UDR (UDR) 31 Oct 242024 Q3 Earnings call transcript

Greetings, and welcome to UDR's Third Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, this conference call is being recorded. And it is now my pleasure to introduce your host, Vice President of Investor Relations, Trent Trujillo. Thank you, Mr. Trujillo.

begin. may You

quarterly UDR's conference call. Welcome financial to results

reconciled package press during call, Investor afternoon yesterday directly may and comparable we Relations the historical, in which measures disclosure G release supplemental were forward-looking requirements. have supplement, are and the with of GAAP website, not distributed non-GAAP most this statements. our financial to Our section ir.udr.com. In all accordance posted Reg measure to constitute the made Statements

we statements met. update the are can risk believe reflected do of our be the answered your questions expectations Management and in Q&A undertake you in assumptions, that today. I call any after forward-looking now we press respectful limit duty risks will detailed on we CEO, during session ask one the over forward-looking we of will We included based plus get that your question-and-answer not call a Although our give Tom not get our and Chairman any follow-up. that did in reasonable and the UDR's expectations A and assurance statements. When with a available Toomey. no to filings time are to to SEC. the to release will portion, be questions turn factors be discussion the everyone's for

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

in to earnings exceed strategies our year-to-date drive utilized with industry operating Our the fundamentals. growth improving strong we same-store continue prior expectations, to to due and tandem results

revenue, guidance earnings from with this the growth a remain time peers. the release. Strategically, growth and focused third year, on we in improving our differentiate share of per conjunction for three yesterday's raised year, for us second full this result, time while our expense drivers FFOA also NOI same-store year As expectations we that

continue XXXX so which evident many to initiatives, This added added we results annually our high to will single-digit do grown come. growth. years the line revenue is have in to which XX to value-add more our consistently in from First, for has in basis range our innovate, bottom or and same-store the and points

is use to our points influences listen continually insight this. on has daily translated our and prospective with costs strategy. improving and orchestrate long-term The retention of example hundreds we turnover which thousands glean experience, data and existing we Second, project residents operating satisfaction. of of to residents a touch associates The and into expenditures. customer tactics UDR great lower capital and We experience this enhanced and information from living

experience cost surface attractive we and drive scratching customer and advantage an the just positions expansion remain We an further capital. with opportunities to the will are we enhancements investment-grade take This sheet mode, margin substantial growth. And future flow support advantages although liquidity. growth expect when of project additional third, we retention cash maintain in peers, versus a us balance of in capital-light well have and

months first This income which average. more the nationally homes consensus apartment growth led is remained has of accretion. There's approximately expectations. delivered above to industry. These including OP our development first, has the for growth, XXX,XXX strong. variety external than acquisitions, X unit continue drivers growth various also We surprise fundamental being to during XX% transactions drive year, venture forms Employment positive the joint to explore and of the and upside long-term outpaced continues future include: of absorbed demand to a newly

rational. to Total pricing to and to new of supply and the continue on absorption marks through the has has quarter relative end deliveries a completion multifamily XX-year pace high, start housing been but remained the third decline. robust, stable is the Second, year XXXX lease-up of slowing. appears communities

A further trend below and in average for the pipeline of capital. capital expect that approximately years supply the the apartment to lower owning affordable We well future historical third, starts than cost levels persist bodes due is renting is rent of XX% availability more to growth a have ahead. And of combined of growth trends, tactics revenue home best in details Mike improved will provide outperformance. in led we operate, additional level resident operating in affordability decades. These his single family retention, the our that fundamental the where markets with have relative two to remarks. expense

leader build continue in recognized our stewardship. on as on, a Moving to position we

annual With have social of detailed environmental, enabled and and the continually Van economic to of success our our Chris fella published we in head-on. and exhibited and UDR overcome experience goals. UDR collaboration. look has leadership forward environmental a which a workplace strategy. Collectively, ESG earlier company, sustainable team setting credit we report, years challenges with an I that and various governance achieving more created thrive come. sharing associates, sixth have Ens efforts the the sustainability we thrives deserve environments across to with our engaging advancing long-term for the can employee to release resilient my Together, To that this month, a desirable become innovation and you multitude on one more in

and out collective election and efforts their a the the interest uncertainty, market final our employment macro of the economy volatility, rates, path control. are Fed the As thought, on of all

long-term growth multifamily I and our remain for industry. the the prospects country about optimistic However,

for and can call create We will to turn and we Mike. I UDR's will the results control, on to empower that, dynamic what culture continue over enhance our innovative and to stakeholders. With that associates our residents attractive focus value deliver

prior results, same-store quarter regional difficult given the assumptions. To growth early comparisons. I than Today, improved year-over-year year Tom. respectively, including revenue and topics: and third will full NOI and same-store our results X.X%, of Thanks, quarter fourth begin, our better following growth third underlying trends, including operating and cover guidance, same-store X.X% quarter expected, were year

driven growth of first, rate quarter X.X% Our were over rate which driven was new and renewal approximately negative X% of growth, rate growth third results by, lease by lease X%. blended

year Second, basis enabled growth. XXX rate was renewal rate XX-year healthy to and XX% the than and blended turnover points us maintain has below period our more prior led better points This average. pricing than favorable to lease annualized XXX resident nearly more basis

occupancy approximately XX.X%, Third, than is which This associates enhance credit third tools AI came occupancy other our overall screening identification continued our and used with innovation fraud services to the was driven historical of we averaged enhanced lower was to as of value-add due improved to than favorable retention. implemented quarter strategic were by our expectations. quarter third same-store maintenance X% residents. Shifting to average. and real the in resident the was insurance traffic quality fourth, savings longer taxes, finished Year-over-year volume bad quarter expense higher and better combined These Healthy at residents levels results retention XX.X%. And the the increase of debt September, X% by and driven our and revenue repair and positive estate growth of over we expenses expenses. our and in to term. by enabled in us leasing along with income delivery growth our mitigate constrained

have October, have remained operating largely Core typical key metrics and in trends on. followed seasonality. resilient Moving

blended which trends. and follows growth is September rent roughly approximately like X%, is is excludes historical rate growth lease October which positive lease flat. short-term normal sequential rate basis, blended results rentals, October the term growth a slightly impact of First, On below

on September the followed to September October growth of appears approximately average October volume frame, by rate rate growth the with in slightly East expect mid-X% in in Coast leadership This to is West heightened portfolio, short-term of trends, our current at expect approximately expirations the we X.X%. East ease negative short-term the from lease renewal range. Regionally, lease the Coast persist growth rentals Given to strength is Sunbelt positive time have lease have in blends we stabilized least should most continued range, lease blended our X%. the Effective Coast while to the growth have at to through year-end. executing lease rate and negative X% new early of XXXX. showing on Based on impact we the success through rate

well historical to industry forms affordability to total. retention norms, October our to XXth improved. apartment housing resident compare compared is in consecutive benefit the continues Second, Relative and month of against year-over-year has the turnover a represents other

estimate moving decrease resident to affordability has XXX out This a the over of execution our innovative group record customer led on success home. We past to to XXX of testament mortgage Ultimately, across approximately is a return approximately level experience the average. creating in the approach of ongoing apartment our project, improved approximately average data-driven all for our buy equal. Furthermore, rent average apartment retention only of our annual improved to home, else to peer to markets basis of year of NOI. remain need service. a mortgage points focus is to better is and lower the occupancy, $X,XXX thereby innings relative should historical has $XX power, the capturing rates other basis order X,XXX the prices the UDR relative team's XXXX $XX points, a higher home by that and rate would buying these customer average and pricing and between cost margin to rates, of an opportunity with is incremental in By renting to expenses, UDR savings million expansion. early beyond and benefits shelter level contrast, to capture XXX $XX,XXX. resident the Given at drive disparity in a home month. run and believe of nearly million CapEx We to increased This reduced month, cost per income, per retention

which ago, time to through October, XX-day is the of trended June. what low from point quarter. in in of range, less year-to-date income higher the on has year the same XX other single-digit is occupancy than occupancy slightly than of improvement is our to than in higher growing mid-XX% achieved our a in Traffic higher supports Third, our third expectation XXXX. And basis the XX.X% availability average range remaining the high XX.X% we in and fourth, mid- X%, remainder a

with growth the other considering constitutes to reminder, wide moderate of and rollout prior a year income as penetration contribute revenue the and comparisons WiFi, such our of same-store our as accelerate remain and the fourth total in revenue. We of same-store these experience. When more initiatives, quarter. factors XX% As year-over-year NOI as income to expect compared other trajectory building resident incremental as roughly growth we quarter, the our third revenue significantly these pleased well to as

Turning to trends. regional

XX% D.C. Sunbelt by and continue continued was line. the our exceed our strength coastal quarter third our approximately strongest while have to our in largely Our the comprises East performed in in NOI, of driven region Washington, Northern market, results specifically, expectations, which Coast, markets our best-performing was More Virginia.

low and X% was Third quarter for healthy same-store Coast was With occupancy East revenue relatively X.X%. the Blended nearly growth lease the we new average region our of and year-to-date. XX% Coast, this continued which rate demand was through year-over-year XX.X%. better supply, West weighted expected performed growth rest expect approximately of approximately NOI, year. The than has be strongest our to comprises the

growth West Northwest rate weighted And than average Seattle approximately Coast quarter our XX.X%. growth was occupancy office return Third same-store activity portfolio. strength lease mandates slightly Pacific relative Blended revenue increased was higher was and X%. Recent the to has for supported the in year-over-year leasing office in X%.

to low Francisco. our While expect in average than of life supply existing markets, to in of on X% favorable across traffic quarters. lead have remain new San we less incremental levels West public coming which led and of the will Coast Absolute and supply/demand quality safety dynamic improved improvements stock a occupancy leasing at

by which our our expectations growth NOI, coastal in from income our with Sunbelt other comprise lag largely and is our roughly XX% growth line continued markets. original to markets, our supported of revenue value-add Year-to-date initiatives. is Lastly,

Sunbelt growth average rate quarter markets, up Third X% lease our was in is while Sunbelt was was occupancy growth Texas revenue for growth year-over-year supply negatively X.X%. Among and negative holding Florida same-store is blended rate the weighted best our the negative impacting XX.X%, new elevated lease portfolio.

is Austin activity of into in are Dallas, Tampa concessions our supply trends, of rate points. full growth of X.X%. pricing has markets. Based our guidance late full driven point be has on our revenue by: incremental in While we approximately for new in same-store expect come forthcoming The should results, raised tremendous, our and blended the midpoint absorption XXXX basis have updated growth which our now year same-store with Using our than midyear robust and and job point mid-XXXX. yesterday's equilibrium analysis and markets same-store X basis inventory, basis improvement increase leasing growth, XX year supply The existing we we to to expectations X.X% year a XX more forecast in in Orlando from blended XXX and suggests the in would time year-to-date timeline second XXXX lease to those release. Starting conjunction first, Nashville raised been and deterioration this coastal broadly power. Based points and our revenue basis with on rate growth, a lease XXXX way an convention, XXXX we pricing stability elongated contribute by supply/demand markets Sunbelt growth Denver, growth. for a it

Second, year we revenue operating initiatives. other in to expect growth, occupancy contribution contribute of a combination points flat. And basis innovation to full approximately to of our point expectations improvement bad debt prior X and same-store and compared third, an from basis the improvement revenue XX

estate points basis insurance, real on to The same-store our growth. growth. repair was lowered X.X%. constrained and by improvement XX by expense and Moving to tax maintenance driven We midpoint

same-store elevated due the mid-X% credit quarter we basis this in than the comping XXXX. our or a range beginning a full growth employee for growth expect the of $X.X X.X% As updated of off we the million was year midpoint. XX reminder, would approximately lower first points be same-store realized to Absent to onetime expense in retention at factor,

coming Looking earn-in a approximately approximately forecasting to into for line historical ahead, building same-store are earn-in and XXXX are XXXX of XXXX the basis blocks with in revenue outlook, revised norm. Based is our half of growth points, on same-store we is which our our XX focus. XX

well rent market bad contributions maximize revenue up out occupancy, debt, delivered address XXXX new further expense adjust My positioned provide us growth, we've sets tactically for income ourselves unprecedented enables will growth. In commitment of portfolio our for growth. a have the during future steadfast diversified in which strategy outlook our UDR and from associates thanks sum, for other us go growth, We expansion. operating and to Together, will February, guidance our and innovation attractive continued to your margin supply. while for results NOI period nationwide to

Finally, in recent during efforts and a their Tampa hurricanes. special immense teams thanks our to for Orlando the

You downtime make have and call our safety can full to storms. I associates, minimize a collectively many operable over have difference, people been conditions. residents that undertook affected them properties as and cities return by these the the to the promptly vibrancy and to now tremendous to to preparation ensure of continue at will we our restored who of I improve fellow work to faith the turn these lives Joe. our

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

FFO year-end, prior constructive in when across is have and the the we provided and same-store adjusted typical and most FFOA This difficult changes per trajectory quarter year previously the our and and of per nominal $X.XX comparisons between NOI, achieved interest at a With mirror third in result back of quarters our guidance. to G&A. ranges. guidance Our growth now third our share share due midpoint operating the looking rearview expense flat sequential our second was history, as raised

X%, $X.XX. Our $X.XX updated per cumulative twice, and range XXXX midpoint the ranges a February, a full year-over-year supply raised approximately FFOA record per result or initial remarks. $X.XX $X.XX same-store more FFOA his guidance guidance providing guidance year despite rate is midpoints share Xx elevated discussed Since share in we our of Mike The by in interest share environment. in guidance have improved which have per positive high would growth to and

X.X% additional share ahead, NOI lease-up $X.XX per same-store The expense. midpoint is $X.XX communities from developed or driven interest guidance fourth and and lower growth, quarter by higher sequentially $X.XX. Looking NOI is recently is range our to FFOA $X.XX

and update. capital a Next, transactions markets

transactions Program, Program During quarter, Equity under Capital operating have which we the we investment renamed Debt executed towards in shift risk and several the our and assets. profile Developer Preferred stabilized given from

and cash of at The typical fully part funded portfolio approximately of a a investment risk Oregon lower XX.XX% return we in stabilized be our rate equity for four development to First, paid contractual current flow Portland, return a communities as X/X on project located is profile positive $XX preferred of new million allows than in recapitalization. cash. a

reflect increased structure, the to positioning the received contractual in cash. and of approximately in on paid investment lower to Queens, New our located being York. to in current $XX XX% return an reduced agreed Vernon equity we from remaining with paydown conjunction our secure Boulevard, capital investment our in risk million Second, preferred completed and the down, an to we proportion more the return in rate due of In to XX% pay the be development

cash a $XX scheduled in Santa investment to our the junction The California. and was to XXXX. future located to Third, January control originated loan, enhances senior full property loan Simultaneously, in recorded outcomes. an in operating in construction repay community. the which loss we of value due used better This with decrease a million the noncash mature affiliated Monica, activity to we were senior prior flow impairment $X million in to approximately the positions UDR proceeds

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

ample first, highlights extending XXXX, billion of we August as revolving $X senior liquidity more to unsecured By have of come. the of $X.X maturity credit to September facility liquidity our XX. billion include: for we than of have date years insured Some

million and reducing X% XXXX, enterprise we debt risk. scheduled of of or Second, through have only mature total thereby approximately X.X% value $XXX consolidated through refinancing

remain and continue end, metrics all, sheet will outlook of while remain balance in amongst capital of versus I weighted our the peer long-term value the balance pre-COVID XX% advantages rate to to a and drive group in better multifamily excellent Q&A. open we approach utilize enterprise levels. In the liquidity third, Debt at our half resulted allocation net to sector managing opportunistic at capital competitive was and X.X%. And strong. quarter was remain lowest debt-to-EBITDAre is to Operator? leverage which sheet just a for the interest in our variety has Our X.Xx, our shape. average proactive We it best liquidity turn in up deployment, that, accretion. With approximately X-year

our of Fargo. comes with the Jamie from Instructions] Feldman first line [Operator And question Wells

will growth or initiatives all and and credit. improving 'XX contributed of on tenant contributed the more could as on out think do less, the to to appreciate do do? about we build it about know think 'XX But on in or have some same, 'XX about you you the you think income the talked income be I I color but multiyear of you we what other just you rate, growth, as thoughts terms what other what specific think growth 'XX? our view, a

into Mike. number October that that X% and was I'll around in back or that initiatives of out. rolling success we're think first, the when range, lot plus than XQ, bit you a a year, the the of tell and it's rest of that's can I little you the for expected. about X% we're you lower going tell we minus Jamie,

we anticipation X% I'd as to into that is pretty my next year, range move that so, to X% And similar. it's again. be actually in say going

next do the that's initiatives my lot in XXXX, right there. going And to expectation now million with that is of size we're the number success initiative be year. that had having it, around just about $X close we to in WiFi has double And a to that NOI from rollout, to the

is big initiative us alone relates to it So income. a as other for that

Joe. Jamie,

for a we same than Just income impacts, both biggest been to known with because But in probably initiatives the there, add other But prevention, big the maybe material ability on, always won't to when other mentioned but to one do WiFi. other line Mike couple experience to show of customer have out rest to we've fraud of higher think there income. look our these one have portfolio. rate a other and going initiatives the bottom growth up degree I at you do drive the our thing

power, thing gets items. some the income other an and with retention of do a of multitude costs, while bad experience of increasing line lot actors so, occupancy, customer keeping out kind we a pricing fraud, of lowering front same between turn having with the think door, focus, impact And on

now be a see focusing dispersed it our of right efforts more bit little where You'll we're versus just initiative income. terms other in

keep on in So that go-forward just mind a basis, too.

guess, be think some as you I think know then, and we the you'll versa? had you that redemptions. Do And you about we book, balance? equity redemptions think you I trying have preferred vice said the helpful. very you'll Like about 'XX? impact the debt on maintain there. Just more That's think the How you to ads think rate do than able growth about do or think to

able period. minus I can from think be guess, to probably us it. episodic little be see you'll maintain I bit, plus period or a It to

Equity a You we it back but that opportunities do of rename just continue side. for shift that just And in platform primarily and saw have that Debt another continue operating quarter, down can operating are recap as Program, see quarter of for good you the assets. up to They come a development funding assets the Preferred quarter, from we see amount us more on part to the to evaluate. here we to

to within some plus year. with monitor those, level minus go at redeploying I you'll today. platform we it's we'll continue see And the that think, as that we into at So And or next continue look as payoffs at space.

the the comes Austin with Markets. question of line And next Wurschmidt from KeyBanc Capital

stability clarify home, that comment fourth is you or into would if revenue rate with of reaccelerate? effective also guess, per markets quoted, Mike, but you respect is the reaccelerating you And to to of revenue wondering also, the I'm quarter, could just highlighted you growth same-store growth reacceleration lease referenced? kind total occupied expect define, you some you I Sunbelt about then how your --

there, Austin. couple Yes. A things of

and what bit back up high just of little and region back a level first that are about give occupancy But how of bit a out with seeing, by year, for expectations and and trends little ahead bit. a today our on thinking playing me foremost, high year original our we up Let a our that little I'd as of we're kind range. well the XX% in blends next say, as see

when the when you expected. would we we the about year, pretty I where at playing all looking were first you, much where they're in half, what look year-to-date. blended than they're today, about line tell we've The with so half blends back what And higher year, think communicated our of right said, X.X% blends different regions, we'd you today. That And thought. all being out our it at we're expect growth

As the be I expectations -- mentioned in for remarks, my year. prepared are will around X.X%

what So the implies through October, blends to flat seeing fourth is this quarter. out that as specific And expected. we're in playing

leases change it's I'd of us means basis And associated mentioned to summer the a terms. that people off coming We're short tell XXX time prepared of when has signing remarks blends look call long forward in were And a short-term lease November a with our you bit we September XX-month about one frame a when impacted typically say That I thing, about had leases XX% and December, my from it, of and it. then half impacted little of, that months. actually is that, points. But I those today. fast on by by premium exposure. are that at our we

to impacted be and blends. So our our less leases a than it's this, basis to point XX% be by impact going about XX should of

Sunbelt market, in to up it's you I picked coastal And so again, trend. at when I a occupancy. the actually we've look the XX But playing kind not about things tell basis are compared would points expected. Today, out of

around we've at coastal decelerated we slower third pace XX.X% the today. the markets. bit, around actually XX.X%, running our back up they've actually decelerated a in So little were XX.X% during a while quarter. And what they've than XX.X%, seen We're blends,

some that this to to has And spoke with long phenomenon the to. short of do just I

us how stats I about sense also, you mean, especially And appreciate X% know in some so could growth? you trend from your historical or for then you XXXX? give and impacts have all just this the thank how are fingertips, you in a And a of a but that on thinking perspective. turnover I the turnover don't much at expense guys detail there. I swing if

up this one I little one We are Austin, what back lot talk more it to relates about gain. think bit Yes. with there's a experience innings room I'll because the as doing we think to maybe a project, is more and this still we're where just customer another early initiative.

That's I a street, And you the in customer to that And X addresses with but you think That's had million so think X,XXX and because them, XX% million so that can is need successful what information just you and even day, the translates When and of that system into going XX not a nearly is million million I elements over XX% are and basis. just on. know about we that year-over-year turnover be again, lot $XX XXX we've our a NOI. When And about so for sustainable on then in here. less X have and we're adding we advantage this months, questions, And we've $X start value. we change over elements control. the for would last what's they your going project. $XX tell And see forward, failed effectively we still we individuals this competition. out, failed can this over across experience move-outs I specific forwarding go out year, X% they're been or about have to that right us, to about working trajectory. playing to a and that gathered some can last that's you of us, the there, moving of us data about we X if we've years, the million in now, have data

in look our peers year. basis our the competition and -- of averages of that the at of in you about a basis, a on basis earlier call the XXX A Today, were numbers were I time our seeing points we're peers behind of than better. at when yes, 'XX. them the we when But time basis it, terms numbers better quoted lot well those you as affordability. points points lot this relative about look for about historical XX So success are this just versus of, XXXX, frame XXX

the just you to to focus is elements our data difference continue on so the is that system. that in paying the see And can we get learn with more as think all continue on dividends. Again, this the we customer to better going

we're to X% when R&M expectations what around to X% you X% at growth, look our have down so And growth. experiencing around would X% today been

all our as our having days, not $X,XXX. so CapEx, individual it's so, impacts we vacant the for other And and also income definitely every turnover but save, approximately it as impacts R&M, that well

from And the the Wolfe comes next of Eric line Citi. with question

You like equilibrium. that Orlando, of Dallas, an could and handful mentioned a Tampa markets be

think that I said next year. the middle by of something you like

Just what normal are? what Like, to rent mean implications equilibrium? is of be that sort a that does normal? more spring [indiscernible] does mean that curious should going X%? level, growth that the in that Like of more like Does mean

like Yes. to what I'd of look our the process now, year. out trying of the budgets riding next tell you right thick figure we're

do then out the understanding at with that's typically in just specific we a and the an out markets, individuals their the bottom-up is working what's sites understanding so happening do supply demand within of top-down, going to And having to what us approach, the there. field,

back to the to button we it months, first those that end relates an especially X% And to that's the impact first range of X see impacts get it and to in X in be to even as of in having working comps, of in have the, today better. half expect next going around same more lots typically see terms to But do that we of it, the that the conversations of throughout as the easier back do the maybe do through year the have months been the what year. so we're to of you get We year. But as move Sunbelt, experiencing you year, we to we're call now. we markets. of at Ideally, the process X% blends supply up X starts that

Eric, is this Toomey.

elements is key point job And it's a Mike this had priced. solid. It's know a even number revisions little know supply at Just on the great add 'XX, getting in question. it. the there, rational after been we've What how is color very good table what in variable of We time. to it's very pretty the really a We like. more the looks bit highlighted and growth.

think all of 'XX and kind head scratching our I what wondering we're brings.

So it's can like adjustment aspect stabilizing. market, to based balance. looks of think supply-demand why be I And the it other seems of an every be going in it's that. to Mike say off part But that's it of

potential XX year bad that that. embedded any about to bps think Understood. forward? end And I That's thinking mentioned you're Maybe year. the that in improvement you just level you're means that around debt then curious helpful. for And misheard I X.X% bad from also of there's if improvement But next how expecting that I was that going debt?

of started XX.X. XX.X, mid-XXs Eric, the our improvement so we on incremental of yes, of kind the relates kind forecast really collected, kind to year 'XX, out original [indiscernible]

of up bad this just X.X% is under shake So X%. year kind debt. over just to Where probably we're of likely

had ID of item. screening Mike this and some a approach to year's took in you I'd And et verification. continued on that year. We just next not an we line it's cost and that little have benefit. to a that forward expect do about got it's CapEx, term some We bit cetera. the income both a numbers. come go year, occupancy talked year, it of say, revenue benefit Obviously, some next of a on as proactive we and little in this that So bit will

But going though, I'll to more average, say we're don't to there's We that. long-term the probably back there. believe get

historical get hear us having very to a XX It's to really kind due in than given basis all XX unlikely regulatory the bad just points, back it that, more them get longer the bad of It takes out of today. actors to is do units actors. did you we low some have. we're historically average the when restrictions. lot If not we say way one to of the So necessarily the

So little there, shakes tailwind next we'll still year. a see out of how bit but a it

line the from of comes question Dennerlein Bank America. with next the of And Josh

I'll enthusiasm. spoken the try to a bring dead mic. back I've to

to Is like missed meant the your like short- leases what normal. just of there. that opening but lease? understand were that by long-term you dynamic want So XX% remarks, were short-term by higher sure much impacted I that if make I than in this leases I to

really you through you is the I'd that a good that's of part markets a the over occurred see higher then experience. you job in would compared tell more dynamics demand to more, We back little moving are so, I summer question. after And months than or people leaving What bit in kind to of first fall. markets then coastal tell bit did and normally it's you points and bit where COVID interns that these had the coming of coming little Josh, work, we to a last for what our had have a they are in job it. growth lot X little especially the right and where a

more did and bit Sunbelt. little on the a definitely yes, in so the us more it impacted it Coast And than

reduce maybe then And that short-term if little experience, bit you more assume like want turns something maybe? is short-term maybe customer general, to you customer the maybe more with experience, in the or tying would friction a creates that like leases? leases have many to those I in just that

for turnover It does impact sure. our

have So when when But we coming this, it the impact off, all at stats. at you leases time, look it's does profitability. short-term those same about these

XX a for our program. example And XX we Not getting you a achieving also only positive month is fee but well would also income. you're our I premium that are so lease, furnish on short-term an income that [indiscernible] to give versus lease the as short-term

very given units number. of day, less you, our total a closer the us, for any bps. it's of to so than at I'd And it's at probably time, XX minimal the X% end tell

this And sure it. that the to by to for piece. by we But overexposure make go so have profitability market, property manage do we we don't any

Scotiabank. next the of line comes Yulico the question with Nick from And

about the of of sort just earlier focus talked talk about allocation capital-light know capital a I wanted you for Tom second. I to company right now.

guys And it last better about September, in does Because stock I terms that had you sales heat interest buybacks there's like in capital your so of is. updated to deployment, I'm the of private amount feel where get thinking think a asset how market right now? than potentially map, which stock in pricing wondering, are was done fair you at but

So what some latest that? are on thoughts

that. we are in so upside good generally settled into capital-light for on that to menu done It's buybacks cap necessarily have said, do us XXs of want some number in minus the where I we puts them mid stock kind of plus here of here in we're a seen whenever within or perspective at minus times kind these prices recycling fair not And we of stretch. Andrew transaction us oscillating kind is plus of don't in or think do world from That a mentioned type you've mode appreciation kind the We about cap the on pricing pretty we've while. by program. think which mid-X still for where We've Nick, X that past. while, that's deploy, mindset DPE and the say number. any but can I'd today, done we've we a I a of though. earlier, talk timing, today, been seen in a

[indiscernible] there. maturities as deploy do up, So we'll come

other side. one on that the is now: venture acquisition joint two areas right focused The we're primarily on

put continue joint and constructive year conversations to last some show have opportunities had good place in venture We to our partner of that late. pretty we

in by managed hoping are driven view and put to get to that a opportunities those again. we we're are find submarket from the that on Those some start what do we really onto 'XX, traction opportunity, ops market door we but also So can next under deal front platform.

to it there. want definitely deploy So

with to transactions. get OP as these of is, piece you've other The unit seen some creative previously, tried we

at we accretion a our look XXXX So trade. or deals as a more and stock name that trade can price of cash type where

now. are the line. looking very last all right those time year. lead looking to [indiscernible] We long at get of not a We're couple typically are They finish and

anything if TBD really that's where of time today. we're So on But spending comes our most that. with

helpful. All right. That's

following on joint the Just venture acquisition. up

in to acquisitions guess, done sort your to a opportunity given driving what's for year, was thinking? is partners operating none that the in year. there I it's delay Can those capital, that [indiscernible] expand in additional that And your guidance that cost good get that So with [indiscernible] capital of of then platform? to wants this speak getting to there into partner's now of, you just the feel an if in is potential this program, some also, some sector

of zero in fine of where go our review say have throughout that opportunities to We're continue them. joint get out every in their can within wouldn't did our pencils of originally to what the mandates. plenty lack it the I global of a they X-year the check reevaluated acquisitions of source that period down big or we've question. back that and so in just and partner out kind happened come venture during that all just as now next year, There's to of work We of expecting it's which the middle days with taken to everything. mandate And year a time we to catch boxes us. capital, That lot XX original for of good the No, opportunities. guidance through they said, of there bucket.

other reasons joint Given really you selected good really that of or alignment in partner of of long and about a deep fact, of ventures and terms asked transactional we terms partners, potential with thinking, in as thinking this term. good operational for source lot capital a them,

we So not really like today. looking the add to partners have and really platform that that to

line Anderson next question comes Rich with Wedbush. from And the of the

want more of platform stabilized the the a is that point you? from happening? Or some renamed put is curious the well? in former asset to on profile is of happened to reasons terms what you now giving DCP doing that change governor out? the Is why for as view. market So affected sort of Why the and you're the as explained risk I'm there change yourself of placing you name has on new money what that

and the where make that market Rich, thoughtful voice. about it's And we're always good be lot simple, not development to table going is. the to It's get we sweet of real it a ultimately pencils there's to are when at get going your hear doing, the good we And still going sense. pay, transactions we're is current the spot trade. we return. that on And the a asset

back that. still good capital this wave it alignment everybody with juncture. shareholders. of program has has a When damn and back rename so sense at announced new we're and a 'XX we'll to probably And and a the certainly at get development, makes lot allocation of

the me word have we'll Maybe it. Okay. in Toomey

think I friend. with Halloween my tonight, luck so. good And

picture, a in amongst -- the I power your next returns the as have of you is optimistic second mid-next is the view normally And Sunbelt think Residential some you than saying bigger of said probably making more Equity some I year. timing pricing to space. about recovery? disagreement follow-up way question year The peers their the into interesting that do. some that's what late cases, others and are Like

does when of a guys to have at of already of also a You saying in to flow XX next year? regenerate XX. starts you're start mean I Do where year kind cash power there's you see it's the cash stand? know difference returns, curious that as after? actually that I'm are next flow opinion the efficient frontier, to return Sunbelt, why just in but - you view pricing year terms whether we or

we markets like little did by Rich, that Nashville, really when analysis, reach and some supply, when go-forward perspective I we year, Austin, of XQ, minus, more guess what's the we available being XQ. from I'd And got have kind kind plus been these high delivered today looked hit or at of say, a of number equilibrium of bit stock a on talking back typical Dallas to about and absorbing next middle one, rates, what's we a we're went and equilibrium, through basis.

return why we at power we that time. some in that's say pricing to see point So expect

down Sunbelt X% strong, XX%. to you the next been down I will supply comes of down. X% has renewal from of in coming but And year, overall upwards think probably So stock supply see

So basis. that long-term a still into full year you're averages down X% stock on range of X.X% to above

half But for to of do out there year back next Tom place with to going than full more year, lease and year. takes the power It jobs but you second half, have takes into through bit that's get we the end its the year. A start pricing stack a to this back little number formation, next what pricing better wildcard to not get household work way as by while rent all obviously on cetera. turns second a power a you the and you earlier, So time a wages, depend, the typical tell basis potentially et cash get said lot of get to and of flow.

revenue mid-second bit its think bit growth, the it's it of into same-store half. and way works see but So we'll by we signs start to

I if other it's the initiatives and we on has this in around other line, here around have -- that the in performing to one talking Joe, too, XX% cost one about seen the income. Sunbelt, X%. just are been sit could that going to we we growth our success today. compared thing our year about Sunbelt The When add thing, others X% because we've our X% our talk on income and to markets growth those compared XX% X% or and to peers

down coming of parts from our those more the in So significantly initiatives country.

a allowing we next job do the relative to as as to same fairly into expect more been that's So of us good it we go performance, and relates year.

Capital BMO the Markets. of And with from the next comes line Kim question John

mentioned points points last to And basis it was you the in I think prior. now earn-in up expectations year. XX XXX blended in this your from But basis an rates lease points. to quarter, at XX growth XX basis same XX. prepared time, That's are improvement remarks,

or only been they're positively I'm is points, thought this the basis know seems those like but I I why correlated and two case? it would XX wondering So not. just have that's XX items

our where I about Yes, give today earning is an John, that think -- the way this and is example. you tracking

XQ XQ through of XQ X.X% X.X%. at our you blends, was year look was If and you XQ and our growth negative go XQ back X.X%, last was to

quarter. you you're this up, right growth. was X.X% XQ those all was XQ around fourth growth in X.X%, now our That's growth. add right at flat year, you the when our So X.X% expectations look When is X.X% about and

X-month as basis very new go so blend on a year. similar into you And trailing the

very went saw this to what and experienced the into as So similar we feels earning remarks. today we we prepared as said in year,

Mike, $X,XXX precise. on that it's we sometimes XX John, me follow-up ask or equate to be talking get, rent, a great bps because you're what a Yes, to? when I think month does But bps question let XXX a

Yes.

on for average at $XX rent. looking You're our

not it's on much, and absolute number rents. take doesn't it whole a the law So for

in mentioned new X%. lease you rates Mike, minus of And October

other understand of a markets that all we the supply bit rates in lease were what pressures think seeing little maybe the new Sunbelt. surprising? you I are deterioration But

with still you, the tell again, absolute maybe I'd the performing Yes. And first, East for us, an Coast basis. on start regions. out the best

experiencing, and we're is into growth the some lease second. I'll here in again, And so for what this new October, a get of blend.

the in Coast closer were the in the Coast October, say around X% X% West blends third increase I'd dropped second of Sunbelt in bps. quarter. But regions around quarter. and an the The we're the these X.X%. all seeing seeing East negative that in quarter. third blends, compares little third X.X% again, to to, Our compared is X% X% in about to in our a call it, That negative occupancy. bit, to -- are XXX in compares

we X% other income. it that increase forward. X% that our also growth leading to to as So line helping That's but that's item, move helps only other from income

the those on through It what lease individuals new to again, long-term the referenced with have our to growth. And blends, working have has a I of actually seeing question, remind include bit But basis. the we interns, typically pressure and regional our saw on a more that. In you to do with everything. growth we've regions. more And leases. to where that summer, so little just lease been leases kind everybody, was of coming we're that's for -- more what a again, are going lot you coast your in in And new short-term that we markets,

those And helps it going be then out going typically in an half to It don't leases, forward. did next about in degree. And the short-term months. you the that October typically expectations go coastal on this short usually, to as into more long season we is it again. of to It's greater It's case, impacted year impact have you you it a to what it so talk start is. But markets' leasing about and probably phenomenon. sign

And the Goldsmith of line next comes Michael from question the UBS. with

been couple that rental in to that's when the forward? within Or rates at choppiness you the of going seasonal Is of to typical look something increased kind relative seasonality years. variability this There's continue you pre-COVID some last over range volatility? back expect And the do leading normal there growth years? is to

Yes.

For to us, supply. back it the goes

at the we've all saw, a year again, look us. playing was to like just about this seasonality. we places the It's that for like Sunbelt, knew long. be you been exactly continue out We difference talking between but headwind is going that this If to normal

of a quarter year next of peak and fall second time in deal to with You probably off. through supply are now, dealing to going starts the with and right period first where you're it demand

So I'd little but pretty impact time, coming just it feels have the at you say a from seasonal same more in nature, supply markets. trajectory-wise, do the bit

How been I'm UDR a pace compete how or that in there. wondering, lease-up the And much while are pressure? at which thoughts don't appreciate I of your feeling the properties? new UDR -- have markets how of lot you on properties you has much the exposure, with has absorption developments trending

time an see homes our leased our particular, year in on asset, Tampa, On This and being stabilized No, it's in are typically I'll about about down that. week. been of of deals development our we give pretty given example. incredible. you X.X% we in Xx seeing a one

about X% few over So weeks. leasing our per we've the last been of week homes

what not we of leasing today, say, of it so have And been fairly lot a again, do don't I'd exposure. But lot well. up, we a have is

we're high. look a also when highs. of absorption, a stats of when some think look kind deliveries XX- nationally, for But are XX-year at there, from perspective, or we're you XX- obviously, a market, you And I XX-year that or the out of at kind a the broader

So is standard getting deliveries they're and what seeing look units pretty market at you on to month, XX they're private generally their when a which about XX absorption, side.

absorption, what's so to leading It's environment we better better originally a And less that's we than of a little concessionary to bit forecast originally. rent than leading forecast. growth

home. rentership relative do I been given than think own been to expensive have it's to a has affordability there, continued take just Wages fair lot that jobs there of this incredibly to piece. Obviously, have with their that year. become but a has share, more well how

time pre-COVID, think, that prices if XX% back you are At to I go up back materially. rates same single-family going to are home up XXXX. mortgage the

You about what's period, look time. multifamily on that and it's going that growth income line at with rents in with period exactly basically during that amount, half of during

housing. that So really rent-to-incomes of changed. haven't relative the option affordability It's in single-family alternative

then So in leaving biggest seen we've that front door. from year and that's, story the probably I think, the people back the coming this door not

Stanley. the with Kramer question Morgan And comes of from line the Adam next

kind say would potentially When would capital? of you're yields you you project? to thinking starting a on of are close terms What's kind and relative of here, own to what that your be spread developments spread of you need for that start your cost potential new to how about in developments new

debate of I'd can yield any, more year, The the and now. Joe. a capital we're are current to volatile What source we with that what we're price little continue capital. of shovel-ready quite Obviously, fact that But ready bit and and Adam, it to close. of started far somewhat lot that topic on good of a do we a is is We've the that tell and of rate it's creates active say projects go. in that yield feel there. cost capital. getting relative haven't this you got right volatility interest not thus parcels we're we the discussions stabilized a environment, that to that having number

locking make to from for obviously perspective. accounted the that that. a are then into sure what we want And you think really tangibility you've So rents

year, be close. forward. but think I in starts going see this we're so not likely. definitely some And may They We'll probably most 'XX

I a development. good redevelopment our pencils quicker might approach of heck lot on explaining follow-up, a A redevelopment Joe. than be because

to redevelopment enhancing of continued a and we've NOI then success lot on both front. Yes, the side have

spending we're on redevelopment million year plus this or So minus just $XX opportunities.

of of kind and more repositioning a assets. renovation going K&B fulsome doing from So just kind of upgrade the of light, a in to type of

maybe into $XX good have we've had really as that of on We and year upwards into well. front. another probably XXXX so opportunities that a And pipeline that take next million, got will there good

the to front, that refreshing product, on capital and NOI also deploying raising consumer get trying So better portfolio the the a profile.

ask the like Great. a you talked I about that appreciate guys going all that right? was little repurchases And lower on redevelopment capital earlier program allocation to it mean color. I think priorities this that's seems that like on development list. I given point? at seems It kind [indiscernible] is Is about bit this of I comment. here high too,

and bit going Yes, depending it core a be pivot way, lower cycle bit always a form. Correct. the is to doing DPE of that and on there recycling OP joint market. generally opportunities. higher, redevelopment We'll still or unit From these in shape it's pretty creative a we're little opportunities though, a the in the business bigger part acquisition some transactions finding on of venture some perspective, that for picture looking focusing little of the out we're that in

from question of Alexander Piper the Goldfarb And comes line the next with Sandler.

Just two questions.

going walk coupon to it decision that the there this us can other Yes, First, do -- City [indiscernible] deferred Long Island stood just And you equity. the down? Queens, players through Joe, are to project, the just the out. take

of company, are plenty liquidity. guys pretty a you So big

had not of So to. the it's you you like project if control take couldn't

the of reducing coupon? you through just us strategy can So the walk

to to good is Andrew. this you. Alex, Sure. talk It's

project go XXXX, of project. When to this the of just stabilized beginning XXXX, this just on in first 'XX. was the this it important deal quarter and fourth from construction it's it and the think in I was raw So land, the started back in completed on start part

partner to the us wanted Our to came and deal. recapitalize

a by The then million that $XX reminder, a it's XX% $XX They in our our As pref $XX accrual and this coupon about of structured, is into current. mid-XX% at are $XXX,XXX off dollar deal our -- this paid is of the -- like is top door. LTV. be in on kind The will dollars paid basis reduced about about below they deal. million. way in million XX the And put our

our it like know we like the We us, well. We for So partner. product.

reinvest back, reinvest opportunity us in, we this this And we an where so we as the was Joe And felt new paid that about, go have we something get opportunity and to for we to wanted in. in. opportunities in something we invest one to not would in are we was reinvest had situation find to talked

much a situation lower risk were And we rate development. we the was so because it in when lower the we're than to decision made under

stay a given find and we change our that know just drive make profile, and on deal was million million we something from it's I when and our take risk there. rate $XX Or So out and in under distress. wasn't to we'll get new. not Alex, in off the understand come that part deal partner work know for let put home, definitely $XX of one our This the we deals we just of it to a opportunity has watch investment that development. sure market to fully paid on new simply the you the take investment and was that million $XX with There that a was had. go in a But a list last team want back do say, down choice that take

Okay.

had than that what pay chose So paid you're could to guy just you getting Is capital, in not effectively to the you're capital off the he saying is what have off, put rather he you fully. had back you're saying the -- saying? to

Correct. Correct.

in of equity fresh a our paying pref, that position deal, also [indiscernible] had portion with million was $XX into we but our a put down additional partner They of pref that us.

entire position. that down pay So partner's

profile LTV, as a that a So XX-plus [indiscernible]. lot our changes materially deal. earning came new to XX% deal equity And at earning stabilized was XX% now down a last pay the current percent with of fresh dollar the into risk risk said, development materially from Andrew coming

Okay.

happens isn't other terms -- part on of is question this like or the reasons. new, short-term is the short-term in this always leases leases, Second

something short-term walking I'm was is and unusual Or short-term a mix mix it's happened? there this the part year's something just just why trends whole if it's discussion So trying short-term this was of normal about leases? leases year there about if was the rent with the to about or -- us the through. budgetary of discussion just leases way explaining some unusual understand they of happen the it

more tell for people coming as factor a the I we Yes, the definitions, furnished And than we has like like-for-like, of then general. a just bit some of lot we're kind we both questions it Alex. as We I'll everybody do year, like-for-like rentals want more people see everything. said taking of sure in just different have what to it's of of short-term do throughout more all-in like make around interns well looks on earlier, this actually basis. clearly since us, people kind expected blends it in. a would little did some And both, was because showing were you, have did We a summer. get the time that that

alone, program me to of have tell our people more doing for XX% saw that a increase I'll that fee so type income, those I did significantly you, which in XX% And about leases. we tells

off just of we're so them. And cycling

And in full what so that's we're providing. just transparency,

this mean that of rental more bit color. little you losing have a Alex, the type do the time delivered short-term I play. often being how supply at same you're

like see XX a And probably it's to so years. exaggerated more, reality. looking go last expect you a if forward, than is that's will lot it as it probably I will, And the you why start it

The from line Street. the Green of John Pawlowski comes with next question

on for Just one me. expenses question

items years, handle personnel last two over volatile line repair on a get can I been several maintenance. So that and have and really the

saw So big XX%. XX% decline, to cumulative pretty obviously, a personnel

then costs of pushed pandemic R&M those into R&M. on you impacts had were Some and

operating model continue the ground above bodies, personnel the Or is costs in expect functions, of continue bodies, on see both in question, R&M? for stabilize UDR inflationary terms and should today? the Joe, and personnel R&M to is, we So the to

forward. John, tell better Yes, I going it's it's would stabilized you, Mike. than

a you through R&M. as difference been items. of and personnel lot those And today so we're seeing of to, working alluded with a The what is we've couple changes,

refund to this of we off Cirrus the First, anniversary had year.

So X% it our personnel higher would that range. than we in was X% significantly would probably have to been, be

just inflationary numbers under there. So

forward, expect tell do I'd go pay quarter, on we for of this I you based more our third same. But the teams we As performance.

the good And through doing relative at X against performance of the revenue their job were peers our a months terms look year, when line versus you our the first really so of markets. in they peers top within

I'd that. And experience to that continue customer project. into going costs on And lean going of then personnel say forward, turnover we're were our to so some due to

We be probably expect month And down. that tell looking to year-over-year XXth looking you, consecutive October in fact, turnover. numbers, our at I'd turnover continue will with in the we're at reduction

forward, they these be past. than So have muted items line I think the will been going more in

-- damaged the maintenance the is year that inflationary next basically little will up typical prop levels? still basically heavily bit Okay. Is and a from -- there expense growth any units evictions on a more tail there than repair

kind of during that couple seeing to minus those historical norms a degree that back near not it's plus same I we hundred of COVID. and don't squatters, population damaging at you people are think if so. the to of that or will, of we're look saw When we

be think so as And as move factor that I to of we don't going forward. a that's much

line And the comes with next question Associates. of AlexanderKalmus & from the Zelman

pricing. I any know are consider? renewal supply drivers do spread quarter about think lot just average? recorded to At that wider the but ground of pre-COVID impacting there to third I you your covered a the front-end wanted ask move-in still figures, returns of what spread kind with rent today, And to new we like additional point between growth

That's really watch you It's point. good And and gap new we tell the fourth renewal your spreads you can quarter that quarters, year, out. get quarter the very you something the closely. and typically your a see every as lease first into shoulder I

increases, for to of numbers in relief, historical been tell norms. not seeing about our if keys. XXX The those rent their And what so points reasons you is We're that will, a you than hand seeing We're we've we're increase. not going me watching fact again. turnover better sense people it. gives basis back I'll move-out

great. are to paying project on everything customer looks out We here, so into to going plus the think X.X% we're continue to our minus X% turnover because dividends. or doing experience future And we is send our

renewal will do a And high as our forward. so growth we move not maintain can only we but be better, turnover that we pretty believe

Jefferies. And the next Tsai question Linda comes from the line with of

me. one Just for

In the customers/reducing terms that turnover, does benefit $X,XXX from there any associated with upfront churn? of if over that And are so, down go improving saving time? costs

it's pretty now, finding we're is what No. Right minimal.

in with we a something we're issues And points, experience dashboard can data wrong we are, gift every quickly. them or improve when We're had how when here we resident. a identify understand so are then going to now small they offering when We trying it do for bad again, and there's concessions these reaching out solve through times, proactively on. can cards, there, we they've that have individual good us, and a we moved experience. to and And what if at did we just that those maybe all them, all

to something from. minimal today, so that continuing it's learn they're cost but And we're

cards equal for don't going forward, And to And think so I we're think sweet what as move on we the it's are. I find spot those gift everybody.

have on. us rents some a level studio. out with It's house period been have that we're something that fits a not proactively time, identifying residents for in been for that with We it is and they that and but have years reaching be we're us size of one a versus may multiple short all,

was with too, less all think, about it's we earlier, cost. that I that talking the about additional now data Mike have

resources being think we that it's smarter I the have. do with

So find customer what in. we a things perhaps the value we that doing that thought were value-add, were that were didn't

pop And consternation that so an address the caused a either way our or at on also some we side, can turnover. in capital up, on figure have pivoting at and spend level issues recurring that trying individual level therefore, individual smarter our resources, capital people out property where to to but a

necessarily we but where smarter cost, think us today. on do not I data So that the expend have is added much making it's we resources

XX% you goal we I business topic it, Linda, the it's been is and a if And XX% done. to it. this you turnover mean can I really set long damn love through passion of expand from potential usually now the dynamically on margin whole or wins the to the and lower, drive your is structure, the how margin, your have ultimately, we CapEx, just because you game. historically this team out can path your the cost and how always this done. culture the actually change and you that resources, And the just hear change the power, capability pricing business and to who on find And margin. in changed a wins

journey. in of We're early long the innings a it's it. So

You encouraged and can for its results, effort this see project our the we're and early by innings value long shareholders. the prospects of

And Haendel from line comes the question next of the St.

no in CEO, over like for call he queue. There I'd the Chairman are to the comments. Apologies, is to Securities. further Mizuho questions queue. in hand closing with Mr. any Juste longer Toomey and no the back

about to very find I for I your a how we think time beneficial and how little it. we the know we're long expand and interest how UDR. you all to business, going went continue are Thank it of running the upon, call today, but when and we it support improve

of NAREIT we that, upcoming forward in lot So, With seeing at of many a November care. and conference events. you certainly other to take look

Ladies and conclude does teleconference. gentlemen, today's that

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