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
: First question is just on your new lease and renewal pricing. It did actually get a little bit better, it looks like, in July versus the second
quarter. And I just want to be clear here on the renewals because it sounds like some of the renewals that you're doing now are also
improving versus the second quarter. So just trying to understand how we should think about rental pricing dynamics in the third
quarter and the rest of the year. I mean, are things getting better or worse, you think?
Question: Nicholas Philip Yulico - Scotiabank Global Banking and Markets, Research Division - Analyst
: Okay. That's helpful. Just second question would be, if you have any stats you can provide on the nature of your total portfolio in
terms of which buildings you think are high-rise product versus not? I mean I think you definitely have some in Hollywood; Washington,
D.C.; I think you have at least one in Houston. But -- and whether you're seeing as well any difference in leasing demand for what
would be more high-rise concrete, steel-type product versus low-rise stick-and-brick product?
Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst
: First question is, are you seeing an increase in migration into your beautiful Sunbelt markets from the coast, which, like Alex was
alluding to, are getting pretty dicey, more dangerous? So I'm just curious if that trend has exacerbated or any comments you're
hearing anecdotally on the ground from your managers?
Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst
: Okay. Great. I appreciate that. I agree. Second one is in terms of the development. It seems like on the acquisition side, it's going to
be less fruitful just given the available and low-cost debt right now. So it seems that development deals, land deals are probably
going to be your best bet, particularly with your balance sheet. So I'm just wondering if you can talk about how you see that. What
are the opportunities in front of you? Are you seeing like land deals coming -- falling through or coming to market? And also if you'd
take a look at ever doing preferred or mezz lending with some sort of equity at the end participation.
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