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Recent Video: Apartment Trends Q1 2015

Recent News, Articles, & Updates

Q1 2015 Cap Rate Trends

Avatar of Ryan Severino

by on June 15, 2015

Apartment Cap Rate Trends The mean cap rate, calculated on a dollar-weighted basis by quarter and illustrated by the dark blue line in the chart, declined by 20 basis points during the first quarter of 2015 to 6.0%. If we look at the 12-month rolling[...]

Q4 2014 Cap Rate Trends

Avatar of Ryan Severino

by on April 1, 2015

Apartment Cap Rate Trends The mean cap rate, calculated on a dollar-weighted basis by quarter, declined by 20 basis points during the fourth quarter to 6.1%. Just when it appears as if cap rates for apartments could not go any lower, they do. This speaks[...]


Debugging Information
ColdFusion Server Enterprise 11,0,05,293506
Template /index.cfm
Time Stamp 26-Mar-17 07:11 AM
Locale English (US)
User Agent CCBot/2.0 (http://commoncrawl.org/faq/)
Remote IP 54.204.122.57
Host Name 54.204.122.57


Exceptions

07:11:20.020 - Expression Exception - in /websiteReisReports/wwwroot/Application.cfc : line 508
	    Element USER is undefined in SESSION.
	    
07:11:20.020 - Expression Exception - in /websiteReisReports/wwwroot/Application.cfc : line 508
	    Element USER is undefined in SESSION.
	    
07:11:23.023 - Expression Exception - in /websiteReisReports/components/com/model-glue/ModelGlue/gesture/collections/ViewCollection.cfc : line 50
	    Element simplifi is undefined in a CFML structure referenced as part of an expression.
	    
07:11:23.023 - Expression Exception - in /websiteReisReports/components/com/model-glue/ModelGlue/gesture/collections/ViewCollection.cfc : line 50
	    Element inlineJS is undefined in a CFML structure referenced as part of an expression.
	    
07:11:23.023 - Expression Exception - in /websiteReisReports/components/com/model-glue/ModelGlue/gesture/collections/ViewCollection.cfc : line 50
	    Element underInlineJS is undefined in a CFML structure referenced as part of an expression.
	    


SQL Queries

getSessionID (Datasource=pQuarterly, Time=27ms, Records=1) in /websiteReisReports/components/com/reis/user/UserSession.cfc @ 07:11:20.020
		SELECT S_CUSTOMER_SESSION_ID.nextval AS nextID
		FROM dual
		
passwordData (Datasource=pQuarterly, Time=1ms, Records=1) in /websiteReisReports/components/com/reis/user/reisReportsUser/ReisReportsUser.cfc @ 07:11:20.020
		SELECT REGEXPATTERN,REGEXDESCRIPTION
		FROM PASSWORDREGEXPATTERN
		WHERE PASSWORDREGEXPATTERN_ID = 21
		
getSessionID (Datasource=pQuarterly, Time=0ms, Records=1) in /websiteReisReports/components/com/reis/user/UserSession.cfc @ 07:11:20.020
		SELECT S_CUSTOMER_SESSION_ID.nextval AS nextID
		FROM dual
		
(Datasource=pQuarterlyMinus, Time=1ms, Records=1) in /websiteReisReports/wwwroot/Application.cfc @ 07:11:20.020
			INSERT INTO customerRequestLog(
				SESSIONID,
				REQUESTTIME,
				TEMPLATE,
				URL,
				FORM
			)
			VALUES(
				?,
				?,
				?,
				?,
				?
			)
			
Query Parameter Value(s) -
Parameter #1(cf_sql_varchar) = 979A2E8EF41B43E43D746C1A15804AE8.axis1
Parameter #2(cf_sql_timestamp) = 2017-03-26 07:11:20.196
Parameter #3(cf_sql_varchar) = /index.cfm
Parameter #4(cf_sql_varchar) = {}
Parameter #5(cf_sql_varchar) = {}

sortedMetroQuery (Datasource=, Time=0ms, Records=284) in /websiteReisReports/components/com/reis/cache/CacheService.cfc @ 07:11:20.020
			SELECT
				msa,
				name,
				markettype,
				Y_LAT,
				X_LONG,
				stateAbv
			FROM
				metroQuery
			WHERE msa NOT IN ('E1','E2','E3','E4','E5','E6')
			ORDER BY
				name
			
sortedMetroQuery (Datasource=, Time=0ms, Records=278) in /websiteReisReports/components/com/reis/cache/CacheService.cfc @ 07:11:20.020
				SELECT
					msa,
					name,
					markettype,
					Y_LAT,
					X_LONG,
					stateAbv
				FROM
					sortedMetroQuery
				WHERE
					msa NOT IN ('R1','R2','R3','R4','R5','US')
				ORDER BY
					name
				
local.payperiods (Datasource=pQuarterlyMinus, Time=1ms, Records=3) in /websiteReisReports/components/com/reisreports2/reportBarrier/cashier.cfc @ 07:11:20.020
			SELECT PAYPERIODID,PAYPERIOD
			FROM PAYPERIOD
		
subscriptionDetailQuery (Datasource=pQuarterlyMinus, Time=2ms, Records=0) in /websiteReisReports/components/com/reisreports2/reportBarrier/cashier.cfc @ 07:11:20.020
			SELECT
				theRank,
				trim(MSA.NAME) as NAME,
				MSA.MSA,
				MSA.state,
				SECTORDESC,
				S.SECTOR,
				INCLUDEDREPORTS,
				ISSAMPLE,
				TEIRPRICE,
				ADDITIONALSECTORDISCOUNT,
				CASE
					WHEN theRank = 1 OR ISSUBSCRIPTION = 0 THEN TEIRPRICE
					ELSE TEIRPRICE - (TEIRPRICE*ADDITIONALSECTORDISCOUNT)
				END AS sectorPrice,
				ENDDATE,
				CUSTOMERPACKAGEITEMID,
				ISCURRENT,
				ISSUBSCRIPTION,
				isLocal,
				tier
			FROM (
				SELECT
					RANK() OVER (PARTITION BY MSA ORDER BY MSA, CP.ENDDATE NULLS FIRST,ISCURRENT DESC, SECTOR) AS theRank,
					MSA,
					SECTOR,
					INCLUDEDREPORTS,
					ISSAMPLE,
					CASE
						WHEN CP.ENDDATE IS NOT NULL THEN 0
						WHEN TIER = 1 AND ISSUBSCRIPTION = 1 THEN TIER1MSAPRICE
						WHEN TIER = 2 AND ISSUBSCRIPTION = 1 THEN TIER2MSAPRICE
						WHEN TIER = 3 AND ISSUBSCRIPTION = 1 THEN TIER3MSAPRICE
						WHEN TIER = 1 AND ISSUBSCRIPTION = 0 THEN TIER1REPORTPRICE
						WHEN TIER = 2 AND ISSUBSCRIPTION = 0 THEN TIER2REPORTPRICE
						WHEN TIER = 3 AND ISSUBSCRIPTION = 0 THEN TIER3REPORTPRICE
					END AS TEIRPRICE,
					ADDITIONALSECTORDISCOUNT,
					CP.ENDDATE,
					CP.CUSTOMERPACKAGEITEMID,
					ISCURRENT,
					ISSUBSCRIPTION,
					isLocal,
					tier
				FROM
					(
			
						SELECT CP.CUSTOMERPACKAGEID,CUSTOMERID,MSA,SECTOR,CPI.ENDDATE,CPI.CUSTOMERPACKAGEITEMID,ISSAMPLE,TIER, 1 ISCURRENT, 1 ISSUBSCRIPTION
						FROM
							CUSTOMERPACKAGE CP
							INNER JOIN CUSTOMERPACKAGEITEM CPI ON CP.CUSTOMERPACKAGEID = CPI.CUSTOMERPACKAGEID
						WHERE NVL(CPI.ENDDATE,SYSDATE) >= SYSDATE 
					
						
			
					) CP
					LEFT JOIN (
			
						SELECT CUSTOMERPACKAGEOFFERID,CUSTOMERPACKAGEID,OFFERPRICEID,CREATEDATE
						FROM (
							SELECT RANK() OVER (PARTITION BY CUSTOMERPACKAGEID ORDER BY CREATEDATE DESC,CUSTOMERPACKAGEOFFERID DESC) AS THERANK,CUSTOMERPACKAGEOFFERID,CUSTOMERPACKAGEID,OFFERPRICEID,CREATEDATE
							FROM CUSTOMERPACKAGEOFFER
						)
						WHERE THERANK = 1
			
					) CPO ON CP.CUSTOMERPACKAGEID = CPO.CUSTOMERPACKAGEID
					LEFT JOIN OFFERPRICE OP ON OP.OFFERPRICEID = CPO.OFFERPRICEID
					LEFT JOIN OFFER O ON O.OFFERID = OP.OFFERID
				WHERE
					CUSTOMERID = ?
					AND
					ISSAMPLE = 'N'
			) SUBSCRIPTIONS
			LEFT JOIN SECTOR S ON S.SECTOR = SUBSCRIPTIONS.SECTOR
			LEFT JOIN MSA ON MSA.MSA = SUBSCRIPTIONS.MSA
			
			WHERE 1 = 1
			
			ORDER BY NAME,THERANK
		
Query Parameter Value(s) -
Parameter #1(cf_sql_integer) = 0

isSubscribed (Datasource=pQuarterlyMinus, Time=5ms, Records=0) in /websiteReisReports/components/com/reisreports2/customerPackage/customerPackage.cfc @ 07:11:20.020
		SELECT *
		FROM (
		
		WITH
		ENTITLEMENTS AS (
			SELECT
				MSA,
				SECTOR,
				INCLUDEDREPORTS,
				ISSAMPLE
			FROM
				CUSTOMERPACKAGE CP
				LEFT JOIN (
					
					SELECT CUSTOMERPACKAGEOFFERID,CUSTOMERPACKAGEID,OFFERPRICEID,CREATEDATE
					FROM (
						SELECT RANK() OVER (PARTITION BY CUSTOMERPACKAGEID ORDER BY CREATEDATE DESC) AS THERANK,CUSTOMERPACKAGEOFFERID,CUSTOMERPACKAGEID,OFFERPRICEID,CREATEDATE
						FROM CUSTOMERPACKAGEOFFER
					)
					WHERE THERANK = 1
				
				) CPO ON CP.CUSTOMERPACKAGEID = CPO.CUSTOMERPACKAGEID
				LEFT JOIN OFFERPRICE OP ON OP.OFFERPRICEID = CPO.OFFERPRICEID
				LEFT JOIN OFFER O ON O.OFFERID = OP.OFFERID
				LEFT JOIN CUSTOMERPACKAGEITEM CPI ON CP.CUSTOMERPACKAGEID = CPI.CUSTOMERPACKAGEID
			WHERE
				CUSTOMERID = 0
				AND
				NVL(ENDDATE,SYSDATE) >= SYSDATE
		),
		PAYPERIOD AS (
			SELECT
				TRUNC(ADD_MONTHS(FIRSTPAYPPERIODSTARTDATE,FLOOR(MONTHS_BETWEEN(sysdate,FIRSTPAYPPERIODSTARTDATE)))) AS PAYPPERIODSTARTDATE
			FROM (
				SELECT
					nvl(PPP.FIRSTPAYDATE,CP.CREATEDATE) AS FIRSTPAYPPERIODSTARTDATE
				FROM
					CUSTOMERPACKAGE CP
					LEFT JOIN
						(
							SELECT
								PAYPALPROFILEID,
								ADD_MONTHS(TO_DATE(PP_START,'MMDDYYYY'),-1) AS FIRSTPAYDATE
								--this is the first day that we recived RECURING payment form the user.
								--We minus 1 becuase this is always in the future when a user starts.
							FROM PAYPALPROFILE
							WHERE DELETED = 'N'
						) PPP ON CP.PAYPALPROFILEID = PPP.PAYPALPROFILEID
				WHERE CUSTOMERID = 0
			)
		),
		ISNATIONAL AS (
			SELECT 1 ISNATIONAL
			FROM
				customerpackage join customerpackageitem on customerpackage.customerpackageid = customerpackageitem.customerpackageid
			WHERE customerid = 0
			AND msa is null
			AND sector is null
			AND ISSAMPLE ='N'
			AND (ENDDATE > sysdate OR ENDDATE is NULL)
        )
		
		
		
		SELECT
			ALLTOKENS.MSA,
			MSA.NAME,
			ALLTOKENS.SECTOR,
			S.SECTORDESC,
			--ALLTOKENS.INCLUDEDREPORTS,
			ALLTOKENS.REPORTTOKEN,
			ALLTOKENS.ISSAMPLE,
			ISSUBSCRIPTIONTOKEN,
			NVL(BILLABLETRANSACTIONS.ID,NONBILLABLETRANSACTIONS.ID) AS ID
		FROM
		(
			SELECT 
				MSA,
				SECTOR,
				INCLUDEDREPORTS,
				ISSAMPLE,
				'Y' ISSUBSCRIPTIONTOKEN, 
				REPORTTOKEN
			FROM
				ENTITLEMENTS join (select rownum as REPORTTOKEN from all_objects where rownum <= (select max(INCLUDEDREPORTS) from OFFER)) on includedreports >= REPORTTOKEN
			UNION
			SELECT
				CUSTOMERREPORTTOKEN.MSA,
				CUSTOMERREPORTTOKEN.SECTOR,
				1 INCLUDEDREPORTS,
				'N' ISSAMPLE,
				'N' ISSUBSCRIPTIONTOKEN, 
				RANK() OVER (PARTITION BY CUSTOMERREPORTTOKEN.MSA,CUSTOMERREPORTTOKEN.SECTOR ORDER BY CREATEDATE,CUSTOMERREPORTTOKENID) + NVL(ENTITLEMENTS.INCLUDEDREPORTS,0) AS REPORTTOKEN
			FROM
				CUSTOMERREPORTTOKEN
				LEFT JOIN ENTITLEMENTS ON
					(
						ENTITLEMENTS.MSA = CUSTOMERREPORTTOKEN.MSA
						AND
						ENTITLEMENTS.SECTOR = CUSTOMERREPORTTOKEN.SECTOR
					)  OR
					(
						ENTITLEMENTS.MSA IS NULL AND CUSTOMERREPORTTOKEN.MSA IS NULL
					   	AND
						ENTITLEMENTS.SECTOR IS NULL AND CUSTOMERREPORTTOKEN.SECTOR IS NULL
						AND ISSAMPLE = 'N'
					)
			WHERE
				CUSTOMERID = 0
				AND
				(ENDDATE > sysdate or ENDDATE IS NULL)
		) ALLTOKENS
		LEFT JOIN SECTOR S ON S.SECTOR = ALLTOKENS.SECTOR
		LEFT JOIN MSA ON MSA.MSA = ALLTOKENS.MSA
		LEFT JOIN (
			SELECT
				ID,
				MSA,
				SECTOR,
				ORDER_DATE,
				CASE
					WHEN (SELECT ISNATIONAL FROM ISNATIONAL) = 1 THEN
					    ROW_NUMBER() OVER (ORDER BY ORDER_DATE)
					ELSE
						ROW_NUMBER() OVER (PARTITION BY MSA,SECTOR ORDER BY ORDER_DATE)
				END AS REPORTTOKEN
			FROM TRANSACTIONS
			WHERE
				CUSTOMER_ID = 0
				AND
				ORDER_DATE >= (SELECT PAYPPERIODSTARTDATE FROM PAYPERIOD)
				AND
				TRANS_STATUS = 'C'
				AND
				BILLABLE = 1
				AND
				PRODUCTTYPE = 'RFSB'
				AND
				PARENT_TRANS_ID IS NULL
		) BILLABLETRANSACTIONS ON (
		  	BILLABLETRANSACTIONS.MSA = NVL(ALLTOKENS.MSA,BILLABLETRANSACTIONS.MSA)
		  	AND
		  	BILLABLETRANSACTIONS.SECTOR = NVL(ALLTOKENS.SECTOR,BILLABLETRANSACTIONS.SECTOR)
		  	AND
		  	BILLABLETRANSACTIONS.REPORTTOKEN = ALLTOKENS.REPORTTOKEN
		  	AND ISSAMPLE = 'N'
			)
		LEFT JOIN (
			SELECT
				ID,
				MSA,
				SECTOR,
				ORDER_DATE,
				ROW_NUMBER() OVER (ORDER BY ORDER_DATE) AS REPORTTOKEN
			FROM TRANSACTIONS
			WHERE
				CUSTOMER_ID = 0
				AND
				ORDER_DATE >= (SELECT PAYPPERIODSTARTDATE FROM PAYPERIOD)
				AND
				TRANS_STATUS = 'C'
				AND
				BILLABLE = 0
				AND
				PRODUCTTYPE = 'RFSB'
				AND
				PARENT_TRANS_ID IS NULL
		) NONBILLABLETRANSACTIONS ON (
		  	NONBILLABLETRANSACTIONS.MSA = NVL(ALLTOKENS.MSA,NONBILLABLETRANSACTIONS.MSA)
		  	AND
		  	NONBILLABLETRANSACTIONS.SECTOR = NVL(ALLTOKENS.SECTOR,NONBILLABLETRANSACTIONS.SECTOR)
		  	AND
		  	NONBILLABLETRANSACTIONS.REPORTTOKEN = ALLTOKENS.REPORTTOKEN
		  	AND ALLTOKENS.ISSAMPLE = 'Y'
			)
		ORDER BY MSA,SECTOR,ISSAMPLE,REPORTTOKEN
		
		)
		WHERE
			ISSAMPLE != 'Y'
			AND ISSUBSCRIPTIONTOKEN != 'N'
		
getCustomerTestGroupID (Datasource=pQuarterlyMinus, Time=0ms, Records=1) in /websiteReisReports/modelglueapp/controller/reisreports2/localOnlyTest.cfc @ 07:11:20.020
						SELECT S_CUSTOMERTESTGROUP.nextVal AS nextVal
						FROM DUAL
					
getCurrentDistribution (Datasource=pQuarterlyMinus, Time=2967ms, Records=2) in /websiteReisReports/modelglueapp/controller/reisreports2/localOnlyTest.cfc @ 07:11:23.023
						SELECT
							NVL( DATA.TESTGROUP , SKELETON.TESTGROUP ) TESTGROUP,
							NVL( DATA.TESTGROUPPERCENT , SKELETON.TESTGROUPPERCENT ) TESTGROUPPERCENT
						FROM
						(
							SELECT 'A' AS TESTGROUP,-1  AS TESTGROUPPERCENT
							FROM DUAL
							UNION
							SELECT 'B',-1
							FROM DUAL
							UNION
							SELECT 'C',-1
							FROM DUAL
							UNION
							SELECT 'E',-1
							FROM DUAL
							UNION
							SELECT 'F',-1
							FROM DUAL
							UNION
							SELECT 'G',-1
							FROM DUAL
							UNION
							SELECT 'H',-1
							
							FROM DUAL
						) SKELETON
						LEFT JOIN
						(
							SELECT
								TESTGROUP,
								GROUPCOUNT/ROWCOUNT TESTGROUPPERCENT
							FROM (
								SELECT
									DISTINCT
									TESTGROUP,
								    COUNT(*) OVER (PARTITION BY TESTGROUP) GROUPCOUNT,
								    COUNT(*) OVER (PARTITION BY NULL) ROWCOUNT
								FROM CUSTOMERTESTGROUP
								WHERE createDate > TO_DATE('08/28/2014 02:38 P.M.','mm/dd/YYYY HH:MI A.M.')
								AND TESTGROUP in ('G','H')
							)
						) DATA
						ON SKELETON.TESTGROUP = DATA.TESTGROUP
						where SKELETON.TESTGROUP in ('G','H')
						ORDER BY SKELETON.TESTGROUP
					
(Datasource=pQuarterlyMinus, Time=2ms, Records=1) in /websiteReisReports/modelglueapp/controller/reisreports2/localOnlyTest.cfc @ 07:11:23.023
						INSERT INTO CUSTOMERTESTGROUP(CUSTOMERTESTGROUPID,TESTGROUP,CREATEDATE,USERAGENT,sessionid,ipaddress)
						VALUES(	?,
								?,
								sysdate,
								?,
								?,
								?
								)
					
Query Parameter Value(s) -
Parameter #1(cf_sql_numeric) = 3608712
Parameter #2(cf_sql_varchar) = H
Parameter #3(cf_sql_varchar) = CCBot/2.0 (http://commoncrawl.org/faq/)
Parameter #4(cf_sql_varchar) = 979A2E8EF41B43E43D746C1A15804AE8.axis1
Parameter #5(cf_sql_varchar) = 54.204.122.57

updateHits (Datasource=pQuarterlyMinus, Time=1ms, Records=1) in /websiteReisReports/modelglueapp/controller/reisreports2/localOnlyTest.cfc @ 07:11:23.023
				UPDATE
					CUSTOMERTESTGROUP
				SET HITS = HITS + 1
				WHERE CUSTOMERTESTGROUPID = ? 
Query Parameter Value(s) -
Parameter #1(cf_sql_numeric) = 3608712.0

jobFunctionQuery (Datasource=pQuarterlyMinus, Time=1ms, Records=7) in /websiteReisReports/modelglueapp/controller/reisreports/registration.cfc @ 07:11:23.023
		
		SELECT title AS NAME,
			title AS VALUE
		FROM CUSTOMER_TITLE
		WHERE CORPORATE_ID = 16280034
		ORDER BY NAME
		
sectors (Datasource=pQuarterlyMinus, Time=0ms, Records=6, Cached Query) in /websiteReisReports/modelglueapp/controller/reisreports/reisreports.cfc @ 07:11:23.023
			SELECT *
			FROM SECTOR
			WHERE
				SECTOR <> 'Ind'
				AND
				SECTOR <> 'Hot'
				AND
				SECTOR <> 'Gen'
				AND
				SECTOR <> 'All'
				AND
				SECTOR <> 'Snr'
				AND
				SECTOR <> 'Sth'
				AND
				SECTOR <> 'Aff'
				AND
				SECTOR <> 'Spc'
			ORDER BY SORTORDER	
		
getStates (Datasource=pQuarterlyMinus, Time=0ms, Records=51, Cached Query) in /websiteReisReports/components/com/reis/util/LookupManager.cfc @ 07:11:23.023
		SELECT stateabbrev,
		 statename
		FROM usstates
		ORDER BY statename
		


Scope Variables

CGI Variables:
AUTH_PASSWORD=
AUTH_TYPE=
AUTH_USER=
CERT_COOKIE=
CERT_FLAGS=
CERT_ISSUER=
CERT_KEYSIZE=
CERT_SECRETKEYSIZE=
CERT_SERIALNUMBER=
CERT_SERVER_ISSUER=
CERT_SERVER_SUBJECT=
CERT_SUBJECT=
CF_TEMPLATE_PATH=/websiteReisReports/wwwroot/reisreports2/index.cfm
CONTENT_LENGTH=0
CONTENT_TYPE=
CONTEXT_PATH=
GATEWAY_INTERFACE=
HTTPS=off
HTTPS_KEYSIZE=
HTTPS_SECRETKEYSIZE=
HTTPS_SERVER_ISSUER=
HTTPS_SERVER_SUBJECT=
HTTP_ACCEPT=text/html,application/xhtml+xml,application/xml;q=0.9,*/*;q=0.8
HTTP_ACCEPT_ENCODING=x-gzip, gzip, deflate
HTTP_ACCEPT_LANGUAGE=
HTTP_CONNECTION=
HTTP_COOKIE=
HTTP_HOST=rr.reis.com
HTTP_REFERER=
HTTP_URL=
HTTP_USER_AGENT=CCBot/2.0 (http://commoncrawl.org/faq/)
PATH_INFO=/metroPages.salesComps.getSalesCompsReport/msa/WL/sector/Off/subid/81/reis_id/223300
PATH_TRANSLATED=/websiteReisReports/wwwroot/reisreports2/index.cfm
QUERY_STRING=
REMOTE_ADDR=54.204.122.57
REMOTE_HOST=54.204.122.57
REMOTE_USER=
REQUEST_METHOD=GET
SCRIPT_NAME=/index.cfm
SERVER_NAME=rr.reis.com
SERVER_PORT=80
SERVER_PORT_SECURE=0
SERVER_PROTOCOL=HTTP/1.0
SERVER_SOFTWARE=Apache/2.2.15 (Unix) DAV/2 PHP/5.3.3 mod_jk/1.2.40
WEB_SERVER_API=
Cookie Variables:
CLIENTID=670F8641-FF0E-3C3B-BD0A2E5B95F3343B
CUSTOMERTESTGROUPID=3608712
Session Variables:
getpropertyreport=Complex type
getuser=Complex type
googleecommercearr=Array (0)
googleeventarr=Array (0)
haspropertyreport=Complex type
propertyreport=
sessionid=979A2E8EF41B43E43D746C1A15804AE8.axis1
setpropertyreport=Complex type
setuser=Complex type
user=Struct (99)
Debug Rendering Time: 4 ms