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: Alan Robert Peterson - Green Street Advisors, LLC, Research Division - Analyst
: Steve, within the NOI guidance change, I appreciate the comments on expenses. Is the 6% to 6.5% expense range that you shared last quarter, is
that still intact? Or is there any idiosyncratic headwinds or tailwinds to expense growth this year that you're not expecting to repeat?
Question: Alan Robert Peterson - Green Street Advisors, LLC, Research Division - Analyst
: Understood. And then maybe as you guys are setting out renewals today, I appreciate the comments on 5% renewals in July and August. Can you
give us a sense about where renewals are being sent out within September and October renewal negotiations?
Question: Alan Robert Peterson - Green Street Advisors, LLC, Research Division - Analyst
: Understood. And then as you guys round out the summer leasing season here, are you guys offering concessions across any of your properties on
any specific floor plans or any specific communities?
Question: Alan Robert Peterson - Green Street Advisors, LLC, Research Division - Analyst
: I appreciate that. And last one for me, maybe for Paul. I know that there's an asset right now that's being marketed, some media outlets reported
it, on the office market on Eye Street, being [not] marketed at a low double-digit nominal cap rate. I understand that Watergate 660 has a better
WALT and better occupancy today. But could we see a scenario where Watergate 660 could be marketed, if it were to be today, at a double-digit
nominal cap rate versus inside 10%?
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