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the percentage of available homes in April is down year-over-year
You mentioned that renewals are going out in the 4% to 4.5% range
your like-term effect of rent growth has been a little bit lower than last year
You've talked about continuing to deploy capital in the BTR product, liking it, given the large units and suburban locations
Could you maybe just talk about sort of the ramp that you expect for the rest of the year?
I was just wondering if you could provide any early thoughts on 2026 in terms of the building blocks earning -- any thoughts on other income or whatever else you can share about how you're thinking...
could you maybe just tell us to the degree of acceleration you saw in July? And if you have an expectation around blends for the third quarter?
if there wasn't that uncertainty, and we were more in like an environment like we were last year or maybe earlier this year when you gave guidance, would you have raised
It seems like based on your interest expense guidance, you're front-loading the acquisitions. Can you just talk about the rationale
Can you just remind me what the sort of lowest that has ever gone
are you seeing anything that would suggest something similar to last year? Or does the seasonality at this point look more normal to you?
Can you talk about the assets you're selling to fund the repurchases, specifically the CapEx and growth profiles of those assets?
I believe you said a moment ago that you don't really see the Sunbelt recovering that much next year. I guess I just wanted to dig into that further
to the extent that renewals have performed a bit better than expected compared to new leases, is it setting up for a situation where you gain the lease? Is it a bit bigger than normal at year-end a...
what you're seeing in terms of acquisition opportunities in Sunbelt right now. And just given what's happened over the last month with increased macro uncertainty
Can you just talk about how you form that? Is that based off a normal seasonal curve? And sort of what percentage of the leases have you already signed
can you just talk about how much better the sort of second half blended rate growth might be versus the first half?
how much of that is driven by other income versus improved fundamentals? And then what type of acceleration you're expecting
I want to return back to the guidance for blended rent growth in the back half. I mean it looks like you only lowered it a little bit from around, call it, 3% to 2.7%. And your second quarter was i...
Could you just talk about your occupancy strategy in the second quarter?
there's no signs like of incremental winking since we had sort of the tariff announcements or other announcements
I'm just trying to understand why it wouldn't be a bit higher given the low turnover you've been seeing
Sort of what gives you that conviction that you'll see that increased hiring trends?
what caused the sort of jump between the fourth quarter and the first quarter?
Can you just talk about the reason for the change in the definition of move-in rate growth?
Can you talk about whether that was just from sort of tougher comps or something changed in the environment?
what's the number that you expect it to end up at for the year?
you seem to at least be assuming that this current trend of 6% move-in rate growth comes down materially. I think that sort of has to be the case to get to your guidance.
as move-in rents recover, why wouldn't the contribution from ECRIs come down, right?
do you have a sense for what percentage of your customers are using ChatGPT or AI to find the best storage solution versus like, say, this time last year
Can you just remind us how you look at buybacks versus your cost of capital and other uses of capital today?
You mentioned that demand as measured by Google searches is stronger than last year and I think 2019 as well. But if you listen to the home builders, it seems like demand is pretty soft
I was just curious how you're getting the kind of flattish revenue growth within that? Is there, like, an offset that I'm missing
For the LA rent cap of 10%, I guess, what does that cap pertain to? Like, what's the initial rate from which you can only grow at 10%?
now that your occupancy is at a very strong level above 97%, are you starting to get more aggressive on new leases, or given your experience with the last couple of years, are you trying to keep it...
some drafts of the institutional investor ban have been circulating through Congress. I was just curious if you could comment on sort of what you would like to not see in that bill versus what you'...
I think you said in your remarks that October was like 96% occupancy, which I think is kind of like down sort of 50 basis points from the third quarter
Your occupancy guidance implies a pretty large deceleration in the back half of the year to, I think, around 96%, maybe even a little bit lower
if you could talk maybe about the new home builders that are approaching you now given some of the weakness from the retail buyer, how much you could scale up the partnerships
I think you said that your blended spreads were already in the mid-threes in February. So I was just curious why you're not expecting that to accelerate a bit further
Could you just talk about sort of specifically what you expect to see over the next couple of months. I think last quarter, you actually gave sort of the guidance for first quarter blends. So I was...
Could you just talk about what the dollar premium is on renewals versus new leases right now and how that premium compares versus history?
A number of your peers have talked about the worsening trends in late September and into October, specifically on new leases beyond just the sort of normal seasonal curve. Can you maybe talk about ...
could you maybe talk about any early thoughts on 2026 in terms of earning and contribution from other income?
are you seeing anything in the recent data, whether that's April, May, June, that gives you more confidence in this inflection in rent growth
is it just fair to say that you have a pretty good idea of where new lease spreads will be in late May or early June?
what percent of those renewals are also tenants that renewed the prior year?
the contribution to your same-store revenue from the 1.7% blend, it looks like it is sort of on the lower end, which suggests that there is probably a good back half waiting to the blended spread
it looks like things are expected to get a little bit worse from current levels. So could you just talk about what you expect from same-store revenue growth, again, putting L.A. aside
I think in the press release, you characterized things as sort of stabilizing. I don't know if you feel like maybe there's a path of things getting back to more sort of a normal run rate growth
could you maybe just talk about the process you go through in setting your budgets for 2026?
Is there anything that could sort of cause that prediction to be materially off one way or the other?
to the extent that the restrictions are lifted next January, I guess how quickly do you think you could sort of capture that lost revenue back?
your expenses came in pretty low in the quarter. Can you just talk about where they're trending relative to expectations?
your guidance is implying that the restrictions in L.A. lower your same-store revenue by 200 basis points, at least at some point in the back half
would you expect to drive that higher in the back half of the year? Or have you adjusted your full year occupancy targets a bit based on market conditions
it's just a bit different than that sort of normal seasonal pattern that you see. So I was hoping you could talk about why you're seeing that
could you just talk about where concessions are today and sort of where you think they might go as we progress through the year?