Next, in early April, we announced the disposition and pending disposition of 21 unlevered non-core communities, comprising 6,500 homes in six markets for growth proceeds for $610 million. With these sales, we continue to process the cycling out of lower rent properties. Income per occupied home for this disposition averaged roughly $950 per month as of March 31, significantly below our portfolio average of $1,435 per home.Pricing on the sales met expectations with an average four and 12-month economic cap rate of roughly 6.25%. Once all the transactions are completed, our average portfolio income per occupied home is projected to increase to nearly $1,500 per month. In addition, we will have exceeded our previously announced disposition guidance for the year and we will have exited Fredericksburg, Virginia, Phoenix, Arizona, and Jacksonville, Florida markets.
UDR's CEO Discusses Q1 2012 Results - Earnings Call Transcript
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