 Q4 Earnings call transcript