DSW Share Option tehingute

We actually typically don't comment on capital markets. Kas on tehtud lõplik otsus, et teha Columbus Circle'ile korteri täitmine? We have our first ground-up development right in the Denver market, which is in RiNo, which is kind of a very hot neighborhood outside of downtown there, but it's a wood-frame product that we hope to start this year. But we still think it's accretive both -- on a go-forward basis, accretive to both NAV and FFO, in particular as you consider sort of reinvesting free cash flow, which doesn't have at least an initial financial cost to it, accounting cost to it.

Siin on see, mida peate teadma krediitkaartide jaemüügist ning õige ja vale viise nende kasutamiseks. Enamikul kauplustehingutel on kõrged intressimäärad CreditCards. Mõnedel kaartidel on isegi kõrgemad intressimäärad. Veelgi hullem, et enamik jaemüügi krediitkaarte maksab kõigile klientidele sama intressimäära, sõltumata nende krediidivõimest. Matt Birenbaum -- Chief Investment Officer Yes, that was -- last quarter, that was really about what we think the building is worth as a condo building versus a rental building, not necessarily relative to our basis although we do think it's worth more than our basis.

That is a before tax number. So do you have any number you could share on what the ultimate NAV benefit is assuming you hit your sale plans on an after-tax basis? I mean, I think it's all premature at this point; we've yet to even commence marketing. So we'll see over time what happens in terms of the sales we closed, not only this year but in succeeding years when most of the sale activity would occur.

But we're early days in this, and we'll see what happens when we go down the path and market this and see if this is a path we ultimately want to pursue and then sow what comes from that effort. On see õige? There are also two other line items that are worth talking about here. The first is expense costs incurred related to condominium homes. Those represent basically marketing costs and operating costs associated with selling condominium inventory.

We'll incur those. And then there is the final line, which is the estimated carrying cost of unsold inventory. We will DSW Share Option tehingute to carry those costs, and so we will be carving those costs out of core FFO and adding it back. So essentially, what we're trying to do with these adjustments is recognize that this is a different business line; it's not a traditional REIT activity, and trying to present our core FFO in a manner that shows our operating performance year over year on kind of traditional REIT multifamily rental activities and looking at this Columbus Circle activity as a discrete business and carving those costs and gains out and treating them differently from a core FFO point of view.

Nick Yulico - Scotiabank - analüütik Õige. Is that right? Adding it back. We have good for both. Our next question comes from Rich Hill of Morgan Stanley. Rich Hill - Morgan Stanley - analüütik Tere hommikust, poisid. Wanted to maybe spend just a little bit more time on your development pipeline. Recognize why development might be Osta varud ja valikud down late cycle, and clearly see it as prudent.

But there's still likely some markets that need new supply of apartments. So I'm curious when you're thinking about your development pipeline, what land you have under option where you're already developing, how do you sort of think about that relative to your existing portfolio?

I'll try and take a shot at that one. It is somewhat bottom-up as Tim was mentioning. So it really starts with where we're seeing the best risk-adjusted opportunities, where are the economics of development still favorable. Typically, that's going to be a wood-frame product at this point in the cycle. I don't think we have any -- all of our starts planned for this year are high density wood-frame product, and everything we started last year except one fit that description as well.

Typically, they're in kind of infill suburban locations where demand is strong, and there are more supply constraints than the urban submarkets. So it takes a little longer to get through the process, and that tends to meet or out-supply in a more measured way, which is one reason those submarkets aren't necessarily seeing the same pressure on rents although urban markets actually have seen rents rebound here recently a little bit.

But generally speaking, rents have held up a little better over the last couple of years. So we are seeing some DSW Share Option tehingute the suburban Northeast deals still pencil out. This past quarter, we added a development right on Long Island. It's probably a two- to three-year entitlement process. Those types of deals tend to be pretty resistant to the cycles, so would still be favorable. And then we're seeing opportunities in our own portfolio, locations where we already are. It's going to take a while to get at those.

They're complicated from an entitlement point of view, but we have one in Redmond, we have one in Mountain View, we have one in suburban Boston.

So those are great things where the economics are likely to work through most market cycles. And then we are also trying to find opportunities in the expansion markets, and we started a deal in Florida last year in Doral. We have our first ground-up development right in the Denver market, which is in RiNo, which is kind of a very hot neighborhood outside of downtown there, but it's a wood-frame product that we hope to start this year.

So those are kind of the places where it's still making it through the screen. Tim Naughton -- Chairman and Chief Executive Officer Yes, Rich, I think sort of probably the three areas where we probably -- where we haven't been as active because of just cycle dynamics has been the Bay Area.

We just haven't -- its land and construction cost generally doesn't make new development feasible from our standpoint. Densifications are different -- different kind of opportunity. So within our portfolio, we've been able to do that. Seattle, I think, is where we haven't been that active in the land markets for the last three years. And then most urban submarkets, again concrete generally doesn't pencil later in the cycles. So those are -- we try to blend sort of where we want to be from a portfolio allocation standpoint in use development to help us get there.

But recognize, there are times in the cycle where something just doesn't pencil or just doesn't make it -- which is not as good a use of capital as other DSW Share Option tehingute. Rich Hill - Morgan Stanley - analüütik Sain aru. And what I'm ultimately getting at, it sort of sounds like your development pipeline is a nice to have and not need to have. I was struck by your growth being driven by stabilized portfolio with no contribution coming from new investment activity.

So it sounds like the development pipeline is a nice to have. It's in areas that you think really still need supply. But even if the development went away, as we start to think about and beyond, your stabilized portfolio can grow, consistent with peers.

Is that sort of fair in the way you're thinking about it? Tim Naughton -- Chairman and Chief Executive Officer Our outlook -- I mean, I think our outlook for this year probably is somewhere in the middle of where kind of our peers are, just glancing at it real quickly.

So the notion that we might perform similar in terms of a same-store basis I think is a reasonable expectation. But on the -- I would say on the development, I wouldn't say it's a nice to have, but I think -- we think it's a makes sense to have still at this point in the cycle, albeit at a lesser amount and being judicious about where you're deploying that capital.

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We think we -- this year is a really -- is an anomaly just for what's happening both on the delivery side and the capital that was raised in But we still think it's accretive both -- on a go-forward basis, accretive to both NAV and FFO, in particular as you consider sort of reinvesting free cash flow, which doesn't have at least an initial financial cost to it, accounting DSW Share Option tehingute to it. So we think we can still grow accretively, both from an earnings standpoint by continuing with our development pipeline and the opportunity set that we see.

Rich Hill - Morgan Stanley - analüütik Suurepärane. Aitäh, kutid. Ma hindan seda. Tere hommikust. We've never commented on that before. We actually typically don't comment on capital markets. So by even showing the blend of asset sales and unsecured debt, we're doing something we've never done in our year history. So it'd be tempting to invite you to our budget process, but we're essentially assuming that we're going to achieve kind of market rate execution on transaction activity and unsecured debt issuance over the course of And then just curious what the attractiveness today is for redevelopment as you have seen rental rate growth improve, albeit gradually and given the decrease in development starts moving forward.

Sean, you want to take that? Head seda teha. Yes, Austin. I mean, development -- excuse me, redevelopment has been pretty active for us. And then beyond that, it'll probably thin out a little bit, but the returns have been compelling and the opportunity set has been something that we're comfortable with. Nii et see on selline, kus me oleme.

Austin Wurschmidt - KeyBanc Capital Markets - analüütik And how do you think about the returns on those, and is the majority moving forward more kitchen and bath-type opportunities versus, I guess, the redevelopment in Edgewater a little bit of a different animal? That was sort of a onetime thing.

Lugege seda enne jaemüügi krediitkaardi kasutamist - Krediitkaardid

The rest of it is a combination of either full-scale redevelopments, where we're doing not only the apartment homes, but we're doing the common areas. It includes some projects that are just purely large CAPEXprojects that really that's not generating any kind of incremental return. It's just CapEx. And then there are other projects, which we call apartment only, which are just touching the apartment homes.

But in terms of apartment-only and redev, they generate nice returns. Täname aja eest. Drew Babin of Baird. Drew Babin - Robert W. Presumably looking out to as more of the condos in Columbus Circle are sold, the gains on sale number will increase.

While that -- the apartment NOI that you would have been getting from the project is replaced with these gains, which would be backed out of core FFO, I guess the difference is now you have more cash coming in that can be reinvested. Do you think the reinvestment of that cash will occur rapidly enough to kind of offset the dilution to core FFO that would be happening in '20 just, say, if you just sold the DSW Share Option tehingute and kind of held that as Jaga Valikud Merrill Lynch Kui see on mõtet.

Drew, see on Kevin. I'll make a couple of comments and then Tim may want to add on top of that. From an underlying cash point of view certainly, all else equal, we would prefer to sell through the condos quickly and receive DSW Share Option tehingute capital back so that we can reinvest it and generate a return on that.

And then that return, of course, will flow through naturally as any source of capital would in our earnings. In the meantime, while we have our inventory outstanding in terms of capital; we've created these condominiums, we're marketing them, we're bearing a cost for having created those condominiums, but we've not yet sold them. Essentially, that creates kind of an inventory cost, if you will. I mean, obviously, as we sell, the amount of unsold inventory goes down and so that carrying cost adjustment would go down with it.

And so it just means we're going to sell less assets than we otherwise would. So in terms of how quickly it gets deployed, it would get deployed presumably as quickly as any other assets that we sell.

So I don't know that you need to really think differently in terms of how you model, it's just a source of capital and cash as Kevin mentioned. Corporate overhead, property management, investment management expenses all increased, and this is unadjusted for severance and things like that but in the double digits.

Aktsiate muuk samal paeval

And then based on guidance for '19, it looks like that rate moderates quite a bit. So I'm guessing -- were there large investments internally on kind of sourcing some of these development projects or things like that in that are kind of explicitly going away in '19?

Or is there anything kind of going on behind the scenes that are causing that variability? Kevin O'Shea -- Chief Financial Officer Well, in terms ofthere were a number of factors that kind of drove overhead costs up.

Valikud Kaubanduse blokeerimine

You did have, as you may recall, rent advocacy costs that were included in PMOH, which is part of the overhead that's referenced in our Attachment 14 for our outlook.

So -- and at the same time there's also been historically some investment in some strategic initiatives, which will certainly -- and are bearing fruit on the operating side, as Sean could speak to. So there's a number of drivers of growth that we've had over the past couple of years that are starting to abate, which is why you're seeing that relative decline in year-over-year growth in overhead, which I think is about 2.

See on kõik väga kasulik. See on kőik minu jaoks. So you have development starts picking up this year, but there's still a noticeable gap between the construction cost growth rate and rental growth. So I'm wondering if you believe that gap will narrow as you go through the development pipeline. And if not, how will that impact yield?

It's a good question, and certainly one we've been watching. It does feel like construction cost growth in some markets has moderated somewhat. And again, this speaks to the mix of business. As Tim was mentioning before, we signed very few new development rights in Northern Cal and Seattle over the last three, four years, and we have very few starts in those two regions. In fact, we don't have any in Northern Cal last year or this year. And that's really a function of the reality that that's the market that DSW Share Option tehingute those are the markets that have seen the most aggressive hard cost growth relative to their rent growth.

So it does affect the regional mix, and again I mentioned some of these northeastern markets a lot more stable and the gap between construction cost growth and rent growth is not nearly as wide, but it does put downward pressure on margins, and that's one reason the volume is down.

John Kim - BMO Capital Markets - analüütik On your dispositions that you executed last year, it was the highest amount that you've sold, the lowest cap rates but also you had lower IRRs compared to what you've achieved historically.

Is there anything unusual in what you sold last year Mis on voimendav kaubanduse kruptograafia brought down that figure?

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It really is kind of a mix from one year to another. So I wouldn't kind of infer anything from kind of the basket that happens to be one year versus another. The one thing that we do tend to see as it gets later in the cycle, there's probably more pressure on us to sell assets with a little bit lower tax gains because we just had kind of a DSW Share Option tehingute cycle of realizing gains, and that starts to put pressure on our dividend coverage.

So again, there's plenty of other assets we could sell that would have higher returns, but they might generate enough tax gains that it would require a special dividend, so that's definitely more of a consideration later in the Puuduvad traktorisusteemid. And then also, to some extent, we started looking for assets which maybe are a little bit more difficult in terms of the execution and culling some of the ones that maybe weren't our greatest successes, where it's easier to do that in a very strong sales market like what we've seen recently.

And then the final question. I guess, Tim, you mentioned in your prepared remarks at the beginning that you're moving away from quarterly guidance. And I'm wondering if it ended up being too distracting to manage that quarterly number. And generally speaking, what do you think about quarterly reporting and whether or not that's completely necessary?

Tim Naughton -- Chairman and Chief Executive Officer Well, I don't have a view necessarily on quarterly reporting as we continue to issue quarterly reports.

Lõuna-Austraalia peaministri Jay Weatherilli valmisolek kinnitada GST-i

It's just -- it really comes down to how we kind of manage the business. When we talk among ourselves and to our board, we're not talking about managing the business to what's happening in the quarter and try to minimize variances relative to our budget or explain variance relative to our budget on a quarter-by-quarter basis. When it comes to revenue, we're looking at that daily and weekly. I mean -- but when it comes to sort of the overall earnings, there's just a lot of noise from quarter-to-quarter and just we don't think it really serves a great purpose ultimately for investors to be trying to -- always trying to sync up and explain and reconcile what we think oftentimes is noise.

Kauplemise tulemused ja voimalused

So that -- as much as anything, that's what's driving it. Alexander Goldfarb of Sandler O'Neill. Nii et kaks küsimust. Can you just talk a little bit about how you guys are thinking about pricing for the project now versus maybe last year when you were contemplating switching it to condos? And then how much flexibility do you have once you -- do you set price? Or it's sort of a fluctuating factor as you go forward with the sales process to try and hit that target number of units that you want to sell before fully committing?

It's definitely a dynamic process, so we can change pricing weekly. You have to file your offering plan with the Attorney General with your initial pricing.

But once you've done that, obviously you have the flexibility to meet the market however you choose to do so, and that's just like we change our rents every day. We'll be watching that very closely once we launch for sale.

Yes, the market is definitely -- as we talked about last quarter, it's softer than it was, call it, 18 months ago. And the slowdown had more been at the higher price points. There might be some softness now a little bit more in the moderate price points. So I think most market experts would tell you if the product had been available to sell and settle in '17, it would probably sell for a higher price than where we sell today.

But the price where we believe it will sell today is still very attractive relative to values of rental building. But again, we'll know a lot more in probably four, five months once we actually get some sales activity under way.

So one of the things that we like about potential condo execution here is we think it's a unique offering particularly in that submarket, where units tend to be larger and much more expensive in terms of total price. So we think we're going to be competing against other neighborhoods that may be offering a little bit larger unit but not near the location and lifestyle amenities that this site has.

So DSW Share Option tehingute -- ultimately, the market will determine whether that strategy is a successful one, but we do think it's positioned relatively uniquely to everything else that's out there. Plus it's going to be available versus buying off a plan. The second question is on the development. Sort of going back, one of the earlier questions was on sort of the external development is -- the benefits of that are offset by the funding.

So assuming that the economy sort of stays as is, would it make sense to curtail the development pipeline DSW Share Option tehingute more?

Ettevalmistatud märkused:

I'm just thinking from a risk-reward perspective if you're not being paid for it as far as boosting earnings growth from a risk perspective, why not curtail the development program even more than where it is right now, if it's not adding to your earnings growth? Tim Naughton -- Chairman and Chief Executive Officer Maybe, Alex, I mean, I think I UK aktsiaoptsioonitehingud I did mention earlier, we have -- this is an unusual year and this is a unique year, and I mentioned DSW Share Option tehingute to an earlier question that we do expect it to add to our earnings growth and NAV growth that we do see it as accretive.

And there are just some unusual things about the cadence of deliveries this year. And a lot of that has to do with the combination of Columbus Circle, but mainly the cadence of deliveries this year, which is largely back-half weighted. USA dollari tagasipööramine võtab kuju? Lõuna-Austraalia peaministri Jay Weatherilli valmisolek kinnitada GST-i Majandusteadlase Ian Krüptovaluuta investeerimisrakendused konkurentsipoliitika raporti projektis sisalduvate 52 soovituse hulgas on Häkkerid on proovinud miljonit dollarit väärt Bitcoini rahakotti lõhkeda, kuid siin on see saak.

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