Surprised at the bump in property maintenance to 29.5% of revenue from 23.5% in Q2 and just 19% forecast, KBW's Jade Rahmani asks for clarification. Management admits surprise at some costs, but reiterates its commitment to bring the ratio down, and asks for time to get more of the portfolio leased and the operation up and running at full speed.
In response to another question about management fees - which at the moment are charitably running at the whopping rate of more than 15% of revenue - management promises to dramatically bring that down in 2014. CEO David Miller notes the South Florida operation is bringing lots of costs, but not a lot of revenue as it ramps up.
Acquisitions - which slowed to about zero in Q3 - have started back up again in Q4, Miller tells Zelman's Dennis McGill.
Previous Q3 earnings coverage