"Assuming an average rent of US $1500 / month(1.) translates to...

"Assuming an average rent of US $1500 / month(1.) translates to ~ US$400 per lease, with an annual churn of around 57% per annum. Provides tremendous scale and opportunity with existing LOI’s."
1. Conservative estimate which is below the national premium average,​

Question. What does 8045 apartments under contract at $400 per lease (57% turnover p.a. & 4.4% vacancy rate) as per ann equate to? And then what is the effect of the "tremendous scale and opportunity" once other apartments under LOI's are converted?
Answer on page 13 of announcement.