Who is at C-level. Okay. So could there be a little bit of pressure there? In general, a top executive who announces the departure particularly early may be considered a lame duck. Rich, I think, as I mentioned before, kind of agnostic between urban and suburban and that we're generally looking at where we think there's -- we're going to tilt towards where we think there's more -- there's better value. It does inform some of our capital allocation decisions at the margin, for sure. Before we begin, please note that forward-looking statements may be made during this discussion. But the second-floor space that we leased was leased to a medical user. That is high dollar space. We'll now move to Dennis McGill with Zelman & Associates. Who is hired. That's what would really move the equation more. The announcement of Tim Naughtons move comes up to 13 months prior to his planned departure from the post of CEO. So certainly, there's going to be some cost pressures going forward.

And the reason I focus on it is I look at your weekly asking rent chart that looks like we're back to -- pretty close to back to pre-COVID levels. 671 N Glebe Road. Yes. And again, Sean will provide more color on what's driving these trends in his remarks in just a moment. Tim? But we think we're kind of on the precipice where those lines are going to start to converge. More information may be found on the Companys website at http://www.avalonbay.com. As Tim noted, we expect to break ground on as many as 6 new development projects in the second quarter, representing $650 million in new accretive investment, primarily in our suburban submarkets. The development we currently have under way is also poised to deliver strong future earnings growth as these projects are completed and stabilized. If you look at it carefully and go back there, for example, like '18, '19, those extra margins, excluding that, we're kind of in the 80% range, 80%-plus, if you map out each one in terms of what you've got up there in terms of '18 and '19, but '19 is really kind of a base year. Click below to see how ULIs Knowledge Platform can help you.

Given the return to office is expected to extend through the fall, how do you think that might impact the usual seasonal leasing trends as this year plays out? Through initiatives such as the search, application and lease process on our revamped website that we are already launching later this year; the increased rollout of smart access to allow for more automated and self-serve activities, including full self-touring and public access for revenue opportunities; use of data science to optimize our renewal results; and next steps in mobile maintenance to improve efficiency and service. Who will be back. But as I mentioned before, it is expected to be the toughest year-over-year revenue comp we see this year. Who loses. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. And it just ought to spread the workforce out within an MSA and maybe across broader geography as well as people -- there'll be some folks who could be able to telecommute 100% of the time. I mean double-digit increases, substantial increases. Tim received his Masters of Business Administration from Harvard Business School in 1987 and earned his undergraduate degree from the University of Virginia, where he was elected to Phi Beta Kappa. And we've used the 1031s on a limited basis to help kind of manage the tax impact.

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I mean as Kevin has mentioned plenty of times in the past, I mean, we -- it is something we take into consideration. Is there any silver lines such as perhaps more likelihood to live alone, that kind of thing? I wish I knew, John. Yes. It's probably just a little too early to peg that just yet. And costs are up, the denominator is up a little bit. Alex, this is Matt. On new leases in urban markets, what trends are you seeing in terms of demand by unit type or price point? With the economies reopening in some of these urban environments, in particular, and you have a lot of young adults that are moving back in who were back home or doubled up in some fashion, there's probably a pent-up demand element that the markets are experiencing right now.

Who excites. And the second question is, any other sort of post-pandemic changes that you're seeing in terms of how the business -- the cadence of the business? Even if we get to 50%, 60%, 70% of what it was previously, that's a pretty good movement from where we are today. Tims prior roles included serving as the Companys Chief Operating Officer, Chief Investment Officer, and Regional Vice PresidentDevelopment and Acquisitions. Jason Reilley - Vice President,

He is a former Chairman of Nareit, a member of The Real Estate Round Table, a member and past chairman of the Multifamily Council of the Urban Land Institute (ULI), and a member of the Real Estate Forum. Responsibility, Investor On the supply side, we talked about that a little bit. He is a former Chairman of the National Association of Real Estate Investment Trusts (NAREIT).

In other locations, we prompt them with e-mails where they have to sign up, and then we ultimately receive the fund. No, I think that's a fair point. So it's relatively broad-based. And a lot of the submarkets, particularly the suburban submarkets, are actually up from pre-COVID level. Who is at rest. Naughton is a director of Park Hotels & Resorts, Inc., a publicly traded hotel real estate investment trust. That's helpful. So it seems like you guys had some good traction on the commercial leasing this quarter. Who fights for money. There's clearly some inflation pressures because of supply chain issues, I think, as your question implies, and a real question in how transitory versus sort of permanent those cost pressures will be. I suspect as customers see the light at the end of the tunnel in terms of the eviction option becoming available to us, we're going to see some greater movement.

We'll now take a question from Brent Dilts with UBS. I mean, I think it speaks to sort of the, I guess, you want to call it sort of the durability of the customers that have allowed us to build occupancy. You may not see the same sort of percentage gain over the next couple of quarters as people come back to these urban environments just because it's so concentrated, but there's still some very good sort of demand tailwinds in the suburban -- for the suburban portfolio over the next quarter -- couple of quarters as well. Additionally, if you factor in the reduced volume of concessions I mentioned on the last slide, the increase in the average net effective asking rent since the trough point is about 15%. As we move through the second and third quarter, particularly in the urban environments, we'll have a much better sense for that. As part of a planned CEO succession, he embarked on a transition year working alongside Tim Naughton, then chairman and CEO, and the senior team at AvalonBay that ran through January 2022 when Schall officially assumed his current role as chief executive officer and president. Who is selected. We have Target with their entrance, and then they have below-grade space there. So that's why we see most of the rents in the attachment are still what we were carrying when we started the job. AvalonBay Communities' insider roster includes Sean Breslin (COO), Joanne Lockridge (EVP), William McLaughlin (EVP), Timothy Naughton (CEO), Kevin O'Shea (CFO), Edward Schulman (EVP), Keri Shea (SVP), and W. Walter (Director). Naughton received his Masters of Business Administration from Harvard Business School in 1987 and earned his undergraduate degree from the University of Virginia, where he was elected to Phi Beta Kappa. Who lies. Who is minor. Now I'll turn it to Ben to address the outlook for our business over the next few years. Or is it just too soon to tell at this point? And as we continue to communicate with our residents, maybe kind of touching on the last question that you had, that may inform our product choices in some of those suburban markets in terms of some of the larger floor plans, what we provide in the way of workspace or work lounges in the building and program in more townhomes in some cases or things like that. So probably the key is the pressure on labor cost. Mr. Naughtons prior roles at AvalonBay included Chief Operating Officer, Chief Investment Officer, and Regional

Do you see that outperformance continuing for the rest of the year? So we're starting to see some percentage come back. Yes, Rich, Sean. The rest of the decline was mostly a function of elevated bad debt as uncollectible revenue was just over 3% or roughly 230 basis points higher than last year. Absolutely. Operating fundamentals in many of these suburban locations have been more significantly impacted with asking rents still 3% to 4% below pre-pandemic levels and with the continued use of concessions in certain markets. Who is silent. Who soothes. We don't trend it. So you'll see a little bit of that start to trickle in, in the back half of the year, just depending on what happens in the overall regulatory environment. Mr. Naughtons prior roles at AvalonBay included Chief Operating Officer, Chief Investment Officer, and Regional Vice President Development and Acquisitions.

The company was founded by Gilbert M. Meyer in 1978 and is headquartered in Arlington, VA. Biden To Unleash "Choke Point" Operation On America? But the suburbs are pretty healthy. Really, the winners and losers are really kind of at the MSA level, and the performance tends to normalize over time between the urban, suburban markets. Now, five years after retiring from baseball, he's accelerating his transformation from former athlete to investor and owner -- with an eye on his legacy, and maybe a dose of redemption.

AvalonBay Communities can also be reached via phone at (703) 329-6300 and via email at [emailprotected] Learn More on Timothy J. Naughton's contact information. Who is major. Learn More on Timothy J. Naughton's salary. The estimated net worth of Timothy J. Naughton is at least $1.54 million as of November 10th, 2016. Who is ousted. Mr. Timothy Naughton, President Who steps down. Improved portfolio performance has been broad-based, with every region experiencing gains in both occupancy and average move-in rent. And then you touched on bad debt a little bit, but I was just curious, it's hung out in the 3% range for several quarters now. 2900 Eisenhower Ave Alexandria, VA 22314 671 N Glebe Rd Arlington, VA 22203 671 N Glebe Rd Alexandria, VA 22314 5665 Kennedy So we're not seeing a lot of movement right now sort of month-to-month in terms of a significant shift one way or another in bad debt. Who recovers. Yes. And then we have kind of the remaining available space on the ground floor.

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