HR
#Sure.
I think you'll see in our disclosures, we have some additional disclosure around FAD, funds available for distribution, which includes some of the maintenance CapEx items, second generation TI, commissions and so forth.
If you look at our payout on that ratio, on that basis, we were at about 95% for 2016.
So I think we're certainly moving in the right direction.
Certainly, I think there's room to improve that, but I think being in the right direction certainly gives us an ability to consider that and look at that.
But I think we've got a little ways here to be at the right level, if you look at comparable peers and so forth before we turn too strongly towards that.
We used to break that out a little bit more between, the capital expenditures, between revenue enhancing and not.
I think our view is that most people said, well, that's fine, but we're still going to subtract all of it and the growth will show up down the road in your income statement or your same-store.
So I think we just took the view that we'll just consolidate that.
So the answer is yes, there is revenue enhancing opportunity in there.
We are specifically, in many cases, we were just looking at something in California recently where we've really spent $1 million or $2 million on a building to enhance the perception and quality of that building on-campus.
And we can push rates and get great contractual bumps.
So it's worthwhile to do that spend.
But we do just lump it in there for that guidance.
No, that's probably too much.
I'd say more like 75% is recurring, versus the balance.
And <UNK>, we look at the revenue enhancing more on the CapEx and the second generation TIs, that's normal course.
So you get a little bit more just at the CapEx portion, as you start trying to break it into revenue enhancing and non-revenue enhancing.
Well, thank you to everyone for listening this morning.
We'll be available today for follow-up, if anybody has any additional questions.
And everybody, have a great day.
Thank you.
