EXR
#So, if you look at our ---+ when we talk about premium on move outs we don't talk about the rent roll down.
What we are talking about is our average in place rents compared to our average street rate.
And I would tell you that on average for the year it is mid- to high-single-digits depending on the time of the year.
So in other words when we are raising rates in the summer that roll down or that negative mark is lower.
But everybody does not move out in equal ---+ what I am saying is you have more churn ---+ our medium length of stay is six to seven months, but our average length of stay is 14 months.
So you have a group of units that are constantly churning that have a very short length of stay.
So, many of those customers never received a rate increase or received one rate increase.
And some of those moved in below street rates.
So when they move out it is actually very little impact, and also you have a large number of those that churn all the time.
So our negative mark-to-market is different than our in place rents compared to our street rates.
I am not sure I understand the question, <UNK>.
I would tell you ---+ our average leases are fairly close to market and it is property by property.
No, go ahead.
Yes, that is a good question.
So the earliest CofOs we delivered we stopped within a year most of them ---+ just way ahead of historical norms and underwriting.
The more recent deals are leasing up between one and two years on average.
So certainly the pace of lease up has slowed down, but we have underwritten all of these deals at 36 to 42 months.
So they are not leasing up as fast as they were but they are still leasing up generally ahead of projections.
So we actually have not put that out in the public.
It is something we will consider looking at, but we put a management fee into our properties that is what we consider a cost to manage when we underwrite.
Sure.
The five boroughs as opposed to our New York MSA, which includes northern New Jersey and Long Island, had revenue growth in the fourth quarter under 2%.
And for the year under 5%, about 4.7%.
