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: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst
: Another very strong same-store quarter. Can you comment on the operating expense side, just sort of a sense of what the increase was in taxes
versus other property expenses? And are you expecting a pretty decent increase in property taxes later this year, just given the increased value of
the portfolio?
Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst
: Got it. So I feel like -- go ahead, I'm sorry.
Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst
: Got it. So it doesn't sound like that -- I feel like in years previously, you've had or sort of indicated that you might have a pretty meaningful increase
in your property taxes, just given the rising values of the land. But it doesn't sound like that's what you're expecting here as we get into the back
half of '21?
Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst
: Got it. And I want to pivot and talk about the development pricing at about $105,000 a site. I know that when you look at the vacant land that you
have for expansions, that's typically at a cost of closer to $70,000. Is there any way to push that any harder? Or is that really driven by the entitlement
process?
Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst
: Got it. And just given the demand and sort of what you're looking at from an expansion perspective, do you anticipate having to open up any
additional sales centers like you had to do over the past several years? Or are you pretty well setup as you see it today?
Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst
: Got it. And just one more for me. Can you remind us what the vesting period is for the Fannie Mae financing bonus and stock?
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