The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Nicholas Philip Yulico - Scotiabank Global Banking and Markets, Research Division - Analyst
: Ric, I just wanted to ask you about the balance sheet. I mean clearly, you're in a very good position, low leverage, a lot of cash. How
should we think about your deployment of the balance sheet over the next year? And are you seeing any interesting acquisition
opportunities opening up yet, realizing it maybe early, also thinking along the lines of maybe partnering with private developers
who need capital. I mean how are you kind of envisioning the opportunity set here?
Question: Nicholas Philip Yulico - Scotiabank Global Banking and Markets, Research Division - Analyst
: And in your experience, how long is it going to take before you can become more comfortable with underwriting rents for the future
development pipeline?
Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst
: I guess just kind of maybe digging into the previous question. What is your view on development within your portfolio and your
markets over the next 12 months? I mean like you said, starts are expected to be close to nothing, but you're in a position, balance
sheet-wise, where it would behoove you to start now and really reap the benefits in 2022. Any thoughts there?
Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst
: Makes sense. Other one for me is, can you just juxtapose or compare and contrast your kind of core Sunbelt markets with your
Southern California markets just in terms of delinquencies, people who contacted you about payment plans. And then how things
are performing on a submarket and price point spectrum?
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