UDR - Earnings call transcript Q1 2024

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Operator

Greetings, and welcome to UDR's First Quarter 2024 Earnings Call. [Operator Instructions].

As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Vice President of Investor Relations, Trent Trujillo. you. Thank Mr. begin. may you Trujillo,

Trent Trujillo

to UDR's Call. Results Quarterly Financial Conference Welcome

ir.udr.com. were supplemental afternoon Relations Our the we most website in measures and GAAP with non-GAAP package reconciled section the distributed all have our directly Investor press release to the Reg disclosure G yesterday financial supplement, to and of measure comparable In accordance posted requirements.

which Statements not historical, statements. this forward-looking call, are during made constitute may

can expectations the discussion on reflected in no update statements expectations forward-looking our based We forward-looking we risk of factors A believe any reasonable are our are will assumptions, to our in any statements. do detailed the we included filings give and met. SEC. that undertake assurance not in duty Although be and with release risks a

the be available get When your limit Management questions today. did call to ask portion, question-and-answer everyone's that of we time will we get the follow-up. respectful call a and on that the to your be X plus questions for after answered you not

will over Chairman Toomey. CEO, Tom to call now turn and UDR's I the

Tom Toomey

call. Thank the UDR's and today of with the and Chris Mike XXXX also available First at President will you, Joe be are the call Officer, Chief Lacy; during and Q&A Financial me Officers, Senior Call. Presenting end Vice and Andrew Cantor; Trent, Fisher; welcome Conference to President Senior on Operations, Quarter of Van Ens the

approximately consensus Positive initial has to for jobs expected exceeded outgrow continue include: full off to fundamental a start. to to expectations. initially we markets. creation already year year-to-date and in employment industry is XXXX strategies than solid drivers our economist of first, competitors fundamental operating growth XXX,XXX Due better very the backdrop employ

deliveries the And The than ahead. XXX,XXX cycle housing in is level first in bodes to quarter decline. more starts operate. strongest X the quarter. owning during average rent homes XX% than more first for that, third, decades. where years affordable of absorbed on stable total in continue newly apartment to remained A renting well and This growth markets home Adding we over Second, an the development were apartment affordability. single-family relative delivered best a

combined operating to as led trends, details additional positive utilize originally with robust across translates lower metrics. concessions, green more we to I key in higher tactics than higher operating his occupancy pricing sprouts. includes These better the leasing remarks. provide This have and turnover, would expected. all momentum traffic, lower characterize will power all, In what this Mike activity,

only far, environment We X of in full we momentum we year, we the to feel given as heightened have the and a XXXX. would industry first our concessions new guidance. about revisiting elevated completed However, progress XXXX the months continued and faces operating more see interest and wary like volatile supply peak up but have as thus may rate on the season good pricing before leasing evidence year through of it the we of lease effect of communities, the remain

competitive on UDR's should optimistic of the remain long-term I prospects multifamily industry and picture, advantages Big unique growth the growth. that enhance that

associates a UDR stakeholders. robust performance, of to all culture, technology a of and have for with and a value we in record team create We track invest strong continue to our talented embrace

you investment to with been President role. Harry Alcock a your $XX I for and while sourcing to all a Harry a consulting also wave transactions. Investment moment the he celebrate and Senior Officer, who today for retirement be transitioning like trusted on Harry, have I'd Finally, helped next grooming to Vice role in focus will and it. of billion enterprise and to all UDR talented and working soon through thank new be to Chief we worked our are years, forward upcoming all together approximately He look have with grow you of we you of take thriving XX a development a done partner professionals. has

over will With Mike. I turn to that, the call

Michael Lacy

Tom. Today, cover Thanks, topics. I'll the following

quarter first how across regions. same-store same-store full innovation expectations operating early our Our on guidance. year factor they second into trends results, initiatives XXXX and XXXX for quarter our update various growth An and trends our

same-store To negative revenue growth our which resulted These growth driven renewal X.X%. quarter and first, lease X% of by: slightly X.X%, above from and X.X% begin, NOI same-store revenue X.X% and expectations. rate results growth rate blended year-over-year nearly first were and respectively, rate new growth, were X.X% of lease sequential growth

lease approximately half basis by as average. results on growth decreased XXX versus improved points of quarter concessions rate New week a fourth

And supported Second, XX.X%, XX% than [ strong renewal a basis traffic remained delta and rate XXX resident turn growth basis prior volume. was leasing The annualized when points ] at third, with year. by better occupancy outcome. between the point and new retention to higher led favorable healthy XXX combined

New D.C., and same-store San which XX% for averaging quarter. of XX% standouts, pool constitute during our Seattle, York, nearly Washington, the Francisco collectively

payroll growth our first and quarter would in credit, expense have Shifting in the to credit onetime against this first XXXX. comp reasonable X.X% with in year-over-year a expenses. we of the tough growth by was recorded excluding $X.X line Year-over-year been a same-store X%. and After inflated the of tax same-store more our disclosed million quarter expense expectations

have continued key on, and expectations our second strong the X exceeding revenue every the first months trends into of the year. quarter through operating core is metric Moving

April, roughly the X% versus March. XXXX. All lower quarter levels in of approximately rate rate lease blended improvement than growth West to regions showing our and most X% from regions sequential X.X%. strength at blended Coast lease have demonstrated First, growth fourth accelerate continued stabilizing to the With at mid-Atlantic in with concessions approximately March

on improvement. rate to growth May lease further we trends, expect current Based demonstrate blended sequential

XXX prior our year on customer part project, basis I experience resident Second, in the touch will XXth to is well above retention representing year-over-year turnover our April against to Due historical points retention levels, improved. consecutive continues month compare which has norms. later,

demand range. continued high XX% wage to income and maintaining in Strong range. while is rent low has high levels occupancy occupancy with and the rate us from Third, operate the in push allowed simultaneously rental holding XX% job firm growth

continued fourth, at And income to in quarter. to approximately XX% in other first grow achieved the April, we similar what

a constitutes other building-wide penetration rollout As incremental of XX% total to the WiFi, We our our trajectory of reminder, which as of pleased contributes with other and growth. initiatives income the such roughly remain income significantly revenue same-store revenue.

XXXX conjunction in our reaffirmed year growth with guidance we same-store ahead, full Looking release. our

cautious and such the those effect job had we indicators strength and growth key to of drivers the combined volatile as given performance year-to-date peak thus wage indicators, rate elevated growth come. interest We are encouraged remain by supply with yet the demand have and But environment our macroeconomic deliveries far. somewhat on

to trends. Turning regional

Sunbelt approximately with our results expectations, our are XX% and quarter. and while average weighted NOI, better. the been all of York XX.X%. occupancy have performed our line New Our above trending strongest D.C. Boston, the region coastal in well of was which specifically, first markets More in Coast, comprises East Washington,

the the growth high rate for was which slightly growth full region. expectations end X.X%, our X.XX%, was lease revenue Blended above and same-store is year nearly of

strength this to expect continue. regional We

At which Francisco Coast lag we of and anticipated comprises of West the West the beginning XX% markets. our San has than our The Coast, would Seattle expected. approximately year, better NOI performed

While as exceeded quarter to well has fourth leasing expectations on enforcing these markets our revenue new markets basis, growth improved our and nearly true to employers, companies. in results. from lease be the an increased The as compared results in momentum office strictly more both to office quarter various growth to first activity mandates technology due this AI return points by saw absolute rate show XXX

in Sunbelt Better have roughly seen concessions lag XX% in markets growth line levels absorption. to supply, markets regions, continue NOI, but to Lastly, And we Sunbelt and new bolstering due which have markets, to comprise with our expectations. our other be stabilize. these demand our of similar of drop coastal appear elevated our to performed

in improve. to points have us Sequential blended our pivot and accelerate revenue value recent across long-term operating These maximize markets the NOI to the retention been strategies reinforce allow lease portfolio on dynamics its regional surprised price but diversified and rate term pleasantly growth. near trajectory. short- the of and We by cautious that Sunbelt remain and growth a

projects our Moving innovation on, continue various and that same-store we benefit growth experience customer beyond. progress is in XXXX will this on make to example of project. One

the driven our all We have markets which cost operating aspects public the and time margins innovative on NOI efficiencies structure. operating private to focus of due leading our platform and income culture, historically outperformed growth, contained has consistently and over on and

residents positive Knowing opportunity. a and hub and to turnover million have controllable. X% resulting experiences than focuses that, the and versus proprietary next rate, the an industry bad at $XX We phase we points scores are were years, found data million retention. experience Through of to XX% average of X a experiences. now is XX% retention NOI this, by on new that with customer to higher XX%, opportunity accumulated XX% of those which we our resident data those improve incremental of turning the platform with millions have see over last $XX the In in to we our

a in value us track our capture and interaction allowed has lifetime the upside, To transformational score business of a customer. with transactional on we the now to move nature our from we in being a shift every do with way This this residents. make to focus

tools, to coming pricing materially turnover. rectify and our other the experiences and [ team rent UDR experience relative are We ] the equipping our members customer expenses should to as ability X impact income, bad margin the prevent positively This believe and years or which will over well. occupancy, we improve X training with

to on priorities. My associates out the to nationwide, committed thanks they remain our go delivering UDR strategic

You our culture embracing improving deserve and we how for innovative business. our rightfully credit conduct

Joe. now will the to call over turn I

Joseph Fisher

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

from of FFO slightly that expectations. of was Our modest and approximately primarily expenses the adjusted as guidance higher and decrease NOI, by was supported decrease share to achieved midpoint driven revenue attributable [ NOI ] decline sequential first from interest provided quarter was $X.XXX $X.XXX same-store growth The G&A. previously same-store and an [ due expense per patterns by our FFOA ] our to seasonal and approximately higher $X.XX above

per $X.XX the quarter changes NOI, expense a second FFOA interest share our to due $X.XX and G&A. guidance $X.XX to is to expected ahead, range midpoint nominal across compared quarter flat with Looking first

future. initial full our plan year we reaffirmed operating leasing XXXX are ahead season revisit uncertainty have them growth in to Year-to-date, But the us, ranges and above peak macro same-store trending and with results expectations. our guidance of

year by full construction our until increase additional FFOA per did from our refinancing its range of we to successful the are loan remaining share risk, due with Having joint no senior in at DCP However, investment venture UDR. addressed there maturities guidance this $X.XX senior investment Philadelphia XXXX. no DCP loan

$XX the approximately In with watch X fourth additional Philadelphia addition since million remain investment, material totaling on DCP changes the our to quarter. investments there no list

this, developments, rents. performing vintage forma XXXX Beyond not line they well investments our construction on and material as are DCP were pro $XXX in million above and overruns are encountered remaining which or of performing delays have cost primarily to XXXX

Next, a update. markets capital transactions and

potential capital-light complete strategy, venture evaluating starts coming deals additional acquisitions the and optimistic during joint DCP are or to the on ability accretive quarters. first acquisitions, alignment no LaSalle quarter. development with the made investments in our with new our through We active in remain First, in we

XX-unit existing the our million adds $XX completed Second, of community offering option. quarter, construction community complementary density Addison townhome Dallas, a residents during This a living to Texas. portfolio in while we

XX% pipeline consists $XXX of at totaling limiting of our current incurred, forward this a homes community thereby X Tampa, with cost budgeted in already commitments. of Our development XXX funding cost Florida, just million

$XXX area million. the in cap And quarter, proceeds mid-X% third, the Church, for at a community buyer's Washington, the completed during apartment D.C. of disclosed sale Falls previously rate a we XXX-home approximately of Crescent

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

first, billion as $X include: nearly highlights have liquidity we March XX. Some of of

scheduled to Second, $XXX year [ future of through to the total value enterprise of end we consolidated reducing ] the refinancing debt or debt have only of mature scheduled million XX% consolidated approximately mature XXXX, and through only thereby risk. X.X% of

turn was quarter And in Our on our net versus the resulted the debt-to-EBITDAre peer better liquidity which balance best X.Xx, the has amongst remain a outlook interest sheet average just lowest group our the strong. value X.X%. third, proactive manage to is approximately multifamily leverage Debt-to-enterprise was half XX% at rate approach in and sector metrics pre-COVID end, X-year while at weighted levels.

our in capital capital up all, deployment, remain advantages open With to allocation excellent I that, shape. for We continue Q&A. and and drive remain liquidity competitive in we of accretion. a long-term balance will opportunistic In variety sheet utilize our to it Operator?

Operator

[Operator Instructions].

with first from Joseph Nick Citi. comes Your question

Nicholas Joseph

just kind quarter put better starting were first the X.X% of on was the expectations Maybe quantify the up? a revenue. versus hoping you that than expected, same-store Obviously, actually what you your you could but what bit

Michael Lacy

in it's in XXX had Nick, basis we right of start the our had April, the first business we're running higher year. year. would trend take year. as And quarter, and a plan now higher, looking But what What into Mike. blends about our the blends I'd at it. going original for tell crack than reminder, even basis points I XX first higher we say, points you, I'll basis the about the May points at, XX to

So that about to $X if to that million basis to points. line, about XX we revenue quantify were on X%, able that, that's our for sustain us equals and

So to how want XX We see trending. about it's early feel we but really right days we're right now, good the XX, out, next play where now. again, season in the

Nicholas Joseph

That's on income the relative to side expectations? helpful. the occupancy And how and initial about other

Michael Lacy

about the we first XX And quarter XX, that was basis brought down. days we or in higher than over Occupancy last the XX expected. so,

XX to bps are, running to migrate see we ] a around little maybe as our or push we're we'll XX.X% blends down continue right XX today. So bit higher. probably that [ continue Expectations

say I'd pretty X occupancy first overall, on through the is So or so. much target months

tell and XXX driving a it we to basis And initiatives year mean home. than has year. higher that do trending April Other success income, lot from the thought. above the XXX though, were start probably is to to is last That's really great. I teams I'll the you, same we in XX% with originally points of direction. the these

right test strong. just last have occupancy, It's And start push the of play other and and our out income feels start the to with the this for us point strategy, our over year So now, starting we lot water we've demand, couple really to about blends, talked of to a back it's months. all high this today. as

Nicholas Joseph

you've of continues on When the then remarks lower prepared the at the that renewals the and low June, guess. drive look sent And helpful. May turnover touched about retention. benefits you out That's you to I for high the

And where that or there all, a perspective of is First then won't are or those lower renewals indications going negotiating perspective from low to stay trend gives any even out? anything turnover here? continue a take you from that

Michael Lacy

sent in X.X% now, X.X% [ Mike, just question, good renewals. out was Right July, we ] sending Nick. June through around we're again, And then around, out on about growth.

time, bit the more really renewals, same we getting we're at So our are little a aggressive pushing market rents. but on

you XXX saw quarter. XXX blends, expectations setting new I new to our was bit a that's as we which to XXX trying down renewal. think to basis going between is -- move throughout what And drive equating second about to the come revenue basis from point total to really of points expectations. And and total us the growth up a ahead little around first and quarter we're difference My us to renewals. So that's compress in the

Operator

with KeyBanc Wurschmidt Austin question, Next Capital Markets.

Austin Wurschmidt

want trends commented Mike, about growth on hit May, -- leasing versus you back I rate to April. lease improving the

kind how talked of You trended. about things have

more driving do the May? markets or you you growth. high think harder? first occupancy are are that aggressive of little I keep becoming bit And renewal maybe into And a kind improvement can rate little through on April keep which retention expectation. pushing think, then quarter you to while But into relative the really where a bit

Michael Lacy

Great question, Austin. Yes.

in demand San up. coming same We of coming to out into more out strength year West up we've of Right thing bit based really we've what seeing are starting Seattle we're picks East on little the talked experienced now, see Coast. as expectations picking York New and is own our And really about Coast, the Francisco. the a

of absolute seeing out our highest lot a where basis, the and coming So rents. coastal that's we're an on markets, strength of

you market lot to see it's lease up and thankfully, tell into to D.C. do and strong, of aggressive positive us in really as on growth. has the new of they're our that very that to renewal, getting plus well late on that It's drive our to I'll seeing growth. it's and sticky, with it's And more starting your price blends NOI XX% to as X% point ramp benefit allowing translating is starting one come a of that's to X% And

the strong. Sunbelt's of is what that, country to addition those in And in coming overall, of out as parts trends there. But momentum I'm well. So hanging on month-over-month a positive feel basis, Coast very the today seeing experiencing

So overall, things feel very positive there.

Austin Wurschmidt

follow-up kind of the of surprise to like seemingly relative positive little a good expectations. feel you're about in or further So Sunbelt yes, -- fairly my on wanted I the dig sort to

would say updated benefit on the that So the in in acceleration? back the through easier the that the of and thoughts comps of better of potentially What lead are I mean, willing you is you sort behind could job outlook to growth be balance half continued the and the year Sunbelt year? the to the worst of maybe

Michael Lacy

getting been a lot the of That's Austin. Sunbelt. on Yes, questions

know in Peak supply at are And peak of it's same a demand. So but bit corner, And about just we point, is, NOI. as deliveries second, front give the still of reminder little me And around the maybe right let our group us. certainty. is -- it's a during the step it's time, you that's color. your more to a back a to XX%

stronger. demand lot job of well record positive, do to and stronger a with And bit that a as little growth a seeing has as is that's So we're absorption.

it cautiously good, while overall, that given optimistic is So coming. supply feels just we're still

give what little ground, things think it's But those foremost, half lower weeks. a point are seeing more we just today, the the we're our concession in Texas a X.X months from a And some seeing about bit that look comps we're a I Florida, significant last in to the the seeing you over pretty week on in of than is would And on I X first and to, and improvement concessions. areas. what color at, on which of portfolio, we're

occupancy to to in In that, around addition Sunbelt, today. XX.X% running XX.X% the we're

we're a quarter. month-over-month occupancy. In be blends X.X% you, just And couple May in So first negative to for X.X% during even And stuff. April, negative you basis. better. again, improving still on I'd tell And Sunbelt shaping very give seeing a healthy of is we to the the blends. compares That to were up

bulk drive country, taking specifically blends overall, XX% allowing above So Internet I'm us the that's And Belt, I total we've where improve. our the driving part think most income income. of to our rollout in really is It's continue of excited revenue. and other initiatives our other our But home allowing to it's that in us been hold. drive to some Sun the

cautiously optimistic coming peak that that also position given demand same knowing us. So better a time. again, front But at supply much the is it's in of is

Austin Wurschmidt

income did X% growth you And can guys just the you other for year? then clarify, underwrite

Michael Lacy

X% between X% XX% were growth income to line. And again, on today. we're holding our other around We

points expected. XXX from that's originally we improvement to XXX basis So what a

Operator

Steve with ISI. is Sakwa question Next Evercore

Steve Sakwa

just about the in curious better all coming Sunbelt, maybe next I comments or appreciate in the like, this of your you several Is we've by maybe got has market. either concession those the trends low a next bit expectation stronger some I given continue? the little quarters. it of heavy trends how been on deliveries over trends Or maybe that quarters? are I'm the over that guess, thinking And Mike, X the demand? supply

Michael Lacy

peak next Yes, supply quarters. that it's Steve, hit we -- going to here of still in the think is us couple

the that's that results against to we to we're the our on lean going for a we're XX control. we months that, and relative just the basis. we're given hitting next supplies to front to driving And headwind So the where But again, to market. in continue take of X in into our income going us that continue things other peers do watch expect that

Tom Toomey

is this Toomey. Steve,

year. surprised color, the in all jobs more Sunbelt remarks. we going high I you the on if number, pretty I'm an a sure for absorb If I on of Just our the equation. to the record cycle that has a think market, is that quarter, election it path, of will, X add strong us The in balance not continues, The had think, some it. absorption good bet betting through decades. and first jobs and very prepared piece has the into

saw that setting. from a a Second, in September, we're interest October when still last go type spike and template we we rates saw panic a to supply little and heavy low developer's concession market,

renewals. of And get we prudent play wouldn't I month through respect into falls. play [indiscernible] overly the say kind just and going to us new by just headed is will I after right to It's But to think us to month see how better for we pessimistic. traction just feel than see and the months, for we're be expected. it it X it easier optimistic and what now, or with

Steve Sakwa

one Okay. Joe. And then maybe for

where the but for recurrent just whether opportunity how kind you opportunities? about land DCP Like are probably your you don't future investment of Where opportunities kind developments? the where purchases set trading, know is Just think or of deployment. I like as is today? for you about it's maybe any stock capital are any opportunities, thinking

Joseph Fisher

Yes. Steve.

So sheet a I'd phenomenal remains balance number say position. one, in

sources liquidity-wise, be and really in maturities look a to So uses good position. all

agreement was finding and in of in a environment I'd able rates buyers we're this this little the be transaction in footing sit back of were So unknown and -- there and an were in Obviously, opportunity rates together. on and environment. surge cap to coming more bit capital sellers creates of where pivot kind wait to wise, say that market terms offense. to recent

out to to here little settle see a we're kind of trying sit bit. so valuation where starts And back

we did One together X to JV probably fourth them is we side. today put last we year, in like where the we'd, deploy But target continue to as JV the areas. LaSalle on to course, that quarter. of with different acquisition with tried

So stream find additional the that off our markets, street the in trying comes then existing upside get from of the deals and to deals down fee that.

a some to So here of things in transactions get lot them. help done to the quarters continue them show coming with to

other area not DCP seeing we're The of much is pipeline, within traditional on activity given while a we're the new there. and DCP that starts seeing not lot

bit on are a the We seeing little more recap opportunity side.

And so as to paydowns payoffs capital the we put may some in that pipeline XX potential we're front. to opportunities look that ahead there that on DCP redeployment next to months, of evaluate or some out out come starting for

we've On are that development you mentioned deals pipeline with right land shovel good a a ready. that lot the side, now got really of

But and well team to and continued so before that of to as hard really got the to And favor. we where a out good we've monitor the start see opportunity into wait those. of just those cost comes get has work once hit yields some our on market we that some market

Operator

next The of Josh Bank Dennerlein question, America. with

Joshua Dennerlein

There's of on hit I we like on big at looking markets Seattle, expenses. pretty that wanted some be going Boston, you was should markets of expense the Just Monterey side? of where couple jumps in the aware year-over-year Peninsula. those had on to Attachment Anything some a X.

Michael Lacy

that. of Josh, first remember foremost, and have you off say, Yes. anniversarying would we're the I to CARES,

about, a rate. basis whole, XXX point it, had that growth So call as

specific some have So we have of these about But overall. markets, an that, example, if Seattle, to taxes been would X% had we we go up as X%. didn't

growth So like there, that X%. Peninsula, a place little drove bit utilities a more were Monterey up

given have what of that you these factors addition CARES anniversarying play to Act. we're off of in other in some are So the

of driving some if the So growth higher will. that's you

Joseph Fisher

Just to a questions to overnight expense get on because number. we that did the add couple of

than I was I the of in And was comp did great better telegraphing expected. there a what with think a that, had we to slightly line going in Act on but notes CARES lot of job XQ. noted we that think

expense overall X.X% growth to that not was us. definitely So number surprise a

leasing, next So look relates the come the as you number path we see for see rest at when the expense in year-over-year of the it sweet no of number year, the initiatives of for be that the with a staff controlled past. purchasing. as that the it there still We stuff range got here doing to to more have properties, down And the that, some quarters. to additional maintenance, the out around we're initiatives definitely of spot we some X automation of keep lot

I you not in terms XQ let a us. be would to that for is going So issue recurring scare of

Joshua Dennerlein

Okay. new signed. of I kind in renewal Is the income, up other thought of kind that just people a there's is time? curious sign building-wide Or lease And driving WiFi. then other like that. on outperformance back appreciate line? any what's I the the that mentioned income You can like lease or when

there color be great. any would So

Michael Lacy

Yes.

a the does up little over -- color just other income, bit you our total of revenue. it XX% me let again make give more So

looking And bulk came it, so from that growth the X/X about, on our our at of $XX stack, call million we're of and rollout Internet.

year. to the $XXX,XXX see $X last so And during compared million we about benefit did about quarter

majority initiative. So coming out rolling that it of from the is

there. to some team package driving of you, the of some addition good other continue I'd our of the furnished it lean parking, spots doing up will short-term more is that, In We're tell job sign to adding then in lockers. out a relates just initiatives our rentals some spaces really of common pushing or into and to of area as terms running

XX% together again, at the that a looking put And year-over-year tracking basis. a they're on all you're April, about you So and like increase same. May look

Operator

Fargo. Wells with Feldman Jamie question, Next

James Feldman

across could B you is versus performing about I portfolio? the bit little your talk a Class was hoping A more markets, how across

Michael Lacy

Sure. I'll take that.

on by So blended basis about portfolio at a points. B XX A's basis the outperformed our level

line Sunbelt last about which from versus than deviated where are year So growth board. the underperforming more dynamics. with A's the you supply X% were saw B's is impacting B's talked we the the dynamics does And what suggest we across across traditional supply A's in recent more I'll was X.X%. Sunbelt, this trends the that tell And

steady it overall, feels a doing and state are better. normal bit So these today, little it's like

James Feldman

you as broadly granular different Okay. Orlando markets? of little which, much Tampa, bit Texas, about you And the but mentioned in just Or can can more Dallas not then Sunbelt, Nashville, talked more comments? broader Florida. about then You you than granularly it's Florida, and said pretty and those even exactly what then Sunbelt the are a trends? doing on but your just get they all course, But you Austin talk

Michael Lacy

a regions we're you what give may those and little seeing I of today. more bit the makeup color on

I Orlando. think with between makes first about starting our Florida split Florida. NOI, of up really and it's and and Tampa XX% foremost,

say, we We're XX% have weeks XX% very Let's and Orlando suburban similar. that portfolio. concessions about seeing running today. around is is mid-XX% X.X Tampa, in range. Occupancy urban,

So concession. bit about weeks but XX.X%. X.X% at higher Blends slightly is Occupancy are improve. a still little we're negative, they to seeing continue

on like this similar but Texas coming feels our Florida majority is so the the to the sense specific out NOI, And in with our of track of of expectations original Texas, it's Dallas. year, for about that XX% is

XX% is Dallas of XX% suburban. urban, NOI where X% our So market,

occupancy XX able has seeing but in ago. days today, weeks elevated improved that we're And range. are to We weeks concessions that mid-XX% from about run around X.X X.X

coming out numbers decent pretty Dallas. of overall, So

this is Austin, weaker-performing again, markets of And us. for X% of probably our one today the NOI. only

our portfolio, market, majority XX.X% where we're our range, the which But relatively So running the entire probably it's is supply. X-week occupancy. that in highest that's small of we're facing in a still and seeing concessions

in they are improving. still negative, but are volumes You here, can see

markets. on But they're cautiously lot again, optimistic a performing these today, at So expectations. Sunbelt of

Operator

with Next JPMorgan. Anthony question is Paolone

Anthony Paolone

is about of renewal Maybe, you just Mike, retention mean strength -- talked for how rates. the the you and I the high

loss-to-lease is like And do of wondering, between year, that over as portfolio does so new a how -- you flips should think divergence a we like still? the look spreads? in just there about the that Or course gain-to-lease, renewal I'm we this or and and think to

Michael Lacy

right But the through seeing of and the Yes. months, period demand lease call it to X.X%. Tony, the a loss next grows hovering to right the that end that Typically, now, to is X% as it, starts loss-to-lease X today. what X.X% to our go range X% around, then around X trail off to year. is over we're right today towards you

intention things surveys, we of of to capture every I And think about to got And important gave information level think, we're But interaction. some project. captured has with every our message, I remarks. I'm just dive of e-mail, foremost, lot prepared that that, doing. personal done really and the the into mail, service team text I mean, experience tell And requests, millions first in excited you, I the data points. a by it's was And voice my I what high customer to

secondary to proprietary so was chronologically dashboards align that that develop interactions. these community-specific And resident to

you keyword. real-time the given tell experience taking so It's that's I'll putting each exactly to gauge teams think chronologically a experience all huge I orchestrate happening time. sentiment leading And what's these finally us. to any at information order, has for scoring our in know and better this been

year the say, it while last year so people into. dial go to or that something are moving as our leaning is and And big for aren't teams a much that homes really they mover as unnoticed us doesn't before, this out were, buy

Joseph Fisher

that to coming little move about through Mike higher concessionary up really or West start rents thing, Sunbelt, relative the Obviously, East there. most on since think that's our of X% being a the number rents you a and as by of terms result actually a year-to-date basis, historical of plus on too, down on kind But and we're days seeing in basis, look effective when bit lease things of loss that one one combination market about, other question, is a of and the the we're year, XXX gross first the at momentum even doing I we're excited better. to just rents talked One, probably minus year-to-date averages. which good Coast led that

pretty And about blends we're so fact lease, gain the to base feel that trajectory move same new you time that -- on our that higher when rents good to We continue that as at about both in worry market forward indicator. of and a is the renewal terms higher. pushing

Anthony Paolone

the you were comment in any the just year? for other helpful. And you on rest bad of That's whether one, improvement the from Okay. what XQ then can here expect debts and

Joseph Fisher

Yes.

being assessing to to to to from for due that we we assumed really together year-over-year 'XX put and we knowing that Most And number continued the time. guidance, of flat a had of debts. a when bad So fact 'XX think out. balances did what really are I'd good kind historically of play going the we receive AR we that's job over say

actually them good average of eviction well our a the balances, those are as trend delinquents, some have as seeing been long-term moratoriums some number coming courts little up. seen as we off perspective, of come down The a thing and but bit those open is, from we've of seeing a

seeing throughout so end we're continue be and of that the better to COVID. And we've month-end and improve subsequent seen some seeing month the We're there. get to numbers of strongest collections,

And right from probably so now so look little good. pretty a a debt bit the we're perspective. I'd trends ahead say, bad

we opportunity actions into of the about and That's we'll $XX it guidance really we're more. talk going that the are at. it future, bad kind out when We've in revisit that number think the talked this definitely bit million taking debt and about little year, running creates. I the future, iron But the excited a a but So about that year. X.X% perhaps we're we about potential the

all another in turn costs But when you there. that's the other costs, spots, million legal from $XX vacancy, factor CapEx, right

we utilizing of and verification getting oversight a excited the into verification the door of and of into kind as requirements, today, potential it tools, just scores, income We're around adjusting pretty of it's credit AI-based those that taken area. So total some next being I'd million income deposit what opportunity. processes the of and of some our and that eyes ID requirements, year. say $XX to has the the this that. forward raising on half on back move the year And do about thresholds some front actions then more be and some

in But of that little move year so as we some a the the back into have some to another up delinquency to hope half. and collection more percentage And that speak year, we on terms of stats of visibility of that's we'll middle hopefully leg that. I this bit think by

Operator

question, Michael with Next UBS. Goldsmith

Unknown Analyst

Francisco well. San within a to UDR with some significant portfolio is has attention, and County and West but exposure lot Michael. Orange get the the Seattle Monterey of This as Coast markets Amy

was I trends the in hoping on could supply-demand that So touch those you markets.

Michael Lacy

Yes.

me of you on little of all color give bit Let a them.

lot I get think regarding first, starting with we Seattle a and because San of markets. those questions do Francisco

has performing expected. our unique are and portfolio. this do than First of foremost, that to with would we lot And better a things to have

example. Seattle So down us, not I'll we're in Seattle. give located an for you

we're a facing So pressure in We're demand. are. suburbs. we're helped to what Seattle not like some Amazon's return the out place as much located others supply really Bellevue work the of is And then seeing in as and more has in

to every that's rail get in last addition actually the And people allowing Redmond in least to week in that, who light up so, opened minutes. at just the or XX and

So that's suburbs. allowing the access to live Microsoft of in of more and settings urban employees some EV these to have the

that's So some to demand degree. helped out

X.X%, occupancy XX%. running and you Seattle is in tell around today, seeing we're our I'll around are blends what it

XX-XX, as definitely have we're Peninsula. don't we Francisco, a well that fact there, helpful. the overall, as suburban, been supply we're the urban, in San down SoMa So it's of lot

We're city. significantly. steps X we're well. week do has return, concessions and come days seeing jobs And the to cleaning ago. And I seeing office. tell jobs to with would and a today as compared up [indiscernible] this then down We're just X right return AI to around to return biotech we're to weeks, lot X seeing of pretty incremental you,

So bit lot supply San to in more and not a Francisco of speak little a to. demand

both blends it, in So X% that, to those range. really to X.X% are markets have drive our XQ. call allowed us again, And markets into

in seeing Irvine Orange XX% performing is it suburban, Specific bit a pressure Beach NOI, to today. call that's the feels as putting Orange County, us little on have Newport area Huntington as as supply was overall, we But that Beach just pretty mainly there. is because our well than a growth good of lot expected more more County and

Unknown Analyst

provide resident And certainly of other a is on can question you Great. experiences trash a the the Like I'm their and or people expense of better that some But do turnover removal do or seeing you you're that can you from do side? about quick can better examples these is on neighbors that items? side. both on what hoping positive for sort you revenue then think experience that you Improving complaining that this, how think loud income.

Michael Lacy

X it's X. of you'd And good not really rent know increases to XX and a question. surprised factors, be top the That's that even meanwhile, factor, it's it's a in

comes comes pet move-in that you're of going experience. we're things down it It to some the what data so with the waste, trash, through millions And of these points, finding saying. to down noise,

that make that's to have sure You bulletproof.

As pet [ well ] even issues. as

come. team things, adjust that and of And very But it. focused to lot it of you think so on tell a the we lot leaning us. that's very it. why in play things can there's controllable, change out are front seeing into these we're If The more we're I'll trajectory a and can some is of we we

probably put as even and place. to into another next to and move We'll testings, we'll continue going [indiscernible] learning, drive there's training further think do year I we're throughout to in we year X years this continue to of and year. this

Operator

Yulico Nicholas question, Scotiabank. with Next

Nicholas Yulico

-- give the lease why just if you Mike, a explain first in markets number this, for looking guess that's new but did sorry rate I than first other growth, April also Northeast? how in question, weaker the quarter. little I in Could that was missed bit some the portfolio the you

Michael Lacy

our So And a that, improve. it put out as you you call to is I in new around just I'm look there think quickly. when roughly not about provide we my did tell here growth lease continues trying What April. being we whole, but through X% notes blends on of what to some would

what that's that Our test is continue West we medium holding even expectations to turn We're Southwest or and much the up, happy we're we new it momentum blends we're those pretty to lease where and renewal. overall, and find renewals to whether a the well positive the to seeing throughout pretty there. Northeast And a water board. think between move what steady retention flat. it's board, we're the going a going May, as across lot takes pushing regions are across growth see to our roughly at And can and is improvement But seeing seeing our us. of new rate trying do on with And I has the positive. as a

Nicholas Yulico

Okay.

about reasons to sounds to Joe, maybe the policy for are of you it out, above in Tom season are question in guidance cautious And like play want be still like or see and Second guidance. you you it -- some have in the you there you first leasing I trending but the spring in revising the talked instances, same-store are, seems some quarter. terms the know is of not

just since point broader what lot the adjust I'm to the So say I is quarter. willing much of quarter. in is first in guess first reason this a And the at have do wondering that fact, REIT your adjust to guidance of policy market peers in I'd the

just the strongly is of about that could still policy? remind decision. you just if whatever it that an on Sunbelt for reason this driving ground. caution, situation is So of why There's Or sort feel you supply, instance if a us

Joseph Fisher

to pay REIT sector. a a we remind don't Joe. to policies, I'd their and large, broader the market, Nick, just lot Yes. everybody, duration market say the but I'd REIT longer relates as attention broader by of it's lease it is

to exposed or the macros less quarter-to-quarter. bit little a maybe that of volatility comes So supply

we've saw of the had 'XX. when during we start traditionally outperformance meaningful COVID that the -- exception year look with we in as at to So ours policy back

we to in so we a We've XXX leasing lot a year. us. or opportunity on And We've lot actions supply creep of but we're up season that us up opportunities only to on markets a a left. also traditionally take performance, of lot days a got drive lot from the can creep perspective, the of macro activity got and said capital of for to innovate

year comes by control. get to see that try stay the focus year, as out November, news some to in us on were SKUs. Last that some October us, to point to higher the year we our deliver what repeat By Tom to conservative, market of And coming want as and have the how any surprised and the that something guidance. reaction means side the on. concessionary And so we of this throughout the surprised from news developers on no not typically at we to we new good and of mentioned, that reduce we like we September, And future. then is to deliver, had we the supply can rates and the

so our in that's definitely And the back of as minds well.

still is to say, have would give to range we'd think I it If I range, the good. we And relates the think as it we range, well the were outside then of our But internal we're Mike we're time in end thought. high exceeding the ahead, forecast. good point a the as said, mean at trending not range ahead this based off does

than that doing So time, range we're range is midpoint. in and a point good the this just better at still

Operator

BMO Kim Next Capital question, with Markets. John

John Kim

shot. think anyone's a it asked it yet, I'll so don't give I

you was the why I on provide the no disclosure. past. found helpful very renewal just decrease it X(E), I and Your that And in market wondering Attachment spreads. longer detail new

Joseph Fisher

John.

the go and peer of committee. at REIT the that within part review do through with disclosure that's multifamily So broader we space, adjust annual but also look throughout best our group. practices They the

different when blends, with what markets. regional, the definitely disclosure we outlier we at others do an that portfolio, of but just provided some so found we're XX and around looked do the And level did that we detail on some

And and you only When that Monterey the And so at some assets. Richmond in and and are as X,XXX markets that fact investors when a a I have of we look Sunbelt. L.A. looked of out Coastal to read-through that us or analysts these utilize or them. or portfolios some it other the know may Peninsula, looked be X of at units Austin, lot are at those X at there,

It's the to in probably only carry that for fair a To a off get REIT to more couple on have of you not extent assets. volatility market, the units do, X,XXX others. you can of

on to potentially regions, amount Mike did everybody the portfolios. we can across it want they a detail regionally the felt still on still to what but was little needed But provided our individual with to regional, just we want bit. I to, of detail So those going remove which or markets, that so understand, X that portfolio speak pull back for other and

John Pawlowski

Okay. resolution assets to list Got It the you over Fairmount. among the didn't are consolidating Joe, when it. investments? $XX ask favorable what X,XXX X these the added likelihood list the at mentioned remains what's watch on I and the investments. move despite of got watch also of X Can DCP, these investment million

Joseph Fisher

Yes.

to So the watch I'd say no it's list. change

just watch of were last that list. X the successful plus in total a went there's others for, on It's So that still that the that quarter. we their Philadelphia refi assets through DCP X

totaling So X in total $XXX million.

extension from obviously are on X to different to Get that's in while on of NOI no So see get now. the us there. or submarket with right focus we done, a that trajectory buys refi environment That to the equity that of plus Fairmount years capital additional X-year transaction the operations pleased continue and potential a up, required partner. a supply markets into X,XXX work through lot investment very get the

another So situation. the say, thus XX day the pleased last fight trends live in it's leasing with days. XX a really kind of to And far, to I'd

the, that As pick mid-XXs. it, up into we the XXs number call from to see start occupancy high

the time list the keeping And on, being. still so trajectory watch like on the they're but them for we're

the just We'd investments. yields the are X% others high-single see on NOI like roughly of simply $XX debt portfolio digits rest or X yields No is. to those across to those X% there, are in kind in X our range. The change the of that as the it's million

a X that X COVID lower major everybody rates. what risks dealing had stream. flow those cash to because cost kind they pushed which deals, had and delays specific overruns they the right? due is submarkets, higher And the which challenging there, of down They interest confluence vintages. valuations, rents They with, to older And then had or out are of are is

formas vintages only line of are that 'XX the expectations. the pro The in ahead confluence they're of where in So kind were really rest of those vintages, of 'XX, lease-up, those of are the X the different have assets kind X. type of portfolio

And are materially higher. so debt yields

this risk just portfolio rest And of point. see the in at so the we don't

John Kim

your Does current any for these unfavorable upside? contemplate guidance X could outcome there other of other be In investments? words,

Joseph Fisher

great yes, -- should No, Thank clarified you. I that's that. question. a it's have

from risk the out Now Philadelphia downside the the guidance upgraded of the took equation.

risk to of FFOA that 'XX. year. those next So X related other The are in one X thereafter, the mid-'XX this that of January or we is other no And see for the generally. maturity

wanted of say the And all lower from X at But we I'd so from and we $X.XX. transactions, now, have if in you had $XXX go bracket to to yield, upside those. those X probably potential NOI buy on million, and assets. downside, accrual of time the years all we obviously, the now if if those expect of between on be off about it'd that

maturity. fruition, don't even all be taken to And at that see did if into so risk of X we have eventually full those back their

Operator

Morgan Next question Stanley. Adam Kramer with

Adam Kramer

conceptual bit Just question. little wanted a level, high theoretical more of maybe ask to a maybe

for number apartment guys or a far we've comes had -- apartment and is walk so know of this I you growth of Maybe job robust of created don't that think apartment way in demand. guys? does through, think what kind demand of kind new just of kind quantifying the it's x about certainly focus I are of thumb How to it's for jobs bit a on any year, if little terms about a talked that rule it or to You when many something you created. us there renters

Joseph Fisher

good that was being knew XX growth consensus. off based for points GDP, all had number digits a homeownership took initial decline perspective And always [ our rent if we wages, that in that then we Yes, of year, the we to together back, the it's job of roughly well including kind plus of basis We the as guidance, rate that you when look bottom-up do. ]and expected. as top-down factors, have led higher put by minus we blends remember, a as or at because that our we process we step or that assumptions put budgeting supply together our and driven X% a multitude growth, low-single

the of And combination general of that about number, the in X% relates thumb rule jobs, of X% in so X that rents. is biggest for increase wages and about the to drivers those X

we been better. trending to expected. And perspective. seeing so forecast the macro and point X% changes this our or been so Supply, about only really we're from jobs that coming It's as homeownership, really, all have wages at a in GDP,

and about of why And lot of some that's than so If better you're so will, seeing maybe you obviously, holds that been consensus, But It's talked percent coming can that's to better X% environment this better the and a over it expected. in would translate, I if performance year. think much the to that change. Mike or terms in better date. we a that backdrop demand of rents

Adam Kramer

Great. really Maybe a on will. That's helpful. more little just bit if ground, the you one

walk relative on kind time level just, And in quite been X that maybe are for think and the kind concessions it is ground. what meant usage it certainly Day. given what You not the of X, peaked ago. kind you present you concession little that the maybe seeing at seeing elevated taking XX-year months. of It's with it narrative where to than last bit I change behavior of really maybe their Maybe last the number you of are about out, and earlier, the months fall again, just XX-year about happened a could talked X, clear has but were be post-Labor where but of of today, kind guys the with is developers higher us through, XX-year

Michael Lacy

at large have experienced a in XQ we're in that's it up. kick of difference time where also can tell and what concessions fact is seeing down. demand coming you off you coming lot And it it in big Adam, ground, Joe. to think, have see been deliveries back I'll the a between these due over what part to last this numbers, of picking we you on year. the I the that as our And are kick and I'll

go was coming lot way. starting -- You very to deliveries other of demand had a the when

And to so there's still a big difference more There's supply come. there.

see But So today, where cautiously down on from better. the actually concessions can little again, optimistic ground we're, a is come headed. have of what this we

Tom Toomey

to This add what the is probably it. just in developer's in little looking terms a you add proceeds. he's loan in Toomey. more bit I'd rollover mindset, can And get this to

quarter, XX%. XX% faced in last falling slow And case coming proceeds in with XX to of off we year really rates, third and so bps your or refi traffic, your spike

on you up fill probably squeezed to just from because possible, rate. and get the that angle a proceeds drop some million extra your from pocket. to rate and coverage right got So don't have it And every $XX level your check number. if your went that rebalance the to ratio, most $XX try of to isn't flow you necessarily It's it's in loan, million squeeze $XX stressful means debt your million, there service cash you million point to what's $XXX

figure anyone again So buying prudent to and the can be it's I Please me is then how a want can. because the you but happen you that And hit that tickets. out treasury panic to than we XX-year try emerges. call button, lottery lot think And that And respond easier headed. unlikely, see that way. it can where

Operator

Next Goldfarb Piper with Alexander Sandler. question,

Alexander Goldfarb

Two questions.

looking really would sightline rents good changes. then And office see that look luxury law cause at to rent with finance opportunities escape laws pre-XXXX buildings don't you York One, see or either do just First, any New you the two, with new prune? help recent to resi you the exceeding third-party do DCP for any a where you see to conversions? to they're to the you

H. Andrew Cantor

the pass Andrew. the second for off is to Alex, it Chris question one. I'll this and then take first

evaluate the on in that DCP we're And right we'll see we any underwriting anything To opportunities, seen date, the yet. relates But merits. based to open it always if we transactions move its haven't deal, we opportunity each forward. it's to As marketplace. then

So at red we're [ ] by this not working bind point, but there's nothing stretch. it's on, any

Christopher Van ens

Yes, Chris. Alex, it's

side. more dive into big a me Before bit control, talk picture little regulatory the to New step York the maybe I first on rent let back,

would in that our I So trend industry, year a control, impact lot bill in rent we continues was while operate. where for legislative for state the convened in negatively first, margin. to trend restricted our example, business This of could way. sessions significant and see It would extremely most defeated say, Obviously, really -- like legislation major impact the continue the we year areas in the a say at really business signed a good many the our was row a the that I largely year our of have for we hope ahead. second

things big around goes advocacy our country. really out So the partners to

business control, returns I be CPI rent good it As you a XXXX XX. much with number of for only as to above market or those like continued rare now. cap Oregon about will or us different lived being of in California is York. restrictions X forward seems good to see now. right it generate a years, usual We plus likely be far very as in It's moving don't I areas. growth New similar New it pre We've talked rent and really growth, where York in would for say, -- we've years buildings, mean

become I'd more of Lastly, always slippery CPI risk restrictive right? of the plus say, over The a time. X there's course, slope,

again, concerns manifested to continue and those concerns have we'll passed same the had in not California, XXXX we monitor. when today. Something was But

regulatory So would all we I right about the in okay, relatively, all, feel say, environment included, New York now.

Alexander Goldfarb

It's spoken maybe because question environment space. peers. front, take strong have on there's operating you second being office the echoing still to the then still And lease pretty a interesting about hesitant Midtown of Okay. is, or a to corporates outside your guys of sense Manhattan

guys seeing So to corporate the just what and lot driving small are rent lot there's indicating going that mode. your coming apartments a a demand? renting in are employees a that of disconnect? property growth it they in managers -- Is are that's hiring to are Or and of businesses sign jobs -- you therefore, return are -- corporates the a is really is a it seeing

you between Just comments the the of trying from REIT guys to some the sectors. healthier-than-expected versus and understand disconnect demand saying apartments about what other are

Michael Lacy

and enough, this lot York that spent teams same lifestyle. week of back out in Funny Mike. it's to last our New ask and there a I them question Alex, with actually comes

somewhat So there. they've that and for are feel but they're And grow. demand terms help the that to And market. room live coming that still experience people when saying back are to that the to in They even there's that office, if to to still continue returning people plateaued Manhattan. being just the want happens, more. will of They expectations only in to want of

occupancy see of up to X% back continuing we're But in XX%, range. are blends our almost and that

supply there's a the demand to months lot in that of market. throughout that So summer that the just And we city. in the fact continue speak given very to expect strong not to

Brooklyn, Island concession, of City, X-month the definitely out the don't in And go that's to people You have to going X- call as city. more places in, pull long -- not as it, to like Long they that.

And so we about New feel really good York today.

Alexander Goldfarb

markets, dynamic. guys just similar But people in Right. in, a not to all growth? necessarily you understand I'm just wanting markets across the Mike, difference. trying that It's are to different job live the seeing you're meaningful

Michael Lacy

be market think cleaned I bit example, fair up. a think dynamic I Francisco a every people little what I'd bit a And point. across created Alex, I board. talked are New will getting it there, still I created the more, And yes, they to about in don't San that that's is up little a once down is facing like as and every want Yes, we're that equal. bit market think sentiments different. earlier, York. to But an a live get place similar a But I little market same overall, cleaned the think is those say,

Joseph Fisher

I well it consensus as wages The this about in relates is Alex, talked too both time. demand. say expectations. point mean, of in I'd jobs and coming jobs ahead to million the X just And we at over

being basis million units delivered housing we share so we picture lion over year. increase it, side, And on X.X of which XXX,XXX multifamily of, minimal should, supply is so in national or the seen at and around the supply mind, on kind a call a as has the picture single-family that Keep while year-over-year on this lot units. focus

being lows. supply back from You're you're no perspective, also kind seeing GSE to existing of homes sold, an really

being get so created. this that what's those And jobs into environment of all kind and available households that you are do being are therefore new for created where

And a when compelling. $XX,XXX That's with year extra around multi you have and less you versus us, pretty a put pocket if a your then come component single-family home. can in home in XX% darn the an relative affordability expensive you where we are buying than

you're that's put into that demand renter now. shift of out the market there gain so than more been fair seeing their And share right

think And that's so seeing. I big driver of a what we're

Operator

question, Tsai with Jefferies. Next Linda

Linda Yu Tsai

from a this are retention ago, In there April your improving Or consistent year portfolio? differences? across bps is terms of regional XXX

Michael Lacy

Again, are a is put we're project. place seeing consistent. that doing It's the in pretty what we're customer of with from what lot actions experience these

And place closer Sunbelt, board. relatively only that's so leaving XX% home. the is what in Today, of would like were would I'd XX%. across buy to we say I a move-outs The difference have consistent a you is to it, our tell historically, the call experienced

significantly people other putting actions And out has it in homes that do our less But to this innovation. in places more that, we're than so place the was with to a where buy moving through of lot affordable. historically

Linda Yu Tsai

as that and and do impact have and automation, seats. forward, being correct that that? in is upon falls relied And automation into of so, efficacy monitor recalibrate ever too it short you apparent become you back and then move levels does If soon terms then people move you to service how

Michael Lacy

our something point. to by about where X.X, from, XX%. that's the it, go Linda, and model, a we Platform transition was as we've call headcount That's Yes, experienced to fair we self-service intention that reduced

there bodies term. where that that found drive have long have will value cases back We in you to the are add

been still call around probably we've over we And of today, the months so run find where to can trying we XX portfolio. so. unmanned going we're we're the XX% opportunities last sites. that or And through And what the

type we make change all the to We positions from these to items that that how it relates you service we're that in the field retention. are and mentioned adding acting as trajectory customer back sure earlier

can drive where are find there value and cases sometimes you if So back. bodies to I to opportunities add you think have

Operator

[indiscernible] is Baird. question with Next

Unknown Analyst

changed the given all and supply, new strong Sunbelt absorb your the absorption trends Have views timing the to the seeing? for been you've

Joseph Fisher

look go couple obviously, of kind through peak we over the delivery here through next we cycle it, quarters. as of think, the don't I

into those not a at the to a be in in new It's is with the averages and of while little to to And work drop going it's terms coming you as dramatic so a off. of of XQ, see deliveries long-term a pretty to Coast that but terms coming even activity. kind XQ they lower bit lease-up when it's look actually But relative quicker off a in little it normal year going drop year, to overall through starts take start peak, permits your of bit deliveries. XXXX,

stays you into still a elevated 'XX. Sunbelt So go as little bit

it, XQ I $XXX,XXX, late annualized cliff still really think of saw and where benefit of They're fourth $XXX,XXX to that of starts drop-off in business going you [ on capital call down. it's the a markets 'XX get 'XX fall ] you an 'XX. that, in quarter seize up

pressure is and of year, a more phenomenal the to Sunbelt. for pretty bit And the out potential still the there be could that little probably for of has available so on lack in year that's what sector. normal a terms mean fundamentals 'XX some next housing year our

Operator

closing to Toomey over turn to for remarks. would the I Tom like floor

Tom Toomey

forward support for of to to UDR. the Thank June. all you, And we you conference next of you of and your and seeing look operator, in and week Wells many thanks interest at Fargo NAREIT

this So we'll today. take care. to with calls and close available always follow-up We're that, take your

Operator

This concludes teleconference. today's

participation. your You and may time, thank for this lines you your disconnect at

UDR (UDR) 1 May 242024 Q1 Earnings call transcript