AvalonBay Communities (AVB) 27 Apr 232023 Q1 Earnings call transcript

Company Profile

Participants

Jason Reilley	Vice President, Investor Relations
Ben Schall	Chairman and Chief Executive Officer and President
Kevin O’Shea	Chief Financial Officer
Sean Breslin	Chief Operating Officer
Matt Birenbaum	Chief Investment Officer
Nick Joseph	Citi
Eric Wolfe	Citi
Steve Sakwa	Evercore
Austin Wurschmidt	KeyBanc
Adam Kramer	Morgan Stanley
Chandni Luthra	Goldman Sachs
John Pawlowski	Green Street
Jamie Feldman	Wells Fargo
John Kim	BMO Capital Markets
Josh Dennerlein	Bank of America
Haendel St. Juste	Mizuho
Alexander Goldfarb	Piper Sandler
Ami Probandt	UBS
Anthony Powell	Barclays

Call transcript

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Operator

Good morning, ladies and gentlemen and welcome to the AvalonBay Communities First Quarter 2023 Earnings Conference Call. [Operator Instructions] Your host for today’s conference call is Mr. Jason Reilley, Vice President of Investor Relations. Mr. Reilley, you may begin your conference.

Jason Reilley

welcome Communities’ and earnings quarter Doug call. conference you, to first AvalonBay XXXX Thank

this contain XX-K discussion call actual reminder, in SEC. afternoon’s a As may well as XX-Q differ and in as There filed press risks the release results company’s forward-looking materially. is Form these a Form of the uncertainties yesterday’s and may and statements with

call CEO his turn the over and remarks. of now Schall, and to I’ll Chairman for President AvalonBay Ben? Ben

Ben Schall

Jason. Thanks,

market themes key reviewing to year position believe of the Kevin evolving leasing In advancements discuss quarter, by highlight earnings relative efficiencies. performance and is set this will differentiated that currently we revenue and our financial terms the And will start at to industry-leading portfolio utilize and our peak will service provide. operating comment season. strong and strength on and our for our Matt I detail why well-positioned. coastal center strong developments the Sean we underway as our centralized operating to the the particularly drive we start our suburban describe review enter development will stream

in X, increasing this our on to starting leases last grow core of related signed to continue is XX.X%. year. uplift with Page presentation, meaningfully to earnings A Turning significant of QX FFO we part the roll-through

rents to continue grow QX of during with rent X.X%. also We effective like-term change

forward, year of per at the into with drew better-than-expected and a the guidance FFO expenses spot due $X.XX, proceeds In collection to lower $X.XX core the residents, items. attributable related other of which from interest to ago, income exceeded we and we $X.XX April, by share. quarter, about the down rates of entered equity revenue we price $X.XX $XXX For primarily to operating our early

A couple highlight items here. to of

million First, the is range. the this cost in capital of additional of $XXX low-X%

of are As development projected capital was which underway, development to yields to X% this originally or allocated generate projects intended, more. we’ve

spread we we’re this when to our as creation leads funding stabilize. at and capital is shareholders what talk development yesterday’s value cost, underway point referring for significant projects these about So basis XXX almost to

second the on banking planning environment We equity it have to can of equity which current earn unique but cash. down the in partners. year, cash X%-plus The at rates returns of the executed strong to QX we and weren’t we the of forward with outsized forward draw aspect drawdown extremely is invested the now this interest originally until

fulsome same-store as part to and other those timing. And our reevaluate increase approximately income turn, $X.XX for a the by guidance basis, $X.XX midyear FFO at to core FFO breakdown slightly cash outstanding. OpEx factoring related do management well $XX.XX then $X.XX on the core We, on improvement projected in $X.XX On then interest the forecast. we’ll from for net per of QX the by updated year guidance forward per our incremental $X.XX QX, share and the adjust not assumptions in full we half offset operating full includes share, point, year. additional higher additional is $X.XX as transaction cash expenses follows: $X.XX which We as XXXX primarily $X.XX $X.XX shares second as this increased the our midpoint. after rates. in on is the equity an of by this an at to the and with rental better year, the from proceeds the FFO, revenue based of QX in There’s in core slightly from more The the assumed partially ranges incremental income

to noting. long-term Part and are in regarding and than regions. in demand worth of are regions a our There established regions lines. stability also less experiencing trends X Page rent the two trend fundamentals. reversion Occupancy established are our greater Sunbelt to Turning factors volatility market this underlying in providing is

in First, generally with levels. rent-to-income ratios are traditional line

XX% As past the second, economics years rent favorable noted regions in more X keeping limited interest income considerably with with costs, are and Chart X, a home levels with than effective home about have in pace our buying market markets. renting over our higher inventory growth. than rents established And of single-family the grown more in

suburban supply picture of for portfolio. our bodes near-term The coaster performance well the also

this supply year, page, of compared markets new the As Sunbelt of shown on estimated regions X.X% our levels as side directly at markets, X.X% meaningfully on X, and our when this suburban stock to only our which in portfolio. at have comprises of stock overall stock shown right-hand Page lower, of is two-thirds established at at coming of supply we as competing portfolio, less with online And our X.X%. roughly that look are even X.X%

growth in longer-term we order optimize In to and regions to still diversify to objectives, of terms of our portfolio do want allocation our expansion our portfolio profile. shift our time over XX%

that And in been, near the term, than assets could acquire in it to our us allowing expansion relative more established to trade the selling for So of be growth. changed. has the assets regions attractive more has not future profitably regions us in reposition portfolio our to

more with to operating on And turn the specifics I’ll for that, it Sean backdrop.

Sean Breslin

COVID norms back significantly the East historically the the escalated half in softened and better declined rent Coast, QX levels then and in positive East, the of and the grown address which to XXXX decelerate the Coast XX% growth very the more norms, different rent on took up Coast pre-COVID modest back of than been while both X consistent Ben. in have coast of quarter. very And more the with Continuing QX since in trends, From on to with Rents decline beginning to monthly to XXXX signs shows half same first Rents and XXXX. from posted effective West and through of about the during slightly perspective, absolute with a with a East but the have bolstered of levels modest the sharply West first half point. experienced year-over-year are continued in West XXXX. XXXX in by Thanks, since the right. growth XXXX rents growth volatile paths All steadily sequential year. market the rate consistent seasonality Slide historical East Coast stabilization, get during seasonal

Moving to healthy Slide X into to address indicators QX season. so remained were our during heading leasing trends in portfolio. performance Key and the prime same-store

during range of home April. XX% from in roughly was Chart purchase the declined X in X.X% was X earnings the as Turnover, quarter, about noted a residents which XX change relatively on to communities the points availability than from low-X% X.X% was QX to and lower stable XXXX improved Our by volume as during QX. our the leaving And also in sequentially and Slide about January one-third year-over-year. our Occupancy increased Brent in in basis release, quarter.

the the since from Additionally, our beginning out X% about Also, X% our original renewal increased and went of June and rent year, portfolio of up and on X.X% the May on ahead offers expectation. average about the X%. West East asking at has is slightly roughly

over it now. Matt turn Matt? I’ll development address to to

Matt Birenbaum

Great. Sean. Alright. Thanks,

development outstanding started early of rise to our future and laying We foundation to have earnings active the communities construction all Turning X meaningfully. that in which for QX, rents growth deliver continue the in lease-ups NAV. had leasing both started to in had strong currently Slide pandemic, X, results, before

open business at update projected start leasing gain point, current general our As on for rents market until do those we lease-ups not and rule, we to rents which levels. a mark to we velocity,

X.X%, in consistent underwriting. cost these or For This above funding cap yield they with fund per investments our $XXX these turn match to deals, well points is of XX the basis approach. on capital rates an month and have four our XX% to ground above increase seen we these initial even further a we increase driving above of current the broke source back when deals, the in

communities to year. Looking an leasing ahead, expect X we the of before on the start end additional

We rents opportunity their marked general, on since in rent providing these seen to the great similar projects we but current started as the increases results which a located market for market, in have in further lift in yet have well. construction, they’re locations not

million incremental slide, prior NOI the $XXX to As just total in development the of total from in Slide figure for those NOI that have million million market these our booked as still – And over with stabilize. come lease also yet leaves This today. of construction likely up as projects communities XX communities or most shown is $XX been entire assets XX, only in to NOI QX. X to $XXX projected complete of realized early we the on of development marked total open, given understated,

our Among third-party to of being many the market scarce as to future Turning are postponed in financing the shifts starts, certainly development becomes to cut. abandoned to see look starting as we tightening Slide projects planned Fed several in and or the past quarters. development XX, response are we competitors,

are market see of market of back we as rights starting come And take to pricing expect pipeline, been lower these some advantage of to drop-laying these more with our the to and development with situations We’ve additions adjusts. several expectations. able already to recent do much to contracts the

have finally The slowdown see in the capital in plays increases. execution developer we as sellers and environment general of well profitable years critical, strengths becomes certainty And subcontractors, we cyclical some starting impact of subcontractor pricing prevailed. of where to opportunities have retraction is starts more in the the challenging traditionally construction seen these and trade outsized conditions scarce to more some X both and turn when market, contractor. to An after where is most our investment land to both are starting our

it balance and an turn for I’ll the over CCC. to Kevin the update that, with And on sheet

Kevin O’Shea

Matt. Thanks,

while with exceptionally Slide continue of the debt-to-EBITDA balance below and is across range to giving Turning this growth to ahead, positioned remains our target financial strength leverage net stability of us opportunities our X.Xx, attractive to our look Xx investment XX, as In platforms. which also regard, well enjoy to low flexibility we funding Xx. provide we sheet

and debt ratio levels unencumbered interest X.Xx average at at maturities our are And to laddered, of X respectively. with NOI weighted XX%, coverage well about Our are near and maturity years percentage record years.

we in release, having liquidity forward no $X.X from our $X.X unsecured enjoyed billion our and also with additional year an billion about that equity our disclosed originated $X.XX just tremendous settled under as credit a billion we addition, ago. today, borrowings of In facility

time, extended markets may take to to in advantage an time. lean need future and As markets capital into we balance opportunities we emerge to over the a tap sheets investment our positioned don’t of our well are for that result,

highlight business financial operating to and XX,XXX to homes our established we XX, of this from customer back-office while of our XXXX across resident announced create centralized brought and in the which want Slide At efficiencies provide line. relationship the the AvalonBay the Gables portfolio we agreement acknowledge enhancing scale outset, center, Gables to efforts On experience. supporting finish customer own care I Residential’s our apartment to recently team entire administrative our portfolio support to that

We highlight this several achievement for reasons.

we value offering for AvalonBay are third, on have to the that that we’ve and second, in we genuinely to multifamily excited future. to a owners as demonstrates respected multifamily able in because of to services the since to XX First, innovative its way services CCC; agreement this highly shareholders because capabilities those these in extend embarked a Gables by support established additional be allows we the and appeal residents; company years the us and to to other extending such created the institutional now capabilities create because

so. do management we we nor offering not property under reminder, a our are do Gables, agreement services intend to As with

all As to rather continue by we and and each operational financial providing are to to company, . back-office will Gables’ decisions managed support business be Gables separately related AvalonBay’s administrative portfolios

February specific for economic while terms guidance modest And an our perspective, near-term outlook disclosing is relatively included then in the was of from initial agreement earnings back confidentiality and given in the are accretion we our agreement from finally, and reasons, not this XXXX.

it I’ll closing to comments. back for With Ben turn that,

Ben Schall

Page Thanks, Kevin. and takeaways XX our Alright. focus summarizes key areas.

abundant to environments, are in to to pleased the of of particularly value in advantage and order these in our an industry, year for generally as the is take to We’re mindful outperform our which opportunities selectively in with capital start we expect also that the less shareholders. environment create types ahead; portfolio look

With the ask that, operator for line I’ll open to the questions. now

Operator

line the with Thank with you. Citi. Please from question. proceed Eric [Operator comes Wolfe Instructions] Our first question your of

Nick Joseph

but is of would know you that management this this What you for from Are to in talk It’s week could can’t deal? could on looking announced here I about, then of that. Kevin, you with interest Gables. broadly if the economics scale business? recognize it? as Thanks. And terms margin third-party with sort property Eric. agreement you mentioned the Nick be the actually you a contract, I well this derive much specific and more last one-off owners? other is too Joseph talk of But

Kevin O’Shea

I’ll may Nick. and Thanks Sure. to Ben Sean or in. start want chime others,

have go-forward of if the of impact in of at is, modest, without certainly this, the we’re terms the about creators fairly relative our and view outside to of in this so this into And sure, In while. contribution forth. of the the size the economics, the that make for think I getting excited agreement and place. specifics are, to our But There just you of accretive. worth are we it main a mean, value business development and that have a margins, point operations place is from view, healthy excited moment,

but new are completed this, the we’re do that this transaction, As and business course, future just with We’ve looking like Gables. business right of to potential, hopeful certainly proactively not for to now. inspired we more

we So to and think do time over to further for to peers. from ahead to make like do allows important hope because fully to it and over allows scale an does that invest we over more time. capability us differentiate it looking And us this us because – time, able more ourselves be sense business it but the do our

or more lot to maybe a there. And if I there, know go there’s I’ll Ben So pause add. I Sean into could don’t else anything have but just

Ben Schall

Yes.

our CCC the things, I would model question, evolution, a step couple for services continued journey well, the planned the role think but well thanks kind centralized add I are both but of as for of the and as for operating as you I’ll this that next of as connect us. Nick. and

Gables, larger centralized AvalonBay. Think platform to addition investments. this more that us people handling allows process we at And the then are about of accrue continued with And can the so part appeal, here a to way. in at opportunity at increasingly in the we services, and part revenue least think profit make relationship technology, and to

So it’s forward. going in clients step excited operating a overall our nice we’re and and journey next future first model for this step potentially

Eric Wolfe

would understand to are the Hey, the and stream? to many your in And you a was you in that the about that? your would included it’s sort I last sure way part that of before misunderstand invest a other can might not wasn’t, then in follow-up how technology Is it effectively invest frankly, effectively sort to of sort that part that that it your units Eric. and answer, big, you that to did Maybe guess more you just that of become I I though guidance right think platform, of just saying make allocating those you even earnings the sort that costs are large. above financial have said or manage impact initial material think there, of of I be parties. contribution

Kevin O’Shea

number an material. you stab a some it bit. to of answer you, to Yes, for under me depends mean, on give what It I have to little an arrangement be is kind this Eric, it really of can’t units I of degree. be kind probably take guess, think what I material, let at a would

the I leading a for think way continue in not our operating at different to from what is does the to the been thing slightly the financial of look journey alluded of impact, us this business. it but create we sort it’s immediate to kind platform perspective,

over create year more this really honed even pointing this that when for our itself better draw, XXXX, we so reasons. do, in current size can slide this XXXX over to quite time. XXXX with more a question number in probably not in we bit better the done about experience. your of, when was CCC reinvest sake, our And we’re this of over can think two time. that the at we XXth and it’s I see you weren’t you fine-tuned for And out so whatever, and for this substantially gotten it better and has a do our platform we us started, we’re than We’ve that smaller. the One, a but And can you homes that yourself on here and apartment back XX,XXX only in time, for own even business of things itself started for in others, the were what has it

thing one did Archstone mean to we it I is had when the add in transaction, able XX,XXX were units we days. XX

scale strength the think which does we’ve of bespoke And other the quickly the capability past on when that’s got you, something that of So to that capabilities in-house. ability apart alpha point. centralized of to respected to of as the that across and economic sort highlighting entire increasing is to that given CCC with the operating it’s generating in the own platform it we diligence significance why the the a reason we the from screen XX our value highly our speaks the worth we’re that’s our think for due institutional provide entering emphasizing external us that at continuing through fact fact modest validation such the worth us center innovation, by relatively its at And multifamily is financial investors, a years. today, and owner, after importance created over Gables, the do this you’ve business

Eric Wolfe

the for Thanks all detail.

Operator

with Evercore. comes Our next Please line Steve from question your the question. proceed of Sakwa with

Steve Sakwa

year the than say of guess you? months today what curious but looking half and slowing, were comments the I rates hurdle year. higher And the for Matt’s They this I starts you costs maybe down, is growth shaping loaded is ago? to economy potential and rent given about potentially back-end up starting are of guys X for are weakening am you pretty those for just back come kind you how in were

MattBirenbaum

on rates going return Yes, development initial as capital target yield and equity. Matt. saw has our been cap and or it’s both the rise, debt over Steve, rise Hey, cost last year of in rising really new so we Sure.

our geography target mid-Xs, and the were high mid- the Xs to last they’re the of risk yields on mid-Xs, to low the So probably And year. the kind associated in in now mid-Xs, with deal. depending

just activity time we’re probably way year half – buyout back see more it our by, more So our to as is is costs. the the little weighted the going as – goes for hard a start the on savings by

our that advantage probably our own little we many aggressively in XX% little which to our that act as we So than others. some given general And bit. contractor, think that – a I little can more a a plays is development, play of different

which one, point frankly, – when yields of for the we risk the that well pretty look do. the for low continuing kind kind I that is consistent to this before, Xs. in geographic slide. wider than year, the spreads XXX development mix of look are deals but we’re the kind again, are look But weigh So are. at probably the what we and the spread those year been the stuff started to of of profile new that’s you where on in each starts our on and starts. year have And are They XXX last which we’ve at was saying about to basis that slated highlighted profitability of that, the And to

Steve Sakwa

need of returns kind Or that put costs feel reasonably put I coming to don’t probability into to do rent bit, starts you would number – Yes, kind you’re if still of the hit those what of that differently. ground? maybe for able what put little to your a growth the or guess are ask maybe way the you that you starts and slows that achieve confident even a reasons? a guess host I you risk it little

Kevin O’Shea

the I’m we at I for the started I about year, feel When confident the it. look one in first quarter. pretty starts

through started. have final have will our it’s one second investment a be start, quarter We It been that of one our we’ve committee. where budgets, we a approved just and third all

track starts at that, unless look confident when we the rate something of unexpected ones, feeling should I have year. the X the that I’m we X other planned that’s very So happens. it, for And pretty

Ben Schall

bit we’re to formerly But starting little given do the deals, are starts, have are more to through those going development about next effectively some part how developers what’s about increasingly which our pipeline the is fairly our reworking approach fulsome deals, at environment. active sellers And right very has development And that of baked couple rights this question Steve, we acknowledge our the point. that there, changed. a of is your near-term maybe right, over And next a environment now reflect talking the years, some competitors, changing. of Matt’s in today’s set fairly right, to of happening what with of pipeline.

upfront terms. to leading And to real so It’s costs. to attractive land repricing, leading relatively more control us that’s that’s high-quality allowing estate, limited

continue run dynamics in those all our So, to direction.

Steve Sakwa

And strength guess we’re markets Could then in And how much guess, uptick. most like Sean. season, the was question and have renewals between kind don’t And you Okay, May numbers I – the and about, you kind they you talked And of going maybe just given look the you guess, April confidence guess new might you for a that know I are nice I blend. going the I the X%. I weakness? be June how seeing April? of just leasing – and better? great. renewals out split what On one do and around a provide spring provide that

Sean Breslin

in quarter, of look what there. mid-Xs, up has there, and high of sort seasonality you just call, range. some kind blend a would a rent Yes, on renewals new of kind mid-Xs, trends. say little the first quarter, of I’d the growth I’ll the rents, if versus Steve, in decelerate. of mid-X% we that April, the what then dependent the happens then first Xs, our that’s year. bit renewals expectation through to and we quarter move-in, a consistent were to what move-ins just rents it give with were in the of the and move-ins change with new commentary relates perspective to renewals Maybe And in high-level at you the little But But kind talked moved in best begin the would new good we questions. the but provide upon asking as into of it and in that as given about move were And is the first is about see sort

our quarter. becomes expectation would you from both we moderation consistent revenue with growth what it that relates moderation, So the would overall to to growth. then with change see and some far and and on in And into of we to a rental know is that, and a so reduction material say, revenue that QX the But start still begin on obviously perspective. relief in moderate is what rent second in basis, expect communicated rental what will quarter, the got QX, rent headwind as than more change, that’s that would further we in perform well, in today, see we to is based still the I to expectation. third as mind year-over-year And quarter, saw get you some the we keep create second the to first would part as have we into associated you get rent in

Steve Sakwa

Great. me. Thanks. That’s it for

Operator

with Please question. question your from Austin the Wurschmidt comes Our next KeyBanc. proceed of with line

Austin Wurschmidt

everybody. Great. Thanks,

property other any the And partnerships you’re minute, handling understanding a for Gables for the potential to whether not CCC with portfolios to back what platform? future guess, I’m to curious feeder management, while add could or to discussions you acquisitions? sort the I pursued lead a precipitated Gables? of these we see Going not And

Ben Schall

Yes, Austin.

focused this Gables piece, that we then of it, type through We And a started no, And of which of conversations. first both decided it, given portfolio us. approach this more then a firms, were benefits. your the them On of proceed is portion that, for smaller realized. short the sort version on for benefits operational some went there heels relationships with is not the to here. the pilot test existing and of across were acquisition last angle much to being to or an This both on the piece, on

Austin Wurschmidt

then certainly, of you time development, recall returns attractive were And some And over coming Understood. tables kind of back I recall showing there out on time. to some over GFC, provided really the development. going IRRs

going bank what’s costs, on of a financing, input unique today. more land seems availability given the guess, I the opportunity and So with it like attractive

development on as quickly capitalize to are going on what’s maybe as you can So how ramping about you today? thinking

Matt Birenbaum

Matt. it’s upfront to a news and is as – speak right Ben really have want that good – little Austin, for modest can lot now good so the I controlling well. of maybe very bit, a estate real to a But we’re we investment.

a kind we’ve So really of quite to this we’ve a our for like And the over lot opportunity couple last potential years. of emerging been operating X. added platform anticipation last pipeline in the of the year or

balance or sheet. pretty land modest XX with XX controlling, think, deals I on our We’re potential

think of $XXX is total investment, quarter, capitalized cost, At the pursuit end around only $XXX including the $XXX million. or million. it was I the million

going have these close? going the yet to have are going a deals So to are about mentioned, Ben and on conversations at lot some a we those about decision there are sellers we – some we Are as options point not we were – of to a struck where in make different with environment.

I when wouldn’t asset It’s this, of is market, kind development think year, next do that yet. if the to particularly out, we we economics to ability have year. But deal muted still going emerging look is see not to side yet. ramp other that’s well it’s quite which we volumes. in transaction We screening later see value So what’s there say settle are have we’re values the of pretty it this up and on kind positioned. of the like I where

markets volume down. here thing other are costs, coming, starting come particularly has The mentioned, not in There in where markets hard some that’s other where it’s the moderation as start are yet. I see we but to is, quite

finding to other in that’s watching if have come going will you’re to we’re site There costs see. think more that the So getting particularly production markets schedule, what markets have out where There for opportunity that’s And much a is can months, you go, that take more to very we’re is over are going. where actively early when But every time. in the subcontractors attractive where you’re you’ve or start some job as not will got more that you’re and going bidding, sense job X little hole seeing that’s a hand, you X in hard going better preliminary a deals next drawns, we the aggressive pricing. day. in have down work to showing some have a we are ready a market particularly – Because it’s the year see it’s other a closely we But more. if you’re their truly and permit a bid. have today they we

Ben Schall

on when below emphasize, execute is land levels holdings, our limited One, I’d development areas Two numbers just despite you our look throughout relatively point higher ability a the landholding our our cycles. to across of of at kind peer of set, our peers, number

So room we’ve in some got there.

control operating there land couple benefits. markets some getting significant couple right of is situations second it step part where been relatively some and we that in about that. look with years, land repriced months we’re we But X could deals can for step our we to expansion into, at think we we XX%, an that to it communities, be The that well, where environment opportunities was If selective ago. now, need recognize accrue XX% have priced really a to are our where bring know there falling and out land is in can have of we limited nearby in. ability cost finding in will And yes, to contract, platform out of places, markets high-quality places in be a

Austin Wurschmidt

Thanks detail. all the for

Operator

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

Adam Kramer

gross about a debt. for Hey, in XXX like basis just wanted quarter. to guys. of looks Thanks questions. kind the basis on It points I ask bad the

have know really of I there. – kind wondering breakdown Just market-by-market a you helpful

kind all be there does sort next you’re of about debt some but the give – a bad this abate return of that So on number? it And how just right, maybe year-over-year to normal this of year kind into chance that next you thinking to way improvements kind levels, wondering going could quarters? return – pre-COVID some the just doesn’t gross if of few is a tailwind over

Sean Breslin

Sure, Adam. This Sean. is

a that. of on Just comments couple

First, in of sort relates that’s underlying to first our about basis the from during what bad quarter. think Ben came in as better debt portion $X.XX quarter, spoke bad is sort the it a which about the what we up about of we residents, as basically at around anticipated. X%, uncollectible in we than of XX terms picked the And that points debt,

in terms Moving the the forward, and year in throughout at to X% starting X.X%, for the roughly sort debt down then underlying about QX bad of average balance we’re that QX year, through of percentage. QX of expecting sort of trending

York – forward. region that’s markets and different So how Cal quarter. doing sort kind as responsible It move New then variance the quarter, the as in in half of the for New improvement the you We some Southern about other looks Greater nice was across well. in of trajectory markets York about first the sprinkled are third the in Different things. saw

we to have how sense through are it better once well. quarter, overall, things in but first with we we a trend out that for second saw quarter playing the yet, for were a what doesn’t and we will as the just be So move we revisit as make necessarily pleased mid-year able

Adam Kramer

I my basis wrong points. the XXX higher I there. really Great. and That’s I appreciate on helpful, appreciate around that. the was clarification number

a a more I kind a who benefit of guess, pay kind from of Is also benefit they can – kind had, a see can up, as nature, kind Just right? you Is true of you not it only of from in a they of current prior but one-time have a on Who residents that kind chance rent follow-up. pay of but were of hadn’t paid? periods delinquent kind on that? and one-time that that possible there

Sean Breslin

anything possible. don’t think resident thus is is is we have say I that far. Adam, behavior the on probable what I’d based seen

To we, I it started But all ringing paid, outcome. we’ve expect that. guidance, what the not would not who that likely of a expected sudden, would bump. in I people extent be a that’s our as not would So a in anticipate that necessarily haven’t cash from

Adam Kramer

the for Thanks guys. helpful, Really it. time. Got

Operator

of proceed next Our question the with Sachs. Goldman question. from your comes line Chandni Please with Luthra

Chandni Luthra

are questions. perhaps the for markets, seeing on in things last particularly Coast Have about you your worse? thank and markets? on has gone my What taking Could even you Thanks. XX how talk Hi, trend concessions? West days? And across the you your been expansion the

Sean Breslin

Happy is that. This Chandni. to Sean. answer Sure,

the less concession which the signed all XX,XXX about terms average QX leases we the activity, leases, across in $XXX. than quarter, First, was of is in

I concentrated across places. captured leases the modest. Bay were Francisco. very, and about that So tell the very particularly in you that experienced volume in is certain What XX% terms the spread quarter Seattle San were of in Area, of in we concession Obviously, more would

where two a concentrated concession. the the it’s of XX%, the just weeks, Francisco some seeing you little than last you’re the depending less give submarket a recent of again, most getting markets, frankly. transactions XX% data, that Pacific in the if San on But Northwest, XX%, type over and that’s a concession. we’re is, more of leases, those those or areas, more XX% And So at volume where in of concessions to you look are few executing

places those So but it’s in we’re significant of focused at a elsewhere. the most terms are volume, not issue on two the moving where

Chandni Luthra

mid- appealing think you become Noted. And you What to right cap seeing to enough levels in? are you high-Xs rates you would then And for in laid follow-up, quarter, it that what range. as out at now? a the would last dive

Matt Birenbaum

Yes. one. that I’ll Matt. This I to guess, speak is

kind are of cap are a desirable highly two There in or think kind trading I lot of haves, trading. markets assets that buckets, either would into assets lot Those the of that a is we’re put nots. are locations, a submarkets lists. The them of have on there are, I investors’ the not and which haves seeing then So that we’ve what activity, our bifurcated rates said and own that market. is of is what

cap growth, For those assets mid-Xs are rates. still trading in the

actively in me assets I have think, that we have more during probably today market QX, in do you’d days I have will probably asked some rate. of least would mid-X hopefully I cap and XX – close that’s one in and that’s high but at I category, say, would said – the a fact, would if have that we Xs, haves ago,

property when about CapEx fee say allowance talking Now talking yield. I I’m management the they a cap convention, a rate, market and rate, I’m of the which and kind way about includes a the not cap report taxes. buyer’s necessarily the

of say have side less And are you Xs. nots, more is rates have the have other interest maybe one interested. might seriously like low deep assets a there, there, less the that of bit The that equation I’d that a little a of cap or two are pool have probably bidders. And the

And latter call anywhere currently so an And range that asset market. X.X that may have we the in from to or two in X.XX. well as working category that’s that’s

first going As it sell asset saying, we were the really, own trading But net neutral. last for our was year plan – relates and seconds. to to to started to activity, be our year buy we

on what inform side. would extent appetite cap our that we’re and expansion pricing regions know were our turn trading out the selling, the regions, we which So the in that established rate asset to we our buy of assets in was the into on would

are a So have do now dispositions of in process. we couple that

some the to regions. capital two in into we reinvest acquisitions that or so to And next quarter be going are looking the potentially expansion here over

know side would plan acquisition expect of we to to on resume kind is is anything close I that our – it QX, forward in trading. the don’t if So but going

Chandni Luthra

the color. Thank all you. Appreciate

Operator

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

John Pawlowski

like land the on the bullets the I volume out started the representative know meaningful we’re XX market the a out Page Is lay on the that the development you for XX% sites repricing? of of the investor state getting is And threw wanted value right just Ben, XX% time. like around just broken reduction Thanks you Or I now? deck. these to conversation of follow-up the market in to comps. right on of now? and

Ben Schall

financing, contract see more we think landscape, contract the to at execute today, don’t I than willing look ability – right, extend less when to our had execute are deals contracts And to early. give that where are out to heads. goes projects motivated. to margin, are going breaking. where buyers referring was construction relatively situations to starting two own on this the And There to some are current are situations our Matt’s who – looking somebody on right, those to and to the we they it But are about AvalonBay I see with. like still need we to comments sellers to buyers are who are to the time, rely actually

environment. So yes, the that’s the I’d – say of that’s kind general

is expectation more come. to is Our there that

of parts cost to the basis, capital merchant market this challenging. Starts and – are significantly, of expecting their the very for of just one prolific, we’re been substantially deals relative capital expanded And And this the underlying So ability part on look all is see. you who out right? to builders down is that the construction we’re very get is a have out private big be a starting environment to new that at also has year. this of

in some they players, that’s to relatively up cost period we X.X% cost or equity, that’s right? positioned. gone before to mortgages to at So And gone now, on in our this, or of putting obviously range can our the construction our we’re like and borrowing X% from up right? if before a equity is getting well relative get While mezz those X.X% think, preferred advantage range, debt has X% financing, the are market has capital of private senior

these start to types And of stepping so of into going opportunities. we’re selectively, some

John Pawlowski

if yet little credit while. I’m data. they I’m a seen Okay. in and I have start the to On you markets haven’t just But a views starts permitting in been down markets. for And are tightening on bit your got know internal just and activity? why curious volatile have permitting we guys in any the have theories the curious more relief for why any you internal a that falloff on haven’t more precipitous they mean if a been and have seen we I point, while,

Matt Birenbaum

housing probably permit It’s come it’s my – numbers a start that that was and up. John, I then is question bit it Market have things. – Research, would lot of even of there. a out. we lot a funds, as of a in much when of our production a has think head little think other was the of lined to is scratcher. that fourth the the I’ve through It and Craig I COVID Thomas, of which month kind lot actually lot Affordable right mean, gotten is some come half out capital now. what quarter, of relief permit high start ask I a was every of not committed of Yes, the one-time learn activity money as of the running pretty Matt. There of Head been is And product,

numbers a they be could are getting it head scratcher, people it inflating in bids and agree not – pulling a is of cases, that bit seeing. may then you. some But liking the and So I permits bit. be with a and little But would

John Pawlowski

Okay, thanks the for time.

Operator

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

Jamie Feldman

land think do potential the singles opportunities, side asset could acquisition? think portfolios you there the platforms or you think side? about acquisition you for as there Or on kind some it out be and guess be I will or do you. Thank doubles Great. on of

Matt Birenbaum

probably of Matt. short-term there would a unless some those call, somebody of sellers And bought a it’s a unless opportunistic. an X, capital. markets. portfolio on it Today, back talked given when of think, years, a there portfolio And – the the has go on I abundance just about you lot kind there of portfolio last the capital more more discount it’s transactions, – happen portfolios, portfolio unusual, our is Jamie, selling X portfolio Usually, pretty it’s was premium. is things which put kind expect, debt of usually I they Hi, – would latter. be all, and

I’d So that. little guess we a haven’t I heard of like And anything be surprised.

Jamie Feldman

are forward any thank And April the suburban going performing as your see forward? expect views And spring assets, urban to Okay, think or you what’s versus the in come how your it’s – versus they leasing, expectations? and we each whether versus then data thoughts what on going you. on can about other

Sean Breslin

points Sean. it’s and basis generally, through I in What if rent we as than our Certainly, do we than again, environments. a suburban forward, what get feel we we standpoint, in experienced XX exposure, anticipated. that that’s urban is And an if bit into line. is we are anticipating is move yes, say about what particularly change that nominal we urban Jim, very click new quite that very portfolio, very, variances. an better good economic weaker The things from that, out Yes. you at less given were gave double look environment suburban, supply would coastal QX, the and in

probably as environment forward, suburban more outperforming. So, depending how I would towards on expected unfolds, would as But say, right the assets look now. you we kind of pivot

Jamie Feldman

outperforming? assets Suburban

Sean Breslin

Yes.

Jamie Feldman

Thank you. Okay. Great. Alright.

Operator

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

John Kim

know I bit Gables office I was revenue be already, how little other you offering of far this operators? a for kind – but talked opportunity think big you you. functions about wondering could as this back-office Thank support Hi. as

Ben Schall

through We point. a to implemented. further we our haven’t this at to went out. as pilot, it described. get We yes, the third-party bit I John, little sized first fully want get yet We client

we could it thinking about are yet. the of thinking clients start further come, down stage the additional will profile where road, that at not We and about even but

John Kim

the Okay. talked whether most you about the the broken opportunities, mezz versus And that other in deals you ground-up see or it’s developments? presentation do where attractive

Ben Schall

three breathing on because teams in can are will add and living his hit he and Matt areas, this. Yes. maybe and I

First development is about. which we side, talked the

acquisitions, Second the relative and expansion this – is selling on of and into do the today. is trade, more our gets out think regions regions, we attractive established into

hopefully, that couple a months. got couple over the of have We next of we now assets will sell

for which a capital, reason, bring generally, ton selling. lease of be this a particular that doing place can are today, right, could where and looking not to so of deploy the to we could we deals a are in type be And situations can platform for be buying environment in bear are our we harder nearby we of most finance buyers types up, when at look to But asset.

that attractive, the of On category for makes we abundant. going looking right. But then I present in to places first acquisitions we incremental capital to the of are the it those And couple where world We years. goes our will believe and would us. over highlight buy theme to on third also less a side, add be broadly opportunities capital yield is create more themselves some the can

investment think quality we the we developer of sponsors, book that programs, we you the our returns. business, look out funding and think program, estate, about stronger ability, program. have And real better structured over stronger our So,

another place can create selectively capital where we So, to that’s put value.

John Kim

helpful. Very Thank you.

Operator

the Please line your of of Dennerlein America. proceed from with with next Our Bank comes question. Josh question

Josh Dennerlein

how everyone. the Hi back for lease-up, imply opening of that about but this remarks to range? question. yield yet, the and later mark that they Yes. the into from haven’t that the will to Thanks pipeline does guidance go projects it to go in year, you the impacted included gotten Kind up uplift seven don’t potential development market the the until are lease not

Matt Birenbaum

leasing to year. Yes. the to impact guidance ‘XX later is really going ‘XX those start until and in this earnings are The going are Matt. deals they most This because year, of for not

isn’t what’s reflect which is on rents budgets it’s lift higher ‘XX. we deals, ‘XX, does which of shown than there lease-up the the attachment, have the do real on in So, those kind guidance, reflected development but

Josh Dennerlein

helpful. XX updated at projects currently this have point fair with Okay. uplift That’s said a super then you you seven that the uplift to projects? that, projections, one that, those basis follow-up for And for is

Matt Birenbaum

time over yields rent lease-ups we see what roughly be like to similar those similar And in to on that, point our kind deals growth kind rent by say seven yes, – across amount. have of what the experience would slide, of that that period. have same-store that we that over roughly those if XX% time, mean would seen included of yes, seen we entire broadly book the comparable I is that to uplift in if expecting of if I the kind rise the was

Josh Dennerlein

What’s project that not that could then for like seeing might a if good Okay. you a year, driving like – not mentioned you start pricing construction something are that. seeing you had dynamic? bids are few start And you today, versus a

Matt Birenbaum

I when can’t a drawing. I mean bank. – year, you you think it’s not final It’s are they not give just you you take giving certainty. just don’t a you construction – price to deal going to a ask to have – just for even you it’s Anyway, start don’t number. on somebody estimate number an you are that the

you not are that an number. So, more of at allowance. It’s contracting

you not are any guys busy don’t these on inflated up, have five a that’s would they that’s coming are on ago. there over lean only number XX site two And number we they you of say, days subcontractors subcontractors And into where the very you that’s were like, I willing than here the years have to others margins, to they When you it’s were natural need for job better all they where, your their as “Well, have at.” said, it’s availability, give did to job go working is so maybe and days, given But in I the when stretched which the some jobs, need last see I will essentially couple and are last got capacity. they their XX ready we when a business. – will give people and a beyond have

Josh Dennerlein

you. Thank Okay.

Operator

line next St. Our of the comes Haendel from question

with Please Juste with Mizuho. proceed your question.

Haendel St. Juste

quick how Can equity and is on you question forward bank from you And Thanks. me. what’s for or longer that I with development at for the couple A request it Hey. Good term at capital? or the earmarked that? time pulled other plan afternoon. to for ones also of investing it guess DFP? that your X%, much first funding, a you the Is ultimately any the acquisitions option? consider withdraw at would your

Kevin O’Shea

down equity Yes, pulled the sure, for is This $XXX Kevin. amount was million. Well, we Handel. the that

did deposits known are we of And latter that speaking, that’s to highly time the so facility credit part our syndicate. invested, with roughly very we us, that rated, and partners banking so. And incrementally amount

to into And think deposits be and the essentially are development. we reinvest or we the – that need capital in when cash mapped so order pulling to will latter-time down

structured far. So, that’s of cash so how we investment have set the that activity

$X.XX source development So on would we there and liquidity fund billion, as credit, – where is – that as we our line retain well so from to of drawn. of liquidity nothing

to that or is opportunities have an of to we from our from ability – deployment So, cash cash plenty respond have either cash, invested we new justify earlier of line the of may the credit.

Haendel St. Juste

That’s Ben, helpful. for Kevin. Got Thanks maybe you. one it.

For deeper into made who followed of how those adding you forward? bit you strategy term that multiple being guess AvalonBay some the well? to revenue, of lending else I for management still maybe curious, Avalon’s and get we growing incremental strategy, Thank recent changes top company for time, outlined. some then as cash what what are the us even a you And have capitalizing how but you did maybe more longer you. for the suggest have interpreting proactive you on services generate and these environment evolve be platform? entering complexity the lower mezz should considering, business changes the I they the third-party what to mind you as FFO and perhaps a Curious think trade-offs about the of else a am as

Ben Schall

about mean would appreciate I start I is team, by I that. emphasizing, Yes. executive this right. this

SIP, including that setting to earnings, we are value differentiate have profit working long-term elements ways that are versions business the we and this coming this over and course for years, that the continue the to lead been existed, for to the can have ones there on. we to and creation. looking DFP ways are number A think So, drive of announcements, recent the of we

can activity. And so certain we in we areas, have a we think decided accelerate where as that team,

so come. that have you seen And

have this externally emphasize terms communicated areas, In our internally. and strategic to of continue it focus we

our and that. model margin customers First and driving is through transformation operating to value

our that is movement markets part optimizing Second as to we prune grow. of also And is assets portfolio and expansion established regions. our our to of looking the out

in development DNA Third our ways. is new leveraging

for that SIP. lot like this so increasing investors, into and don’t call, gets drive always our And a talk home, is culture. our programs and matters here this one, about certain people associates fifth then particularly the and we for DFP on residents, leadership our our and our in is and We ESG. what’s but special it And

I as will we create are us. believe those driving – are ahead look what outperformance and for that’s us So, what

Haendel St. Juste

thoughts. the Appreciate Okay. Thank you.

Operator

question the next comes from Alexander Piper Sandler. question. proceed line Our of your Goldfarb with with Please

Alexander Goldfarb

Hey. Good afternoon.

So, two questions here.

those First, versus supply some private urban competition market, out then and just like on suburban? more operators peers in the be you from the you where us are of the remind much the in Sunbelt, targeting is we the concentrated spoken urban definitely it less have expansion can the speaking impacted. seems in areas, Just your tend suburbs to to whereas

framing as your So, exposure? out are just sort of Sunbelt, curious, you look you at the how

Matt Birenbaum

it’s Yes. Hey Alex, Matt.

And of the just best we mind. are an that over risk-adjusted for supply/demand the goal kind portfolio we opportunity is looking it as we in we ground what suburbs. Really necessarily the found these fundamentals the from regions a years So, what a don’t attractive like our And the particular started construct investment are return. start we as we assets in have felt last the pricing to with the of couple there, and was up. expansion in of taking more

RiNo fundamentals, have But look yield. finding as better diversified one the portfolio, we better assets the rates suburbs, just probably be in in deal to But bought recently, but high you going – higher supply-demand assets. so We cap portfolio. not the ultimately better a and at well. also if all a did are there, been until we suburban very to have pricing So, our Denver development to value we they tend develop supplement

So, more a Florida, same to We you recently thing bought bought it County. just look has where in We we different Florida, Southeast we Margao. be couple if in assets in in Broward bought in at bought of Voka [ph]. Southeast tended

also Denver, we are We little that suburban we urban of pipeline bit In more Park, of have of submarket. place develop is Governor’s is strong we in find one but areas, better much. are a place. as the Westminster, these in not in then is an we we one very which in deal They under So, And have invest. may first Sunbelt find first our right urban the opportunity, to a we now. markets, value in have mindful But lot development there. and construction tended deal urban if the as not really a as

looking urban at know that. don’t I we in Durham, Downtown submarket not all So, an Raleigh. And there of that in is are Raleigh, the

one of that Charlotte, been and has in submarket in We is development kind there dynamic. – very which of did the So buy – in kind very, the all urban our is South portfolio the suburbs. the

moving are it. same – to metros. So, that’s suburban the have would in But the may have employment. don’t people more a the more of others little just a pursued it’s And just the of transit so. generally have also necessarily a the lot a Sunbelt say They And some way right, the speaking, don’t are stuff, concentration more lifestyle is the be is exception. bit than there way and space that orientation. reason frankly I of of of have lot it They kind you the have of different of strategy they

Alexander Goldfarb

Okay.

is, or financially insurance more – just given the portfolio in opportunity, of market, to take say to on seeing your you you I question what’s second going seeing better it’s but The don’t self-insuring more want that are on you are cost, for more, the get the inability try or mitigate reinsurers? reduce ability pretty carriers with certain to partner and or the to where jumps you or as premium of sizable some guys to maybe, the developers you are – self-insuring especially

Kevin O’Shea

to well-capitalized REITs But the development opposed and self-insurance aspects implications. spot the want and highlighting I relative passing just on Maybe REITs strength respond really may will to aspects that the particularly, tenants. respect Matt you this Ben of Kevin. residential is on respond this as risk Alex, commercial with absorb insurance and to to or then to strictly are of the this, may to

past, or the in in has in market the So, on renewals, market on we premiums, to have, about become we actually in bearing in property going wholly-owned now, inefficient insurers regulated insurance increases that. having the am specific extent full to become helpful their in are as individual renew years too I insurance has the pricing. those used company these captive our thing renewal to we property say, to that have be May self-insure a recent XXth, would been so X with market not order in increasingly I the get capability to property But X mitigate challenging. what’s because for years impact of going insurance years, strategic

And so market our of in that a the has program helped rate far than insurance keep costs to growth. property lower

And take so at year, this year’s have look mitigate be year in of order to biggest the growth pricing we But the renewal, this risk to self-retained a costs, as on market level necessary. the that captive inefficient participants more willing through we’re total to then be year. our to for insurance in some do properties property which should likely of from piece, example, last by X% We X% last expect higher grew program.

Alexander Goldfarb

Okay, you. thank

Operator

next UBS. from Probandt Instructions] of question with proceed your line Please question. comes [Operator the Ami Our with

Ami Probandt

Hi.

a Wondering historic up the in turnover the more level? could think on low but historic was way the of a So years, lows, couple you remains back from next Or toward turnover has we over demand XXXX do basis. historic trend level? below shifted remain where a

Sean Breslin

to Sean. we this mean question. overall. somewhat thing Good would that happens. the remain one I a Ami, say of relatively housing in continue market in Obviously, terms I speculative tight what is nature in is

does That for and want, condos, inventory look the etcetera single-family the the of kind may likely on correct. not couple multifamily, the et particularly years. maybe of seem cetera, to of in you at ability townhomes, side, last be single-family, they be the sort If more limited, aggregation to people access to of

on that that’s on might the go I’d and in churn a that to market, given financing terms also ground. than better XX%. not sort people probably cap but macro home, just XX%, being that what’s production actually was less the So that buy put quarter, say near-term likely may past this And the typically one in some of of XX% XX%, get put factor the the that’s would

that’s of a So that for the here quarters. things next keep on factor kind several one lid may

Ami Probandt

Okay. How the one. developer then Great. do AvalonBay projects and funding another with yields? yields program quick the compare on And development

Matt Birenbaum

are program this than Hey, on the our is own They we that the think about differently development. we’re risk Matt. allocating – is basically Ami, way

the And target are consequently, differently. so returns allocated also

so for Our What it’s the is that. we than few target higher the and an development. and is found acquisition we’ve to a be far, that roughly done yield halfway between been

think those I the done an XX, still at deals probably would points way yield if basis on development less more. if not So north we’ve is is yield XX, points about than would going to yield basis but of acquisition least probably be XX the it on the XX be, where the ourselves,

Ami Probandt

Okay, thanks.

Operator

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

Anthony Powell

Broader afternoon. initiatives in And the those to for of, question, guess, that do housing suburbs. was Governor multifamily have that an how supply? good now on view there, I opportunity of New is Senate more for in kinds forward? the Hi, you Was zoning proposal expanded would develop? and York’s Or the I that House going the you stalled guess, nationwide that

Matt Birenbaum

this Matt. is – I would have

constraints a Sean I engage try about. in think bit interesting an supply that local want dialogue third things has And really Ben is led have that the a in in that states. see well. California, in underproduction states – may politically as in the weigh been to other of It’s control. one and New of to But turn to of and to really York that to rail and these housing really has led

see away chip to legislatures interesting at it’s the So state try to it.

of you’re in public long-term kind the would on opportunity What some something it have think pill. has would California, theory, seen was policy would of If effective opened is Frankly, a been the poison a from far, else something side other of a be markets. those bit the in with so more long it an up for developer. it a both, that, sites in rent development, us I run, trajectory made it’s every been It right, that point right? that’s growth has really we’ve been to lower be view, that’s of the there it least might point of is time come as it. at there of

They allow very say So has to it be are saying a cost, they’ll which in prevailing difficult transit, wage, it effectuate. XX% your actually XX%, premium. has multifamily then been they to but construction is

economically, land Or need XX%, make price the for open And certain and sites, XX% they’ll they can’t affordable. it work. And you it that economics so doesn’t up work. afford in again, going but

the process. can add communities in our to so underutilized effective storage just at not those two, it of ADU place pipeline, we where the dwelling go far So zoning have we’ve five, one been kind actually California, has in the of smaller and through with have over seven existing three, its We be seen program accessory four, unit. six, areas parking in truly XXX currently or apartments

one going macro take been not on needle the that’s to to able but of. we prominent of kind that’s have small move level, So the advantage program

Ben Schall

then level And environments. It’s our away of and effectively, some based is it’s move at at within And around regulatory bar to just It’s suburban moving on been and how you probably diversify more we’re more of capital regions, reality towards of level new last today, number steps why the from years, portfolio there certain higher – the And see a maybe there. influenced over two-thirds kind reason And higher the our of minimum part regions. the been to are into capital, to more a then for allocating our headed and capital portfolio. we’re yes, add portfolio we’ve the playing a dynamics regulatory where the influencing to the allocating decisions. if right, of our quarters is, suburban-oriented expansion municipalities. allocation we’re local a three shifting

Anthony Powell

it Great. That’s for me. Thank you.

Operator

the queue. call remarks. closing are to for There hand the back further questions like no in Schall to Ben I’d

Ben Schall

everyone, you to Thank today. look speaking you. soon. for support us with joining Thanks, appreciate We forward and your

Operator

and this you for today’s Thank teleconference. gentlemen, Ladies does conclude your participation.

may your time, at You a disconnect day. this lines and have wonderful

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