UDR (UDR) 7 Feb 232022 Q4 Earnings call transcript

Greetings and welcome to the UDR, Inc. Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Trent Trujillo, Director of Investor Relations. Thank you, Trent.

begin. may You

quarterly UDR’s conference call. Welcome financial to results

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

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

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

ask after to be not that for questions to did get the you session today. everyone’s and Management we follow-up. the during get available a answered portion, question-and-answer will limit that time we be call one your the of Q&A respectful questions When your plus

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

of and Senior welcome Operations, Lacey, Trent and also with officers Senior who Chris Ens, call. Financial available XXXX discuss and President Van the fourth portion Fisher today UDR’s on of will the be you, Thank call conference call. the me Joe Officer, results. our Chief Vice are quarter President and Presenting to will Mike Q&A Andrew Cantor during

begin, To exceptional an for XXXX was year UDR.

FFOA growth XX%. near achieved record high NOI First, XX% growth same-store the of we per of revenue and full our top share same-store growth and the was year sector of

people, in task a generate XX-person execute force included leading operating initiatives. Second, we further establishing our advanced platform which innovation by and to investing industry our already

our in engaged ClimateTech Together, further various into should future. resources expand operating we margin the PropTech investments. peer-leading Additionally, these and

had when continue our and signals, to being we the the cost debt we our steward in your recognized to earned good we most continue commitment leadership our paramount. team companies equity for program, our strategy associates, board, leverage, IRR to America’s when Being increased. actively a honored ESG we designation year and strategy attractively while pivoting respective row UDR zero of and investors stakeholders capital capital In sheet a to last, short, the our propel opportunistically a top Third, for priced REITs. liquidity. ESG rating GRESB, forward. balance UDR capital-light adhered of recognize were numerous variety strengthen right as growing is market in institutional was ongoing of include early Company a capital the the the Newsweek from And organizations in a we be maturities to XXXX, and enhance and was responsible named to categories our year in place the by next reduce These environment. Fourth, to our our and possible. have all by executives highest X-star three one among in U.S. second of to

to stable, This the demand time of at XX% needs-based outperformance? our specifically of demonstrated levels annual and UDR. can outperformance, history and relative economic years and includes: our that my capital cash of for our business, any on we TSR flow rentership XXXX, aware diversification over TSR remain how environment. we forecasted of improve. industry. setup XX while and long-term constant is by remained relative ability rate continues rent near highs, very supply to to up of has affordability what are versus traffic U.S. positive, multifamily range The cost income industry relative that a all-time the wide play growth well is strong ownership steady, scenarios job first, growth in build perform an single-family Housing the growth but this out, we ahead focus and and Looking control to are sets around are is This the compounded healthy, is to across strategy the over remain

with within sheet finally, and our of growth debt we the expansion. amongst UDR our with the favorable second balance yield highly enhancing billion the And our capacity maturing by this and Second, until industry. highest year, UDR’s for a dividend allocation already We have setup return profile. robust we earnings, entered liquid margin capital Furthermore, should no $X X% approximately increased and remains XX.X% XXXX. initiatives Innovation in enhance history. XXXX peers our the highest this prudent through strong

Taken together, we strong and whatever feel continue absolute and face we results. environment macro confident relative produce manage that we will effectively to

I am closing, and of relative the UDR’s industry. within industry the very advantages relative multifamily strength optimistic In the on

excel, better successful you you to where We enables our which stakeholders, track make all key associates, did UDR talented, and The I determine associates, what year where and unlocks performance. of can have customers a we look and will and we experienced strong listen that how to team, can for for my XXXX our us future. XXXX. with continue potential during innovative the we relative a strong is our to record fellow thank come a in to drive To forward our improve to to innovate again

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

early XX.X% NOI today our same-store fourth the results our revenue operating drive begin, cover continued of growth range year-over-year and strong will To of on update quarter sequential I either efficiencies. of in to trends, growth quarter. XXXX including include innovation same-store that year outlook, XX.X% revenue same-store an drove fourth and and and topics X% growth results, could guidance same-store our end full The our factors Tom. XXXX Thanks,

basis growth XXX X.X% points. than of level locked usually Results earn-in, first, robust This by: our the well norms above period for blended approximate rate XXXX in growth lease by historical in of driven year. our were was the is history X% slowest leasing what our more highest

signed strong Second, efficiently ability occupancy our to exhibited XX.X% sustained traffic of convert leases. into

in to The number our expected of enhancing twice resulted on collection skips usual than residents from steady. which held portfolio to and fourth, approximately units. focused in XXX total today higher closer is earlier helping of of And remain long-term XXX roll, reduce volume less our delinquent from residents delinquent evictions. rates with This X% residents to than the trend across our debt turnover XXXX, resident rent over our average, we down historical Third, continues reserve. bad or

my trends. see inform operating there we XXXX, include Thus early and relative of leasing and help four XXXX primary far that traffic, the results in indicators In environment. Next, affordability. experience, absolute strength us the of affordability concessions, trends. are favorable continue to These

Traffic make line the the and with we long-term levels in rental saw relatively are remains prospective a year healthy. is but elevated taking demand ago decisions. to their average, roughly residents longer First, well above

week minimal Recently, to in been concessions X concentrated concessions submarkets of in X certain D.C., Austin, average and remain and have Second, around primarily X and appeared weeks. of Dallas San have Francisco averaging on Washington, Denver.

largely levels evidence up. to range. portfolio-wide rent COVID XX% growth resulting our growth be with balance in has seen of up, To-date, holding pace kept residents’ since rent the to scan residents Third, appear have steady doubling wage income low we sheet began, in

remains slightly Only compared X% fourth In our an expensive due the is XX% roughly Renting single occupants, versus home XX% affordability move-outs pre-COVID. XX% apartment in less quarter owning home expensive less a pre-COVID less to our last, of than relative of fact, approximately XX% are favor. up purchase, in than were And levels. households typical. to

by blended driven X% similar and rate renewal backdrop, to and X% X.X%. the this expected of X%, With to rate growth historical quarter to norms first is for average between growth

leasing was below in points New lease growth peak the we February slightly improvement is of we January but as XX negative it expect enter average, pre-COVID in basis further and season. positive

NOI guidance at our the is X.XX% year revenue same-store full to midpoints. respectively and growth and Turning XXXX, X.X%

are points. and our growth model input and the a X% XXXX our this into of forecasting X%. output field forecasting forecast growth We range from rent triangulated taxes the is of rate Underlying growth using of teams a midpoint estate largest real we approximately X.XX% developed insurance, guidance forecast, with multifactor to also the pressure from blended internally. the third-party estimate expense midpoint, We at

Through this offset rent primary of total will growth. XXXX our that growth in job have work, driver income growth X% expectation of predictive Within negative by expectations market that the fully are consensus we found slightly analytics growth. wage model, be is the approximately

rate declining slowing, growth this still a real should addition, continue by and homeownership supply. consensus growth market but benefit In increased somewhat new GDP year, positive, rent to offset

be comprised using basis rate our a growth rate convention The new same-store approximate of revenue basis growth end accretion growth see the and even X% occupancy, through approximate blended job point growth mind, X%, our through from growth positive growth rent unique With innovation respectively, a from of average achieved earn-in, to be this X.XX% X.XX% additional guidance rate X.X% from pre-COVID in an X% negative, goes path and X.X% comprised similar XX would renewal still of blended midpoint improved innovation contribution of contribution slightly achieved initiatives. short, of year-over-year can to growth and respectively. rate high and our point XXX X%, renewal midyear In new of in and we a if XXXX.

of our is basis only February flat Conversely, of the rate. on January through rate blended the reflects renewal approximately growth and need end new of from we of of the rest low blended low basis the average year strength blended below average point X.X% lease and growth a nominal the relative growth, contribution rate to of which XX achieve comprised renewals, of pre-COVID X.XX% X% Because year end. rate the growth full XXX points X%

should approximately regulatory our impact revenue to For that our trailing year have the end XXXX we reference, growth our Ongoing time. but challenges lowest even rate unfolds, average of visibility XX% plan as April. at views We reassess of was full same-store during into our could renewal by past assumptions guidance four-quarter to downturns, XX% X%.

are of XXX drive property-level that bottom our our innovation to to and and and data point connectivity, drive versus time. end the of same-store basis included our this of $X peers. expanded our as incremental experience whole-building the least enhance ranges generate more revenue pricing rollout at largely seamless as to our operating use upside, on $XX expanding across building-wide to million WiFi we will and project is $XX continue on with to portfolio enables big engine. improve in growth drive line advantage underway dollars initiatives, focused we intent margin NOI million customer controllable million Finally, such external initiatives satisfaction guidance has our legacy Initiatives Innovation over to in and our ROI to continue project on XXXX forward XXXX. year expected be by further will

XX additional basis of on and third-party in alone above value XXXX, billion example, market the has an incremental $XXX provided yield for $XX $X.X expansion of points XXXX the have to As approximately of This between creation. would completed or innovation NOI. an million what around we million accounted translates acquisitions

goes out the closing, special relentless to In all best our teams a of drive thanks across results possible to for efforts markets. our their

leverage we tools in help, XXXX and your exceptional. results will drive XXXX with was continue performance in Your the to and And innovative to beyond. new

to will the I call turn Joe. now over

The full Mike. and and quarter cover I update. recent transactions full summary a and you, topics Thank will today outlook a results year balance liquidity markets capital fourth our and our activity, year for and XXXX, initial XXXX of sheet include

dividend $X.XX Similarly, AFFO adjusted a its reflects $X.XX our reflecting on of guidance XX-year was range. dividend second year the $X.XX with a our to authorized year-over-year, as strongest as in of in growth historical midpoint payout average. of FFO quarter per of year total company’s share enhancing XXXX FFOA this fourth history. earnings previously of increase profile. return Board provided the XX%, share guidance, XX.X% higher XX% of our XXXX Full our robust our Based adjusted achieved Our line our our ratio per year,

is interest The single-digit our $X.XX X% other full guidance communities same-store non-same-store the per higher from and mid and developed G&A a expense full $X.XX FFOA venture growth. midpoint following: a versus redeveloped increased by items. average $X.XX $X.XX The successful continued XXXX driven expense to $X.XX. $X.XX represents year and is count, benefit year increase NOI recently XXXX NOI, same-store from $X.XX $X.XX annual forecasted ahead, benefit increase higher the of and a and offset from communities, corporate from joint high Looking range result our share by by a lease-up to share through of supported $X.XX

forward share equity first guidance quarter, fourth higher count FFOA at the year-over-year of from is the range of and interest average our the The the decline is driven agreements settlement expense. $X.XX $X.XX slight to For a per increase higher midpoint. end or sequential share at by X% the the quarter

markets update. transactions and a capital Next,

First, in fourth in or no generated million and mid-XXXX, approximately we equity forward capital-light DCP during strategy And capital with made $XXX towards a we dispositions our from second, settlements. alignment the acquisitions quarter. shift investments of

We and to the during proceeds community further NAV all settled quarter, agreements Specifically, and a implied share million or premium price. County, execute discount consensus share used cap at approximately per equity X of our balance our recent premium and Orange California in to sales $XX the $XX XX% XX% at roughly we sold improve a $XX sheet a current remaining approximately million for share to X% high rate. NAV consensus to and repurchases forward a XX%

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

approximately $XXX to facilities and on program. enterprise we have our paper include: after X.X% or commercial through highlights credit Some mature of excluding XXXX debt million amounts of scheduled consolidated value our first, only

approach the group in proactive has weighted the sheet resulted X.X%. X-year our average at the liquidity managing best lowest sector amongst the Our balance and to multifamily interest peer in rate outlook

just dry and half continue to XX, we X.Xx quarter full as was providing strength. us nearly ample Debt to our a billion better at metrics X.Xx, of a have while was Second, levels. And versus powder debt-to-EBITDAre improve. of down third, from enterprise ago $X turn end, leverage pre-COVID and liquidity net a year turn December value XX%

We XXXX. expect to metrics throughout improve these further

remains in shape. Taken together, our sheet balance excellent

deployment remain value with capital is earnings create of utilize advantages sources forward allocation liquidity capital Our we variety in to selective uses drive continue our to and balanced strong, we and a position competitive accretion. and

I open that, will With for it Operator? up Q&A.

Our is Please Instructions] your Paolone first with [Operator Anthony JPMorgan. question with question. you. from Thank proceed

Thank you.

through us as being are some of First giving give you the portfolio strongest a just question markets and sense step in see weakest as out and some Mike, Can where ‘XX? in which is you maybe for went markets back concessions. the to you you

Yes. are Tony. good you How Hey, It’s doing? question. a

heard lot it starting think of both and at have you the about us probably the I talk months few the over last level trends as convergence relates Coast. Sunbelt a high just to the a

there. start me let So

with a think you about have I talk the earn-in. Sunbelt, bit us little heard that

think We is Coast. X.XX%, the what us, around we about higher going loss are Coast ‘XX, to for seeing East over into Coast was the when right are as it, the around X% X.X%, market are in just in Coast, we And though, West seeing the around well X%. you higher today difference rents as a lease

up So been due probably start we seeing that experiencing more a driven sometime what the are midyear. pricing what potentially we catch and the could differently. given with this through we lot do able locales, surpass are and to Coast, is growth That future. And we are a to strength do are see expect there, has forward and coming coming higher is bit foreseeable doing Sunbelt down But the leading to what have it’s of out to and trends indicator we the in current done see being door. we is rent demand and blends will. you the system, will what lot to have with fact and to renewal little what’s And year, the said, think that market of a the the if sent that

And to as efficiently utilizing able are there. of it a But to We drive customer teams are little this just in we terms what price are project. that our what is our feedback bit lot saying, outperformance continue to customers relates to the also we a experience of think going more saying. are

things to to of us. exciting will innovation continue lot front on come that a the differentiate So

here then put regards you perk to sell side to Okay. buy? Thank little either with And or acquisition markets sales. sales very the look markets you guess, next to, up the investment is, extent just what my you. capital nothing I would follow-up But didn’t quarters, few in just much the the or and the guidance on on

when we did do guidance comes and conservative typically Hey, not. uses. a on to Joe. approach relatively Tony, as it’s it We took We sources

in that and we So then plus look disposition potentially strictly redevelopment NOI we identified cash do development, of funded flow have have terms spend at primarily the in with some what DCP, DCP really free enhancing repayment.

there, say, conservative the in kind buyers we for spread last call on for the period or to week have I’d our type So a a in that XX% high-Xs. this bid/ask were number do rate, discovery looking cap with XX% kind front. down as still pretty go that of more out of sellers it, NMHC of through kind mid-Xs of and broader price market, of you team looking

are discovery, towards of but start spreads I side price that to environment, through we this still we of debt stabilize to kind an that into work discovery put where within Xs, potential cost, opportunities. could think the but If high more they period say, compressing I come think end the in Fund see of capital, recap going Xs So with low really moving we on place costs forward. the this on to borrowing leaning then as terms getting and of continues more development, also a be both potentially price Fed within so, new great projects been in to more have of I’d occurs, to capital capital developer uses program and

we values present in lower good doing a loan cost. points to several but point those attachment to and been loan return, also a basis had hundred than what So higher previously, of terms

expect active to we there capital. to remain we have So if try us

continue a as we well assets markets build of that big start achieve a pretty to they as refresh redevelopment has the to On advantage take as opportunity to come the that back. pipeline returns and good side, got we’ve good pretty redevelopment up

are market. pieces. So two those we there, To this exploring the activity in are probably get bigger disposition

JV including on So we the are program operating development to and capital looking potential market, side. both as always, for partners, exposing assets developer

if when the we discuss, talk to to market have there but and grow back are will So us we it looking alternative we and something in about it, environment. bring to this sources help at

you. Thank Great.

Thanks, Tony.

you. Thank

with is proceed question. Our with Please next your Nick question Joseph Citi. from

Thanks.

maybe the back past You seen just traffic growth side, the kind there we and rent collecting trend and market can you’re I a touched period blended growth in go some the but we’ve you’re if on it’s the lower side, recognize of from data from so the seeing on changing Obviously, but the few months, on better for wondering there in is change migration perspective? a anything Sunbelt is that data? time anything

versus MSA Not the the to overall, they moving from to big seeing outside out of XX% XX% And move-ins difference. levels. And in last perspective, are right last you and also the in tell Nick. now, we of people less but really, move-ins, just to give of move-outs outside people are so few seeing, MSAs, MSA. kind And basically, it a move I’ll year. you, less year, of from what a not put XX% move-outs from back pre-COVID XX% MSA, for versus we’re that’s stats

homeownership expect of It’s going do you that two Yes, macro things. that to tailwinds well mentioned our Nick. We into and outlook Demographically, year one traffic come we kind rate as of think kind and down. I’d this have support the I overall. is other help there, say demographically big of

think multifamily So dynamic we do a tailwind we have housing, between given housing there. and the single-family relative affordability

that’s on or household help side the formation multifamily. So for going demographic to

lower period. the was The just mentioned low period. you other a traffic thing, traffic XQ

got traffic our about to flat down year-over-year. think I

at or coming a and fourth traffic we’re look of think demand So little X% year-over-year in less here February. up That bit in terms January X% you through as year-to-date, quarter. I perhaps said,

come that back So come we we typical at point. see kind quite have of us strong and seen this lull that seasonally through traffic seeing

changed on or there to months Thank much different DCP structures. different the you. there, risk the XX I relative ago? of recognize is And And and then how XX comments return just, attractiveness Joe, your of the hurdles levels on and

how of can So normalize changed just if higher it kind with to just rates? that has you try

to targeted if to higher, look overall, in that’s XX% coupon of transactions you typically developer return. be what we last XX% are to doing type terms typical was that so deal hundred returns going XX% in the capital to points XX% call Yes. paper. several fixed several that basis on on back it years, Today, It’s – the of that over a program

big profile. differences, though, One in terms the risk of we’re is of the where attaching

XX% good cost. to to if So be think we we XX% this actually up down in the XX% opportunities there to in to were market loan-to-cost XX%, loan in the previously, is

getting more while less return you’re So risk. taking

type seeing this also and back some are capital. of the developers You of for preeminent come look

as may you better investments get potentially within well so sponsorship those as those assets within And investments. better

in that environment, the be having good choose bit board, selective pick a and and across more going So for I bucket think to pretty capital opportunities. little this you’re

you. Thank

Thank you.

with proceed with Our next question Please is your Yulico from Scotiabank. Nick question.

Hey, it’s for Daniel Tricarico you year. wide mentioned with range the Nick. scenarios economic of a Tom,

softer be feel whether outlook you get view a to a commentary is Looking would know this the job in with of landing should reduce into but results, of what helpful. baked theory any portfolio, broadly more diversified in a on have your We scenarios your which for volatility losses. economic type economic modest guidance,

to out of predictive analytics business decisions. Van in team models creating I data Chris help drive and I’ll call our for first, in the Ens wide Yes. range our mean, a

points try I pat million that that, to add national business really for back or outlined they our for and our employment that think is X And assumes the on more which growth pricing an the anything And we’ve it, power. testing scenario the it, loss confidence about with four I up that back? drill midpoint of income down drive weighted assumption Joe, to job guidance. basis. they XX% our a of then on and to Chris, midpoint about to baseline factors, have really year think picture through model five come the you’d

John Chris, side, nailed it’s but multifactor on it, model. pat a on for the a definitely predictive the analytics Yes, back

lot some the support course, consensus looking plus and is recent wage rent industry. the driver announcements, rents while still throughout growth around of layoff losses to XXXX, within into our strong. the at of which biggest potential broader expectations a quite But We the industry-specific see comes expectations, expect was growth. job focus of We’re, job

while You on supply focus XX% within be XX% homeownership expectations look to have actually broader lot next housing also market. year year-over-year, a picture have the we which outlook what’s up And down. it, the supply a multifamily, rate given single-family a to call come does decrease total to slightly, should going on in

you And up, get lower you so typical. kind a of all and of to little expectation bit kind those roll than

rest Mike historical about the below think only January, At talked averages for XX I which blends. XXX already point, now February, X% the know points needing XXX, is, it, we call year, we basis those X.X% need blends this given months. of

a bit a we’ve little of assumed get a numbers. dynamic more from So lower-than-typical guidance to clearly those macroeconomic standpoint to

for Thanks follow-up. quick A Great. that.

gave sensitivity the fourth at look dynamic to or Any gap expectation It’s a how for year? thoughts in it XXXX, your new is an pricing most lease converge to there see pricing and out playing markets. Mike, helpful on what see in wide middle noticeably you the you for pricing lease accelerates? versus at renewals meet point but you for quarter. in as new maybe renewal the you do And, new So remarks opening that

as see bit question. we to that to February and we XQ, we probably start a it into away by My eating come lease. rents at XXX, are points. is a starting we’re to and good to season. converge continue we to we What XXX expect what what out are basis go is as market you loss into seeing leasing look increase That’s Because down expectation today March. experiencing little it’s And to

our down in come growth bit, we middle a somewhere. little probably should So the I meet renewal think and will

Great, thanks.

you. Thank

Austin with Please next from Capital question. your with proceed Wurschmidt KeyBanc Markets. question Our is

Thanks, Yes. guys.

the where bit attractive Just point periods the model. back a a of where in model growth notable growth I or were period any there but you’d And positive? you rent us you to if want saw little tested some that that was holding job on resulted still curious to market losses, touch during specific wage significant

Yes. comes and bit not and a us. of to but the little a you go dive of to What look to ‘XX, the magnitude some rent both of see NOI despite was extent nation, period even think job do more front I you XX%, industry. that but losses, We’d on and that. of company roughly we did overall in We’ve back at and as growth our back mind take scenarios, the growth, revenue readership an as time, to a ‘XX, have is because got if Yes. go during shift down deep a dramatic

So demographic household with tailwind perspective. have fairly formation you draconian jobs another outlook did a because that’s there from and

the to need industry, in really to bit little dive which single you’re are So the to one think environment cost individuals shelter, of we’d shelter a take needs-based going this any incremental a housing world. over have that, family, to look going have and deeper at of biased but into our formed is cheapest part this do and I in in just relative being that’s

pretty tailwind combined big going it’s wages a be forward. going I So to with think

you to on Appreciate evaluating joint That’s consider comments. And comments venture opportunities, Joe, partners would more like or with other the something helpful. characterize did you going your significant past? would – are then, one-off of looking in maybe MetLife these more kind you historically to the or opportunities? guys as you Or

They been a more Right the to MetLife XX now, thinking of partner the venture. bit have terms like phenomenal joint for in us about little it we’re years a probably last Yes. plus.

of to and And views number real us along operations a so similar different finding grow and a partner as thinks like estate us with us, capital avenues. that

then terms DCP in the terms, well on exposing the meet course, portfolio market to venture time investments So time. to the of with has over over but a and as with, as will of capital to find wherewithal also partner market a a grow to and as both that the we potentially we of partner developments pricing potential look want find us, at joint assets operations,

like that, But find we’d operational it’s continue several us our expand accretively it sets to to would a that grow transaction overall. to and accomplish the for takes to so utilize partnerships be partner. and way And that okay. continue to skill enterprise, to gain scale If

Appreciate. Thank you.

Thank you.

is your next Michael question with UBS. proceed Goldsmith with Our from question. Please

Thanks for Can The headcount you range Where seeing efforts? afternoon. expense reduction to helpful. much and can breakdown you X.X%? the property Good how pressure? morning. of of the of And all centralization was X% break question. same-store more guidance taking guidance my revenue are savings growth your down you then see Good from

Michael, at I’ll non-controllables. Joe, it’s talking help start controllables it and components one, it it And of down can midpoint. the we’re and needs if those think break clean to basically, I to. But with XXX about important into up that

So X.X% foremost, at $XXX over the expenses are of stack controllable on utilities. just make XX% We seeing pressure first we expect points around to growth, do between million. and up X.X% and

in and to see around We XX% continue of growth this pressure some see in ‘XX. are of X% XXXX. year, that’s X% us X% to seeing that to there. should nearly little coming Personnel ‘XX, R&M continue to and bit growth X.X% anywhere in a growth from efficiencies about to off X% compares for

in X% flat were ‘XX. to So growth, and seeing X% we’re around we

As non-controllables, of this is XX% just it the stack. under relates to

X% range. to insurance in around being minus that X% expect to as range X% X% We in or well growth, as that X% taxes plus

a doing, you bit. good think more very of bit we but We a quite asked what and is there is a question, there, it’s little how left. So pressure much are

properties we’ve that unmanned. personnel running the side, been about are On XX with

We go this that to year. expect XX around XX to

are we there. finding So efficiencies

term technology and compress days on as think We’re vacant side. to can it the putting maintenance, in we we some place our relates

benefiting from be we bit little are well as with will should that. ROIs area make R&M electric more common as utilities, working lighting. And a that think on vacant us on our different we efficient then just So

So we are things. doing plenty of

We’re and our we trying numbers, X.XX% good feel to at these compress pretty range.

points of you to additive what’s piece revenue, too, guidance think, do expectations about the I that’s talked Mike the and this And at basis look next year. take our if kind XX

when in look we’ve at other big of I from a out expectations. there differentiator think others that’s terms seen put income you what

concrete facts with more as bit behind little we that. a have it given just think do identified I projects

parking, of identified. bulk lot tenant that’s Internet, well package very deposit, third-party a insurance, of that’s our nature, our So that things lockers,

as a But get as we So we it’s key for pat And into back that just here a to ‘XX, think which you same-store much down differentiator diversified for also give phenomenal it’s year, known. We that’s a that I the quarter, fourth Sunbelt in that portfolio as this up the look not go is we as the don’t all number some bps, think revenue outcome back, we’re overall the said I a into think ‘XX. when on two growth we others. a of us have XX have. given Mike and hope shaping

market fact on place a think front. So in I taken by selection, innovation two, the driven number that’s that’s prideful coming everything submarket selection,

to sure. more on So for come that

a slowdown stabilization in and I really due That’s renting mortgage new talked you a becomes about price more the progresses? out I signs is moving of move-outs buying in so that helpful pressure bit year detail. to guess the of affordability purchase home expect to in of little are you rates, ‘XX, a appreciation a said given home as those And to do XX%. you maybe and the single-family that rise believe, and home down,

think, a what down perspective usually, as that prices is improves. psychology you even from home come I see affordability

delayed response of in You that a see affordability. terms do

so. developed or the had for was we of the and ‘XX crisis ‘XX, kind place that shift when took rentership, that and years next a shift to So that X

that different do impact lot have with a psychological you so sticks And longer. a you

expect XXXX. to I’d of throughout trend that us with So all stay

Got much. year. you it. luck Good Thank this very

you. Thank

you. Thank

Dennerlein Our proceed is Joshua question. with Please question from of America. with Bank next your

time. noticed in XQ for of in growth Thanks Seattle, down lease new X.X%. guys. I the is effect Hey,

Just market? of are you what that seeing I for Seattle? expectation your in into And kind guess, what’s XXXX built

Josh, Great. is this Mike.

our are A starting in Just kind you NOI that and out we in if in area X.X% our is exposure lot the of of is around remainder Bellevue Seattle. suburb. the with will, of the

basis. bit. rates growth little quarter saw the mean to I that What a still a Bellevue, experiencing we’re the was X% suburbs. XX% range. during strong what we in are are X% growth experienced back today, in Down coming XX% what on was we revenue to in So we

seen last rents market few increase. the weeks, Over we’ve

that February expect we this lease any this is nature. should a our either so very but seasonal is really in new start here. back market March, concessions the seasonal as bit ideally, suburbs, typically a range from about that, we quarter, be forward that We’re market. utilizing in past and X% in What third was to just It expect growth Bellevue blend or little and the we’ve seen and out not to in drop bounce And in here positive that we do will it’s to X% the given show more move a XXX-basis-point quarter. pronounced in off

to appreciate info range? in Okay. the low of know assumption all guide, – heard of And it, color. I just the at you I on then the same-store kind don’t appreciate provided midpoint clarify? wanted the the I revenue occupancy if the that end high, just

Yes.

We’re expecting roughly occupancy. flat

more here. the been running XX.X% we’ve I as we the right So into of foreseeable February for around expect future. go January, same

on that focused rent really to drive We’re roll. continuing

to going next for see out. And and shakes pushing months how we’re so rents all it be the few

Okay. That’s assume there... you the flat across or the range was

That’s correct, range. the across

Some markets lower, bit is but we being being around where about higher, little some will that XX.X% a little XX.X%, right land. a bit

guys. Thanks, that. appreciate Okay,

you. Thank

from Our next question ISI. Please with Evercore question. with proceed is Sakwa your Steve

of And Good guess about of year progresses ‘XX? sort the Mike, into I and for think sort as sense the might the I of get growth velocity realize throughout you you’re a be get Thanks. you exit how just year? towards talk could Yes. to providing cadences, where the not end quarterly trying maybe but, maybe just I’m morning. we revenue

Yes.

half should about first the on X much the that done given X of cadence, lot I relatively haven’t months. is, year would to We over earn-in. tell But the talked I what with the last be strong Steve. still the obviously, a focus of what we’ve just put you we mean,

being back continue X.X% a they half. would anywhere end closer If X.X% in X.X%, imply you to about range go migrate see we expect market So to happens the provided, see That what that first said I that from would in that X.X% of that to could with the high up. half. the up But rent will we

of out everything on based experiencing today. we’re shake seeing kind it that’s how we’re seeing So and

by how April? of And much Mike, revenue built your in is

bit, a Tom. Quite

be it by So of of we April. between expect XX%, the known will XX% end

it. Got

it And out I a don’t the you would Okay, today I really are a those second if how a in? maybe be development? so? then be going work you bunch starts NMHC, do Obviously, thank the or about both, for year guess I I next you development of of guess, question, where new parcels. need mean just how thinking guys And do coming unfolding combination And you. starts? new you, yields Joe, penciling how that coming own to land know back much development function you rents higher but up? cost could be yields of Is see down, over from

I’d to Yes. to number the want I locked are primarily Good out. pipeline, say, one, just question. From in. perspective, cost related current we point a

got out. that we’ve contingencies remaining three with X% the in of risk, bought projects And So still construction, we’re place. XX% under

of high return the standpoint, on as Xs X, for Xs, feel still go low through those from very all lease-up. to a projects So and deals the good they kind about of majority Attachment trending cost

So that’s pipeline. current on the

the level estimates forward, past days, the mid-Xs be And one a kind especially kind should rents time and that on final the Virginia. about return that’s inflated on for padding go in We we in low go benefits we project, is type of think that has I that somewhere and the should current, Phase of cost Phase get to expect projected to into from as when that say current given through X refinement kind a final expectations. that’s efficiency Newport X range. In of a project Northern we of in Village We ancillary Phase or that over to As fully cost X mid-Xs. that we’ve and stabilize and XX that the talked perspective. it’s so next current an acceptable

near-term views of the of price into we nothing decision in decision plus will to The discovery be pipeline. that’s the more probably for capital the else time, back we in So for year, get and terms of and is cost not next that at which X of as near the think capital, half another have growing going us. so terms alternatives best I for term months

you. Thank Great.

you. Thank

from Kramer Adam question. Morgan your with Our next question Stanley. is with Please proceed

growth, shift I of in kind the a wondering framing renewal the color kind low the And all of loss just appreciate high even that does to kind of lease of decel, of kind range maybe Really to midpoints. of today? the just kind guys. new end, this to and with was earlier, growth? Hey, framing lease new end strong that could stay with elevated stand kind where just gain lease renewals modest a do out, if given

good question. really a to around we were month, been X.X around lease. sitting Last what’s to see is, promising tell That’s I’ll you today, X.X. loss we’re

rents on to seen loss nearly do a a that with of and we’ve seen actually our X%. we’ve lease up increase, what market has So sequential lot with almost to basis, go

sending we’re usually have gives to it lease. though And to high in rents, pushing just it, to our continue the capturing this loss year, renewals out market high which of relatively us time a perspective, and we’re So even we’re X.X. ability put around to

that. bit So we’re a actually little above

pretty we’re we So tracking. good feel about where

a And maybe looking Thanks. of of New quarter. great. just mean, on to there earlier a side guess of markets? That’s of even the continue? I kind what’s that growth effective of question there I And the that world rate question markets I really in new strong the one question, lease then just in is, can think strength weaker continues Maybe other a there? York, was fourth driving the deselling the is with I market Seattle. maybe in kind be maybe where guess, kind XX.X% new flip continued in that

I’m glad No, asked that. you Yes.

York is about today. in feels for way. terms again, perspective, us market And strong it New this of very a put X.X% NOI to just in

financial as We Manhattan of focused well are XX% the as around exposure. heavily in our just XX%,

So what demand. we’re there experiencing strong is

in speak XX% got no the the still we’ve to traffic So occupancy, running no to and city marketplace up supply itself. really around basis, concessions a on in year-over-year

us. of our first growth. very continue you’ll New year expect New with the here. revenue York to XX% quarter forward markets best quite we this strong XX% frankly, and blends And we that to quarter I second as So high be York from move feels see for one could anywhere think into

really Thanks, it. appreciate again. I

Thank you.

Juan from Markets. Capital is question your next with Sanabria question. with proceed Our Please BMO

for time. the Hi, thanks

Just just County curious on bad curious noise some what on as plan of rolls and you’re expectations? on year how your expecting or that out the LA for in business impacts debt turnover

the is What now, a and to we bit turnouts debt. on But to a right seen flat I’ll a into It’s bit evictions. growth. we get rate have on relatively continuing stay turnover right a on renewal little due bit year-over-year to little more bad on up we’re Joe basis. because Mike. skips Juan, let this Yes. more focus little expect is pretty now, driving

We will people little move-outs expect move due to have a to not bit seeing more we’re homes. buy we But that. again, out

expect do be to turnover I And that. offset us helping that’s flat So relatively year-over-year.

Joe. it’s Juan,

questions and these morning debt. of number bad a had on this actually we night So last

I on you talking current take we’re outlook. and through recap kind just Hopefully, us. of So approach, still for maybe and a through little can this is trends bit different picture then our But topic. a ‘XX

our estimate individual going started was we XXXX resident we COVID, approach for back to what consistently when thought the to collectibility So each was.

from going of simply assistance, and was we We it and draconian through didn’t So collect it. be ultimate bullish each a we write think But what view to try those get different through, it to we’re all take off overly the of say cash collectibility be groups. didn’t government delinquencies. all or for

a getting government of you it. took I government think, of investors resulted our this if So was, give million space we in, that of what that at and I ended assistance revenue, we period one in a a percentage residents time, plug assistance had $XX at when which, our on we look which number as probably got behalf team, look to in when of come up that the of to

So a year, in, come those to benefit go not big wasn’t XXXX. this means that. a positive we when worked which hard big wasn’t we our numbers, also individuals had into that plug it have on it as But surprise to a headwind a

government sub been And has it so down if recent the first look in $X assistance despite million that $XXX,XXX off, was you trends, coming benefit quarter. here in XQ. under It’s the at fact

in-the-month So XQ COVID. collections in January best yet saw throughout that amount, the a collections in-the-quarter and and seen we de minimis but into we’ve

ability to we’re benefit the and we help numbers. to ultimately ‘XX So go through find higher-paying pay seeing [indiscernible] this the new in, have residents get ability wherewithal residents and as and that process eviction

‘XX, for terms assumption, bad total In we though, think of the relatively expense. it’s in of flat debt terms

upside we eviction some about these of our of little of some But the burn units, moratoriums as guidance. a maybe we’re probably net-net, abilities through So work of a to some bit get back in flat thinking it’s off. benefit our

in main what Sunbelt, on between say of and guidance the and for you the is Super the expenses, the helpful. Coast the same-store And ‘XX, drivers then Thanks. differential just would that? expectations

difference, Biggest are is today really taxes. what around seeing we

do expect capped are our we high obviously, Sunbelt, where with we exposure. the around California in at digits X%, single So

probably that’s difference. biggest So the

pressure we there, it that, to there. pretty the most more from for down do supply as do see of some expenses the relates down our But in Sunbelt, more a the just across given working see bit Aside you it’s tight vendors little board. pressure the part,

much. very you Thank

Juan. Thanks,

Thank you.

Heffern Brad next from question. Capital question Markets. with RBC is Our Please your with proceed

as Seattle demand the in San of that and seeing are mentioned seeing in Can Francisco you there already, you tech Obviously, what Austin the some any Thanks And Yes. you everybody. well. walk from is through layoffs? terms but you noticeable markets? are impact of

San across I the return rest last tell this our downtown have necessarily. you, few traffic really pretty NOI, relates we is goes resident And some between SoMa it that to not bit is San I have actually I think these it’s Francisco, is it’s a seeing always as I you, San am base. put to exposure just peninsula. good about again, have back will good. Mateo downtown It’s XX% Clara, good market. base. Santa to in I good. In and perspective. outperform seen I to tell traffic more exposure is But that board. our over in the our little of X% It’s XX% diversified exposure feels the in more pretty will That much the it today markets. XX%. weeks, Francisco that XX% of tech under pretty seen Seattle resident the area, a down

ground months just a so Demand what was assessing layoffs, seeing lately, their of sure are we But feel, it to we going of kind the as did are want the is, does December, sit what’s And when people during little you all being little seen, bit to and bit. hearing back. are make from November, see return on. are people They faces the were office. traffic a that back slower the and going heard people we

Yes.

country. think the we I we to on the obviously, warrant thing notices lot there at, dispersion related couple saw, a the of we have early the I one tech reports of know around in a been has a some Similarly, other COVID, there saw what those of look and layoffs. jobs taking out of been

WARN a lot would where done see looking has be team and at you intelligence are, shocked the distribution business notices them. analytics those to work of of Our special

impactful taking based markets, or as Austin where or and headquartered. think as layoffs those Francisco percentage I typically that just of you in headlines are the us in are of place, not not off workforce of San nearly the a most the we it’s see Seattle. look a certain When So, percentage just it’s at companies when think those

markets more as So, not and our there are in. portfolio impact we as around a well dispersed is of

then you mentioned the Okay. you could same. curious and make comments, what I even comment levels in traffic the into decisions, meant just basically Appreciate though that to longer what sort renters prepared delve of that that color. implication the are And the you are by if taking was is?

Yes. would The that way think tell it of you days. is just vacant terms a about to little we I bit. quantify Brad, in

so and taking days about on in want difference. of to it’s two move Other out trying we in, a so to And two start just average. that, to than much want seen somebody they about live they move haven’t days where they figure longer when after to

you. Thank Okay.

you. Thank

is question Chandni question. next Our Goldman from with proceed Sachs. Please with Luthra your

Hi. Thank my you for taking questions.

So, you perhaps you coastal talk Sunbelt, A urban versus inter-market between and suburban? guys about versus talked but differences could intra-market differences, about B,

into give today to happy what what little experience. am that did are you we bit, go and of a an I just idea experiencing to Yes. we

B, expect it did Bs versus in on are our ‘XX of as and we outperform to outperform we our to first So, what relates And A in what revenue basis. see As. As all, are ‘XX, today, a we seeing likely

suburban the And As urban that here, XXa, just to Attachment nature, the suburban, think high-quality, move point you to our during something We expect in versus growth can portfolio, urban it quarter. ‘XX. we I as XX% XXXX. to have through relates flip on in see to urban do we outperformed MetLife

in are So, you to can different portfolio. mature what just as relates it see what’s happening there parts of we seeing our

in shape. good it’s overall, So,

acquisition or think viable see you this that longer, for DCP or Great. in don’t appetite buybacks the And opportunities in stay the for for mode how my event price we follow-up, about you that would year? discovery

Yes.

appetite We pivot have over time. the had definitely ability and to and willingness

buyback it we think did I in $XX in was most the third So, years. buyback our last our million that actually XQ, recent XQ, X

a demonstrated when So, we have got of can. history pivoting we

it get better whether of a will picture we through picture forward capacity thinking to done see we a capital, of ‘XX. we somewhat fairly XQ we of when return risk the it have if the have a the of and capital then discovery, for is and in the all easy are source decision come price March that good buybacks. about price makes on together, where as And those importantly, fundamental trade-off, or what in that think not develops, continue because had was back I equity XQ As it we

price. proceeds available. So, we set We had a had

California. We also sold that Southern asset in

expose more potentially as market, think pricing, So, and they in platform will help see. from development we acquisitions proceeds our to starts then come where of be that see to course, do determine into will typically to buybacks some menu transactions we operational that we lift of earlier, to take want I and talked and the be do assets we the about on DCP these able Do of that put as potential on get fund well. we some

you. Thank Great.

Thank you. your Rich from next SMBC. our Anderson with And is with question. proceed question Please

you if mute. see and check Rich, are Hey on

Can that. me? about you hear Sorry

You are good.

Okay.

Sorry about that.

earn-in. performance good the And Sakwa the you then fact of asked about I of year I the question a year you think gave this somewhat there. about ahead, the course over the think that a earlier, of answer except X% cadence and for the pedestrian it’s have year, when

are away profile had last this you you growth So, of kind whittling year. great

building So, year, looking – or for might be the of to happen when you and plus it the type growth in curious year? like will at you think story about of XXXX the are best to that to another the of just this for year return looking have at or end has is probability December you what to growth when be the continue, above-average a CPI what blocks of

can of we not we macroeconomists, but obviously, And what see down are pipe. can question. on coming we kind Good the control Yes. focus and

on go come two to housing I starting I the beneficial say One So, total side, supply start are ‘XX. things as the mentioned that already to you into down. would stock

only on starts single-family, multifamily think starting continue see are in that’s going activity start and over roll we permits the you to to look at side. on and what terms I of when permanent

bring start stock. you to housing So, total down

The talked should other that a have relative we bit, the thing about is quite beneficial. be that affordability piece

help all those market So, growth. rent

that then in the that, XX basis XXXX points which Beyond talked we numbers. innovation, adding here still have you about

think in and have least building the at WiFi the pipeline. on have we especially XXXX you initiatives we wide think what about roll other that another when of into of year I coming, will coming points basis XX some

couple a go very is of inflationary a that, And hopefully we coming XXXX in help then strong numbers terms type there only million. dynamics in $XXX above beyond maturities think into of sheet of really as us ‘XX. that have with lack you I So, balance still of due get

debt the allocation. And then we have capital don’t you So, resets. also have

our hopefully, We we goes, but cost and opportunities some where capital will there. see deploy, where of can

a just or follow-up, And Okay. quick X% typically a one. a earn-in year? X% just in normal Great.

Yes.

Our X.X%. historical right around average is

to $XXX Okay. getting participating any for And terms on as DCP, it million the Joe, Like would stands of the the is those off the terms relates strategy exit in as what investments have that you development? you what say currently or is today? in thinking it you commitments then, of paid strategy of there change are in to

When change say looking have It’s those, we we obviously, to done we an want into that make be sure overall. any have and a I that go own, an with. we want wouldn’t ultimately we to are there partner we to asset that. in asset

come the rate And is. discovery those years. figuring I out. of would we go and as last in price last X only I on today so out say buying had where to borrowing has the have change we the maturity period about those hit with cost dynamic do through this of program that think – through have think I in we over started a XXXX, XX-XX

equity the are time and thinking to been have or upcoming buying and that, for optimized us may course, a and to mode get about either maturities it bit pricing partners market, more maybe We wait have to they looking themselves little for that and selling some the and price economics exiting they got asset it through while discovery of us.

going we But window those. we better out, transact. of case-by-case get and desire terms are it’s as potentially buy going partners on move sure be making to a in with to to work our to extending we So, some through to

it. would that and get for, we we there Think why just Toomey. It’s an collect option. option Rich, add. as I Hey is about an paid this sit it

know opportunity and in. to aggressive on be cost assets that own. we we our we go be And the bad if next could opportunity. position capital our not would to isn’t, to check And to So, glad want a it responds, set cash if it, because just we of are away

Fair enough.

Okay. Thanks everyone.

is Thank you. question. your Baird. next And with Please our with proceed question Golladay Wes from

and minor on negative I I DCP. one, good and It of following lot A the on up year outlook, in like everyone. looks the guess had morning things this quarter but just Good Hey. details And a little extended. little Is Was you under project the update can there? construction? just was Just give a of by driven still more an junction there. us markets? the it bit financing

Yes. and prior optimal find for window response. to trying It to an them really just kind potentially goes that back of to comment transact. It’s

So, rights perspective. certain they do have from senior extension a

to in And their so, borrowers work senior rights. the out some cases, lender extension right we is. what and them to extend look to you with cases, have are that In for will other the going figure

X to we So, perhaps they the ensure years have extend, in still which them to we did window or evaluate extend what exit to and figure and discussions year a is. are even with the out that by further actually market

during period A make. We points still that of prep time. to again. accrue couple Toomey, of Wes, our

this rents second, XX% pre-COVID. market asset, below So particular

bring trying still great And back. a Monica is it’s So, to the itself truth market. Santa is

will how so we out. And plays see it

I they think play it’s again one we this At juncture, through. options. see of those, will how we our like

large Got then due rent. when increase, you that? move moves it to – you higher rent a out move had the you have Are quarters mentioned it. few out a in was ago, a typically I tenant And up seeing still think

quarter to and quarter one at that saw more not two least see but like still one the the next quarters two are the it, We as to we experiencing ago, still quarters. or we are same or probably level same seeing

it. Got everyone. Thanks

you. Thank

St. Our Haendel next question is from

with Mizuho. proceed with question. your Please Juste

for Thanks Hey taking guys. the quests.

heard me to market, but here. willing follow-up capital and transaction ones Want Just We bid-ask fewer the the NMHC of two to on for comments lots spread. about at stalled X sellers and lot your sizable on chatter a a buy, markets. quick pretty of were

in are Thanks. back think you the what current I the we pay? about clearing how activity? So, I environment guess transaction of normalized level cap thinking to And curious willing to will are you rates am you when and about more market get do a

Yes.

pretty are discovery XX% move I unsure I set compelling we of delta group are have out buy/sell terms the window. or They XX% already can is individuals say X% in IRR. going think there when buyer to you would this right, But you you that a pretty price of you pools point are IRRs to get do buyer in direction. raised. it’s And mention to terms a – unlevered got we buying capital unlevered good to in which have which find that high-Xs, at

definitely it be to pension, the a capital efficient capital private over to net worth funds, And looking come of high once space. is plenty I around So, again, of multifamily. think closed-end lot

terms from certain or ability transact accretion standpoint. levels, flow So, focused willingness fairly we our for us, in are at the of to obviously, cash

day x operating are and are whatever into get if redeploy a transact than at us lift, at assets rate redeploy could that we get opportunity then to allows long platform, to is cash our sell and as left happy we there. flow one that levels undermanaged to out So, different cap with more as

And in about of terms probably thing biggest so are we and thinking comes pricing market that in. that’s meeting the the where

times I started lot maybe or clearly different capital on capital here, and who different set merchant talk project potential cost of expectations. about Curious a sellers helpful. That’s economic of heard one maybe builders during maybe of

where you So, opportunity? more we curious sellers, coming calls the potential if more expect And active in area that an are inbound set if or would getting quarters? that’s you from be maybe assess to rank of how that

is relates we in question. think little still that. for space. there the this recaps, to it a as Haendel, And – Good I DCP is did quite Andrew. It’s early opportunity that

we We have And place take those that conversations, those have like last some place if year. – to we mentioned scenario of few property is late completed. a begun there think to have know be reduced needs I them where where a it’s are been for some risk discovery earlier the definitely in will exist. done we opportunities a going Joe that – before sure have have that but still to we of But

have cash flow. will We

the We work loan, agencies with and you get the on. a that’s so so construction loan not a to will ability can have

it’s transactions, type DCP those on additional early, position safer but much too a some have in are been conversations but you so been And had. still

it. Got

Okay. Andrew. Thank hear back and you you to

you. Thank

Our Rob next with question Stevenson from Montgomery with your question. Janney is proceed Please Scott.

industry’s most moratoriums. got How potential next this? prodding to your over what’s you DOJ about and thinking going is after guys the target And important, RealPage, years? the needs you few you increasing are tax targeted guys about are control, the rent the re-imposing industry to money theirs? have the for How everywhere environment are thinking where You efforts eviction and where of lobbying regulatory time and targeting be afternoon. Good most

Rob, Chris. a question. I on fighting lot would say good it’s Hey fronts. a Yes, really are of we that’s

or control legislative far six states sessions. We You in those mentioned thus see states seven rent in initiatives, XXXX right. the

programs, We there, are groups, still our eviction are coming we And off out of diversion couple working whether holdouts restrictions, etcetera. COVID trade with moratoriums, eviction that’s right.

places Association, Maryland, we Apartment is I money. would to Apartment control to Florida priority, are The in be in And a is proposition Costa-Hawkins California giving XXXX the top in California obviously then Association, of get rid So, rent stuff. everything that going all and say priority. kind a of else. top

that longer of all think landlords kind eviction rent you stuff rules, limitations, working priorities. we increase just lower against fee periods, that probably cause are notice going which are but are now, through, those seeing, are we about As right

and is, major but measures, on to fight with those again of right. our dollars one, groups working are of go go and three supply-based are are kind to, should things, trade better It the most a be we not So, solution. top going the legislators be solution only to a two, what once educate

that’s we working So, are kind right where of now.

guys And what you do sorry. –

Chris but the right I California, the I is mean piece place. now that’s correct landscape That because answer, want capital gave, education to emphasize the alright. of That’s all regulatory the over a

great have enhance cities door they these a development, aren’t take cities that those go And as actually the the next mean Newport, that Beach, to embrace been at XX-plus I the stock idea is to it with a their you new new just city. out now, examples. proposing refreshed which housing city and stock against You to way very a for has Huntington and which we is turned nicely opposite. competes be great years

we people, these so conversations responsiveness. to ESG particularly are seeing directives long-term ESG that cities we to long-term best that have realize going is think windows. development the are by up way focused, product, and good are their corridor path solve is, new embracing with going And of only and new opening the supply, And housing are we the along lot a to

where capital And those so we embraced. flow, our opportunities are are well

did And percentage you get of look how issue environment? loss the those mount, much of guess re-imposed lose in if how that moratoriums dollar-wise rent? an if rate And question, sort I is big from a when a at going take or guys rental one the numerical it, tougher of you forward is eviction job

would I know be response My lot, don’t a number. the but

to know Joe. it’s do have Rob, I numbers. Hey the

we came we probably write-offs and that time, right that $XX total in ‘XX here of throughout period into write-offs ‘XX. terms around the XXXX, So, of are million through we as had even

we numbers that put front. a have I annual elevated fairly amount, So, like $X.X mean That seen billion sounds dollar of but it on said, revenue. perspective it big in on

collecting that are we billing. are of We the XX.X% rents

where maybe XXX points are have been pre-COVID. off would at from we we basis So,

come don’t moratoriums extent to. time. XXX the downside off that lies but eviction material near-term, to expect a We opportunity diversion points don’t it going we don’t the are we We either. So, to over therein think that programs recapture or basis see

guys. Thanks Okay.

you. Thank

with Mitchell proceed from question next Please Our question. is Connor your Piper Sandler. with

Hey. Thanks for taking my questions.

from are home. the Regarding government the still workers D.C. working market,

that’s you how demand? just comment on apartment affecting could So, the

NOI. here of office, it’s I around what start big right obviously, It’s to a May expecting to is, us. for our are D.C. hopefully, Yes. as timeframe. see you will to market tell XX% we in return people

are Over in concessions the on bit. bit the in a minimal we next demand seeing start few very little to floor pick weeks, we XXth the XX-day concession corridor What do given to expect activity. suburbs, today little a up Street it’s market, a is out just the

office and people little again, for the we pretty So, grow has us could to a some to think more, a back market D.C. once start in be strong XXXX. coming bit likes

are could guys suppression Just color with garage? lot in a my on the And [ph], EV more EV put the increased you fires some going use then how attention fires average that. just water Appreciate the since you on systems, your than fire? fire question, second upgrading about

to offline. may one be take That Yes.

have we So, our a pretty rollout working do within EV team. program robust redevelopment

to ROI maybe so And relative if the suppression, our that But to get cost you fire are it? offline to and you experts electrical we it follow-up, to wanted want on those. between a through take in can receive you to is talk load, decent pretty that etcetera, you right, space you

Yes, you. appreciate it. Thank

Thank you.

your proceed next Our Please question Anthony with is Barclays. from Powell with question.

Are Nashville good to lease see in there, seeing how you Hi. you Tampa, see about new progressing you spreads year. markets Orlando, Question XXXX? And and Sunbelt Good Dallas could demand expect afternoon. your good trends trends? this positive

with started time, start move seeing the rents seasonality seeing Hey expect just a coastal normal forward. lower as what we Anthony, the is as as a house. side market period we bit the are return rents said, bit increase our we with of what Sunbelt a more the today on well That the of lower leases as market and do it’s But to off, than loss we will we little little as being year. are we year to

board loosening like the across does the macro just maybe that that February, overall increasing the for seems nation. year? be that in your loss improved your Thanks. stronger things February. are expecting it. impact And people lease are trends than Doesn’t January, It you this demand year? across a said Got general traffic I how And question, up was may one think suggest view

as weeks slow. It really the has that Yes, to more over corner. will strength. typically pretty we few it is two I Anthony, are something that January, was tell is last the optimistic. will would forward. move is we leasing we the given weeks you, the few we trend, shown a what hopeful Demand slow. you, over are And lot and a cautiously year, we tell the But holidays. continue of weeks just experiencing see season was obviously, of I are start the the around the first last of And

at will more we well to into XQ, get here We have as lot a you the will. Conference as about if talk Citi

Great. Thank you.

you. Thank

proceed with is question question. Please with next from Our Okusanya Credit your Suisse. Tayo

quarter Hi. solid on Good outlook. the afternoon. on the Congrats

kind pretty growth on the real much I efficiencies Just that working that well, of any your just operational OpEx get you in in given ‘XX, estate the much, curious, below forecasting only again as your growth But in are – are which seems same-store the guys you of OpEx on lower side year-over-year peers. sorry, side, your lower as some X.X% of just on. growth on much most is than peers. than had ‘XX, ‘XX X%, you forecast

kind trying to appraisals, a Is of driving whole just that? we am of I real bunch that think it how the on estate side? or So, do you understand through guys what’s just challenging

Hey Joe. Tayo, it’s

So, would look actually when about the I know of you we off starting what we XX% at know year. say already for our taxes today,

available in-house point. start to appeal appeal. you challenge so And but have expectations or XX% have you an that about Sunbelt are read this the at that factored we is And pretty do get range team, in markets, of is good a When in kind of at mentioned a we those for We XX% are at this on yearly probably working basis also X% earlier, with to look field. consultants they the that point. Mike the range into

markets. So, more in saw you we Texas XXXX our look through as pressure Florida and

and a bit a of given they couple in to that of that just fact are that, basis. expect the over We the you saw typically, phenomenal last growth continue, the little lag years

‘XX. year at even to and When you has though rates this you up XX, you impact that’s a have little are of lagged in been there may little a less growth for the our with NOI capped of come So, coast that more X% with get see about portfolio. XX% proficient maybe a valuations down moving cap Prop bit,

So, actually then on York, fiscal Seattle leaves New Boston, generally that D.C., are just plus years. which

So, there. we are right now six months of the rate growth

tax gets real it to for for us impact about net-net, the estate year. X% So, a

you. it. Got Thank

Tayo. Thanks

time. Chairman closing CEO, comments. would Toomey, back any floor There turn are this for no the you. at and Tom I over to Thank to further like questions

XXXX. remain to thanks all and strong tailwinds we a of very operator you, another And and the should Thank about apartment as capital to the forward operating for well with roadshows and innovation relative take enthusiastic you that, future care. and to Citi in very lead industry many you has With advantages of should business the look believe year variety of interest in deliver as non-deal outperformance. time, Conference. UDR’s we Clearly, that, And that allocation support. your seeing

This conference. concludes today’s

may You Thank lines time. this you at disconnect for your your participation.