Mid-America Apartment Communities (MAA) 26 Oct 232023 Q3 Earnings call transcript

Company Profile

Participants

Andrew Schaeffer	executive
H. Bolton	executive
Brad Hill	executive
Tim Argo	executive
Clay Holder	executive
Albert M. Campbell	executive
Michael Goldsmith	analyst
Austin Wurschmidt	analyst
Eric Wolfe	analyst
James Feldman	analyst
Nicholas Yulico	analyst
John Kim	analyst
Joshua Dennerlein	analyst
John Pawlowski	analyst
Brad Heffern	analyst
Connor Mitchell	analyst
Richard Anderson	analyst
Anthony Powell	analyst
Wesley Golladay	analyst
Linda Yu Tsai	analyst

Call transcript

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

Operator

Good morning, ladies and gentlemen, and welcome to the MAA Third Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded today, October 26, 2023. I will now turn the call over to Andrew Schaeffer, Senior Vice President, Treasurer and Director of Capital Markets of MAA for opening comments.

Andrew Schaeffer

Thank you, Brittany, and good morning, everyone. This is Andrew Schaeffer, Treasurer and Director of Capital Markets for MAA. Hill team are on Al Eric DelPriore, Fracchia, management me call Campbell, the Joe morning Holder. this Bolton, Brad of also the participating with Rob Members Clay and Tim Argo,

we may point that management differ to will materially with I discussion, forward-looking making of out prepared filings this from as comments Before release with morning, begin statements. future want be the this part company We SEC, our forward-looking refer Actual statements and encourage our yesterday's in results. projections. risk XX-Act our describe to earnings the impact which factors you section may results to that

this During and the supplemental non-GAAP in and directly will most comparable release non-GAAP certain GAAP can our comparable financial earnings GAAP differences financial between measures well discuss be of measures. call, measures found financial presentation reconciliations the we A of as data. also as

Our copy today. and team I earnings turn page also available are brief website the Investors be supplements call later this on our at be comments, call the available prepared to questions. over our Eric. some will for to the will available of will our currently on release answer recording of and website www.maac.com. After now prepared A of management audio comments

H. Bolton

migration quarter and capture to good our third Andrew, and demand Thanks, good ahead collections our morning. resident strong business continues leasing positive FFO of side turnover, was performance trends MAA's performance. expectations low of as the traffic,

quarters. residents to MAA's pricing us diversification, associated The move-ins more weigh with of During showing in volume will resulting larger capable operating new affordable the the market new move-in few markets to an impact to continue impact markets the pressure. some new on against from supply deliveries experienced quarter, enable for and did of our unique associated new rent while across believe of high several resident higher deliveries we structure a see several continue the a up supply rent that push in will next platform we back and with with growth

evidence Encouragingly, year into now deliveries supply are drop clear there new is emerging poised late meaningfully to next XXXX. that

have and more new supply technology experienced these diversification, and AI that market tools outperform We us extensive through to cycles operating continue to submarket MAA's and in and believe has worked certainly our a position team markets. an before

by one discussed emerges we As volume an of particularly from benefits rates increasing is external cycle, previously, opportunities. acquisition supply typically of characterized have a growth higher that the one that heavy interest is and

lease-up a The and have developer with with shift a to higher be for likely expectations. take seller more We with seen interest pricing more generating that buying us opportunities. are place challenging conditions, rates while, coupled are

will a a of recap development still that after we requirements to seller more his example lease-up within in time specifically, opportunities emerge short with property we expect As good end is acquisition in completed to comments, Brad is frame. recently quarter the close a where completed new initial

believe our details to are and summarize report. conditions, the market Before me call the I team the key over our let surrounding what provide turning in X takeaways to performance

our across of the supportive remain markets demand First, supply. new solid steady absorption of and

pressures cause few quarters developer supply, decline. levels next the new the expected environment related interest with new then for Secondly, the competitive pressures environment rate current to remain of high higher to to will with coupled supply leasing

has through turn call company positioned I'll to higher markets of And dynamics see opportunities long increasing growth an in working now in further demand performance fourth, number with record external with of to compelling supported supply and and the experience cycle. MAA's a as expect track over We now with by and the balance strong work well stronger we that, And a sheet technology current Brad. capacity the platform with very significant XXXX.

Brad Hill

everyone. morning, good and Eric, you, Thank

increase on an in activity rates see XQ. quarter. number, saw upward emerge early XX continue basis we on rates And pressure are transactions we to in limited some the from cap anticipated, with points in while for-sale roughly by marketing projects closed third As track up cap we

the on is was to to initial our the expected Phoenix we the type -- release, unit specific market the of property sale in pressure its pursuing and XXX recently seller is of mid-rise by profile that The Central began close As some indicated Avenue that MAA opportunities in the emerge. we under in a property lease-up date. closed fits a earnings early we XQ.

considerations So were the counterparty risk to paramount seller.

ability with Our balance of an were sheet that financing familiarity offer the cash to speed our were strength supports the contingencies to all that aspects very execution no and with sellers. close important of market, all

$XXX,XXX approximately replacement initial is costs Our expected an to and yield current of below is unit per X.X%. of pricing NOI stabilized substantially provide

revenue property half the year and MAA MAA's the result achieve management coupled only technology margin ability and further capture mile opportunities we is yield a future with With so to nearing with away. expect sophisticated of adopting over stabilization, that practices a following to operational our another synergies or platform, property as more expansion

initial compelling have creating is to later higher active lease-up this Al pressure as year able XX% have and producing take on they original elevated our to other balance Clay position and above team average performance, materialize opportunities evaluating very captured supply, from expectations. rents deliver value And our transaction to earnings in our These properties and long-term continued company. sheet in new be into additional footprint. the in NOIs for strong Our across than continue acquisition of to advantage great Despite opportunities their in-place XXXX. properties our forecasted, additional

of are higher produce expenses, year, estimated which partially offset end will X start our is the or either that of including by NOI the original this leasing yield the X.X%, insurance by and stabilized higher outperformance, an significantly is rent than leasing average expectations. properties taxes For to

quarter. well MAA and we Hill at stabilize community expect progressed has to Leasing Windmill Austin, in this this

of continue we this year to on but a several instead start expected, approval and reduction our come. have X signs last likely the is construction a months, activity. further we that markets work projects, number architects work early in work due of see we a in number costs providing plan we of to markets, advance with, cost a projects in start including decreased and permitting been consultants to their to decline volume construction adjust have Numerous slower likely We in but indicated predevelopment XXXX. In -- than to to some engineers, significantly broader will new continue that that has of in few delays, evidence

pool with they to capacity indicating subcontractors more are new in a projects of available. contractors larger general start and have many Additionally, cases,

X ready to expect have the of units over end X construction to by the the projects mentioned representing could In be X next projects we that XXXX. X,XXX start that for addition more approximately start we months,

a we Our And XX representing team a job out nearly or well-located opportunity has done X,XXX tremendous sites, today, own development units. future control of building pipeline. growth our

maintain and late capital stronger units on decisions. have when in supply We when we deployment Any XXXX. optionality environment in making us start XXXX project we our lower competitive start a XXXX into and allowing with patience deliver projects, leasing discipline to these will

that this sites Our opportunities. additional additional continues more pipeline. hopeful development we well development to as we may land development are to to as constrained find our opportunities In add team liquidity environment, evaluate future prepurchase

on in under market team at our remaining our and focused predevelopment, the our continuously monitoring evaluating to addition projects. costs construction management is and projects delivering construction completing construction In X

in Novel During way all XXX successfully of That's up third in the on units. wrapped delivery the team the all Atlanta have I the quarter, construction comments. West completing prepared Midtown of

So with that, I'll call over the turn Tim. to

Tim Argo

XX.X%, X.X% supply footprint did growth a markets we Average some several positive growth revenue measure continue in across into for last Employment new demand related physical our move-outs essentially remained lease seen Thanks, Increasing strong. of resulting pricing stable Net various the line in our with with with renewal what and Sunbelt our morning. and rates rates lease-over-lease occupancy footprint occupancy sequentially X%. the pricing. Brad, markets, sequentially and declining remain higher outside quarter resulting our move Same-store impact in we new remained was X.X%. of well markets. quarters. job in ahead of have migration increasing of to trends expectations consistent X.X% pricing continued with comprised our with good of was markets blended of offsetting growth lease pressure to our in revenue The metrics declining

Resident with turnover prior and again down from X% in once was the quarter, decrease third strong year. remained quarters. prior a Collections consistent

of our in with in line ratio new and what quarters pressure in This lower in with third volume particularly pre-pandemic feel prior and expect mentioned, resident developers we uses which and pricing, we Our did the the environment interest in impact some quarter to driving moving with pricing, in reduction treasury with net obviously markets pressure. number XX-year in merchant peer our it resulting does more the of pricing pockets September. new is August as lead levels. comps. But our would rate in line consistent our is and the quickly believe low with concession creating remained lingering pricing and driven market itself impact pricing movement the beginning aggressive by impacts quarter, of new lease is by third higher of rents. in direct market supply manifested was pricing get rent-to-income This higher up We developers the on asking many a

moderating some in a QX tends range. compared pricing more quite to QX typically from seasonality, typical then bit QX, XXX with in moderate as Historically, QX and to point basis the to

demand greater normal exposure, and blended points of October a strong typical in the to and the what last up line to a second X.X% from solid in the which at points. to as physical did we moderation vacancy basis September for to and units within of compared month on factors QX. XX of than achieved is quarter, less is decline XX.X% in October pricing While than basis rate was see a year. vacate, which October expect of lease-over-lease is with mentioned occupancy the with current notice previously, we to XX moderation Average date combination with quarter lower more of degree date, X, third QX remains

XXXX. third of performance the of pressures new increased further the supply new demand pricing such and solid deliveries. the the in Greenville impact absorption through are continued Savannah, the the supply to supply in and us help quarter portfolio the was markets the and In types of unique the strategy mitigate absorbed of portfolio Despite highest maintain our markets been new in of many of continuing The the quarter the to pressure a has demand submarkets, evidence October. provides markets, it factors diversity examples Richmond, was addition markets Austin since beginning with our serving of Sunbelt that markets mentioned, mid-tier new Raleigh as to third amount outperforming markets, into and broad Phoenix. price more both metros quarter our leading Charleston, is with points in asset some third larger well in and

market this as strong to the of of less continue expect earlier, diversification, new noted a to help continued fundamentals demand will the We combined portfolio. supply mitigate diversified impact with some compared

in redevelopment, initiatives upgrade continued our the product third we Regarding various quarter.

of quarter completion are third interior the XX,XXX unit with and initiative the with Home over upgrades completed For on nearly technology. XXXX, units nearing now Smart we X,XXX this

we X program, have X% either repositioning expected projects yields fourth quarter the have our in or begun begin that in will active repricing the with repricing For range.

XXXX the XXXX. group comments. by prepared of the properties to call turn I evaluating in the construction begin over early early way with now to later Clay. are in we That's had complete I'll XXXX in all an to additional of potentially target Additionally, or

Clay Holder

and increase by line overhead were Reported guidance. than our driven leases of performance expectations. was of ahead as per the morning. better offset average occupancy favorable as for share expectations was core share rent Overall, effective Tim $X.XX for revenues by new The in of occupancy with quarter was the on in the slightly quarter same-store growth and of $X.XX costs was above Same-store the move-in good FFO you, primarily moderation our The mentioned. per forecasted. during quarter. Thank the outperformance interest midpoint Tim, was operating

operating third same-store we quarter. As see during some to in expected, growth expense the moderation began

drive forecasted. in came property Texas by costs We in expected, tax this the the costs what that the less However, to favorable improvements due we state. the than personnel contract labor quarter offset moderation costs helped were were more the reduced had primarily forecast The higher higher and Personnel related estate which in occupancy. leasing was than received taxes higher for to our was partially that to information legislation passed in quarter. state real commission, rates that

unchanged. Our full estate projection for for real the year taxes remains

of redevelopment, our a continue quality to and and add programs. repositioning of portfolio. invested capital Those of to we million strong During quarter, the the $XX.X total smart through produce our rent investments returns installation

during toward $XXX to million the the over current development also X the on completion the costs We just of million pipeline leaving million over of $XX years. funded remaining funded this pipeline, next $XXX quarter be

we As Brad in also our to the balance XX to providing We borrowing over and billion capacity investment fund potential to start well quarter combined remains to XX sheet facility, positioned under expect the next opportunity months, several cash significant mentioned, $X.X revolving new which projects support. with credit our opportunities. ended

and utilizing Our In low remains our commercial end, average at years fixed interest on of at we October, X our our ratio XXX% of debt-to-EBITDA was and low, quarter sheet historically over leverage for with $XXX refinanced maturing program. the balance debt debt of a an rate million at cash X.X%. paper X.Xx average just

to rates prepared before over refinancing. I have QX to is be to to all to current interest Al allow it financing and I'll patient stabilize for my Our plan and discuss markets That's continue turn and comments, guidance.

Albert M. Campbell

Thank Clay, good morning, you, and everyone.

the same-store FFO which release. the as detailed and updated remainder have Overall, in well favorability overhead for I'll maintaining over prior more of in narrowed expectations to The by full expected be we're projection the per ranges midpoint the our our a year Thus, total reflects quarter outlined our year, related which of the bit FFO core offset share, quarter moment. the costs midpoint the for a Clay which by X.X% remainder just core operating average of unchanged which as revenue of discuss is our of the the $X.XX is Given remains is third growth higher-than-projected supplement growth and year, projected interest year, of for for the to we . expected pricing the the largely occupancy increase projection impact in is the for essentially year in for by a the year. the offset as expenses third guidance reflected growth effective moderation, to performance rent primarily year.

guidance same-store primarily at growth into to we pressure XXXX. increased continued costs, related expected for for operating to points in we by personnel have our moderate more Both the year labor X.X% repair costs basis midpoint, full higher expense reflecting are move However, XX and and partially the to building maintenance occupancy. as the

during year. to environment. guidance year some initial by taxes While we the related real next which pushed as do valuations, litigation the related estate as we the in maintained the some through for high essentially impacted quarter reduction continue fourth delays is estate Texas full years to favorability of the taxes, being cap couple work of to our range are we is timing-related pressure real into rate over by changing rate next overall expect We offset moderating

conditions. current removed $XXX.X overhead reflect total year year our we the the our projection million million $X reduced disposition also market to for midpoint, the and current the We cost for to by expectations at

that to prepared questions. Brittany, of back you have for all in that's comments. turn now the we'll we call So way the

Operator

our [Operator first with take UBS. Goldsmith from We Instructions] Michael question will

Michael Goldsmith

on higher My the environment? merchant higher the first lease-up question the is like impact builders it's supply, a just changed rate delivering It seems of into strategy.

guess I and rates will here -- is the remain So that longer. impact largest lower have lower moved have rental gone

near term kind this 'XX. it expectations seems dip so and of the more in back of longer? it pressure Or so And of initial for gets in will half early does lower this just create guess, like better, is -- I 'XX, kind before also a

Tim Argo

it think means I mean I don't necessarily longer.

really. did more made cause treasury aggressive, the a don't happen a occur comments would I I new further that deceleration. a of thought bit little and we little we to And than about bit lease rates get happened as the quicker talked much or earlier see what think developers moderation little I think it about, quicker. have we But bit

sent for on typical, out The to think is November is got the renewal I and continuing X% what and spread for pretty and rates both we've tends see what of on out December, in honestly, QX this we've gap the we getting be year X% we're rates strong, lease new renewal rates between and with time or acceptance QX. range. what to

into in get that will later few next be but into you there -- will as quarters, environment think that narrow gap, the here. expect normal be seasonality this XXXX, for but don't I from we'll some worsening supply materially

Michael Goldsmith

A, priced the coming Got it. new should difference with properties where is which supply between hitting the And are Class are your versus at the is you competing the in seeing in herds? in? supply pressure any more B the Class be Like performance which where discounted line

Tim Argo

At a we're and assets performance at on at A- I But markets are pressure, seeing between of we're in of gap our a new a of portfolio that supply, will some say I pressure. more term. getting of and opportunity the where markets stabilize developments supply going difference at longer larger create has little getting the creates more to more smaller our higher that think that narrowed. there. As the of some and pressure rents some quite do will not point some those a Bs. level, not some Those seeing that seeing level, mid-tier are we're huge that market we're some markets, But not B+, opportunities

H. Bolton

it's still those our there. a concessions from of rent QX, is a what that product noting saw that the spread quarter. but bit And pretty third I use the little with we're market delivering price some healthy of the spread at new in portfolio seeing of the concessions of a in $XXX. down developers $XXX That's still think between average by is the even as it's compared worth the The in in -- merchant happening to gap we

Operator

next Wurschmidt with our Austin KeyBanc. question We will from take

Austin Wurschmidt

you growth didn't new had that really off remained demand kind and you Eric, mentioned lease expect to quarter, Last strong. highlighted drop of rate that

of I this market lease-ups is shape on up? could growth that change that's softness? driven just it rent So guess And and the cumulative your impact around concessions been does view how XXXX how supply really,

H. Bolton

the high think I aggressive of mean, by the I little was alluded that, Austin, some of third terms I of the ramp-up the developers a quarter Well, the taking rapid facing particularly junior leasing as the was looking got of as prolonged some sort will, are place practices that more there do was what interest into some in thing we rate product that, you more in if to, aggressive reality to to merchant quarter the motivation, environment, interesting up think of Tim of facing, leased competitive of happened frankly, third darn the with trying markets. season. we it's holiday the surprising a just during there's We that in are treasuries. were get before builders directly developers And pretty of our and was think merchant sort impacting a larger -- the bit who get a at landscape

that so thought otherwise and later. than our cause of think to we new urgency quicker in sooner I markets, because have affected to And merchant stabilized lease an just of would a little bit moderate than rather a builders get are pricing market some little dynamics these

at performance, probably couple the some we I so of think that, probably think or continues level for next so. And quarters that likely

in in see than worse any encouraged the have As is across fact kind October we're better the what our absorption normal that seen frankly, mentioned, of that in we we from And don't to the see pattern QX. hard see overall by QX, performance it the seasonal to we past. -- we that what it's than QX Tim then markets, getting happening saw given strong we

a year. this to that is guessing, the think start the through in get more of there feel continue through time I we we probably ourselves a QX reasons to to that find I'm By to QX So we for year, lot are of comfortable. comparing the that against we feel environment now likely next while, think of things right us next sort year, -- mean for

and supply-demand of the QX effect of that there's next we the right are of work few to now hang we year. through be quarters, the But to performance where kind think have materially sort QX, likely taking revenue that made of for carry Now place next weaker. through we that they arguments most we'll have compounding that QX, get dynamics see but to not are

Austin Wurschmidt

Got it.

kind stable I to mean, And second guess it has from remains question been sounds was, you like think so of went I strong. fairly my that actually here, demand which

quarters supply. on rent on of despite market I growth think say some absorb even cumulative level demand shakes positive is to kind your get that out? mean, think accelerated year I of fair you some next the it how and based you of thoughts last couple helped of this impact the

H. Bolton

Yes, we up is. as economy do. I to mean assuming continues that the hold it

haul and the a tailwind the how the demand that the we're we've remain sort that's value of just continue seeing that -- long create there's drive really as capital the have Sunbelt a turnover, We the end demand dynamic our provide -- business. believing homes. many side like resident strong. always Collections me, foundation of what is markets, continue in with at we I've many, time. levels in can to long lower over we performance I continues the why drives to to over the capture of way period that of to to buy for move-outs low performance across years, to the mean day, for focused -- And said of

comes deal to what time, time from this with kind periodic that's that to dealing have now. We and right supply of pressure with we're

supply we think time. that being time things might help we some think we to where against you because at do -- push can that diversification the think overall as when pressures these when from that absorption of sort can look some it take is would side it the because But way be and of do there region, mitigate as occur if dynamics, strong to approach market across that that the we to we supply of are with pressure the that have, back of the just they is, you continues otherwise put we together, the of the you portfolio demand

the So moderate that we I some pressures and levels supply back think that to start do the of moderate. year, developer into of as next half that start -- we to get probably start we to think see

have to the positive on We pricing. market new you And continue rent you'll certain renewal see pretty for on been see we we continue renewal turn remain and renewal back lease solid that to pricing, years, growth then Tim practices. start believe over go approach that will our always practices number if fairly tailwind our strong. a a how probably as get mentioned, over to And of do a performance that, And to we take year. think about the will us coming we

Operator

will our Citi. question next from We Wolfe Eric take with

Eric Wolfe

wanted on answer there. the follow I up to just

said new You much expect you from rates get here. don't that to worse lease

better X% So like for it the words new Because through you're I to today of sort get what year? And seeing you're in you then lease saying of negative next to expecting future? continue that get continue to QX want the and probably foreseeable sounds half but should should negative put into don't the your back as like the year? XQ does mean mouth, X% dynamic that you're that

Tim Argo

and -- a amount the this few I of all as bit, is kind hang this on new probably later Obviously, for level little mean, Tim. QX normal traffic think are and I that. rates Eric some will think Eric, But into -- into do of a this QX I range of see hit and seasonality in seasonality and months. some get the level typically, in weakest do terms of we lease 'XX. we of

blended the and that we And some in expect higher rates. in into lease think think rates the April I new consistent think which in back renewal you we'll renewals. rates. I up, rate we hold We've turnover several see when get much remains that blend low, pretty been side our those volumes acceleration with those So the spring will March lease-over-lease more think years. the traffic and as renewal We change don't for provides about with of and going

to So for I be in I think next going think that a XX... like few sticks but it the don't range months, this for we're

H. Bolton

new repeat see QX, that most the tends next gap the to gap And we And and year. pattern and between QX then renewal sort it in is and that, pricing QX. typically in out QX to pricing lease we seasonal of or narrow likely think

Eric Wolfe

that's really think it. nothing I renewals question, basis versus XXX you guess spread about I And There's of that Got historically, second there's leases. which my is on That's said points to helpful. new been that based on wider get thinner. it's dynamic the to not spread would just as the that of going sort going typical. change It's necessarily about It's today. just same be supply -- or probably XXX to

Tim Argo

Historically, then similar QX of the for some during kind clarify typically It's basis summer. QX, to heart squeeze get it, what on consistent. the points usually spread XXX and that in renewals that, is QX And in QX, XXX range QX, pretty point now biggest. range of we're basis point and Yes. XXX, then XXX down XXX the to, it the to remaining is color of the call that or put us basis with what is usually in and right range on summer kind seeing spring more QX and

don't I recur So see some really -- at that to normal the seasonality level. we'd expect that's and

Operator

our Wells We question Fargo. Jamie with from Feldman will next take

James Feldman

could see in like ramp-up acquisition sounds investment you a So activity. here it activity,

Phoenix had mentioned $XXX,XXX per at acquisition unit. the You

about You X.X% yield. also talked a

put capital care I Is cost spread per think to about? it money AFFO how unit? you required price to Is about And what of that are the capital Is and you your it accretion? deals, about NAV your it of accretion? As do the metrics then cost to mean, work? you think

H. Bolton

and on the where that, investment than work we range. is you sheet kind function will of anything as current cost longer mean, balance it, that call of sort does and capital. capital stabilized more FFO new cost get making are X.X%, I to our yield, prioritize think from of -- a a think yield core yield what we And how able perspective thing X.X% FFO sort at, to look compare we of put you think of of we of blend and that Well, do still cost sort yield of our today really in you that dividend to being of sort at capital about about you're

capture the the have -- pod year other a that other and year efficiencies we the as property be did deal balance cost will, on of we balance we'll to on great a initial pod, we the the with to full so over so, bring it I or advantages to one term to operating from that at in property this to real be, asset sheet of balance this management that is long put our what that able right is upside up first next this refer so we've think as cost mean on from opportunity with initially, practices mile And our than going in sort brand-new about only performer and an down the to even understanding that we half revenue those over that can the opportunity an for bear at doesn't the some our though we operation capital to with think, put it's mentioned, sheet Brad on or the some and that lease it's some of of fact, a of us bring as got sheet operating still properties, basically costs. less drive the we Phoenix, coupled

from that We see there. couple next meaningfully yield up we'll that years the of over think go

continue that think makes we we more the point, So to year. of see I sense us. this coming over think opportunity that a to we're think, of emerge And lot at to, going that

James Feldman

And touch on and the Okay. goes much quantify MAA management revenue you assets? think you yield putting up can the how the with these

H. Bolton

I'd probably basis put XXX margin somewhere probably least it at, expansion to basis that point in at range. XXX points,

James Feldman

far new Okay. rent, And just you October, with then Eric's thinking you can October? answered what rent blended I tell have question, rent, renewal it about mean us so about in secondly, but may

Tim Argo

this Yes, is Tim.

at as negative for We're lease right X.X% stand I X. mentioned, as about on renewals is around the and blended on we right So now. X.X% new October,

James Feldman

-- fraud, that I factors about the Is you've talk growth supply? kind to below that that had in pressure of market? you mean, about can specifically, the unique Atlanta is from kind you me, for mentioned on of past, the of finally then there. Or of rents some some more average issues And revenue other Okay.

Tim Argo

are there's mean our as bit a and Atlanta pricing than unique other as getting is some lower you They a It's that markets some well. in of of factors bit the little that. supply mentioned are little portfolio part say would average. certainly the what pressure a I weak. of Yes. getting few of I I lot mean, a

of that of occupancy late think unique No, is point couple fire you a Atlanta QX remember came one, I increase on Atlanta. little year, side. in are earlier circumstances in you in a it lot the sort early had we're a and improving. had what of between a that on to mentioned, about if more storm Atlanta. has in first, we saw there is basis units we QX from the XX down talked the seeing second. winter occupancy We a slowly -- But it in We

Atlanta. working occupancy kind that the in at an of concerns a documented fraud were then and of standpoint from has people well we some of So been by through lot

And I on is it are had And of a in itself number starting we well. [indiscernible] from market that last work year. little think seen more as the The that's double was courts through becoming where that. that aggressive about to we've

that term of the into way much terms really and -- training seen done able And ability term better. quality So the through is with certainly and balances income, we age seen we've fraud on amount coming in focused been in door, also the Atlanta to of create occupancy, in the and and have in-house our number we think is revenues some is scenario pressure people terms down. on longer we've revenue, down we less, we've is of delinquency way just pay much but short in of number a we've have is of

circumstances for sure, unique in think direction. the but there right some we it's So headed

James Feldman

you other And term, to in mean, pause reason you'd shrink markets it over being or market? you Okay. grow largest about factors, there as does on think more? want that your it the give is those I a long

H. Bolton

And A Atlanta It's long years, look from It's the I are were markets, of to the us the mean, continue to capital market. Tim like pretty COVID decisions, of markets, the term. during you'll some dynamics time. see the think other some decisions. and to were there property-specific -- alluding we unique of Atlanta. the healthy. asset-specific things to are that time that periods number adopted and like Atlanta, go practices at But over years attributable mean, really is that to the we'll there through for supply of pressure the demand all see in more long to back we the if growth drivers taking all normal. market happening. we that longer out sure. sort you court next cycle market it of Atlanta and going continue the it's work really great like the they job probably, of lot market of to systems some But to of will, driven We demand to will I backlog, Well, that we got just sort drivers probably be term to and I by continue for

Operator

our Nick with Yulico take will from We Scotiabank. question next

Nicholas Yulico

if your you're to I able that. hoping to get to loss lease was quantify

Tim Argo

this Nick, is Yes, Tim.

a So of comments couple there.

negative if the sort we for be we're today new of rents of and right in into about pricing what's with baked will, flow in October. in X.XX% I are year going what earn a would If kind you of are that earned XXXX. QX, in in, assuming look we've for at to of where sitting in you rates where loss given to now next that's to where it's right plus have now, now, lease pricing to seen lease just X% and or will peg probably Think loss it X% lease terms that with about or right probably baked

Nicholas Yulico

helpful. very That's Okay.

Just one question. other

stable yield? by if whether know number concessions a and I yield Going higher that initial there's like the any as impacted back absent that don't that to be acquisition there's would the yield. X.X% reducing Is concessions. way you can quantify

Brad Hill

is I generally a leases. weeks The month X this of about lease-up, that's concessions. property in Brad. to Nick, it's on inclusive mean offering new and Yes, is

that. that of And includes impact the so

be So net rent. effective would your that

use stabilization, off of some So using concessions We're some assuming renewals. also would see generally not -- expansion to that would there on yield the see in at concessions that would using We point. generally we we that on burn get strengthening and these properties.

Operator

take John We Kim next from BMO. with will our question

John Kim

landlord know rising on rates commented talk demand demand was of I you could the about strong. that the I leasing and interest you been if wondering behavior. impact has

You the had an third occupancy in pickup quarter.

So when comment growth you with of that. October, coincide wanted in to your rate minus seems I just interest environment. X.X% lease it in discuss X% to minus on rates new September the and get

H. Bolton

think line think financing we season, play the lot when is here preferably stabilized we they holiday September some contemplated. the lot refinancing they in they're we product underwrote. get in with happening early the what quite what that that is And this they terms their as probably And to they in what properties late or ago. in most that, was years are in this think environment environment, the see rate today an I today going and was of while is of -- currently they before would to a I lease-up, shift merchant-built probably consequence moderation to is in some are is as that time hope even took for why lease-up as interest is we there that place certainly, time, of hope moving facing are environment forecast noticeable is to what possible, that in X have exit face rates that are they merchant-built a is what in and which that And that rush construction be a some going this I in of there not because get different think a time I at is And may and likely quickly into been started of environment start than it's we what by believe August forward. now assuredly contemplated gone. these

play an leasing that's here. it's And the practices And going knew think more rate -- we environment. create -- So a to pressure to I in new highly it's supply I on combined just exist, because but traffic. that with is -- and been effort itself manifesting attract interest a that intense at competitive so pricing think of that what's in therefore, residents think in bit more I environment all that high what's little just lease-up

or we've to that just this starts we get put the think next sort next to we couple meaningfully I about, our pressure we work the better, think in -- as lot of talking scenario that once that down this for operate head a through through And of been supply and the better. so. quarters got

John Kim

concessions, able maintain which Can the contemplating I points? low and basis with that's you rate declined are turnover comment and on turnover your new historically coming you're supply if this offering how near you XX online rate, to all And don't remains levels know.

Tim Argo

scale are John, away at we and turnover I job that we we with a expect the for this certainly factors mean, as to mean I expected is Tim. as biggest really house mean our way expected, -- turnover, X And far didn't move-outs. move-outs for play. up change, the I between see as move-outs move-outs down. house is far by the by reasons those all

don't see term. -- we don't again, environment, see we changing that any So near the given that rate time interest

that up are Some of the other things move-out last down. or turnover drove year

look I think wouldn't of I we're side that we serves So than so turnover no now terms more renewal and certainly, in us of anything that well XXXX, the expect as we lot a significant into that would on change that do increase need not doing get and to in renewal. on turnover, certainly there's

H. Bolton

were to of they had year. due Encouragingly, occurred rent QX I'll the increase that add, that in quarter, of half in move-outs what the were we last third

buying So what's is people just really at houses. turnover play are the here on

John Kim

And Al, your congratulations retirement. on

Albert M. Campbell

excited the John. Thank years the going the also excited is quarters Yes. next about few company future, what I'm for and you, as but the to well. prospects do over about

Operator

question Bank America. We'll from Josh Dennerlein with take our of next

Joshua Dennerlein

surprised bit the you're guess you a It just the up supply. comment most like Just on competition what by to to sounds I new made. you? a is wanted surprising from follow

H. Bolton

to from we supply. I've gotten expedite their have developers possible. that some what indication rate the competition as interest getting not by we're What relating to And trends. is new begin stabilized on lease-up now started effort concessions lease-up how in is quick and lease-ups an to get And Well, with I surprised developers is get a think sooner related get aggressive an to as on, treasury think we're the commented an and surprised triggered or by it as out than of it that, in in stabilized merchant that as up as behavior to moving really the their bit XX-year September of to to books projects possible. have as saw And and shift soon just the it close we August urgency X%, X%. anyhow clearly

a I that's at surprise. the thing that it here. think point -- that -- The a that to bit what's thing I can that so of only that so the was And And was only play was. probably

so. on the the remain really curve. of not or We've any demand seen our picture. demand the are there We knew as and strong. alluded markets to about is We for year solid, supply no side mean that. We've secret I to, the expect our that across it seen desorption numbers the is, past Tim moderation coming

and they behalf more which degree. environment affected get introduce net So I market real these down think rather to rate I while. the up developers leased some -- drop And And concessions, pricing, effective It's there. than of in, to some actions just prompted find that a be to have sooner motivation we of just high drive that what the of think is back pricing the goes environment get projects us the interest behavior likely some no just with to I've that surprises mentioned to lease-up really rate recognition later. that that, ourselves concessions, quicker, right on for it higher dynamics is

Joshua Dennerlein

appreciate you and quick heavier Maybe maybe up I that's If my sure possible. more I assumption online kind Because keep -- I the in that's there. behavior of XXXX? mean they And color. XXXX. Is higher, gets, I that. of assume Okay. question aggressive through deliveries in are lease this would going that as pretty properties would want that peak think it, kind guess, a rates this as follow-up my interest think still on to your just there's I continues? Do competition coming yes, that

H. Bolton

higher don't hard into I think an to where for short come It's for a answer equation I is say no, level sure, that is that's but [indiscernible] urgency so. is the that urgency think and by there of developers.

to to pressures degree, they that time of think calendar I be may it some a year-end some may be lot thinking about.

you next is I play are, think QX be are -- taking the it's for that they to a supply they levels that and When are of through perhaps bit. next think being here call that, fairly And likely it, quarters think at year. to are we now about . where or by of right market. place lot that where the course, consistent -- so, we levels varies couple don't of supply it a deliveries

that on only they're given I of exactly, today. feeling some to to were well. don't through that don't year-end that taking that least but And you will, as perhaps -- And think demand I facing obligations we're think in with in a there material I are the some trying so dynamic just think was, developers that And think if of them some I there's is that seeing the a the I that it's hard supply that some think at that calendar change think lease-up interest today. rates. the there pressure the material going it what's pinpoint see place change change is dynamic we

Brad Hill

sell their back add an partner lease go And obviously, is for to to I impacted current XX% just this what's be having flow coverage cover is to sell our happened generally, is Brad. that. quickly. X their sooner developers have about are in debt service capital. ask Josh, they and I'll are cash to the ways without according partly these through to on occupied think that to projects math, to IRRs their Number and incentivized asset. color remember one up they Their

I values Eric's psychological going a that X%. to think So are of once It realization impacted. hit level point, that sales be was XX-year to

So IRR those waterfalls the their the and get to that in the sooner projects. could for point, better for also they calculations

I Eric's they the to to So get and in end could asset and to a higher that's themselves. promotes where leasing of point waterfall year to the drive to service think the point, by cover order driving, transact of debt the coverage process up quicker

Operator

Pawlowski take Street. Green from John with will We next our question

John Pawlowski

in expect do the categories next notable the Clay, you acceleration expense or deceleration year? throughout major any

Clay Holder

moderation next expenses that We do going in there into will some operating year. expect be

expect personnel You as and were expected higher continue saw to move next we those in into costs the what had repair report but and moderate that than year. maintenance do to or projected, we still we costs

John Pawlowski

the X% Roughly for it you to kind do around level property growth of rate, expect foreseeable tax bounce future? this

Clay Holder

that taxes. the down of that Probably with taper seeing as work that probably valuations -- should we're the prices will moderate its a estate bit real as little and well kind begin as high way current those environment to through

that we'd through, so to will And How some be fast there to seen. that expect moderation play remains as well. see

John Pawlowski

looks supplied bottom what most markets. for portfolio curious what the Okay. lease can like kind new the one October for declines of look in of us I'm sense few the Tim. a a Last heavily you like. me, the in just give tranche Hoping of

Tim Argo

you're rates lease what saying, is that John? New for October,

John Pawlowski

heavily most the supplied For markets.

Tim Argo

that for level, right new it's of of is -- Yes. is the around we've pricing. that in We, a right market a Austin Austin X% worst, I is around all. above one bit while. out our to like and in terms lease X I continues digits kind little but said, talked Tampa negative is stands single same-store October. worst mean for high Austin and the the be about higher,

Operator

Brad take will next Capital from question We Market. RBC our Heffern with

Brad Heffern

get expected that more can a but off. but ahead, weak it I'm in into few elevated here like if end the seems curious It does peaking the there message 'XX. to that are of have better quarters half give the just is 'XX timing? things are the you obviously color around in do deliveries then look and when supply the fall mid-'XX, what lease-ups gives back still don't in you You confidence

there. any curious So for thoughts

H. Bolton

to what the I we see a the to, very lot Brad, see point demand think absorption continue I healthy. of Well, -- that Eric, is support is remain place on we is rates side and this that just would taking

sort that I solid markets, those -- factors performance, the turnover, to factors of think continue and low that in moderation that can solid the nothing side so all look of occur collections supporting see that And are set business, those the positive regard. continued all to wage employment demand we that is trends, suggesting migration the growth, net there's all factors

of to the pressure, under to that to get next that the get work the complete through I more the as And with get been some tolerable, a will, that the back starts think the developers you of the a most comparisons cycle, comparisons will, year the through work system. current into leases some of we to stressed you we right work this likely then we've of the the some if occurring half you prior of the pipeline year, system now sort bit as through behavior sort start of of and the sort as is of little and deliveries and get to start lease-ups will. pressure a prior if moderate little if bit more through

it, like of we we've quarters or think that feel So call that environment. I got, just X X this

at patterns too. seasonal here, play got You've

absorption moderation that February year and up QX it spring and things occurred leasing then you summer You typically where the a more. anyway through perspective works of in QX the picks in and particularly the then recognize always the get and is QX, into start by and and then to the sort of point the from particularly has pick even rate March, up

of think we it year have sort that that comfort think I start a back of in the next of gives a the some perspective year, in that have we and the reason half early delivery the what change to weaker bit. pipeline, now the to in by from seasonality on quarters conditions I happening one of get time to the So us pressure

Operator

next take with Connor will Mitchell our question We Piper Sandler. from

Connor Mitchell

just you third-party maybe bit, a rising with the and discuss cost vendors. can So that's labor little especially

your markets which to So for fair would bode demand. presume about just thinking that, economically, it'd that strong are be well

to fair big labor the about enough healthy to be thinking rent picture, and rising are say would that the So it demand offset growth cost?

H. Bolton

mean the of strong, the challenge I facing now. -- been. it of in mean, the right facing -- Well, supply just what's dynamic that's as is lot problem I not And is revenue we're the of pipeline supply-demand or strong is terms really in demand growth, as we're a is had that but sort

growth this cost. that's labor place growth so And you really what's spread, see will, sort if with we and what creating taking rate of and rent between

of at little As alludes our are a practices begin we least starting show Clay to see seeing to, hiring own to moderation with that are up. we sort

And construction availability the to the it as relates labor -- have -- bit workforce quite And not operations. with with a we side affects seeing more our to others that of various demand. get to, some of little a that architecture is the cost and evidence into we in we to on that, people and lot out much and alluded do that as there to as we're think Brad some work starting would as maintenance our development it's talk degree, and vendors

as growth we do today. rate we're at do that looking we we think are alluded moderation likely Clay cost labor to, seeing think -- from that some in So the

we We into get moderation as that some next on year. expect

Connor Mitchell

demand. That's Okay. maybe helpful. sticking with And then

driving this is -- Could year that how compared previous and demand you heading in and how maybe and really like into force rank in referenced years pace the cycles? strong the align, just comes of demand goes. year-end demand the is historically, to maybe supply You've

H. Bolton

you this mean, Well, Tim, want is to anything? -- add I

Tim Argo

really one last years to markets, XX as best Sunbelt, supplied years, make of the Yes, high data some so, of was research and tend of level, at back rent the done the the side. highest also you some have with point third-party some last a and X have X I go been or to growth demand in going that's that markets, because we've just the which our or been really,

term, supply have we over the than picture. offset historically, more So demand long has the

right term, show and had the the we an have and now over out balance, of late supply. next at least time. over we shown year to supply historically that the picture that also we long outpaces elevated long Now get continue term, the put But into believe a demand that's fundamentals and for that temporary as demand show

H. Bolton

was kind the you, still numbers net tell a is years out, migration right that higher were in COVID. historically, can't compared than throw of higher which sort I it of the now saw level before was the we of to bit see But than COVID migration happening that it we unusual.

this either. as And consequence Sunbelt of never so continue a that things looking [indiscernible] these strong of getting that for offer been markets demand are to lot have a employers that on we're

that demand at variables unique continue is seen some what are level out to support there that historically. we've now so a there right than And stronger

Connor Mitchell

And could Okay. I in. one appreciate color. the if sneak I more just maybe

units Going provide able to be that you're time back to when line of issues? would would a fraud the recapturing Atlanta. to those some the Did due Or recapture mention you you units? you on

Tim Argo

it's mean an I Well, ongoing process.

to for think specifically act this COVID I any period whatsoever. in year, the have from or that been really really what slow is until a seen action take counties we've Atlanta up early

to their bit seen we've still DeKalb but issue, activities. So is little accelerate. have an start a County and Cobb Fulton that of increased

as And we to of few but over think will it, next -- continue happen. I it through months. we've gotten terms lot into normal a we've of But we're make think the starting So we front next and a not it year, later see lot sure get the problem I coming door. more in work situation people done a said, into in potential the we're Like any of of back to Atlanta. by exacerbating fraudulent letting I

Operator

take We from will our with Anderson question Wedbush. Rich next

Richard Anderson

I sold when is be selling they faced and they've they they think buying. back getting should the over of acquisition strategy, the be the when one problems to years should So bought

wondering So I'm strategy the you're unfold. interesting. saying speed by this is what which could

the You equity. implied of cost talked about your

billion That sheet put to at X.Xx. debt leaves If debt. you or inefficiently attractive, $X.X were you your balance but -- just get could so so X.Xx on perhaps is very debt obviously to of more

that's environment. this. now of So Or do finance got I'm asset one-off sizable will some in non type the like by for asset to more curious, this rate untouchable maybe think the you've activity But at stuff needle-moving it just some be like [indiscernible] time Could point? be you being? this

H. Bolton

the be will coming Well, that year. there buying we We're more hope it optimistic, be emerging moving. opportunity over certainly needle Rich, will

asset having estate people need the in class. of everybody I healthy markets commercial country. there the housing understands number estate still there a of dry I right real for Now perhaps And And for attractive in Sunbelt And viewed with there's now. think years. an the appreciation of than more is been has multifamily a real are lot think that, said powder lot as a

years XXXX, potentially out apartments that of XXXX, the we X-year think going a be that And We over downturn, transaction while back period X,XXX the to so of -- recession, opportunity will competitive. we we it pretty the would that last time. better, X also gets hope the market coming to and bought to buy think

we're the private I a been got not or capital of definitely use about -- hopeful we on capacity higher terms as work, environment, more going the has and higher their X as going to it but opportunity this right. start put in for coming as equilibrium cost X you're aggressive be have an years. guys I getting see us of be a we're been. of disciplined mean, it. There's sheet. going do that players will the to quite In anxious that than over opportunities balance we but for to year rate set the the given of think between private us sort the are some But will think We're pick certainly we've quite to more do last of And -- be think repeated, able debt. the lot that don't significant. to I up, of to plentiful be and it of remain equity be it they

Richard Anderson

of then blended between Okay. And new these too renewal, or Tim ago, of think on I this all the the wide. growth question, growth on a others, sort and maybe maybe surprising you Great. anyone year think is numbers be expected rent we to spread downside. second first swings don't always October to XX%-plus the of pendulum XXXX, but conditioning about half about When when giving type and number of should for not number, factor kind factor first that your guidance, is sort X year? year least a but half into that is a period us, surprise you're of analysts, forward, could you and next time of for at pendulum territory or the think the negative from point investors there negative this least of bring for range of of that at

Tim Argo

environment sudden, terms spring, negative think positive. we start -- we or get terms say earlier, seasonality or normal in all slightly some thinking of of environment normal the pretty QX, see which, I'm I terms similar. sit we typically, what as see on October kind X forecast, we bit into lease slightly some up you of or see compared I margins going down move in to sort said, think we think I is you'll usually up right in where little going historical mentioned the We're rates. as but I to I in as a -- positive blended dialed new our get you do X jump of if Zero is numbers about think and as QX do not is have those could acceleration. I of or for to now of to a for QX,

bigger bit be talked compared some as going, about overall rate will widely So you we a we consistent. leases. factor renewals because don't little it's what in do pretty there'll turnover in where as see And remain bands, but blended think blend think that of than I new to terms different

Operator

take Anthony will Powell from question Barclays. next We our with

Anthony Powell

Question transaction on environment. the

points I the increase in think that basis mentioned XX you cap you third rates quarter. by saw

have a interest expand market where more. maybe bit to rates that gone, would I where public Given [indiscernible], given expect

few think rates So go to where you here? the more cap capital do seek quarters that deploy you next

Brad Hill

that was I marketing mean the of see keep of mind and bedsheets limited has properties of those in quarter, comments, transactions. -- we just Anthony, as the in Certainly, my well-located in for closed we third a -- up up a couple to of but not in Eric's terms about pick what the saw we activity cap But very activity I in this for rates little is of we mentioned saw capital that saw early good strong projects One, Brad. in at a I a point, things. think bit. we bit this third handful availability markets, a earlier point those. closed, really continue lot quarter come to

the for so cap I rates. And -- see low seeing assets. cap and rates X% well-located we're expect in still would those on range pressure to

them. X.X%, But rates, the nature. to the for fundamentals the depend to on those the going we've agency of is assets on that XX-year that picture, the really, it's severe X.XX% locations, in liquidity things that but in movement movement liquidity cap would what to upward today range, in some the debt is bid seen depend shows on certainly, degree But properties, of expect to up how given going and we

that it's really So to goes hard say here. where from

Anthony Powell

renewal and seeing tenants How rent delivered as these more environment turnover of tenants you are to on maybe this? ask year newer And are to typically market? are tenants risk of a declines, for that is and move it. rent high like supply a next seeing come your buildings? aware And Got in apartments growth you out growth. And

Tim Argo

and and think now aware. avenues platforms and marketing what's new of certainly, websites for the probably years. advertising way else websites. certainly, everything phenomenon. and the can of level, to lot that a I on that's aware, with see you they're all It's I and different been they're transparency media Well, the social down mean that unit couple times a ] not last [ at But on least now a

side about, to of is some are And are They're living. owner. there where standpoint move, talked a manager the just component they're But where involved friction on we much with hopefully move. cost to There it now. a service. So provided happy them from there's changing Like overall, good some costs and their expensive happy resident it's pain service I'll with you've friction They're and are see the well. customer that things from meaningful. turnover renewal a it's as as

any think an has been. I that don't So of more becomes than outsized it pressure

Operator

our take question will from Golladay next with Wes We Baird.

Wesley Golladay

acquisition yields a consider question have and where allocation become over XXX a when then is yields. seem front. where there been trading years. have XXX, priority thin are cap points you capital I the penciling-in maybe buyback mean, the and basis rates XX where XX-year the development you they to pretty typically of acquisition And on I north a top point

gives in market. them So that it private seems the the pressure upward

H. Bolton

initial opportunity we perspective, and we that couple the acquisition, did where particularly improve again, work sort we to yield of from Phoenix think, we with the the Well, meaningfully. as that creation think capital best touched years of little the value have, next to as opportunity the we is long-term is and the on a over put I a really appropriate earlier, given mean yield

that be even these with looking from merchant we sense. are in believe the to expecting continue what with we a we with lot opportunities as value distress compelling forward we some some for So that sheet more builders remaining to longer-term capacity the patient of balance some going and associated have more the of the market is of these make creation acquisitions to move

the think we're we yields some on better. we that moderation that. Brad take construction up timing we opportunity the to amount are we have get development As teeing there front, place to going on do And [indiscernible] cost, begin think the do and going of with mentioned, see but the control to

think, year, projects. environment healthier in anything it's next we those much of were elect got making and on we to course, And start of if and point. going a trigger we to to controlling -- deliver 'XX the leasing the these and say, that So pull we've I when the it's of mean -- timing projects, I we to be, 'XX going luxury as at

So opportunity how years the of we're have growth work. to sort put of external value front we best but going have that coming the opportunities of this couple creation be over to of the terms us balance in we in to sheet that we patient, that think some of is capacity

Wesley Golladay

and of a to follow-up debt or a aggregated to a at are of Is portfolios any floating environment there criteria? cap very seeing maybe that, low penciled debt. kind assets And in fit underwritten maybe quality you or maybe anything was lot somewhat rate your rate

H. Bolton

out. to with Well, More what place want we lot just took And found of lot that sheet. often a the was those come to current we of price to to particularly it the and portfolio what opportunities haven't few us. to add product to buying and pay leverage balance high we compelling they found quality we not, not be attention over when than aggressive have to not sort is asset lower last a it our the A point years. is and associated really of of buying interest do our

Operator

Linda We'll from Tsai Jefferies. with question take next our

Linda Yu Tsai

shift, us what higher Can markets? And what's then Is fraud of technology? you demographic quick remind Just one. one certain mitigation it are really causing in strategies?

Tim Argo

difficult say. I to it's mean

bad tend it so that if that you we've some you that reputation, way, think since COVID are the lax bit sort to -- little and ourselves and have is and little trying of get opportunity that in And these good guys creates post-COVID at experts, stay a identifying a thing thing. the catching get has turn within we've speak, for at to of you I What is become done will, are is and to judges the that, by more have taken that people what team front our frankly, what familiarized courts that if actors. more certainly seen away. the frankly, we sort so bit happens the actions good come and start to in door a

at So from be some preventing standpoint itself detecting solve if at it it. good starts and you can to then it good

H. Bolton

We've in where a recognize the Atlanta I'd frankly, more really of that. years But and effective way. this certain of this And and to techniques to I is processes. practice portfolio isolated. have Atlanta that new alluded suggest as available than has things market, area today that's really add properties as across approval now we've in have harder Linda, we've screen has I that in the important the how called I pickup of saw this few we little lot changes and at and pervasive that a out in much were certainly our they made an a changing is some technology a would improving comment ago probably thing in isolated just in a this bit it's are consequence see different wouldn't mentioned, that. you more a approval modifications we our happening where pretty some is we and probably and to we opportunity scenario. that we do couple think of fostered where on markets. And the that as It be to was a and, seen some where that just Tim the capabilities different It consequence other detect. of see trends processes lot. a a -- happens there that made to that Atlanta noticeable to we And been people

Operator

the turn remarks. We call have questions. no closing further will for I to over MAA

H. Bolton

see joining us morning, We appreciate you we'll a I'm in this couple at of everyone NAREIT sure and weeks. of most

So you. thank

Operator

participation. you for today's concludes This your program. Thank

time. any at disconnect may You

We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.