EQR
#It's <UNK> <UNK>.
I gave it for the whole portfolio a moment ago.
And it would have moved the number 0.01, so 0.01 lower.
We actually have lower concessions than we had last year.
So that isn't going to make any difference.
Concessions right now are $100,000 a quarter.
They're just not that material.
They were more significant in the first quarter of this year.
So gift cards are expenses, accounted for under leasing and advertising.
Concessions are accounted for in the month that they're given as a reduction in revenue.
You have combined the two, because the same-store revenue number is reported on a cash basis, and the deduction is already made for the concession.
So all you need to do is subtract the gift cards, which was the number I gave earlier.
It's possible.
We've got some land sites in Boston that were really land sites and dents that we were able to carve out of existing deals that we had previously acquired that could create some development potential.
But we're going to watch this all very, very closely, <UNK>.
We started very little this year.
After running about $1 billion average in 2013 and 2014, we cut that about by almost two-thirds in 2015 and cut it by another two-thirds in 2016.
We're down considerably.
So we're going to watch all that very carefully.
I'm not saying that we're not going to start anything, but whatever that starts will be, at least at the present time, will be de minimus relative to what we had been doing.
We moved, <UNK>, from the third quarter, the sale of a piece of land that's in the Northeast.
So that's the $0.05 difference.
Hi, it's <UNK> <UNK>.
Thanks for that question, <UNK>.
Right now we have about $200 million, call it, of commercial paper outstanding and nothing outstanding under the line of credit.
And I'll tell you the main reason we use the CP program is that it's another pocket of money, and right now it's just vastly cheaper.
CP now is being priced at one-month LIBOR plus 30 basis points.
Our line of credit is LIBOR plus 95.
So we're saving more than 0.5% on that.
So the way we think about using the CP is an adjunct to our line of credit.
And when it's cheaper, or that market is deeper for some reason, or better for some other reason, we will use the CP capability that we have.
And it's just not an important part of the overall picture for us.
What Airbnb is doing or not doing in any particular market has no impact on the way we think about our expected revenue for the upcoming year.
We don't allow those people.
We don't allow anyone to rent an apartment from us with the sole purpose of running an Airbnb business.
We won't talk about it specifically about those markets, but in general in the markets in which we have elected to invest our capital.
And would encourage you to look at the investor presentation we put on our website that does show over extended time periods the outsized revenue growth in these markets, the outsized increase in some underlying asset values in those markets compared to other markets.
Like I said about those specifically, but just the long term out performance of these coastal gateway cities we've invested relative to more commodity-like markets in the country in general, we've got several slides on our website that will address that for you.
Yes.
It was 3.1%.
Thank you all.
Appreciate your time today.
We look forward to seeing many of you in Phoenix, and go Cubs.
