New investment activity during the quarter was focused on the funding of our four properties that are under construction. We expect first delivered homes in June for our Lawrence Station asset in Sunnyvale. We’ve a balance-to-fund of approximately $275 million on our four communities under construction. Two of the four cycle, we fully delivered by mid 2013 and Wilshire La Brea and Solstice will start delivering in the fourth quarter of 2013 and into early 2014.While there is talk of supply becoming a challenge nationally, our West Coast markets were still issuing from it at a slower pace than historical norm. The current monthly average of permits issued in our markets is about 2,500 per month, which is lower than average for the last 15 year of 4,200 per month. Given both the level of competition and opportunities for acquisition, our investment activity is focused on our development pipeline.
BRE Properties' CEO Discusses Q1 2012 Results - Earnings Call Transcript
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