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: Joab Dempsey - Truist Securities, Inc., Research Division - Analyst
: Chris, in your prepared remarks, you spoke about supply being manageable going into next year. Clearly, the fundamentals being so strong, you
think you start to see some supply coming online. But is there anything in terms of whether it's the entitlement process or the supply chain
disruption, making it harder to source construction materials that are keeping a lid on new supply?
Question: Joab Dempsey - Truist Securities, Inc., Research Division - Analyst
: Okay. Great. And then it looks like you sold 4 properties this quarter. With cap rate compression across the industry, how do you think about further
recycling of assets and possibly putting that capital to work in other areas, particularly joint venture structures where you're focused on lease-up
opportunities.
Question: Joab Dempsey - Truist Securities, Inc., Research Division - Analyst
: Okay. And maybe I could sneak one final quick one in. How did rate growth trend throughout the quarter and in October?
Question: Hong Liang Zhang - JPMorgan Chase & Co, Research Division - Analyst
: So you've kept a pretty tight lid on personnel expense so far this year. I guess just looking towards fourth quarter next year, do you expect that to
kind of reverse and trend up just given where wage pressures are?
Question: Hong Liang Zhang - JPMorgan Chase & Co, Research Division - Analyst
: Got it. And I'm not looking for guidance, per se, but just even if you end the year at a flat year-over-year occupancy compared to 2020, you still be,
call it, 300 basis points higher than where you were going into COVID. Just given where kind of move and move-out trends are, do you expect to
retain a portion of that through 2022? Or do you expect to kind of give it all back?
Question: Hong Liang Zhang - JPMorgan Chase & Co, Research Division - Analyst
: Yes, from a physical occupancy standpoint.
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