Occupancy increased 40 basis-points since Q2 2018 while rents shot up 3.3% over the same period. As nearly 2K units delivered this quarter, almost 10K remain in the pipeline across the Portland Metro. Nearly 7K of those units are under construction in the city of Portland, which saw an increase in occupancy of 1.1% but only a 1.9% change in effective rent from Q2 2018. Washington and Clackamas County continue to be the healthiest suburban submarkets, posting 4.4% and 4.6% increase in effective rental rates over the year. Based on the number and volume of transactions, Q2 2019 was stronger than Q1 2019 and Q2 2018, although did not top the third or fourth quarters of 2018. A favorable interest rate environment is likely pushing cap rates down in the Portland market, despite regulatory pressures at the state and city level that make investing in the region more volatile.