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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