COO Michael Manelis said fourth-quarter revenue reflected continued high physical occupancy of 96.4%, supported by “solid demand, strong retention, and fewer lease expirations.” Blended rate growth was 0.5% in the quarter, which he said came in at the midpoint of guidance, driven by achieved renewal rate growth of 4.5% offset by negative new lease rates in every market except San Francisco.Parrell attributed the midyear slowdown to heightened policy and geopolitical uncertainty that weighed on consumer and ...