UDR
#<UNK>, this is <UNK> <UNK>.
First, three of the assets are in lease up and they have all leased up very well.
The first asset in Seattle was stabilized.
The next two in Anaheim and second Seattle asset again leased up very well.
Rates that are at or above our original expectation I think when we talked about this, we thought that the all in sort of return on costs in these assets would be somewhere in the neighborhood of 5%.
We don't have anything that changes our view on that and again as we look at the option windows that began opening up next year.
We'll make the determination as to which assets we want to buy and which assets we want to sell.
But again the first one would be the two Seattle assets and the Anaheim asset.
First half of the year will make that determination.
The month October new is at 1.1%, and renewals so far in October at 5.3%.
Alex, this is <UNK>.
With respect to MET, and you've seen it every year, that we've been in this relationship, for the last six.
We've always had some degree of some trade going on throughout the life of this joint venture and I would probably see us continuing that same pattern in the future.
We see no impact from what's going on at Met at Corporate to the real estate appetite, views of the world or their capital availability or deployment of capital.
So, I think we'll discontinued to have these dialogue that we do with a great partner at future opportunities that help us advance UDR and help them advance their capital deployment.
So, I don't see any change to that.
I think it was just one of those years where we decided to sell an asset, buy two shrink land inventory and I like the side of the trade that we ended up on.
Yes
Okay, basically down to land inventory with them is through the end.
Well, it's a long history, <UNK>, and timeless this question.
For the last three years make it four.
We had three years at 10%, we had this year looks like an 8% and as we're looking now towards the future.
I think in a stable supply demand demographic that we're in a phase, its probably in the 6% to 8% kind of range, lot of it would take to get below that fix, I think is a recession and the depth and in the nature of that.
I'm not calling for one, but I think that has been the my historical pattern is when the country goes into recession, its where is our exposure to it, how deepened of our portfolio do we have in those particular areas or industry exposure.
Hard to forecast that element of it, but what we've trying to do is build the company that can stay in that 6% to 10% through most cycles and I think we've done that.
And I think we're going to continue to in the future and when you look at the next strategic plan, you're going to see a lot of the same strategies that we've been executing on in last four years.
Very focused on capital deployment, operations and continued balance sheet improvement.
<UNK>, this is <UNK>.
I think the short answer is no.
What I can tell you is that there are continues to be plenty of liquidity in the market that there is still key debt available, there's plenty of buyers, although buyer pools are somewhat shallower.
What you could see is that buyers continue to underwrite lower growth rates that cap rates could increase a bit.
Remember you still have solid fundamentals in most of the markets, so that even if cap rates increase a little bit and NOI should continue to increase.
So there's no obvious impact to absolute value.
But, there's the big point is that there is avery liquid market, if you look at 2016, transaction volume, it's still going to be very robust, it'll be slightly lower than 2015 kind of record levels.
But should be similar to 2013 and 2014 and there's no evidence that, that's going to abate anytime soon.
No.
I don't think there has been a difference.
I don't think there is a difference today.
But again I think what I just described is sort of how that will manifest itself with any of this legislation is passed.
Sure, <UNK>.
We'll probably have this wrapped up and be able to make an announcement around [NAREIT].
So <UNK>, this is <UNK>.
As we talked about before we've really developed in seven or eight different markets.
So Southern California, Northern California, Seattle and the in the major East Coast markets plus Dallas and potentially Denver as we did in the Steele Creek.
So those - we're going to continue to focus our development activity in those markets, if you can imagine some of that question is really opportunity base that we're going to look at the opportunities in those markets it has the best location.
And using the sort of revenue growth that one would expect in those markets we will underwrite that type of growth and where we find opportunities that that sort of meet our return thresholds those, those are locate, those are projects that that we'll actually move forward and deliver.
We're going to continue to maintain at least that our business plan is to maintain our $900 million to $1.4 billion type development pipeline.
So you won't see it increase above that level.
And again, we'll continue to use a disciplined underwriting approach.
I think certain markets, at certain times we are going to have less opportunity and I think you could use San Francisco is an example that anywhere, where you do have some pressure on the rental rate growth, you still have land prices that are very high.
And so you probably have a kind of a set of circumstances in the City of San Francisco where it's probably hard, but in near-term for any projects to make sense, but again, these markets change over time and the fundamentals of those markets will change and we will continue to underwrite those opportunities accordingly.
<UNK>, we're looking at 5 and it's an operating margin page.
Well, thank you, sir.
Anybody got an idea on the question.
Looks pretty constant.
<UNK>, we're all scratching our head and trying to figure out where you're going with the question.
The new capital put in, it will be probably just operations in new capital.
Shareholder value $400 million, $500 million.
Well, just to be clear it's still <UNK> <UNK>, I'm still President and CEO.
Let me just close with thank you for your time today, and second we're very focused on finishing up the strong year and certainly look forward to 2017 and 2018 and rolling out that strategic plan again in February of next year as we wrap it up.
And we will see many of you at NAREIT, and we look forward to that exchange and time together in a couple week.
So, with that take care and have a good day.
