Equity Residential (EQR) 28 Jul 212021 Q2 Earnings call transcript

Company Profile

Participants

Martin McKenna	Investor Relations
Mark Parrell	President and Chief Executive Officer
Michael Manelis	Chief Operating Officer
Bob Garechana	Chief Financial Officer
Alec Brackenridge	Chief Investment Officer
Nick Joseph	Citi
John Pawlowski	Green Street
Rich Hightower	Evercore
Jeff Spector	Bank of America
Nick Yulico	Scotiabank
Rich Anderson	SMBC
Brad Heffern	RBC Capital Markets
Rich Hill	Morgan Stanley
Alex Kalmus	Zelman & Associates
Amanda Sweitzer	Baird
John Kim	BMO Capital Markets
Alexander Goldfarb	Piper Sandler
Haendel St. Juste	Mizuho

Call transcript

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Operator

Good day, and welcome to the Equity Residential Second Quarter 2021 Earnings Conference Call. Today’s conference is being recorded.

Now, at this time, I’d like to turn the conference over to Martin McKenna. Please go ahead.

Martin McKenna

Good morning, and thanks for joining us to discuss Equity Residential’s second quarter 2021 results.

our are Chief our Garechana, well Operating Financial Alec today Michael and our for speakers is Officer; our Officer Manelis, Officer; Brackenridge, the featured Q&A. Mark us President Parrell, CEO; Chief here Our with Investment as Chief and Bob

meaning forward-looking Our economic The as matters call Please the equityapartments.com. update be a that to no certain well management results conference regarding our statements These of that earnings outlook federal forward-looking statements laws. events. within subsequent Investors statements to are constitute of securities risks section during become release the are obligation discussed may of untrue this or these subject and posted company certain supplement as presentation uncertainties. in the because and assumes advised

call the to over Mark turn I’ll Now, Parrell.

Mark Parrell

of Marty the pleased have adding then changes available Officer Alec period. take by EQR’s Q&A And Bob Marty, to Thanks, of Also, level our Then and balance playing Today, we some follow for I remarks on joining how are our our the trajectory remainder guidance out, color with give and you questions. your Investment Chief we’ll mentioned, Michael sheet. and us. year of on we current some see as state investment on followed activity. the brief will operating thanks will Garechana operations all Manelis commentary Brackenridge, and to during top the

took started our veteran went here in we those over this For the do who literally and know CIO in a of you work as XXXX XXXX. public of he’s not company. He Alec, XX-year day

team the exceptional release, you on of done As have the work transaction see he and late from his side. can

operations. to Turning

faster continue to our rate earlier assumed operating a of in All the year. than at improve we metrics

growing materially annual resulted in raising NOI well same-store the XXXX company and normalized the while us has this allowed our levels raising to in demand time rates. seeing We’re This And FFO occupancy guidance. markets. continue at all above same revenue,

decline the was our revenue the first our and While for same-store what and revenue and quarter-over-quarter than same-store positive less remained negative. NOI growth showed time since we The began. pandemic expected NOI results sequential

As XXXX, have our our and we same-store will reported rents up pandemic these business recovery and now diverse to set in numbers fundamentals, as the than to lag improvement extended dampen improve calls forward. higher operating target quarter-over-quarter prior revenue are returns in the our and is discussed are continue we We loss creating in Also work growing and our incomes roll. the through of period lower demographic. we that believe on trend long-term demand should volatility as strong going for from an beginning due higher we rent more concessions growth recapture benefit portfolio

On sellers the with and we’re on Consistent quarter second recyclers. the capital continue and prior in investment what active we said markets are suburbs side, of coastal Atlanta. that to calls, allocating are active our well as new and expect our buyers being markets, our attractive renter Denver as capital Austin of the to including base, places established two affluent to I’ve and

properties value prices less acquired We million no sell cap and are with market a North new side. re-entered desirable month, costs. in estimates. for area for levels $XXX,XXX at by per rate we desirable X.X% hub because Texas. unit. high targeting, are at equidistant after and we’re the higher acquiring our Austin $XX downtown Austin, with making exceed this properties absence we cap that the our able these dilution, Texas Earlier low even the older the properties XX-year trades two given two located and these well domain located between That in about is We assets housing and These approximately on rates are an pricing to and properties pre-pandemic

to mix in market. urban Austin the a We suburban acquire assets and of expect

quarter, a second and X.X% lease-up, deal it will And property cap did acquired $XXX acquired ago, We occupied. This in we Bustling for Atlanta second for a rate. rate. is in in a property Midtown west stabilize in expect neighborhood. half During disclose. it the we two and July, cap And few $XXX is it X.X% previously once acquired this million, properties and at Atlanta, the a completes at new about South we days we million Skyhouse Midtown

property for presence We growing campus also access an attracted the located purchasing Denver suburban abundant draws to area million. and and just outdoor asset This amenities. is west continued adding of medical residents the to $XX Denver by our large Park of its in Central Fitzsimons

We property, to at in lease is rate. a stabilize up cap X.X% expect this also which currently

and access suburb and million with of is jobs. Both are We’re and and X.X% good proximity property buys we housing a our California also each end an of desirable million located sell We’ll Virginia, highway in acquired value. are is dispositions, sold family Boston to which rate. pre-pandemic close cap with This under is particularly year. negotiation XXXX contract or $XXX.X which asset for number a of that Northern Virginia. various $XX mostly to both A The in above $XXX well. good of property to property with The by growing to markets the in our and for at high that of DC and new well these paying add is Boston and property Fairfax, expect Year-to-date, asset job million the assets X.X% This difficult of Fairfax fund assets, acquisitions. have high costs $XXX of of Burlington, a advanced portfolio of of good have at in the less equivalent we and pleased the approximately good amount and cap states to access single Massachusetts, older another base suburbs or significantly in we to existing estimate a from assets performed is at located we metro acquired is Burlington a the sub located million D.C. in properties Washington, on asset in Boston to rate. in build located bought

development. property newly built a restaurant bar the site the We a of is naval in Alameda to service put to an property former that think to we clientele. scene our and This Turning attractive on Francisco, leasing ferry developed evolving city and Island, began San into terrific ride short has skyline and views the of of base. our

rates. be development acquisition current development see company’s efforts yield history, XXXX. Boston, will current meaningful to starting NFFO are suburbs project contributors properties to well. of our as cap Bethesda, the activities, will spread on in project two complete these and Over as of early markets, in other development estimates We the will well more established our projects, as a of Alcott approximately Maryland the acquisition including project this we the markets. leasing new to three in a stabilize to And considerably prevailing our largest These at that few development the higher our our we footprint next than X%, going in months, projects development late as are our compliment good our Central

entitlement to amount going currently where like development place significant a development venture leverage sourcing to joint partners in do and of markets, done our in presence. teams a be allows activity our have forward new arrangements. through our we locations expect us We This not

Before a country. I properties and Michael, call in the the my turn to colleagues you to over across thank big offices our

particularly busy during this are an and doing proud very all leasing ahead, job Michael. exceptional Go You And we’re season. grateful.

Michael Manelis

Mark. Thanks,

guidance, revised the management metrics. been release have pace our by the In both we some key provided recovery has the accompanying very strong. evidenced As and of earnings performance in presentation,

overall few the Let of trends. a me highlight

So for our first, demand see very to continue homes. apartment we good

below levels for high and and Our which from leasing Ella, today, guided inbound per national grown halfway unit concessions applications December now approximately level providing drive grow high includes us and is continues our moving delivering is leasing only currently except declined than pricing which of responding This Francisco to of occupancy. expect levels. every all XXXX wide, the is into through drive out RV self the been XXXX very us concessions, XX% of revenue record quarter. typical trend, the peak $XXX delivering Francisco the the and From March run above are occupancy recovery of for approximately levels. allowing reduce slightly These converting peak rates, momentum strong prior market opportunity is activity than to call remainder expected pricing that unit. has trend season January volumes Portfolio is to our exceeding we growth. through $XXX $XXX portfolio XXXX occupancy. to year is we slightly higher more Today, above. XXXX to our markets back markets, is to San this and recovery California third is trend Overall, in is rate than but raise apartments, the stronger above per Seattle levels. and also not demand peak of and physical pricing are trending portfolio which occupancy are XXXX the At ultimately of to and push move the above has San center impact are point, are still This tours. XX.X%, overall fundamentals to and and XXXX levels Southern agent interest AI strength and

the about and price on of granted. Our by At of every quarter, market sensitivity rates concessions. and XX% end weeks to the applications reducing in has priority raising been the were four of first concessions receiving in quantity average being value test both

we than month two continue in of applications now north further. February expect to concessions July, just of the granted off for just perspective, of running are weeks. total $X And dollar our even peaked we drop same-store To the less the receiving give of on at you million average portfolio. X% this to with over of As

be only which around will high August at very XX%, with in much averages, July, XXXX be offered. the should and record XX week, levels for Last percent any residents has $XXX,XXX. concessions the $X.X being line than early we below had but renewing historical is in XXXX. had For properties we month less of The million that and stabilized XX%

we expect press in comp the continued lease period saw renewal in increase, continues more business further and the the improvements to July balance improve and change the strengthen. and you rate as achieved favorable year blended through all becomes As the of to new release

nicely our through the year, recovering progress our San non-existent provided focus remainder our In with concession New I tend we in most negotiations. be as on and all manage and Francisco, markets, markets about. rapidly management we to we portfolio renewal minute will markets highlight York the wanted they our the As presentation, markets to York to received our but New be to declining are nearly questions color our continue use in of of Francisco. a take rates and in Both to the push San

York right employer think New seeing is stronger plans. office now, due it is to we primarily returned greater to clarity around demand and

York, banks indoor of their growing pricing to our office been leasing firms That to last to in were in expect we financial extended likely it that XX.X% New return the the season San record is Day. strong reopening, in an wave occupancy and lead to San have of economic San Labor market in many uncertainty this could slower be with leasing New little of and end trends. the in and the Francisco a the for seeing of you a situation York pace, indicators see consecutive Francisco application Francisco, have after At San volume. in more We Employers reintroduction that and full second levels to the employers, in trend office we called to nine feel in delayed back and third season targeting to is today areas recommendations are and announced The to In employees a of demand and is many Francisco reopening occupancy. back week. it with slower the portfolio San call some in a activity initially pricing Seattle. Francisco which after Adding weeks particularly delays is employees ambiguous. could however, Manhattan. Boston see masking of recovery in some pre-pandemic quarter. by the said, back we is the as Meanwhile, is

declined months, in take usual. We the management case acknowledge last in was been and operations Combining the back strong them all to have us in be new their several markets strong XX that to or Our shared leasing office prospects grow late dates period sequential in looking teams recovery connection just higher and are these presentation, enough quarters and and moving dealing the those an in over see August that data included moves and our September recapture need are pandemic hearing the we with these the in peak the appears for with from nearly the back a the markets over to into campus. towards our that with are quickly in season revenue more in patterns, Boston nicely extended and occupancy matches of expirations, back operating both lease badly how of of better which as than which on I’ve of concessions suggest leasing year This than current impact robust up those historical could weighted is demand the more all to an points of fundamentals. next the non-existing opportunity but unprecedented compound. lost be rates, the

to Finally, give a assistance for take an update the I you want and minute government program renters. on

discussed we’ve rental previous relief As by bills. pandemic was the in impacted $XX on assistance for in calls, financially available various approximately made the those billion

to-date XXXX remainder focused will on we accessing eligible for in approximately our in provide our remarks. funds Processing our with relief working and recover able his are has slow We are the some to but markets, for this for to residents rental million closely on Bob very relatively apply been laser $X color the quarter. expectations in of collections were the relief.

residential equity Thank I they relentless me customers. our of close taking This entire now and would care remain the each without pace will turn the other Bob. possible their be for dedication to continued not thanking work. team hard by them Let you. call and of recovery serving over and and

Bob Garechana

couple the release were quick XXXX the This night’s comments guidance along of in markets. in last Thanks, morning, that a I’ll changes Michael. cover balance in sheet on included with capital

points recovery collections negative debt, basis and outlined, points. of real an to a basis in has points non-residential of guidance Strong the basis outcomes, improving operating X.XX%, X.X%, led business. exceeding expectations XX bad X% negative The points to million the of portfolio. a our to roughly basis reduced X.XX% to us favorable to negative the basis to rental is same-store due to discussed, at fundamentals controls from just XX or X% resulting X.X% improvement X%, from that our negative well Drivers to same will to is year for full in just increase our midpoint $XX same-store the performance XXX X% about is tax for related our NOI moment lower in XXX primarily expense guidance expense range an of underway which and momentum Michael is range season due and Michael points guidance improved annual revenue the estate assistance negative remaining operating allowed talk store our strong XXX anticipated to and As revenue the I leasing XXX and midpoint our are prior to continued us this also of negative increase improvement of guidance. at basis point relative which prior raise

resident assistance lack already collections, Before assumed they’re million real transparency year can get of far a of worked along, on difficult after date, whether receive is will the on, bad slow into it’ll it received. spill but and or and it to relative debt or back that million see I feel received in $XX half this of because approval how over on to XXXX it not processing speed There assumptions. about the quick successfully in the either rental very processed we these expenses, are is being confident in process. given move much on the the funds accounts handicap $X digging as XXXX. some has other July far along we comment of additional will our The top amount, about we’ve to We

of versus at us guidance part really guidance with expense modest experience low is in challenging which On the our led period reduction have even from to end of expense of the was growth midpoint range. we X%, seen side, XXXX. due the center This which QX a prior prior also improvements in XXXX, to comparable expectations, the QX

estate expense atypically anticipated categories real categories lower were While to full period current expenses change high payroll. taxes experienced some percentage quarter-over-quarter growth and due were originally issue, overall less the and Reduction this year in Key growth primarily driving Lower by than compatibility and as some usual are optimizing in expectations as driven vacancies. expectations higher utilization our growth than forecasted values staffing than driven markets. well by estate for staffing primarily real key assessed lower payroll taxes progress anticipated. is

will repairs three-year while that We expect third check. controllable be keeping having XXXX delivered and payroll a year in low growth, average of below other our X%, consecutive like expenses maintenance

result the couple As changes, sheet A the balance a we $X.XX these in closing midpoint on of of markets. debt same-store comments our from $X.XX. normalized to FFO raise guidance capital

within impact pandemic times have of With is in our between mirror, to of our sheet the balance the on the metrics to credit record the debt it operations, attractive that our range. has incredibly moment term to our to with at paper lows. been at issuers Q&A. operator the potential into The incorporated which like us. spreads commercial also I’ll and for turn credit This near X.X remarkably guidance policy unprecedented leverage Despite, pressure over treasuries are rear With X.X stated that, markets call capital out operations well of well. opportunities EBITDA the on our view net times. remained has held The clear debt increasingly up for creates or revised

Operator

Nick We Joseph begin with with Instructions] Citi. will [Operator

Nick Joseph

what terms second all frame programs? on start and to collecting of recovered these in Bob, assistance. of kind the the can appreciate understand the and through you what’s total the quarter any rental back desire Thanks. conservative. the comments the of kind of Maybe assumed was be But we in opportunity of rent

Bob Garechana

Thanks, Yes. Nick.

So in the the same-store receivables in if receivables, at you of portfolio about of gross look amount $XX terms our books our total on the right. is disclosure million,

reserved and – it’s almost that’s So entirely again.

break with possibility of really of When it. you think pie worth debt. million always it about that’s bad of we kind $XX total run or you down more the $XX receivable million, granularly, So if

below The that. a my I leaves XX with long probably a frequency mentioned is, bit as really part, hard five the this. little run. so kind that of associated it’s potential So again, process number And probably to the that’s just remarks another in and

it’s a pretty does through the which the it cash after volatility process. have to run long come through and best match and clear then transparency of and to door And numbers, all that’s we it we’ve a in the So require about Michael’s what resident guidance. takes given we to to but the over even teams get the both while process. kind arises could, approved it wanted the have we it, really be gotten us highlight where the information in

Nick Joseph

maybe helpful. guess expect on transaction scale? quickly broadly in do to I That’s particularly and expansion at across ramp these Austin look volume you you to at today in get markets. look Denver. and continue then to as markets, Atlanta just and And the up How of And Thanks. you kind pipeline the multifamily,

Mark Parrell

who Brackenridge, little our CIO, the answer Mark. It’s over going bit, call. on I’m to for kick to is Alec Nick. a to then I’m And going Hey, thanks and that, it

more to when quarters. come to that or would two probably future look be markets, one on So in probably news suggest they’ll the expansion markets, we at more we expansion you,

is a Austin there. smaller market, those markets, is a Some volumes there’s of large so market, Atlanta different particularly

property continue to depends So portfolio buy in fuel it little on well, point to how it I’m that’ll the talk markets. it long kind a properties out those to that to as to create want bit of a him to to sense sell that makes engine the I we’re saleability, to going well. takes over able kick about to But you also

our successfully So volume speak to done bit. trying at good will the and load new places it continue the to date depends New we’re as California, ability properties York in that dispose on to to in we those lighten of prices very transaction DC, a and like both markets where Alec

Alec Brackenridge

that at a and to wide a Yes, the get this is range have XX worked we market about or years it’s following shooting to Alec. choose And up almost transactions Atlanta there’s million on And $XX is $X joint generally what few the for we’re from great and really robust venture the market to among. of properties things acquisitions, over a now. years past, that, there looking contacts billion. whether do is can development next I’ve million, to $XXX we that we’re roughly in

we achieve a smaller and XX-ish So Austin properties, think that. we can is city.

billion the XX-ish in would properties, maybe. that So XX, we $X XX again, good But be more range, feelers. have to

that’s have great a that of looking in these experience team lot to and We what we’re a has markets accomplish.

Nick Joseph

Thank you.

Operator

Now Green moving to Street. question Pawlowski come that our from will John with next

John Pawlowski

past, Thanks Maybe and the in costs stable ground-up pencil, some are curious given more think particularly Manhattan, development for pencils development time. Mark, the markets, today? ground-up a replacement doesn’t for the you Boston lot you’ve I where DC. comments know or Do Alec made

Mark Parrell

have some do on working John. deals We we’re

cases, that current We five deals two, in the liked think rents, does. around thanks a And couple some at do a quarter the and we’re higher. little yields that Northeast, locations. We’ve on it next Mark. It’s got we’re question. the looking So where to in start for we bit some or likely

the portfolio. refresh constantly to have We

us handle have It’s right get say but we the the better would a and they’re not middle can a little I So that better costs that. pandemic. than we going about not now we did with maybe feeling in construction of into up,

and enter really of us is And selectively. into. to this of are the trying markets it’s of some some get going and new established think, do some of that we’re some to I of going we in that sense some to us to suburbs going development make help, these markets Our to exposure sense these is it

John Pawlowski

indicators given today, you one do concessions from year. to Michael, see ramp me this in the up back leading on last have think then you’ll markets operations. all up any you later And Okay.

Michael Manelis

you proximity do today, of kind the stabilized think of There’s would But impact aid demand a to I the now, assets of back I’ve you, That don’t previous Bay coming and absorption see. some South say, couple tell not. to of calls, on concession that’s see the Based some concessions the introduced enough Francisco, I year. I just which from new could the of in areas supply that will new said would a of strength that thing could from like, the on of I the to right what the strong see San assets. supply, the It’s sub-market. little properties. really volume use the no, our stabilized the see more, us half we on that into being and reversing demand the we given stays be supply, trend I that that sub-market only the that in bringing pressure bit back if of

John Pawlowski

time. the for Thanks Okay.

Michael Manelis

John. Thanks,

Operator

a Now we Hightower will from Rich take question with Evercore.

Rich Hightower

Hey, taking for here. good everybody. the questions morning, Thanks

market Do and rents set about for resemble forth? normal of up seasonal how so path. all I assume think couple do think of markets mentioned XXXX? that to I’m of seasonality on back sort maybe you be and aren’t path think expect wondering, about think year, that the half terms to which as through which I your of markets which then the guidance normal sort we seasonal path of you a normal we in going of And

Michael Manelis

Yes.

going X% a next is we look have for change lease terms we’re for say, trends. think that that the to now And if the seasonal depend a into the think first markets is balance doing this And I some writing, I these you in lot be profile markets California line of again, fourth things the about is, and are the Southern what of of at year, quarter. you to kind second would demand with some new demand coming they’re normal a probably going about strength saw again, leases through but, with we wave on year, So shift. the going to more

So normal have we of of a the XXXX us clearly meaning, next pattern. starts strength X% the otherwise would put seen. half we quarter year year back guess in more as towards the quarter have where My explorations in the course have about again, in that of we of a a fourth – back the is normally to more over could XXXX explorations mitigate well. But we’ll fourth situation this that

So I still think early the how – little going it’s normal a portfolio. tell, you’re what in too fast profile get to to back to a

Rich Hightower

just drivers of of demand follow-up on a lot of on, sort there’s guess, I extraordinary Michael, to now, this going right right.

You’ve got, pipeline. graduates of two college filling cohorts the

an right decoupling forth. Or case? does at you not reasonable, and mom do to but that’s dad’s – got people relative mean, think to now? a air what’s You’ve up you reasonable from expectation, not be that do and so a guess that be think year an set happening pocket might the basement I risk next maybe a what that there’s going

Michael Manelis

such have look you through you growth, job when fundamentals, think housing. drivers have I strong we our and constrained markets, demand

does what pulling like And forward is demand what we wave period. what that? around How a catch-up this lot demand should So going now, second future feeling. year. kind is This of in is us we’re of and I I this into play QX? our coming look for is expect We’ll like like QX again, think, to next think depend right don’t late to then strong

Mark Parrell

Mark. it’s And Rich,

doing the from if think that. good well next company late in were XXXX internal the year, had in solid to. subscribed firms very early this read you analyst and we we as and well, statistics, demand, stuff build recall, to I XXXX, Just doing we we do on well. own our we’re industry as The all

residents So have kept jobs, have income they as growth. our their good

growth, going. to we that conclusion we like income the foregone pandemic, reversal that So we’re catch absent just think and And will on think confidence we that where we XXXX which in now, saw in the extent, assuming that generally the we because we’re before demand, again, have up, conditions kind a going right get just were. going real of not running ability say the supportive, economy a access keep to back access that seems to some with pandemic. great We and demand in to XXXX

see of that technology And our base shift think keeps our and is raises, resident still that job make still demand keeps there, I to being up getting into kind good. the the continues. demographic demand we that in jobs growth

catch continuation So we will of have going lot to big thing that reasons this to we this like this it. up, have a have and feel it’s just then

Rich Hightower

the All right, guys. great. Thanks comments, for

Mark Parrell

Rich. Thanks,

Operator

will come of Jeff from question with Bank Next Spector America.

Jeff Spector

to to good a You morning. question, lead thoughts pre-COVID talk I something think if in at if positive those extended the was indicator around it’s was just I the good renewals lines particular, for going you season on you’re XX%. thoughts are what a to your in past XXXX? in your but point, maybe higher you at or mentioned, renewals? in Along a can maybe way point XX%, you in extended curious XXXX, but season were – ask, leasing could things or similar do really Great, towards on leasing strong and

Michael Manelis

half about of fall back a retention you going at with this level, in you and as year, put bit a concessions, we of with of look which perspective we low little will you year That’s front moved residents enough to keep bit to residents. in strong half that little noise second or retention is higher the renewals from the of recovery this going those in on in kind to our Right as but that was pressure demand us that last with these now, assume door a of are mean, backfill now. that and have at back the in coming us seeing strength of the in renewing XX% came year, of coming have the think demand to of we again, and markets, half the Absolutely. concessions pressure in the moved to kind right rates. that the I on strength back of

Jeff Spector

thinking of in selling – had the then California. confirm, question just mentioned to similar country to lower And you. assets assets Thank parts you older California of just wanted Mark, dispositions, you specifically clarify other are or one growth

Alec Brackenridge

are Hey, Jeff, Alec. another markets. is we this Yes, considering

that the some this DC and in because just selling it. markets there. York we become property investment markets properties there. and as will move California improving to we’ll so right hot around the for also fundamentals New country think, expect we now We’re But harder with is And moves like bid list and

Jeff Spector

Great. Thank you.

Operator

to we’ll Nick Now question move Scotiabank. a Yulico with from

Nick Yulico

Hi, Thanks. everyone.

be a of for or about back incoming would younger. York, into used the what as San in terms are in are moving portfolio give cities about you markets, us they that you’re a in just those residents learning profile In Did renters New of to be portfolio helpful? the Can they of those two sort renters? Francisco. feel the such the Anything couple the

Michael Manelis

Yes.

to I’m income not lot So the change two going to When of of markets, the residents think not a our refer the quarter, in in about demographics that for right. and expand household and beyond average those of you those in, the new only that, would moved but just residents. coming also by the age I any cities

quarters high. were the averages for markets for quarter, quarter, second of And I’ve the historical low index, as previous affordability much for XX rent this of percent pretty very our the years a in And said And line the below with between just in when average the as overall a at at all portfolio. second our age to – the for you during at years, average in about that XX%. much that that goes XX, was move-ins So calls, previous income XX just on think in is XX% was historical range between right but line. portfolio old, slightly occurred over the we the second our of move-ins XX% over

So have the I rents is from average that so household what incomes for moving that clearly have think increased but sequentially, away the take been you have our in. residents

quarter. second from the That’s the for $XXX,XXX So just under household in up was first at $XXX,XXX sequentially, we averaged average quarter. in move-ins the income

York So the right and said. balancing in really just and you of out see can of San kind I kind Francisco line New statements that fall just with

Nick Yulico

instead, know creating terms any this about into potential if Thanks. there’s scale. talked to do great. land a some wondering I’m earlier I And Austin, the you just in guess then to of moves about, I larger Okay, M&A instead any work sort up process, with kind transaction buying potential speed of developer the most some individual to would or a of Sunbelt, portfolio markets. possible that across be that Sunbelt of maybe of assets in

Mark Parrell

It’s everything. his Nick. look and Alec at Mark. Thanks for question, the team

certainly deals, to effectively. open a portfolio deal we’re So we’re Austin indeed and portfolio the transactions

when groups you against again, doing up end of different bundled together. people. But scale kind competing large transactions, you can start of We’re

located our Some on where off-market of the them we were we’ve done own. deals transactions,

open So transactions. portfolio we’re to very

unit And we up we open for to of just do we of seen OP of operating a We’re as that unit, a partnership don’t. But assets offered. the lot have see haven’t like being well. a lot we assets often which portfolios, example, larger deals, deals lot some and end

willing time a just can things of that other useful, premiums advantage. economically them still too well. often an underwrite less as the is requires about a and stuff that other And side, M&A conversation, buying gives and participant but deal totally So one at make a different it we us on think the the payment

Nick Yulico

Mark. Thanks, Okay.

Mark Parrell

Thanks, Nick.

Operator

take question SMBC. with we’ll Anderson a Now Rich from

Rich Anderson

Good thanks. morning. Hey,

talked now in any improving Is X%, these same-store fundamentals X%-ish, of So still growth, hopefully. and of blocks opportunity. But think matriculate kind that don’t course. it of you have it, down you sort line, about all when pre-pandemic building negative the of bounce of in if the growth about same-store of or midst were I there the type tail bottom back to NOI Mark X% the yet end reason you’re reasonable sort of way normal to of think – back Is of in type afterwards. kind the then wouldn’t range image words, more a a but that’s it? we in we in XXXX. the in years be sustainable, that not the other growth like double-digit talking go of way mirror about XX of correction move? bounce happen. Maybe that that might that something to type of about mathematically back So a And

Mark Parrell

Hey, Bob supplement as me may here. Rich, it’s Mark. Thanks needed for correct question. or the

acknowledged thought XX XXXX year think reasons to described. going worst. not XX exceptional not EQF a I XX last and believe Michael of among has give and if guidance, we this conditions as been had years We’re The your process, two continue but be year NOI. for lot years growth an revenue will to the for the and There’s best the same-store among best

the I got side. good think we’ve on expense discipline

the require expense well. getting so as double controls And would digits excellent

numbers a go on we’re these as the report the set going So way we straight is themselves a basis. concessions to away, line but not commit specific to up just number,

As a cases putting of kind move up rents beyond in certainly we numbers, is you’re lot of out the there pre-pandemic math attainable.

Rich Anderson

so concern of that ahead line part any and this and Is point? skis out Okay, has is, being left to all some this could far LA and too uncertainties thinking ahead all the that along delta come California not and steps. [Indiscernible] California the socially great. still about of San and the clearly of of sort then it getting hiccup a discussion far be and similar with there been Do your question And that variant you lie at more quite the a Francisco. have to of taken there’s way. has your we’re at second the through

Michael Manelis

a but the us Then death. vaccines mean, Yes. Rich, to you’re None serious I provide to or protection fair vast immunologist, question. not vast, continue are it illness a I’m here seems from to vaccinated. of going situation the experts. to protection an that majority are that very if protection, of have by us people

to have I to about business – anxious whether continue to done. as open. localities going to remain are mask open. Things remain yesterday mandates, not or some what think Cities can continue will going CDC I’m progress are the and did improve. are businesses our

this it done we time. with period learn be to live extended to virus and I was as part I think to your as all hoping think were this an point, it’s lives just we and of our going much over, manage need for to of

And side, society good will with we’ve of how all to manage learned sort the have On us it. learned many live of through think it. or I

like we’ve masks be think about that city-wide to the us. is have all way these more us. about to the you of would derailer say be thoughtful of with I widespread vaccine a do people, shutdowns, have the a a needed especially one XX% of lockdowns certainly that impact closures, would on think a for that lockdowns other economic There’s could how at way sort seems concern health city disarray medical if least mental over when though, procedures. you the that taken, of work, lot population learned close, you and proceed as XX a good reasons, deferral of dose the along that I

It’s And disposable So are they different past variant. that in knowledge as policymakers past. to ignore otherwise did as whistle have their disposal, the back lockdowns in the better not or Delta than they – sense not just excuse tools trying XXXX. we’re the widespread in our that were graveyard me, at likely

Rich Anderson

Rich. Thanks,

Operator

with Markets. come Capital Brad Our next will question RBC Heffern from

Brad Heffern

Hey, everyone.

was the appreciate there million just in from in additionally, XX day-to-day that. half? in that of guide back portion collections color I is second any there on Going the And improvement recoveries, assumed that all to Was the then any prior the the guide?

Michael Manelis

Yes.

on the even telegraphed call and prior referring assistance million was of guidance that same. rental debt original and, had the XX that not remain the the that guide. would be back We would in to the and It to So we had quarter the guidance. collections the was kind added bad that same level to the assumed first

million So is the XX incremental.

guidance. We’re XX% prior also that in also was It to added rate, same. the not the guide the the stays the assuming collection

So which guidance adding of the the received to rental XX,XXX,XXX on already the we’ve the was only real made change side. assistance we

Brad Heffern

then of recovery, Can lagging of maybe in think you you how you would about California, is obviously sort be, about great. there that talked And Okay, sort know is. on the aftermarket California we any representing that just the through all and in And portfolio? why minimum market. risk rationale a the for walk then regulatory that because size about

Alec Brackenridge

find particularly San can’t we a say Alec. wide, broad an Hey, add as not parts and state all value is Francisco a for has that that big opportunities, now such Brad, have we example. high. But a it’s had better there’s San Francisco just of portfolio California right California pool. are wide trades, I downtown

we’re selling add that’s and old, group. years XX, as XX seeing in, that properties value what to So are that mentioned, we’re we’ve typically appeals

Michael Manelis

into the think residential Again, answer a people, rest Diego, we’re little we’re about And the great Bay years of San We could county, future. just to those great Area, and question. of markets. the properties we’re in a add Angeles, in in California few be equity the percent orange we’re bit Los in in what

to a going what think to you’re building. we’re little see is do I going

exposure speaking down We’re in going asset to do below and net seller a XX. be a those will generally go XX% little but will buying our markets,

that this want get a risk some concentration the be have out expansion little mitigate it’s the be we And pretty whether a or high want just And markets. in to capital of do portfolio. thoughtful balancing regulatory is high California. the one We to about to mid-XXs state. XX% whether in see. we’ll of these redistributed to any will to we But thirties,

thoughtful out a bit. of So we think balance that’s sort things a to way

Brad Heffern

you. Thank Okay.

Michael Manelis

you, Thank

Operator

Rich Stanley. Hill with next Morgan the We’ll question. take

Rich Hill

could your Hey different your thanks people your and begin that Angeles, well. guys. where Hey as and making trends. for doing you pricing Thanks obviously shift to where do you than are looking – County, a And Diego Seattle, does and a higher leading San rather see as Orange various move moving indicator the I’m Denver wondering markets. presentation out, at strike really York, for we I’m just compare Francisco, charts sustainable San back time. the for Los New

the but long markets of that is weaker, have story, So leading were question, indicator sustain but some long trajectory. markets for a the hot a might coastal

Mark Parrell

entirely Michael, suburban, but start. Diego little for are portfolios. Orange a County and Denver suburban it’s more suburban supplement, big well. but correct is And has Alec almost San urban or to us component or Rich, Mark than And you So may as a

continue on numbers. been really affected on right what’s progress through to straight just and not York. the indicators New as So those on markets leading have in coastals, We think XXXX going

started few city, the way strong opened the we all a months even with a So not ago, recovery.

recovery full swing. that is Now in

And end reopened. And that it June, and honest. office San see a in are all had non-existent. population Michael occupied. nearly the our activated And You ago. there And month it the that high. very to of city, Concessions wasn’t that’s before I the Francisco, buildings be just at recovery were are wasn’t XX%

leading to say us. indicators are you, would there to I So

the doing So markets. are well. coastal and markets mean, the are they very recovering coastal I already

and in what if in to think of that a those were as I late they again, the coastal the from the be that the keep markets going continue XXXX, XXXX, you’re is limit see things, pandemic to early year now like recovery supportive just upside is going, markets. from not will the

Rich Hill

necessarily buyers but Got when you’re happening question longer-term quarter, it a hear this a underwriting, they’re are Because it. That’s you next very next not I’d don’t you’re taking to underwriting, year, helpful. just quarter, Hey on underwriting? although what a view. underwrite love guys, your from you, buyers think do maybe property, obviously selling what

sellers So you does that buyers the trends like the what are look current in underwriting as in market, and about out think years? that, the that

Alec Brackenridge

successful this bid with right Alec. buying. mean, able that that. going optimists, they’re is doing you’re only recovery, is are buyers a add, value typically the And bidder they’re that’s or assuming Rich, in, the Well, but be without there’s right. I pricing mean, now I to be a full prevailing why not to

know don’t deal. what further per so of that really And years, each that’s out we’re in seeing. terms And I se

these the think are cap on their own short-term drives add, on long-term I or a in inflation, has plus are to a what pre-pandemic return but either return value that. rents return everyone the rate view

Rich Hill

Got it.

helpful. That’s Okay.

Congrats me I for it on nice quarter. think the guys. that’s

Mark Parrell

Thanks.

Alec Brackenridge

Rich. Thanks, Yes.

Operator

Kalmus Zelman Next & question from Alex will come Associates. with

Alex Kalmus

for the question. Hi, you thank taking

three completed are year. replenishing end properties the the What the in pipeline at expectations the With this year? development expected be your pipeline of the to to

Mark Parrell

Alex. Mark. Yes. Thanks question, It’s for the

always excuse through incurred deals on million the We the expect – $XXX to There’s year, to be years start next three or those. construction maybe cost the uncertainty. million few to four $XXX balance over me, some of of

are your deals markets Denver, you if these locations. suburban and and right. of deals lined The know Couple are well Northeastern as urban up as JVs. just You don’t quite the in GC suburban get Denver, both in

invest one our established said, those to them one is actually we in deal of we suburbs the will And urban as So an continue in of of markets. markets.

So – newer want we through in quarter, we’ll replacement the a are you fact, properties there certainly are go some to in costs. is the was for going mean, I right the There looking details are I but with earlier answer. to to premium And we’re hopeful. now and supplement the there pipeline. question next most call replenish

to funding about are, is development, long more some risks, construction how as your reason what as do your there So our thoughtful execution you’re it. in you’re costs mind

I think we’re development. you’ll other see on plus near-term. a working mentioned, the stuff us just deals do little I So more some bit The in

Alex Kalmus

at sort the are months it. XX acquisitions, about stabilized what again Got how of transaction compared a you’re you And NOI market basis the thinking do were when baking rates cap looking assumptions? those trailing Thank very much. and on to into what the the kind of growth you

Alec Brackenridge

much this is Very Alex, Well, Alec. so by property. property

properties by more the pandemic. the were hurt of Some

have recovery been of there’s of more So of coming because up. properties – lease out much, Others they’re newer them a some are there. not so

of So going there’s off a on. that’s concessions, burn

of fewer run rental hard time. than give blanket and concessions statement, our far markets of any seeing growth return it’s but certainly a rate So we’re the expecting over to a to

Alex Kalmus

it. Thank you. Got Okay.

Alec Brackenridge

you. Thank

Operator

Baird Amanda a has question. with Sweitzer next

Amanda Sweitzer

Thanks. Good morning.

restrictions areas rolling then still lease kind terms rate they are there rates? you’re lease the about where and for those of are your to And them off. if in there how think near-term, of significant you since the outlook in push ability If COVID-related what’s are growth facing

Mark Parrell

still in several grow operate the that So on yes, markets the or we that increase to I we mean, renewals. ability rate there restrictions on are under are grow

past lessons those there right September pushing still, that think as opportunities rates place think I at that restrictions to past some of you in still markets our of date. in. the be the we’re get but that I of But keep September, looking beyond we’re we in will that we all as get end now, kind operating

Amanda Sweitzer

is you think cap that San you rate to reported your volume Francisco following And the That’s then do Okay. enough pricing? specifically, Or the there tell for up X the sold market been market suburbs in on just your smaller comments asset X, transaction on indicative helpful. of yet? has through not

Mark Parrell

properties that, enough not how we’re And to is lot enough. bids performing, I a are be lower there’s that, cap not normalize since such rates expectation will volume time. There’s mean, I range more tell. there’ll there’s mean there and Yes. over for. a in looking our that, wide

Amanda Sweitzer

the Thank you. time. Appreciate

Mark Parrell

you. Thank

Operator

Capital from question John come will BMO Markets. Kim, Next

John Kim

on Thank what you you. this or more On them developments, Mark, the see prepared doing take you just mentioned out, Can being you partner option funding may to I you partnerships? through and think in a it have Are look venture your remarks provide you like? arrangements. some do more joint color long-term

Mark Parrell

particularly of national with former, we who or regional, maybe partnering existing a more of developer even More markets, in Yes. presence. an suburbs where have deal the has of we’re local entitlement infrastructure or a less embedded finders, the experts

wholly-owned been deals markets. but has late centers, own our established markets and these our of of urban doing focus in new development in in some suburbs, Our the

having us be renting the the that for and end. expertise as exchange at a the right to the purchase capital asset would of deal it So sort developer in building being the the promote,

add that end fill So with it and we’re a to it’s of money, to we end the want help asset out. not a build and merchant kind the to things program happy at but the portfolio in sense certainly up us make

John Kim

yield on developments? sheet and And be ventures differential so between joint would what it balance the

Mark Parrell

spent some Yes. time in That’s question. great life that examples. a real some We about talking

to So ask deal. does terribly supplement a successful for Alec I’m have with would you going on the and promote a a But paying, can to even ballpark yield, of some not in me sort of material these that. numbers fairly impact and minute stick

expert that when rate deal of EQR overhead, good thought think for – a let Doesn’t where but I about costs it mean, a on. have debt we And XX still is of the about go to That’s worked some about I have school, it’s can was all and doesn’t the data. really allocators. be costs you’ve hard believe capital failed all in XX% fact unlevered XX%. the from basis deal deal points business learned best. deal in doesn’t changed anything? we to real, you’re that that the position a the carry it X.X% a or When only Alec, to cap and X, opportunities yield you have suit pick position our X.X% deal have developer, IRR EQR to allocator, you’re in you capital So as as a a costs. not a but better not something like us choose it acquisition of

Alec Brackenridge

a I add really would the small equity, overall XX% just typically to – typically, of we’re X% part XX%. developers that to equity the XX%,

So that’s why as it much return really us to the you change think. as might doesn’t

John Kim

recovered, That’s ability CapEx, give second is totally markets very are your the do that rents? question the last renovation But My over years, down expect has understandable. helpful. you which Thank to ramp now do you. so that to been which up fully increase of couple to on when and trending

Mark Parrell

Yes.

can, there we’re getting that at example, we challenges heard, of but I’ll So that lumber right are the and cabinets hard. lot as getting tell a opportunities all pushing you’ve you, looking and now we’re are appliances just time

markets, up the months. picking next the XX that outside impact of abated has not to of the our expectation pace we’re why the immediate over of reasons but some our in the increase So which is pandemic,

John Kim

Thanks. Right.

Operator

We’ll now with hear Sandler. Piper Alexander from Goldfarb

Alexander Goldfarb

out there. you. morning Thank And good

talk some to that will about, first to be trying force much market a it it that Is you it? get think to this your bring like those you’ll view going much be that pre to when heavy understand some turnover, market to first, split questions, versus turnover? talking your this analysts how to explorations you were the going wait to next get year back to just of view of months is basically having you’ll are fall. sort ago, of year all two how stair-step, forced you So you’ll of three managing that until guys two demand, given able strong guys about few just Or you the

Mark Parrell

Hey, Yes. morning. good

question. So just the to renewal great in optimistic started previously in far, a And of going see folks the and I’ll August remainder you July performance we We that quotes out come about remain renewal concession. to so the tell the had year. with for

that our concession. for August of offers and XX% to out went So about those received July folks a

so retention has market bring to And them played and to out. the ability far up

in that a September to concession. we as on Now through progress will XX% December, grows individuals be our and number offers into of about came that XX% to

confidence right backfill have we our in is that really demand rates. and now driving strong at ability the to So current the

drive we some market, the strong So to as short up will while because at in vacancy, or a going rates if to very we additional turnover, to of we everybody it don’t we’re we higher with remains want order increased will those replace can and as demand the residents time. is, stair-step potentially have units bring work

granted occupancy of with want just to us were So amount is, the residents to gross the call we other month our out full usually are or thing I and that the in rent second paying that. used first concessions granted that

to around see the gross today. if the bringing our demand rent it is is, there high we said, market that elsewhere front options of opportunity confidence like we’re limited, at up you remains door rates challenge to because and the really our them more So in that as are And street going at market a be degree strong go have as are to now. very because I

Alexander Goldfarb

Okay.

free, months basically at the people month. full guys when since first you have freight. two the been free, whatever the paying that the initial saying you’re then offer And months three So that was

Mark Parrell

correct. is That

Alexander Goldfarb

Okay.

I most, will, it markets, biggest sort returned previously you’ve question you now you when you but compare you et to Second Austin, while, income? household shock Denver those back in Atlanta, cetera, would in as your built areas it that a mean, up is, how just own? biggest better you’ve change to to markets, say have been of lack guys the Is sort just and how is when but noticed. it encountered, to been is you product when were like, if you’ve what guys versus change obviously have you you I’m you the reenter, those curious that I’m that of left what what’s supply? used biggest the you curious the Is now, excited compare than of makes markets

Alec Brackenridge

Yes.

The and got were kind vibrant family much Alexander, already of And we the they – is part of We that neighborhoods of. income. much that’s but of was change, – neighborhoods Atlanta for much a they’re look had rents. days. quite we these prices living resilient to Denver. in growing lot So longer that in are lower those choosing lower, this part old things particularly foster why, in is industry And certainly live the a kind more Austin, there choosing market And of big stay there in be that more those knowledge-based a are with that that job, folks and few single in a the a who’s renter, had much in Alec. the turnover primary to that urban numbers these in And and that comes so home and in were thing had new than renter, we settings on live that, also then in. up dramatically in but

likely when Whereas a Atlanta a to Midtown move and find today, want enjoying years to been less people make big And competition. was lot that’s off really So that trade they life been you out. have, XX, house, in out that way just the And a a market they’re they’re of change ago. there like the far. XX West have in living that to go Midtown it Buckhead, a or were they’re source to when don’t affordable where was just big that of we or from

Mark Parrell

question that’s And now. a great Yes.

enjoy demographic whole There the And these employed urban a suburban because new centers a these is employment the home, middle high. home. was fields, exited our coastal work but are a rents used the spent in high our mean, a a it amenities. the got might build And to our afford that this average to immediately dense near different just but didn’t for demographic. other They’re charge markets any us people They Atlanta where were I’m So $X.XX traffic. of prices they pay on the going It’s media, more Mark. time of to national technology, for best prices, worst to they And renters we those of and want homes. rents. it. were left a amenities lot average, like areas and in buy purchase financial to that is And situation Alec neighborhoods Atlanta demographic. $X, I about metro it on we well could when quite now aren’t was mentioned want renters very night. lot this we home and a in live, much the in Atlanta has

if you move to you can So in in move, good it’s distance move a want of New to you before in where can Atlanta, just like wasn’t you qualify, a distance. York, it but much

a got of siphoned. our we again, So lot folks

to and was higher us in or I favorable long foot combines areas, $X.X it markets $X And before looks to in that calls when with decade got about what at and family than a on these considerably much looking So you others were. a political that’s rents incomes, we decade better risk some we’re of for the single left a other a then the situation time. these lot That’s have talked that more double ago. a it a these that again, markets did demographic than a

Alexander Goldfarb

see So cetera. structurally the just more levels of to up, that those income guys, guys to there, New sum in I more in see are markets of you at just are year et or or are income which push XX rental therefore at the now these team the XX an – growth you versus the of structurally general, lower opportunity are XX markets York, end you think where like sort the lower would you look to some

Mark Parrell

say there’s structures, so we’re ratios in in some cost that pretty fact as are tech income speaking, a those think generally missed rental I’ll also markets like by taxes higher Texas question, bit because going those incomes residents, We the be matter are growth that the well. of by I little of in areas good that’ll that the growing offset much. into. a but Yes. no little the

apples like New are an places in apples comparison, like York isn’t ratios places but it So to the than lower Atlanta.

Alexander Goldfarb

Thank you. Thank you, Mark.

Mark Parrell

Thanks, Alex.

Operator

take Haendel a question Now we’ll from St.

Mizuho. Juste,

Haendel St. Juste

morning guess I it’s there. still guys, good out Hey a

want two that the here you IRRs bought more how share And the on talk specifically you bit to ones the Atlanta IRR sold how quick Austin. when if could or I you, assets that compares me. underwrote from in assets to ask and that. and the a we underwrote math on Just you you the

Mark Parrell

you the I’m repeat sorry. Can question?

Haendel St. Juste

me? hear you Can

Mark Parrell

sorry. I’m Yes,

Haendel St. Juste

more the my – could comparative on in IRRs, is what question you’re but and talk IRRs, on on they how Austin compare you buying Atlanta bit questions a the underwrote if specifically comparative how and it… my So the you

Mark Parrell

it. Got it. missed the Got first Yes. part. I

So property. the age big – of the one of the big differences

to we’re want properties that we So do, who buyers again, add a are the invest than have, selling typically have future differently And little the capital at find a we older lot money. value that look needs.

So we’re going you’re at that. to when we not on look sure the that, get return

one up that a seeing. for We such it think exceed, IRR time demand So ends will we The buying, lower that just that. we’re over see strong the in we’re properties IRR.

of a of CapEx. less growth As higher rent a and result combination

Haendel St. Juste

the X.X filled bought neutral past to deals you a bit in looking do think a it basis. more be a So were these assets mentioned at to X.X, IRR on I net you’ve you you to specific, in max quarter funded that

curious underwrite to was that where are So here, was you if indeed the case basically. I able you’re

Mark Parrell

numbers to IRR. the in cap with So as here yields. was the longer-term exciting What the rates going referring I

what are the Haendel, and – and the higher are IRRs on the same. rates we’re cap think higher what what and buying yes, we’re are IRRs selling You

calls that we’re about of So the in going I’d growth one New going to on because California And best the assets with we’ve the these income talking shareholders be the pretty we’re case question be we’ve to best on are our these York. strong is, assets that there’s good selling, income selling and going miss talked, out some on to it’s because some been of recovery not growth. not say

don’t Our we that shareholders so the renovation the in we concentration submarket said, just get much or play. regulatory where that selling the benefit. issues that believe challenges have in already own Alec will assets Whereas

true cash CapEx. think the the just lower that’s we’re I believe both of higher, selling flow net on believe because and and we buying So IRRs NOI what again, on our side and the we

Haendel St. Juste

on times then in remarks Got the you’ve you’ve it, helpful. entities a And risk your Q&A, Mark. Thank development. and and you. few That’s development bouncy the mentioned line here got

to it say think out how there’s certainly my is an from sounds do the cards So much your like toll platform near-term. just fruit relationships existing like brothers. is internal less more building I in you guess not question shake

Atlanta have assets footprint, a You a – working like bought have history a attractive one markets. looks guys let’s your them. They call of together, lot you from development large it of of

an like So seem they ideal partner.

are perceived the conversations, So you profile I looking fit the having that there, guess what’s be the opportunity for? you’d kind and of apartment of is

Mark Parrell

statement. just to the I want beginning first correct Well,

isn’t in and in existing mostly isn’t Atlanta. Austin We have team. in It It terrific Denver. just development a it isn’t

this team, large on development on very as certainly exists our Alcott pandemic. capable, and time delivered during million our a that of as competitors, building enormous So teams some but not budget $XXX

continue and very we’ve capable to So a things. got on they’ll team focus

example, on are these a deals that few more hear but unit densification the next Haendel, for have For example, we we’ve occasion, years. about you’ll our a deal. deals California got where, team, And in we’ve mentioned lot of XXX

mid-rise You Those take deals style, a need down that. XX and in for structure up units put those for XXX partner terrific on own. units. We a we do our garden don’t are you EQR

should a And sorts quality all all of we’re again, this to open that at exploring quality looking we’re we’re things of for counterparty. So as expect and regional, partner opportunities, thought of high those partnership we’re point. local, you high national,

Haendel St. Juste

Atlanta just in and Fair there of And largely on a not opportunities Okay. did point enough. that be diminish you’d on probing the was team just that – any if could obviously any scale in today know, them a bought your with, discussion under with as was I toll way. from are bear you given tree obviously be it the curious mean more that asset indicated, fruit. you could the I making fruit, the company was to brothers if it

Mark Parrell

call. a just to the want Sure. I people be Haendel, to contribution lot this of team. to working hard, to the acknowledge got people mean defensive. don’t a lot listening of I We

to specific we’re I you, mean, doing it tell As if I relates couldn’t wouldn’t if and not, were party, matter. any we something it

and to team say, whole is there, to just always I shapes developers sizes. and would all job. of there a people has out talking Alec’s out So that’s He talking we’re that we’re

Haendel St. Juste

But Well, you and thank I response. have questions you. to ask. my Thank for taking

Mark Parrell

Thank you.

Operator

questions closing turn remarks. appears there in host the And the back no any additional over I be will call additional to your queue. or to for

Mark Parrell

Yes. Well, and on the thank we’ll today. you the you, conference circuit you. Thank fall. the everyone for your of time the see summer Enjoy in rest

Operator

you conclude you With may conference that for ladies your and for today. gentlemen, now your will disconnect. participation. And this Thank

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