The economic downturn is the most severe we've seen since the Great Depression. And Tim may want to add a couple of comments. What's the positive impact that you typically see in terms of traffic and leasing wise in May, June, July time period from the influx of new college graduates renting for the first time in your core markets in a normal year? Unless there is something specific related to mail hole, so we're aware of -- were -- package delivery but I wouldn't say you can count on that as a representative sample that would give you an accurate estimate.Okay. As expected, Q2 was a challenging quarter our core FFO growth was down almost 2%, driven by a same-store revenue decline of almost 3% or 2.3% if retail is excluded.

In the past, you've done a really good job thinking about how your development and your land development is really under option that you don't have to move forward with it, so I'm wondering as you survey the landscape post COVID-19, are there any land that you have under option and maybe high barrier blue states that you might want to not move forward with? And just getting a sense of how much went into reserves, how much is deferred, how much is just write-offs and cash bad debt.So, this is Kevin O'Shea. There are a variety of risks and uncertainties associated with forward-looking statements and actual results may differ materially. So, that's the main thing we're looking at. I think we've spoken to this in the past. So you cannot drive any conclusions, I don't think from that. I mean how meaningful has been the delta and where is the greatest amount of slack today? So, I think, as I mentioned in my prepared remarks, it is sort of the nature of the health crisis and the economic environment will dictate when people sort to come back to the urban submarkets. Yeah, sorry. So, there is submarket stuff like that. It's all concrete because of the hurricane codes and there's a lot of a cruise ship restoration work and hospitality work that is not happening, that's been cancelled. We've got very high quality towns in suburban Boston with great schools and two or three bedrooms are solid demand and ones not quite as much. Getting a number of. I mean, though that influx of student of, former students, but now and right people entering the workforce for the first time, meaning how significant is that typically in these big sort of gateway cities?Yeah. And it tends to be self-employed, sort of freelance workers, content producers, folks like that have, sort of, been impacted most materially and then in some of our East community, some of the service based sectors that have been impacted as well, whether it's food service, hotels, things of that sort. We have -- there certainly negotiation and there's probably more negotiation at the higher price points, and that was a trend even before the crisis hit. This was quite sudden and others were making a quicker bounce back to think this could be a more drawn out bounce back and likely to be more and more --you've heard certainly, an IT solution of people need more and more here sort of the K -- K shaped recovery where it's going to be very uneven depending upon even demographic and and the population. So, if we have people working in development or construction that are not actively working on a job, whether it's one that's under construction or one that's going through the planning process, they get expense.,they go to the income statement then I'll look at the capital. And so when we look to do a few things, one is the kind of reallocate a recycle capital, some cap on New York, certainly and probably in the future some out of California to both expansion, our existing expansion markets as well as markets like DC, Seattle and Boston, and then also potentially some new markets that we're not into today.And is that -- and I appreciate the comments, I mean, I guess the -- your thoughts on work from home and the permanency of work from home, is that impact the decision process at all or do you feel like that it's just a temporary adjustment right now, but maybe it will be more going forward, but not to the extent that some on the media are portraying or some on the street are portraying?.Yeah. So, that informs our conviction as well in terms of what the alternatives that are in terms of the, in terms of capital sources.Our next question will come from Rich Hightower with Evercore.Hey. Looking into bad debt and delinquencies, did you guys do an analysis on your resident base to see what age, income or profession, this is mostly centered on?Yeah, Alex, this is Sean. I'm having difficulty hearing you. So, I don't think it's bad necessarily for the San Jose and in San Francisco, in Boston, though recognize that some of those benefits are going to spill over to some other sort of secondary innovation, markets as well, and those will be good markets for us to be.

I don't think we've seen any particular trend yet in terms of kind of an intact to the land market or development economics more so, in one market than another. And a good portion of that was in land and I would just say relative to the size of the Development Rights pipeline, we've got deals where profits have been larger than that, in terms of value we create at site. So that's what we're still here for us. And if you revert to some submarkets in L.A., more affordable price points and studios and one bedrooms are in better shape as compared to probably two or three bedroom units, given the shutdown of the entertainment studios. I'm not sure that if we were to drop prices we would see a significant change in the volume.