Sean Breslin

“Turning to slide 10 to address recent portfolio trends, year-to-date asking rent growth has been pretty consistent with historical norms and our expectations for this year.”

“Yeah, Eric, I want to talk a little bit about how we see the rent change forecast playing out throughout the year. But to your specific question, what I indicated in my prepared remarks is that the renewal offers for February and March were out in the 4 to 4.5% range.”

“As Ben noted, we started to experience some softening in key revenue drivers during the quarter. In Chart 1, economic occupancy was generally consistent with our expectations in July and August, but fell below our previous outlook in September and has continued to be below our previous expectation for October.”

“Our updated outlook for same-store revenue growth is slightly below our original expectations, driven by a change in our same-store pool and underlying bad debt.”

“As it relates to rent change, what I'd say is a couple of things. First is, you were generally tracking to plan as it relates to rent change. And as Ben and I noted, debt performance in Q1 was due to slightly higher occupancy.”