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AVB Avalonbay Communities

Participants
Jason Reilley AvalonBay Communities, Inc.
Timothy J. Naughton AvalonBay Communities, Inc.
Sean J. Breslin AvalonBay Communities, Inc.
Kevin P. O'Shea AvalonBay Communities, Inc.
Matthew H. Birenbaum AvalonBay Communities, Inc.
Nicholas Joseph Citigroup Global Markets, Inc.
Rich Allen Hightower Evercore ISI
Drew T. Babin Robert W. Baird & Co., Inc.
Juan C. Sanabria Bank of America Merrill Lynch
Austin Wurschmidt KeyBanc Capital Markets, Inc.
John Richard Pawlowski Green Street Advisors LLC
John Piljung Kim BMO Capital Markets (United States)
John William Guinee Stifel, Nicolaus & Co., Inc.
Dennis Patrick McGill Zelman Partners LLC
Wes Golladay RBC Capital Markets LLC
Ronald Kamdem Morgan Stanley & Co. LLC
Richard Anderson Mizuho Securities USA LLC
Omotayo Tejumade Okusanya Jefferies LLC
Call transcript
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Operator

Good morning, ladies and gentlemen, and welcome to the AvalonBay Communities Second Quarter 2018 Earnings Conference Call. At this time all participants are in a listen-only mode.

Following remarks by the company, we will conduct a question-and-answer session.

Your host for today's conference call is Mr. Jason Reilley, Vice President of Investors Relations. Mr. ahead. go please Reilley,

Jason Reilley

and call. AvalonBay Travis, XXXX second earnings conference welcome you, Communities to quarter Thank

filed begin, and note variety release afternoon's we actual of this the uncertainties Before these please in with as results discussion. Form made may associated Form with uncertainties There company's There well during may be risks differ the as are is statements and SEC. press a forward-looking of XX-Q materially. and that risks XX-K and forward-looking discussion statements yesterday in

during press usual, with our be on attachment As terms measure and include the definitions The operating and his of release Communities information available encourage may Naughton, remarks. this the to review does financial and website an AvalonBay And turn I'll you at and results reconciliation used which financial to call discussion. also that, over attachment in www.avalonbay.com/earnings today's of Chairman for Tim? and with Tim our to of performance. non-GAAP is other refer we CEO this

Timothy J. Naughton

slides night Jason, to of for provide Kevin Birenbaum. we will our are With today and me Breslin afterwards. on Sean Q&A last all be O'Shea, Kevin, welcome Thanks, commentary the brief and posted I Sean, and a and QX will then call. Yeah. available that us Matt

focus Our for results comments on quarter. will providing first, of an the overview

then, X.X%, for outlook on we're then, for and Starting year; our to growth for highlights lastly, above of or to higher a full core cap completed the initial XX far bps lastly, update million share the We X.X% to at at FFO And new million X.X%. the per risk at average external came which in development the yield of roughly managing capital QX about four very how the $XXX the of be this touch year-to-date. projected $XXX projected $XXX midpoint basis transaction X, so this about want continues Same-store rate of an an include budget quarter as we yield and of an on year our point average Secondly, slide raised completed million points XX outlook. X.X% cycle. of revenue we sale X.X% in than at budget was the healthy. $X.XX quarter growth in and at through above communities market

to X.X% on our original now outlook $XX up for and Turning X.X% occupancies, projected NOI to growth FFO now are is NOI still Projected plan. as our external for roughly with consistent is largely than plan new the we for expected, or $XXX mainly all the are start lastly, a to planned. year in year, later planned million. $XXX basis Same-store and XX our at and of rates now expected both development unchanged less tracking points in development some or funding X original XX starts million. little development X.X% touching We're million to $XXX by our And growth year, respectively, expected year full and revenue deliveries, that the is had originally than update above Expected at basis slide core spend at come about started about million from at reduced the outlook. points developments originally due from outlook. then,

in our Turning the to revision FFO Slide provides revised breakdown now slide X. of outlook. to a X core $X.XX of

to of for to Minor redevelopment stabilized and the one less upward same-store our stronger-than-expected that see, of revisions the NOI driving community offset forecast. updated As overhead our all more and with growth. is revision revisions from coming revenue expected projections plan capital than you or higher can from the another balance virtually

jobs XX% original about anticipated our than jobs outlook. growth or if you And or is slide in really about expected from job originally nationally, job higher forecast coming It's XX% XXX,XXX to in stronger-than-expected stronger. about growth. than at are revision? initial economic upward and even be X. What's now to higher embedded XXX,XXX And Turning it was our that driving about markets, which this look

markets, look the by you what supply be at from On projected we anticipated if deliveries side, expect in year. now we of beginning the had at our X% about to off the

by a more to really our so markets. And on performance both Sean? is turn portfolio color now Sean going performance side. it the the provide demand on operating over that I'm little driven being bit stronger-than-expected supply and to across fundamentals to

Sean J. Breslin

Thanks, Tim.

growth by of our Turning is to outlook points England and assets. outlook to about revenue midpoint is New our X.X%. X, slide weaker increased growth the being This we for as represents in our basis XX% Northern about in same-store earlier, of portfolio; which Seattle, outperformance by XX by offset represents Tim which of mentioned and X% partially only stronger supported performance California

XXX has In For achieved far XXX overall QX confidence points New X.X% our primarily during supply rate California, is job occupancy of X.X% market, portfolio in past six performance in Job six QX trending months. demand combined X% and Occupancy rent and above maintain basis which of basis over XX San San XX% past tech alone wage positive points in points A our over At metrics growth sector pace Francisco has than San year. during and XX points of Jose in supply level basis growth, the better England, and are past an pricing resulted moderating it's Francisco. as we reduced July. over led has rental San has for better-than-expected the this This at growth to healthy than more San job which push to quarter. growth has more been Many San portfolio to accelerated both Jose Northern basis rates. performance improved in down Jose suburban Jose Boston of X% key strong Jose change running materially increased X% in level in fairly Francisco. turnover Francisco. the thus us demand decreased from momentum basis of power QX. allowed San XXX points reduced months. with benefiting and in roughly in Francisco better the and San in for annualized We an expected San from year-over-year San in and Turnover than annualized in resulted the increased the level,

last roughly was in averaged rent respectively Francisco, rent up markets. San the occupancy XX% residents When trending each household QX X% X.X% And to points, median last and change basis income in year. new San averaged For X.X% to XXX in both quarter, market. is X.X% The in up compared and QX compared above Jose you year. basis XXX at July, change points look of

had Pacific below of years the growth Rent a as QX (XX:XX) change comes blistering to a new averaged basis online. Job QX, ago. what in which about cyclical slowed supply, we X% moderated XXXX. is strong, Moving achieved has of in couple our in remains the but portfolio pace is inventory Northwest, performance points from also XXX

original basis, terms same-store represents portfolio region. expected a including lease portfolio. with New year-to-date year-to-date performance have from also roughly and impacted and X.X% the X% outlook. be the reduction New our growth growth, York, our retail In The a revenue in to regions On with from revenue XX% retail Mid-Atlantic, revenue results rate terminations our relatively the been of in associated growth Southern residential in our portfolio revenue consistent Jersey, by is portfolio activity, the generated California

seasonal portfolio at Moving the relatively range the resulted patterns has quarters. averaged revenue The stable healthy growth average We've rent over roughly last depicts with last trailing four of change X. has year, change in in combined mid-X% to effect demand to which experienced leveling-off rent in slide slide low our the since the four-quarter to the QX the level. X% we've the eliminate year, past business. of supply, This supported

about in rent offers at terms is recent than XXXX. the basis range, has we October greater are for in change produced made first the points since same Renewal what XXXX. the July In XX X% basis than X.XX%, achieved activity, material of greater and for in rent is points year. September the August portfolio XX last running This offers about the increase July a blended time month high change currently year-over-year

over about the sheet. in turn development Kevin? Now, it balance talk I'll to Kevin to

Kevin P. O'Shea

Sean. Thanks,

XX. to Turning slide

development business we matured, focused the has enhancing have cycle further while our reducing risk on As profile. credit

four-year development At million through EBITDA As XX, reduced we flow, you $XXX development preceding internal new be reduced growth, funded starts and period. can the of this XXXX combination billion in neutral year basis XXXX roughly XX% a volume leveraged start or level, million activity. have $XXX cash free leverage to about of for than the on starts disposition a and per can is average on see slide year. $X.X This lower per

we on pipeline XX, estate that to slide market timing development greater $X.X and billion real on conditions. shown As to within we have focused flexibility new adjust increasing flexibility capital rights our development starts so

and the since cycle about in held by development reflects approximately that into in opportunity amount year-end, there economic West flexibility projects are the can at typical environment. and continue is the proceed on activity two In of few in and and $XX than existing years. with public-private at an in investment this projects potential controlling to with a first for the Mid-Atlantic. billion timing entitlements middle or consists right. we $XXX one-third more this adopted to XX% total be worth are opportunities posture represent be costs. to more that billion about pipeline left, that make as This represents start business at purchased. a million can are $X.X of of they sometime management These It as we bars representing on $XXX no opportunities only defensive risk development now is profile to $XXX million held about is partnerships this cost represents years in Much for of of production time million challenging a third-party or next communities that years two-and-a-half sense our if also cycle. in to the expect different And flexible development, the billion if noting financial the over we $X.X million flexible put little Altogether, with $X.X development to or of a when anticipation start next the Coast increased $XXX pursuit next necessary of least about quarter-end. of which development the ago starts exposure complete that apartment these timing likely modest are land million from the Specifically land several likely densify bar, of pipeline development timing inventory risk

by show credit focused underway, end of risk slide sheet highlighting cycle, to have match-fund metrics, long-term slide we risk funding cost key of second to outstanding that XX% to this match-funded we the XX% our XX, with target capital. we quarter, important continuing against by namely focused changes able match-funded of end so, the on high lock substantially two balance being risk. development enhancing doing leverage substantially development our of remain we throughout are to is approximately as much XX% were development, overall we and underway of At Turning roughly to which is reducing the a mitigating in XX, continue on to in amount the On is and of future the strength excess remaining development refinancing remained in we commitments. flexibility our exposed By of range have by which profit development against lagged capital. capital how of

of end low the to at to debt X X at net core times. about end of low remained and the the quarter, at our Specifically, X.X times range target second of EBITDAre

years, long that, doing next not risk only but back turn with Tim we which In it maturity X.X addition, on recent the the XX.X we years term. debt I'll the REIT remarks. stronger by to put for the of issuing for so, our concluding is near-term company In sector. also our of debt longer-dated in over refinancing And, average reduced years footing outstanding few the highest to years, have one to increased total years, in weighted from the

Timothy J. Naughton

Kevin. Thanks,

revenue up Just to finishing with XX the markets of now the and growth in for growth supporting the stabilizing range. quarter. Healthy on X% key X% slide some economic takeaways is apartment

fundamentals. original and with by original Development our Our revised driven better-than-expected our of deliveries ahead in plan. are is outlook line NOI plan,

year. particularly growth questions, Travis. And, ages, core As call just managing with FFO sector increasingly our up lastly, consecutive risk eighth mentioned, attention how are pace sheet. to currently management, the better we portfolio, open the we And like for the for Kevin the as then, are balance average cycle to turning are that, the we deliver to on than development we'd

Operator

Yes, sir.

Joseph. comes first from Nick question Our

Nicholas Joseph

Tim, have your media New a JVing of reports a or mentioned York transaction. been for Thanks. exploring portfolio risk management, Avalon and selling there What's larger appetite you disposition assets?

Timothy J. Naughton

Nick, Tim.

some of media there. aware are out We reports

it rate sub-X% we'll assets when as market Those is the we rate. sense say $XXX or to at is assets, I remarks, As to sold it either Manhattan JVs, cap portfolio necessarily earlier can't we often the aren't very deal, I I'd do subject in anything, that healthy. makes guess, the my disposition really mean, We strategically – what to is relates the But either explore it on and mentioned portfolio. opportunistically portfolio-type or comment million it. on in disposition transaction to cap sales relates or quarter confidentiality. comment the – of will. are outright we And I as specific this they agreements, often lowest market

So, for sales our as easily of debt you I are of the us. opportunity asset look screen sort attractive kind capital, to – it across is think, and set most

So, our allocation capital it's to objectives. of and marry trying we're matter form just just that – what against against a

to you looking recently, New a of extent, some Southeast area at Northeast bit and well, the to know, and looking, suburban those sales York As other to capital of from late reallocate done are entered in as we're we've Denver and some fair markets, opportunities Florida as so. and we the

Nicholas Joseph

we at expect and you've the of the conservative here? levels anything the cycle then, or monitoring targeted similar you're of Should remainder resized more leverage reduced you this or the for And range. development Thanks. is that there end make low or is pipeline from aggressive

Timothy J. Naughton

Nick. Yeah, Great Tim, again. Yeah. question.

as mentioned, a two million – brought As last we $X.X $XXX the about and from year in an average it have down have the we years. Kevin billion we in mentioned, starts of bit

the what's you X% probably look if high or running at And – could today, escalation the XX by, As have the in high-single in over many if know, call to kind mid-single of costs more a on been digit just whereas construction in that years, you a construction the basis of happening side, of X% to mid- year. couple play that just rents points erode it, are out yields range. you digit

that rent some assuming sense some I There's we are same So which we're result, is are volume level. lot bottom-up likely as therefore, a that land construction fewer to a mean, have markets going see yet. at see – of this trends down not kind the yet make deals costs we and seeing, growth, come outpacing to of have been adjusted

Something far year we development really than in added the deal haven't right started Southeast Doral that Florida. the we mention, this didn't but other so else we

as have why portfolio. optionality So, it's look one at reasons with development you of to right our the our want flexibility we bucket, and

it's There's that hurdle clear with one maybe is or bucket If you bucket clear potentially the look bit renegotiate decision. of stretch, it's more of more clearing a bar, abandon. time – little the bar more game probably where it's off we'll a be it and we'll barely and opportunities, forward group there's that in start. continue at clearing of is probably Where bar probably easily just, stretch. of third or another the just Where probably hold bar the the that the that, that or sort it's could bucket of a a

it a know kind but simple of So, cost. of way would guess depends. we in a I construction the I of answer trends kind it's same not long-winded see saying There's

continue of see development to the sort down point continue this of to forward. drift level from volume You'll total

Nicholas Joseph

Appreciate Thanks. color. the

Operator

Hightower. question comes from Rich Our next

Rich Allen Hightower

transaction want question on quickly – next pick transaction Manhattan potential the JV on – just there. up I to

some reduce for is behind So, strategic development? from help we perspective. to this source us your question, already think additional think thinking it that mark-to-market Just like the something of motivations between exposure? a the about as on Is New appreciate? sort assets weighted but a you've answered maybe don't doing York understand City equal the Is those that, markets public it of you of it for funds that

Timothy J. Naughton

time specifically, which It's function to good some certainly we that more kind generally capital, looking than is other of at it anything be any where going the going to of disposition be want to reallocate an allocate we attractive about of source today. is again, of something doing opportunistically, source maybe we're footprint. a a a have across comment it's first, equity may a upon Rich, function how versus attractive on in of our to but particular market capital market we can't capital thirdly, based think capital. opportunities And valuation

the as opportunistic to opportunities, kind particularly are in using little maybe we're screen bit things for a those ones of So, nature. look that that are a more

Rich Allen Hightower

Thanks, think past what help might much from been specific, sort been I my Okay. market if that? That's through asset just us a question sort going reducing think think turnover competitors. couple structural normalized of can OpEx do how has on impacted specific, you so public also you be, has from here, not specific? your turnover Tim. rate there? it is portfolio fine. a And think Is And – of then it's about that normalized turnover there mean, if rate but OpEx Avalon, given second Is year-to-date, anything the theme then a a you and run rate I of a normalized quarters what

Sean J. Breslin

is This Sean. Rich. Yeah,

Greater which pretty than well In a when that down. our all part you mean, at York/New New reasons the mean, doesn't turnover year-over-year, numbers, the relatively it pretty turnover, markets bit. sort of across mean, And really meaningful, region, your you the basis little on down XXX is the footprint the as lot. those the material terms reductions look I year-to-date increase all Rent a is down let's of look first is are broadly. points are exception I I flat. little a And question, up relocation across is at say is down greater of a turnover if basis change of the pretty Jersey quarterly with for markets bit.

in So, just certainly of single is production the down. factors things a what's and of volume as think and like that in of due business availability in happening of being overall home new a of home probably down relatively inventory being just of products materials cost well producing terms it's family terms that, number and constrained in of as I the part the in of different sales to including like churn actually things labor, terms sales. function And

there's at a maintenance look needle, to number way, in is the probably down But it, terms there in So, of factors the of material category. relates the of moving the not moving would as it's shows turnover. say. different in cost up side But you in if it I a redec which needle

of terms homes outperformance due of, associated occupancy, to support you tends which degree certainly vacant the OpEx overall points it at factor the the the half higher looked to of in basis those on was growth, you significant turning greater in occupancy. that to about occupancy reduced experienced sort. that turnover, side more you more is turnover to on about what we're a revenue our be redec have that is might Probably may where and we XX things and if So year basis days important don't thinking XX first the a relate points, happening with talking what's in

on of side probably of as P&L that terms focused side So, in material OpEx opposed benefit. to more the a the I'm

Rich Allen Hightower

perfect. Sean. right. Thanks, That's All

Sean J. Breslin

Yeah.

Operator

comes question Our Drew next from Babin.

Drew T. Babin

could strong? the of what this of how growth Bay There's of the employment very far or about year-to-date information of the hoping obviously, of first and, Area morning. for trended growth in good you'd improved year the the in your Good growth kind a outside it's half outlook obviously deal where Hey. that, I of better your the expectations relative year. I kind the employment wage of And about kind expectations talk guess pass-through second a happened bolting year. half to was onto is whether you exceeded of so expectations has presentation

Sean J. Breslin

talk that, to about is Sean. This Yeah. Drew. I'm happy

of our of Northwest, the the through we The been we bleed modest and what But job producing across growth, bit say in there California. terms expected. In expect the Northern Pacific exceptions of in I'd has footprint, to But would sort are job softness are area. terms the half year. York, of New second that rate terms little greater Greater the than in is, pretty the the what of it's New a jobs markets of Southern a jobs England number a in majority in certainly, growth performance into California Mid-Atlantic, in And, healthy. at

to last expect year, rates harder, as on it question, through in that let of push and the from half it that half to relates mentioned a bleed the allowed the greater the we I from benefit benefited first As occupancy footprint. to second we has little bit us and the across

looking it we We're in of if So, rate certainly in you're the terms of terms realizing realize occupancy. for it growth. impact,

side more than year. rate growth probably the the see on occupancy the second half of in You'll

but relates income across – California, of major pretty X% new I same it residents in wage wage household, we're to markets, various we moved markets seen new seeing happening residents growth the that of what's of not across growth, but Northern the growth median north wage have some the in relative period household year. wage healthy – last As mentioned growth. to

the about the of proxy So, and that I profile you our our within from of it if buildings. for perspective, a market somewhat think customers think we're

closer So, has driven wage XX%, cycle actually XX% they down this so. to close or whereas growth it's ratios to been pretty healthy income and peaked rent

just about wage So, has across but tech the most probably everywhere. in growth pronounced healthy been healthy markets, portfolio, the

Drew T. Babin

Wage kind expectations, kind is employment a over if of of that, time. phrased but do economic term saying term pick than saying growth have how And in decelerated guess to comments that employment. term the about in prosperity the term and marry levels in kind there's help I cycle were over to they the it? way things the growth Is likely of is you've but where using time? more to things marry likely from late short the near ago, could are long to return versus that, sort of I of yes, obviously return better years the up trend trend few kind Okay. little you guess and you a

Timothy J. Naughton

planning or long-lasting. I if we if on Well, you stimulus be that's just that a companies, And you of But of think that that meaningfully in at sort cuts, mean cycles general economists, will. requirements it's XXXX think of put and pulling of – capital starting this may is us trajectory not XXXX. to, here nature of just tax But a point We may right probably I'm to starting going effect listen community the certainly, right? it's the of they're not be different the creating enter and to are that combination last going benefit sense, structural most the their demand – of maybe economists to so going just either I kind bit get sort and stimulus regulatory the some term, some just the on you rollback is forward, longer they're just believe for and what's to corporations sure in the consensus now.

of carry some based that, that expect would you see alone. to forward XXXX upon of the to impact so, some And

Drew T. Babin

Okay. Thank from That's all me. you.

Operator

Our from Juan comes Sanabria. next question

Juan C. Sanabria

Hi.

supply. on bit little a comment could you hoping Just

as which XXXX if help markets as delivery, relative year. a about in about that. just of But the expected XXXX the you deliveries start some are the up less growth could you to than see X% down in us slippage frame and how are you which now, result and thinking You you're portfolio seeing your talked for views

Sean J. Breslin

take Happy prepared then several beginning Yes, and a years, is next. we Yeah. year can in consistent the needed. as little the mentioned from chime others bit that, last Juan, Sean. one as to to is this remarks, supply, in with slip to Tim – his

anticipated the that terms the deliveries X% based going that XX%, probably probably pushed in it's Mid-Atlantic, we year California, are the in California, be upwards the concentrated where, But get it's So, of pushed And, variety And year-end, we'll construction kind markets. of everywhere. on spread in say, see, additional deliveries XXXX. of on as It's be that that into X% we to we in the range some were of of sort market, based towards XXXX into this a of of across of expected what cetera, terms terms what XXXX. trends I'd in there's Northern in we're Southern XX% most for et that deliveries. slippage so I could see it's expect seeing in to

that deliveries know for macro sort market double Based is or So, and about be inventory. be at pretty of I terms of have to the variations X.X%. deliveries of think think is of but click to you the the I'd regional to level to say at were going way find XXXX, going on about we this X.X% the about really similar year last XXXX XXXX what and it's today, probably forecast are. the X.X%, volume to in XXXX are where through

any as Orange Diego, pretty XXXX. changes, year. of and in market is we're we itself, Orange more units about in has X,XXX they in XX,XXX should D.C. markets somewhere it's – unit that expected magnitude Baltimore year, units think meaningful Jose, all to a timing Jersey, County San the Diego. XXXX, range of of there's bit for relative reduction additional San three County, an X,XXX next this little then to where and terms be XXXX some reduction and in construction deliveries are deliveries under meaningful, see yeah, X,XXX there. units the thousand couple so, look at from that you relative units. or increase to East have given Northern likely about year. deliveries benefit in are proper so County to that's we the good And to as Orange about Bay X,XXX District in And soft in in And expect New this of the York X,XXX to City to with units currently markets which the We stuff XXXX meaningful order units X,XXX a up in down compared benefit be units, New that'll which us. then about performance been a San

or about So, either and with all XXXX, level I a through the tagging expect equal. of the those Tim that job potentially into that that uplift that things given else of see bleeds these supply, the assume markets macroeconomic creation you'd along being with softening are perspective, to talked some an markets in changes a mean current from modest

how of So, describe next in year. that I'd that's probably terms

Juan C. Sanabria

Great. just talked developments, with you'd delays uses, or a your brought of California. in about your Public do anticipated. like But perspective from And then or than development down delays your any didn't later moved starts your just what to regards you you bit It little maybe any some on you risk delivery than discussed? other maybe slippage see given we've Market completions look

Timothy J. Naughton

updated Tim original basically is here. fact, budget. our No, aligned outlook in with our

So as to we're to portfolio. the with occupancies at relates rate and deliveries, development point basically tracking plan respect it this

Juan C. Sanabria

you. Thank

Operator

from comes Austin question next Wurschmidt. Our

Austin Wurschmidt

Hi. Good morning.

question a the have around guidance. Just

by $X.XX to you've which attributed better So, beaten second was the quarter par

Kevin P. O'Shea

Sure.

outlook as earnings as in on release, essentially core a a in and portfolios we really redevelopment our XXXX $X.XX in coming of through from a So, click that, the same-store essentially the net same-store double in line the and basis the in $X.XX point is in have of capital being the the overhead of $X.XX you item FFO really table on versus with through identified outlook, that if occupancies of And revenue, sort coming as you markets initial other will. out adjustments Austin, in to $X.XX net Tim $X.XX basis, awash. through at essentially then, from a versus accelerated then, And opening $X.XX redevelopment the we're of in of the terms $X.XX. expectations through coming that our expecting is kind And of increase kind portfolio. view the pointed terms

the through primarily of a same-store of the degree sequential pace is activity guidance a uplift the of sort of degree, XQ of lease-up into to the portfolio. you In year, you terms in will NOI, in in cadence that, still the of and back the lesser from really look for might but of from kind and you the if implied what balance core to year positive you core for the fourth FFO going quarter, balance to and, at our be if development as driven much FFO

Sean J. Breslin

other through, Yeah. basis side, our it to overall the points; about basis majority points as revenue. of expectations in so. and growth of occupancy we through other XX handful that rate bleeds the basis year, And, of on relates The outperformed points neighborhood the or the rental indicated was how the revenue thinking Austin, as first XX half I around in of

be we second through year, to budgeted moved expect through come second half. we the occupancy As first the half than on the I rate that had We performance to the the earlier, side. side level as in higher at more of a half the of mentioned occupancy versus of

the move the year. how through we the basket seeing balance that's as the of we think about So, performance in of same-store components shift

Austin Wurschmidt

renewals? inflection of does So, the September the you in in revised for and back the half also guidance and year July about talked assume then August that the

Sean J. Breslin

Yes.

Austin Wurschmidt

acceleration supply Mid-Atlantic, you a And out What pushed saw bit in see Is bit the Okay. a talked in year. get then, Appreciate specifically? early about previously, demand little do that from was here. or you it attribute acceleration you benefited market that in the that We tracking an better to? that. market softer did

Sean J. Breslin

half macroeconomic expected Yeah. of outlook things first and produced sort on Austin, we pace Sean. half the is the of for based on the given demand XXXX what it's the side, second the growth some It job in in now, pace. tracking We're year, roughly X%. closer the beginning it's It's the probably the we to be growth X.X%. at to X.X% Right to talked of that – job about closer expect at talking Tim – about.

little insignificant It's meaningful that's Baltimore, bit materially, When not in market, in been basket you So, we're suburban have that pretty don't point. look say, in but Maryland we this XXX the units at increase. Supply of delays units. has same-store or so at number I nothing changed there. would like and talking that's big There's D.C. a in out, a pushed Virginia. really

on of where the in so. Northern area, So, at is submarket the demand the performance say of And Virginia major best the metro it's terms the right Mid-Atlantic. when the we're in of primarily now, side three look you components seeing I'd

Austin Wurschmidt

for Thanks Great. the time.

Sean J. Breslin

Yeah.

Operator

from question next Our comes John Pawlowski.

John Richard Pawlowski

comments Thanks. if am funneled do towards Tim, that interpreting be doing and did more proceeds opportunistic I regarding right acquisitions? opportunistic, you dispositions your will something something that and development

Timothy J. Naughton

I it. it's Southeast and the debt redeploy and largely really rolling, any don't debt the mean, into retire. the part We Perhaps. particularly fund of – it's of – I I it's expansion perhaps, process I to mean, obviously, Denver. Perhaps. but could but, whole Florida markets capital allocation some extent, to do development largely fund. mean, have potentially the

of way, by in Some development, as the well may that acquisitions. be as

John Richard Pawlowski

keep a Curious, you're impaired Denver I in God, do competitive rent thought and increase your Florida. wide process My If is, Okay. guys keep if are the terms by construction XXXX, just private share margin, repurchases capital than raising you in a and trouble of going vehicles cost deploying and money very more special private the odds outpacing question having remains a very, growth people cost in market. of doing equity the mean of XXXX deploying South capital? dividend in or

Kevin P. O'Shea

a to happened. capital. try market deploy yet do and questions. speculation that capital be about that in conditions That's of estate about we point hasn't the Yeah, understand we where whether responsive, and of a that the for kind do choice about Kevin. guess hypothetical another in instance those I you're based time something how then mean opportunistically. future all I of on first at of And decide we John. second to we sort real to hypothetical terms It's lot what at transact getting in think

talked dividend about complicating of particularly make and to to before, those each time. there use, such with hurdles buyback special obligations as and if the a get But certainly, then that management a compelling in immediate as dividend, entity issues not So, shows tax-paying part up over cash as things of a hand are discussion. all different there's of a an relate number we factors

for premature it's the look framework should under So a lay us of we the circumstances all to would to kind in concrete arise. they try or certainly to out what things those question at answer be, way the specificity but that

John Richard Pawlowski

Thank you. Okay.

Operator

Our Kim. John next question comes from

John Piljung Kim

wondering you and venture were with GGP ventures was part slide your Seattle, West includes which but you presentation, if your of a your have have Coast. any this there joint densification I'm figure, may XX $XXX includes the many that On in rights, bar I effort? on million, development in morning. how other of asset as assuming retail Good of densification developments joint

Matthew H. Birenbaum

Actually, due for speak to right joint venture is our We in until the with Matt. Hi, cleared kind and don't a it's initial our cleared pipeline. diligence one. Seattle It's potential screening. Yeah. John. the community rights no, technically can that I currently investment not in GGP of development development recognize

that right, on not what call working been I'd it but that's we've a in and long So, is future time, a there. for likely development

So, we the current owners of ultimately own in own joint retail the terms rights to Again, talking of residential they of We are pipeline ventures, will much it. is none of the where which development how retail. number folks. a will have development rights are we with retail and various partnerships do

which that with Woburn, Mass. We fits a description partnership development the It's have in a rights EDENS. site pipeline. is in It

RPAI. communities is right description development only But that in that's Cambridge. of fit is or North number two – a ventures like joint development currently wrapping the underway one Public up, site. our deal with have now Towson venture joint the which would Market That in We Point Emeryville have we

John Piljung Kim

those figure this in on asset? of densification your asset of densification, are So, efforts

Matthew H. Birenbaum

there's join assets pipeline development Yes. bought of communities talked which list one in San in little with the past; third with more housing of surface the those us there's housing as we overall These through the of there's Mountain through are that which Redmond, Archstone, rights a to jurisdictions yet, willing are one and part that much parking. third on and where is actually quite the just is and parking markets There's not in own, cases, quarter. garden is a to parking modify density in the parking ratio about try we've usually in in in recognize a reducing View, shortage parking of just to where for which need work bit entitlements as Jose; couple a or not deck, some – older replacing times add will one demand parking with which surface and for because the changed but which an replacing we've have the

John Piljung Kim

second question then, development And Okay. a on it, returns. Got

and and garden history development among based and IRRs was in noticeable I projects developing difference This your quarter, a seen you garden But mid-rise, point if basis recycling you developments. XXX had between wondering spread high-rise devolvement on high-rise, assets. between yield of had unlevered

Matthew H. Birenbaum

looked rate that Christie cap consistent and, the were City. an think urban I we product High-rises were generally We type, there got question. our the – trade Generally, in I pretty the at early a last will did we you time think tend to in cases, across very like high-rises Bowery by It's Riverview Island submarkets or Long developed Place. about in in at assets some we in three it transitioning interesting lower Yeah. think that we baskets. was early where

as a long the just in part and our both plays risk-adjusted experience It high-rises terms of are I timing. the takes riskier asset cost in into returns, well. on So, that would probably it the side put a to sometimes production. say time in

it's XX a last I of been two-thirds you been that wood basis, I'm argue the So, probably our Maybe even same has know. risk-adjusted might XX of a are better and has a gardens capital but or third probably development that's if getting frame. probably little on don't IRRs terms in – high-rise, years. guessing. over

John Piljung Kim

Thank Okay. you. Great.

Operator

from comes John question Guinee. next Our

Timothy J. Naughton

Hello?

John William Guinee

Yes.

Timothy J. Naughton

Hello.

John William Guinee

I'm helped the at in out of on the this yield in numbers talk looking day to rights, where I'm you sense? rights they you've about basis but make page liberty did low and at If the age? your XX, or pencil land your which Yes. where some assuming development some and got where development numbers your are positions don't cost,

Timothy J. Naughton

geographically Do you by... or of kind mean

John William Guinee

Yeah, geographically.

putting You're play lot I into of talking this about a think.

Timothy J. Naughton

over went Kevin slide. – on of kind the it's Well,

that to pressure. – process two. are economics Some four longer. holding of point while be year little the these the you quite are old better ready as would bit where ones are years cases maybe some of tend there's the out or land been going and in those five And deals a are are and cost be play to entitlement those the next deals takes to inflation more or take suburban less a The out where others in

in it you some know in those suburban changes cycle. sensitive see frankly Jersey, have New look pipeline, are little see are $X.X that's that consistent the makes billion So with in the the the sense you a Northeast that you it's of the economic partially deals overweight But is is – of our where probably development on total to less when or the just that allocation in what that. of that's rights chart. there, you suburban allocation And because at Boston we deals of terms

John William Guinee

have people any question, locked second build then new are perhaps they or you slowing seen signs the builders down? to Are still off and And laying trying that product? Great. and merchant aggressively loaded

Matthew H. Birenbaum

Yeah.

again. Matt We haven't seen this – is

we We're And have took little as entitlement we've working out might with a sites – to the taking the would we if to is pretty construction go. at And as of good pretty tried capacity, I this particularly seen have I in the Doral the up that the Tim pipelines. doing office increasing a say don't of say wind of position ground-up providing own play And bit, mentioned, And local that asset down example taking development, know the signs fact, a past started sponsor. – one We're them many is But not have that take expansion development kind but that's wholly-owned day, a quarter TCR They market buy our business. in risk. They're where some addition We are the still up. the that that they're the their risk. ready deep lease-up in deal we then slowing TCR of the and we to yet. folks the risk. – like still will they ways end asset. capital. full I to of they're would partnering their

that's some these of there. haven't expansion to to where markets where past, but there the a in look a volume in good ready them We go, deals still particularly lot done way do economics some good, get the are

John William Guinee

Okay. Thanks.

Timothy J. Naughton

that sense John, pulled My maybe publics which increased, I guys the that all, up to the back. haven't I think at pulled some trend are have new offset – entrants you're necessarily made amount back something but pulled as seeing, back, with or is merchant agree interesting evidentially just is Matt. had probably and quickly, the then publics other but just the you add Yeah. the not to – with

in that's of we're overall, couple our supply. volume and what's of of level And So over years. projections kind seeing kind pretty the next

Matthew H. Birenbaum

Yeah. Great.

is add I to probably product type have but public focused the that back, think I'd pulled multifamily the REITs... guys multiple

Timothy J. Naughton

Yeah.

Matthew H. Birenbaum

...maybe haven't.

Timothy J. Naughton

Yeah. Good point.

John William Guinee

Thanks.

Operator

Our next from question comes Dennis McGill.

Dennis Patrick McGill

...taking my question, guys.

being on both more and side, factors and accelerating wage portfolio across for rent then purposes? growth Just turnover you at down cautious over want those been so. been the that the tailwinds the stable When being fairly things growth similarly you to across tie pretty more with together look defensive you just is substantially and to renewals turnover noted notable the the mentioned supply that, that would be portfolio. guys a couple Both the simply year you of or it's overwhelming last on or have just really side

Sean J. Breslin

the that's think the the in factors the better Sean. what's Good on half rate point seeing first more little on by second outlook performance half, – little else being the tailwind a performance. really in rate better Yeah. occupancy, in all a and in and I is bit result of Dennis, driven side. it's equal would are we revised And reflected

terms through leading performance. is better it of So, in

growth, all are benefits. really, job got positive turnover, supply, wage better meaningful so, those And was reduced but the amount supply you've Still growth, good known. of

that the of led first expecting the is terms outlook. in for it through revised in half, So, in to leading what us better second performance and the we're and half

the So, of heart question? if your that's

Dennis Patrick McGill

Yeah.

look but noted through us regional California, at I the a you've think that you sense. lower the in rent equal for except how for at was Can as give second as ago I the Northern to well we effect color based quarter, reversals you're year think as in it a positively positive flipped as than makes the some blended lag overall the all Essentially, is seeing portfolio. the broad growth If that year-over-year? the business. level or that being far there's regions that to

Sean J. Breslin

Yeah. happy Sure. of I'm to bit little do a that.

here I of my mentioned, It's like look is we're I it was we the The a XXXX, of As California rounding Boston, comments, much greater at so is XX and had at what similar. July there. about XXXX expected running pretty that is July, rest mean experiencing in terms modest Northern X.X% of through modest which bps In X.X%. meaningful if you of lift I X.XX% Mid-Atlantic, it's you QX than mention is QX lift portion mentioned California. is the what markets and markets I in when par. in Southern certain look kind a

number don't New the off York head. bit of right is a little weaker. my I top have that

broad of Boston California I'd exception of to order and couple say it's regions the generally. what a significant So, markets. That order of but more in compared other it describes different. as the of is are Northern relatively with the The more based is magnitude magnitudes

so points offline. like you data going specific try markets, talk want we through the you all If to can to

Dennis Patrick McGill

how bit can you one now, marketing, might initial in assets seeing quarter priced dispositions final for those types expectations? Okay, the talk anything your and and and just the just then be relative perfect. you bidders you're on that a little helpful to about of one That's the

Matthew H. Birenbaum

It Sure, expected it pretty points a expectations pretty say, to Dennis. on exceeded rate probably been where field more. would has the have initial our basis to from Matt. deep we robust. a little by I This is has Pricing maybe XX maybe be, cap

of couple private which it we we Coast private assets the that asset There before necessarily that. buyers our larger on We've in pursuing one West foreign assets some in some the we've sold some to are vehicles to of REIT. than fund mix. an assets was the – out exceeded it's been these past. marketing of one sold of a that Blackstone's been where But that are now, more with of some seen We of by buyers dealt haven't have multifamily capital

So, maybe year I'd say anything, it or little a the than deeper two field, if was a probably ago. is

Dennis Patrick McGill

Perfect. That's you, Thank Matt. helpful. Thanks, guys.

Operator

Your Golladay. next Wes comes question from

Wes Golladay

rent back go get to growth. potential You want about concessions what that that? I was just less I the of also talked wondering improving to the about all? on having the comment demand, in about that to I guys. market, but Hi, just big is of your opinion accelerated factor want impact the drivers is at a

Sean J. Breslin

their for and minimis rent, used legal Yeah, from most relatively communities. they concessions, concentrated of concessions of on then used Wes. more high REITs on and rent concessions the really are the build and But a term private the aren't the lease-ups And most that's lot our of This Sean. lease off for anywhere the to establish there public terms they're increases to for rent that. de overall, most major one in pretty assets. a New three across depending us, overall. gains to I meaningful of occupancy part, which the in for lease-up others, of revenue is could down some number not players, gains York, in relates markets, certainly and a many or major existing as it suspect They're it's I helpful relative growth, offer part concessions regulations given where to rate but is months mean

specifically. it that for terms looking of what in I be New to So, York a you would performance wouldn't for except way maybe in in attribute City meaningful

Wes Golladay

Yeah.

moving more looking being maybe parley and see some could us developers in like on I year, maybe maybe guess, maybe year, Okay. be in another moving REITs then so but more lower demand And leasing. I not season? public the I the this out markets leasing of supply if the of was at half having XXXX, you that the do question, renewal to new supply with any some season, to second heavy would rational peak private pressuring there where of

Sean J. Breslin

When you is for QX QX a for mean the bit from particularly from us, QX, it, don't across lease compared lot I quarter-to-quarter. is QX periods footprint XXXX. up those look a little with at as a QX down but our bit. little the quite in to during move heavier expirations bit it's numbers in one a Yeah. around

quarters it's XX% expirations. So, the it stream year. lease through on impact kind you've What for of base first much roll have of XX% the revenue doesn't an rent the given the of and three been of

in some shouldn't or there's where have is even like supply District that (XX:XX) maybe pockets, meaningful in the on of So, certain Brooklyn. if a softness additional It Downtown example us heavier there's period. an impact markets parts

Wes Golladay

a lot. Thanks Okay.

Sean J. Breslin

Yeah.

Operator

next Richard Our Hill. comes question from

Ronald Kamdem

Hey.

Ron got the Kamdem Richard. on line You for

could thought, of Just some going it deals are What the deals Florida, looking you're thought, the you you Denver so expansion markets, may think back of that can we should to just be forth? the about or more when at? whether rates? you on cap how and the so Is at color you than deals looking Southern than less – some at you provide just deals

Matthew H. Birenbaum

Ron. Sure, This Matt. is

really both little probably probably It's some go as in ready more In of kind cap. more location maybe look to the it markets, in little of of X.XX% not are say suburban moment a the tell looking are we stabilized in looks where I cap what mentioned like that both and markets, this getting. be that is What those active, some been development now, But We pace Denver, anything, But to in other very in run, risk and assets assets at capitalize particular of hard supply in in downtown may that have rates at a would they're portfolio there's sexy, at those a are or less bit could of have our little or kind it. might not high bit Denver attractive. the sustain if any a we're and we're acquisitions in future interested of portfolio lease-up stuff the development are that is right the markets. really the the then a in more bit where diversified profile, of lease-up also both coming expansion others cases, cases long a to probably now may to because walkable certainly I adjusted be looking type right markets. would kind in out X.XX% down we'll rents return our yet finding the

as locations bit In Denver, kind we're much Florida Southeast being our less are cap in market select more the that Florida focused in in So, some view suburban a it's Xs probably those active submarkets supply less market, rates, and not somewhat now. there, that more still an like trades or Southeast probably of lower in the and Denver what might terms but be in to rate little as participants. right truly than similar. similarly is A on market other exposed high cap little of in

construction we're they're a the like On with the taking this comparable partnering a where deal development are side, our if in yields developer, Doral, there doing do we local think deal probably in to markets. risk. the we're we And

there risk. risk that's and appropriate development acquisition kind view, for solving of of yield from For because of us we're between of a allocation halfway that's point the yield an kind

Ronald Kamdem

Got great? first, region, a Mid-Atlantic would you helpful. if year, be And just just XXXX maybe on but the supply could to you touch That's talked just that jobs I outlook, little and on back but XXXX, go about it. if the bit the not into side, this can

Sean J. Breslin

out year this long beginning of terms addressed XXXX now of Sean. certainly effect or the would reform, on growth half, in X.X%. we but it's to that that the blah, play best tax into happened all a bit XXXX and be X.X% blah, data It's through Ron. available the range the cuts, compared specific was really effect the reflects XXXX. There's second sort a of job the in lag speculate have that but stimulus growth of the like projected being it point. full-year which for in out. Tim XXXX, half the in at over How for things and job That's what's the is there, too Hi, either premature I to regulatory mean, given spills stimulus which hard right earlier, to blah, out various plays factors what first

Matthew H. Birenbaum

backlog Metro that I'm a certainly, deal should there's thing would Matt. the is I add I Hey. we've the that both a certainly This one the at, in spending lot be Northern of phase Virginia could there provide be as talk increase be juice another that to sure kind There to an and yet, current budget from of although could is, could impact the change. not in guess details. let the the D.C. a is we've contracts of D.C., read lead on a shutdown; Metro of the seen what which for devil's pretty government in to D.C. but But does procurement it to relates recent appear we specifically, now. generally that obviously big driver little to economy, are

Ronald Kamdem

Helpful. it. so much. Thank Got you

Operator

from (XX:XX) comes Daniel question next Our Santos

Unknown Speaker

my taking Thanks morning. question. Good for

ones this I'm if from you've Just wondering was question me. already. answered – sorry two quick I

could then site you the Miami if the chose development, on an was Boston partner? you you on some wondering the give could us give specifically update And background and I supply? us how If

Matthew H. Birenbaum

where TCR and I of with quality may and want sponsor, that Sean, deal share we've sites supply a common for are been as years the sponsor, Doral somebody mentioned, go, obviously bit. long, back about and to go developer ready known many at the little looking talk I don't else we've then, local a – Again, know, heritage Boston long about a speak a at to starts the really you can time. I you a the folks if Sure.

the of grocery-anchored what which Doral, which So, is they project, This fastest-growing Miami. which that's do. lot at respect right by There is a submarkets one is the is door. shopping the will center, in which is have developed a a suburban part of be for of front site of developer, another

and And business. seven-story, product than is, show looking a sense like And funding submarket risk. taking highly So, different because costs mid-rise, not it's it's the We're of, eight-story really we've do and go in to got the more of to that that until up we past, be a that of wrap in pursuit that some early. what our structured it's in kind the walkability. it those done is it's pipeline we ready we'll It's also with long and doesn't that term, parking. we're that not a different deal think again, sponsor

general we've guarantees ready to close but didn't third-party go. working six until to So, the been all completion again for developer it local months, the to on contractor, us. There's it in is we probably was a commit providing but

Sean J. Breslin

Yeah.

Boston. as Daniel, As happy that supply, relates it relates to to take it to I'm

it expected So, little thought in when around X,XXX good year, where A Boston, like that. suburbs. the about is the we about which delivered deliveries for percentage urban reduction from last units, supply started year. is is be XXXX, and bit was currently would be of what sort we XX% something X,XXX, down a of of that It's to the in markets

level we outlook the to see pretty As supply XXXX units. to XXXX, it around running from what should relates be similar again X,XXX, today X,XXX for based at a

the supply XX relative year, outlook kind months down Boston XXXX pretty of last from in terms in in to XX terms stable in pace it relatively looks for to the next moving of deliveries. total of steady So submarket, of submarket to but deliveries

Unknown Speaker

Got it. That's helpful.

Operator

from Anderson. next Rich comes Our question

Richard Anderson

a about maybe now. that might stops, relative XXXX. Good music – because on of before this or do this all to seen short-term talked little guys do optimistic the you the a if business, as sort your you it's prompting manager you you've a sanguine are company? have? you feel past that as cycles And do it towards perspective equally bit point afternoon, of to of things for that early fundamentals about is short-term gone maybe less things you Hey. economic in inflection a from call, that Tim, terms be into have mind, XXXX the in an what or on stimulus bit little things of perhaps feel through you in With

Timothy J. Naughton

Rich. Yeah,

good I that's question. think a

cycle captured isn't we're as where I we think this at to we you I less point country say in it much it, are. late sort the I think you're guess, areas starting think as mean I there well. captured we'd see slack. sanguine the in you of

when labor at the it's college and can you labor almost force be If upon look X%, it seeing X% participation as contingent then for unemployment the it's at you're low markets, Xs. literally grads, mean, in I

much not to the continue and sort markets drive formation. slack household labor there's of So,

as there we've strong as household to relates on formation think formation in The opportunity some while. as was as is age. print recent seen I the a household Millennials it still most

year-on-year basis, to with on around, grain it's got moves that all seen. a kind at in a as salt take we've strong as you think of – X.X% came I that but think I of it

is I are think towards migrate go that the as leading young that a to – would mid-XXs living down to at the their expect cohort adults and of that of of bit as number home starts edge age you late-XXs.

they're policy by tariffs not material the the labor the inflationary at being you've I relates construction So, the both acute. because when and some abating cost side, – skilled both business, see of side immigration the you labor. on pressures, right you and don't pretty about as them now I mean, think impact and pressures it necessarily look got our to helped are potentially

that it more cautious would in a other deploying being think relates we may and in some cautious of market capital this a reasons there's to I lot as probably inflection. be of aggressive bit we showing terms are So, to be be points in than

Richard Anderson

would each elevated tied risk is cost that just to all maybe or kind other? And the some issue management shorter-term declining process of as beyond economic say, development perspective of that well say you amount development your or, related it's construction to

Timothy J. Naughton

related. think I it's

other legs been one LA willing taking that's deal markets in we mean, for because maybe the balance that and I'd pretty willing, were regions than it's we're year. through XXXX fundamentally, willing years. on bit it. production do that adjusted some in I that and that say had to felt that like land land yet. we we're surgical we much three last about don't really maybe sheet going our with more something had little we Today could consider inventory felt probably the a to we more two We not think to of have market I on over the about we're next think get

So, yeah.

Richard Anderson

you. Thank Good enough. Okay.

Timothy J. Naughton

Very good. Sure.

Operator

Okusanya. from question Our next comes Tayo

Omotayo Tejumade Okusanya

all Yes. being in that at and of views I about Good late. onto but you yet, just the on I afternoon. haven't kind addressed talked California? Have regards call Costa-Hawkins, progress this hope to made in got you

Sean J. Breslin

questions talked terms haven't about you it call. around Tayo, in specific we the of... I it do have mean, on

Omotayo Tejumade Okusanya

Yeah.

behind Just some potential be? possibly being about the and of lobbyists kind implications what November, could locally it, how you're on of ballot are of what the momentum that about that, in and from thinking about hearing you kind

Sean J. Breslin

things my be of Yeah. other likelihood passing as to part but I'm through give that sort. I that. it think passing asking of you been about doing about means People happy around well, a it probability would that out address there. But, particularly speculation and trying that the on specific anyone would mean, to I else be have pure and

a a XX% voters represents of with quite means, specifically cost funding, issues the administration recently issues reductions property on what conversion a as regarding voters restrictions different. that. voters offer a you to happened the to if rent particularly control, be controlling out could know, to related in things what to of at about State more based relate be there buyers, potential other rentals value in government Costa-Hawkins a risk say the yes. support voters educated of from polls single-family could revenue likely California detrimental report state is there rent they you which including of range kind a of the of that about, after talking for-sale are associated like is, go it of that number in and likely number associated is rent of ask kinds studies would The fiscal the product, costs repeal we with home terms Other about of on single-family single-family homes What impact buyer rental there know putting been educate to as about I'd Francisco lost there to repeal simply their are the away outcome the an those the concern what Costa-Hawkins that There which that of controls that and would extent out if and than LAO rent local the of answers. majority wide of topic. that fact, to that housing example. say Based all relates non-partisan a on and San starts of have there the adoption impacts, taxes of and out market if In we the restrictions issued investor homeowners in because and in

lot a So, what it protections repeal. Costa-Hawkins of people a to there's that would means, different need away to issues today as understand with what potentially relates go that exist

to probably I'd will ultimately over the what outcome potential is here means. few are say the what repeal be in get will are we the And day. when those and next that being So, drive voters messages months much to of terms so issues delivered the more election

Omotayo Tejumade Okusanya

All kind potentially around have right. you. any your happen, again, analysis of could of kind you portfolio? what But, does done impact it guys it on Got have if

Sean J. Breslin

handicap of today. other voter jurisdictions So, that's us, all is be comment today based currently purely in that, which a control way trying it's place impacted means? what's than to ballot. or for some will speculation. on we rent terms going All by on rent that mean, asset in what vote isn't It's I local terms speculative very to really in of kind do. it's or measure every they're one control referendum hard Yeah, through know much would at that the quantify and this jurisdiction to Is done point. putting of Other

Omotayo Tejumade Okusanya

Got that.

Okay. you. Thank

Sean J. Breslin

Yeah.

Operator

Pawlowski. final John your comes And from question

John Richard Pawlowski

apologize if run some new these I Could missed through XQ I components. new you rates just occupancy? Sean, growth Thanks. renewal and renewal quickly as XQ of as well early and

Sean J. Breslin

for give lot follow-up fair why level, mean QX of detail, you the the rates QX I royalty, can move-in so as numbers see a renewal the that. do I were relates say other and But don't between as regional Jason supplemental amount with know move-ins it Why John. that's quarter, on I of I the at the I Yeah, blended in when you you New a and move-in, don't a by stuff, market the included have difference it... England could to may – you the blended that.

John Richard Pawlowski

portfolio. portfolio be Total would fine. Total

Sean J. Breslin

in X% is move-ins and is looking X.X% renewals, you're included then move-ins. specifically. So, And if QX on which X.X% blended renewals mentioned I for X.X% X.X% July, blended, what on the portfolio X.XX% for supplemental which on on about and roughly that's total is

John Richard Pawlowski

today? occupancy And

Sean J. Breslin

sort is today Occupancy in low the of XX% running range.

John Richard Pawlowski

Thanks right. a All lot.

Sean J. Breslin

Yes.

Operator

Tim I back would to Naughton. over like to turn the call

Timothy J. Naughton

on the today. and hope enjoy you Travis, fall. we'll you, you care. summer, all your of thank all you rest see some for the being in Thank Take time I of the call and

Operator

you. Thank