{"id":2363,"date":"2022-09-04T00:02:47","date_gmt":"2022-09-04T00:02:47","guid":{"rendered":"https:\/\/blog.ark7.com\/?p=2363"},"modified":"2023-07-17T19:18:58","modified_gmt":"2023-07-17T19:18:58","slug":"2022-august-operating-highlights","status":"publish","type":"post","link":"https:\/\/ark7.com\/blog\/property-update\/2022-august-operating-highlights\/","title":{"rendered":"2022 August Operating Highlights"},"content":{"rendered":"
\n
\n
\n
\n

\"\"<\/span><\/p>\n

August 2022 marks another success month for our rental property operations. We have deposited a total of <\/span>$41,905 <\/b>cash distribution to investors, 4.76%<\/strong> over Jan to July average.<\/span><\/p>\n

This Month\u2019s Operating Highlights<\/span><\/h2>\n

Like mentioned in the <\/span>mid-year report<\/span><\/a>, our operation team managed to drive to a high tenant occupancy rate across the portfolio in Q3. With <\/span>12 out of 13 <\/b>long-term rental properties now under stable 1-year lease, investors can expect <\/span>Rental Revenue at or above Estimates<\/b>.\u00a0<\/span><\/p>\n

Looking at Net Operating Income (NOI), which is the result of deducting Operating Expenses from Rental Revenue. <\/span>Single-Families<\/b> outperformed Estimates across the board in August except for Austin-S1 where a one-time A\/C heating repair cost lowered NOI to below Estimates.\u00a0<\/span><\/p>\n

Single-Families Net Operating Income<\/b><\/h3>\n

\"\"<\/p>\n

S2\/S3\/S4<\/b> have been consistently delivering NOI above the Estimates. <\/span>S5<\/b> has finished major maintenance in the first half of 2022, and moved into a stable operating phase. <\/span>S1<\/b> had vacancy in the first half of 2022, but has been fully occupied since late April with stable operation. <\/span>S6<\/b> our newest listing is also performing well.<\/span><\/p>\n

The nature of <\/span>Multi-Families <\/b>makes it harder to complete necessary renovations all upfront before we initially listed them for share purchase, like typically do for Single-Families. As most tenants already occupied the units, we will complete the renovation between tenants. Therefore investors may expect renovation expenses periodically during the initial operating period.\u00a0<\/span><\/p>\n

This is why most active maintenance happens with our Multi-Families and driving 3 out of 5 properties August NOI below Estimates.<\/span><\/p>\n

Multi-Families Net Operating Income<\/b><\/h3>\n

\"\"<\/p>\n

Memphis-M4<\/b> is the only long-term rental property with vacancy in August. Tenants (1 unit out of 14 total units) moved out in June. We gave this unit a significant facelift renovation in July and August to prepare it for the next tenants and potentially a rent raise. The project is done as we speak and the team is actively seeking tenants to backfill the unit.<\/span><\/p>\n

Other major maintenance projects that occurred during this time period are as follows.\u00a0<\/span><\/p>\n

    \n
  1. Philadelphia-T2 <\/b>One-time scheduled maintenance (new tenant moving in).<\/span><\/li>\n
  2. Philadelphia-D2 <\/b>One-time scheduled maintenance (new tenant moving in).<\/span><\/li>\n<\/ol>\n

    It is worth noting that <\/span>Seattle-D1 <\/b>NOI has been above Estimates for a consecutive 3 months since June. A great indicator that our new tenant strategy has been providing value to investors and is expected to deliver stable and above Estimates Cash Distribution in the long run.\u00a0<\/span><\/p>\n

    Add <\/span>Seattle-D1 <\/b>to your portfolio if you haven\u2019t done so.\u00a0<\/span><\/p>\n

    \"\"<\/p>\n

    Philadelphia-T1<\/b>, our short-term rental property, is doing well in the past 2 months as well. It underwent major renovation in the first quarter and was officially put into operation in the second quarter. In Q2 average NOI was $718.36 and in Q3 first two months the average NOI went up to $1616.51, an 125% increase. <\/span>\u00a0<\/span>We will continue to monitor and report its performance to project its annualized return potential.<\/span><\/p>\n

    Cash Distribution Rule Change Announcement<\/span><\/h2>\n

    For the coming quarter, we also plan to update how we treat Property Improvement Expenses (such as changing wood floors or painting exterior walls). This will be reflected in your month to month Cash Distribution.<\/span><\/p>\n

    Property Improvement\u00a0 Expenses<\/b><\/h3>\n

    \"\"<\/p>\n

    The new rule will even out expenses that are providing overall property improvement and drive healthy investor return to a longer period than on a single month. It is a better accounting practice and a true reflection of such investment (expenses) to the income it generated. We will update with more details as we implement the change.<\/span><\/p>\n

    Financing Cost Details<\/span><\/h2>\n

    As we progress to sell more shares of each property, the temporary financing cost each month will reduce to none unless we have a specific leverage strategy for certain properties. As of now, below are the properties in the process of closing the gap.<\/span><\/p>\n

    Property with Financing Cost & Current Shares Sold Progress<\/b><\/h3>\n

    \"\"<\/p>\n

    Cash Distribution<\/span><\/h2>\n

    August Cash Distribution for the property group with no financing cost are all above Estimates, except for Austin-S1 due to the one-time A\/C heating repair cost.\u00a0 On the other hand, the property group with initial financing cost are temporarily below Estimates. As we proceed to complete sales of all shares and stabilize property operation, we expect all properties to meet Estimates.\u00a0<\/span><\/p>\n

    Property Group (No Financing Cost)<\/b><\/p>\n

    \"\"<\/p>\n

    Property Group (with Financing Cost)<\/b><\/p>\n

    \"\"<\/p>\n

    \"\"<\/p>\n

    Operating Forecast<\/span><\/h2>\n

    Moving into September, we expect Rental Revenue to be as stable given we do not have any vacancy at this point except for M4. NOI will likely be positive with no major renovation scheduled.\u00a0<\/span><\/p>\n

    We also carefully reviewed <\/span>Cash Reserves<\/b>. Each quarter the team will do a deep dive analysis to make sure the current figures are healthy and planning is on track.\u00a0\u00a0<\/span><\/p>\n

    In Closing<\/span><\/h2>\n

    Two months into Q3, we have seen significant improvement in driving tenant occupancy. Our operating focus for the coming months is shifting towards optimizing operating expenses and accounting rules that may be reflected in your month to month Cash Distribution. As we add more properties into the Ark7 portfolio, we are constantly improving the efficiency of operation and we intend to share the insights with our investor community regularly.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    August 2022 marks another success month for our rental property operations. We have deposited a total of $41,905 cash distribution to investors, 4.76% over Jan to July average. This Month\u2019s Operating Highlights Like mentioned in the mid-year report, our operation team managed to drive to a high tenant occupancy rate across the portfolio in Q3. …<\/p>\n

    2022 August Operating Highlights<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":12,"featured_media":3416,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[21],"tags":[435,433,373,434],"class_list":["post-2363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-update","tag-august-dividend","tag-august-operating-highlights","tag-dividend","tag-operation-highlights"],"yoast_head":"\nReview of Ark7's August 2022 Operating Highlights<\/title>\n<meta name=\"description\" content=\"Discover the operating highlights for Ark7's rental properties in August 2022. Learn about the cash distribution to investors, tenant occupancy rates, net operating income (NOI) performance, renovation projects, and more.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ark7.com\/blog\/property-update\/2022-august-operating-highlights\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Review of Ark7's August 2022 Operating Highlights\" \/>\n<meta property=\"og:description\" content=\"Discover the operating highlights for Ark7's rental properties in August 2022. Learn about the cash distribution to investors, tenant occupancy rates, net operating income (NOI) performance, renovation projects, and more.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ark7.com\/blog\/property-update\/2022-august-operating-highlights\/\" \/>\n<meta property=\"og:site_name\" content=\"Ark7\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-04T00:02:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-17T19:18:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ark7.com\/blog\/wp-content\/uploads\/2023\/06\/17.png\" \/>\n\t<meta property=\"og:image:width\" content=\"3480\" \/>\n\t<meta property=\"og:image:height\" content=\"2340\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"The Ark7 Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"The Ark7 Team\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ark7.com\/blog\/property-update\/2022-august-operating-highlights\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ark7.com\/blog\/property-update\/2022-august-operating-highlights\/\"},\"author\":{\"name\":\"The Ark7 Team\",\"@id\":\"https:\/\/ark7.com\/blog\/#\/schema\/person\/5ab2b507abb19df7b43e8c52cd6127a8\"},\"headline\":\"2022 August Operating Highlights\",\"datePublished\":\"2022-09-04T00:02:47+00:00\",\"dateModified\":\"2023-07-17T19:18:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ark7.com\/blog\/property-update\/2022-august-operating-highlights\/\"},\"wordCount\":832,\"publisher\":{\"@id\":\"https:\/\/ark7.com\/blog\/#organization\"},\"keywords\":[\"August dividend\",\"August Operating Highlights\",\"Dividend\",\"Operation Highlights\"],\"articleSection\":[\"Property Update\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ark7.com\/blog\/property-update\/2022-august-operating-highlights\/\",\"url\":\"https:\/\/ark7.com\/blog\/property-update\/2022-august-operating-highlights\/\",\"name\":\"Review of Ark7's August 2022 Operating Highlights\",\"isPartOf\":{\"@id\":\"https:\/\/ark7.com\/blog\/#website\"},\"datePublished\":\"2022-09-04T00:02:47+00:00\",\"dateModified\":\"2023-07-17T19:18:58+00:00\",\"description\":\"Discover the operating highlights for Ark7's rental properties in August 2022. Learn about the cash distribution to investors, tenant occupancy rates, net operating income (NOI) performance, renovation projects, and more.\",\"breadcrumb\":{\"@id\":\"https:\/\/ark7.com\/blog\/property-update\/2022-august-operating-highlights\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ark7.com\/blog\/property-update\/2022-august-operating-highlights\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ark7.com\/blog\/property-update\/2022-august-operating-highlights\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ark7.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"2022 August Operating Highlights\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ark7.com\/blog\/#website\",\"url\":\"https:\/\/ark7.com\/blog\/\",\"name\":\"Ark7\",\"description\":\"Learning Center\",\"publisher\":{\"@id\":\"https:\/\/ark7.com\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ark7.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ark7.com\/blog\/#organization\",\"name\":\"Ark7\",\"url\":\"https:\/\/ark7.com\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ark7.com\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ark7.com\/blog\/wp-content\/uploads\/2022\/05\/cropped-cropped-logo.png\",\"contentUrl\":\"https:\/\/ark7.com\/blog\/wp-content\/uploads\/2022\/05\/cropped-cropped-logo.png\",\"width\":270,\"height\":72,\"caption\":\"Ark7\"},\"image\":{\"@id\":\"https:\/\/ark7.com\/blog\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ark7.com\/blog\/#\/schema\/person\/5ab2b507abb19df7b43e8c52cd6127a8\",\"name\":\"The Ark7 Team\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ark7.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3a59cc52539b343392711ff54022ff61538d678c0ce0927f48b8fc843fff058e?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3a59cc52539b343392711ff54022ff61538d678c0ce0927f48b8fc843fff058e?s=96&d=mm&r=g\",\"caption\":\"The Ark7 Team\"},\"url\":\"https:\/\/ark7.com\/blog\/author\/blog\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Review of Ark7's August 2022 Operating Highlights","description":"Discover the operating highlights for Ark7's rental properties in August 2022. Learn about the cash distribution to investors, tenant occupancy rates, net operating income (NOI) performance, renovation projects, and more.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ark7.com\/blog\/property-update\/2022-august-operating-highlights\/","og_locale":"en_US","og_type":"article","og_title":"Review of Ark7's August 2022 Operating Highlights","og_description":"Discover the operating highlights for Ark7's rental properties in August 2022. Learn about the cash distribution to investors, tenant occupancy rates, net operating income (NOI) performance, renovation projects, and more.","og_url":"https:\/\/ark7.com\/blog\/property-update\/2022-august-operating-highlights\/","og_site_name":"Ark7","article_published_time":"2022-09-04T00:02:47+00:00","article_modified_time":"2023-07-17T19:18:58+00:00","og_image":[{"width":3480,"height":2340,"url":"https:\/\/ark7.com\/blog\/wp-content\/uploads\/2023\/06\/17.png","type":"image\/png"}],"author":"The Ark7 Team","twitter_card":"summary_large_image","twitter_misc":{"Written by":"The Ark7 Team","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ark7.com\/blog\/property-update\/2022-august-operating-highlights\/#article","isPartOf":{"@id":"https:\/\/ark7.com\/blog\/property-update\/2022-august-operating-highlights\/"},"author":{"name":"The Ark7 Team","@id":"https:\/\/ark7.com\/blog\/#\/schema\/person\/5ab2b507abb19df7b43e8c52cd6127a8"},"headline":"2022 August Operating Highlights","datePublished":"2022-09-04T00:02:47+00:00","dateModified":"2023-07-17T19:18:58+00:00","mainEntityOfPage":{"@id":"https:\/\/ark7.com\/blog\/property-update\/2022-august-operating-highlights\/"},"wordCount":832,"publisher":{"@id":"https:\/\/ark7.com\/blog\/#organization"},"keywords":["August dividend","August Operating Highlights","Dividend","Operation Highlights"],"articleSection":["Property Update"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/ark7.com\/blog\/property-update\/2022-august-operating-highlights\/","url":"https:\/\/ark7.com\/blog\/property-update\/2022-august-operating-highlights\/","name":"Review of Ark7's August 2022 Operating Highlights","isPartOf":{"@id":"https:\/\/ark7.com\/blog\/#website"},"datePublished":"2022-09-04T00:02:47+00:00","dateModified":"2023-07-17T19:18:58+00:00","description":"Discover the operating highlights for Ark7's rental properties in August 2022. Learn about the cash distribution to investors, tenant occupancy rates, net operating income (NOI) performance, renovation projects, and more.","breadcrumb":{"@id":"https:\/\/ark7.com\/blog\/property-update\/2022-august-operating-highlights\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ark7.com\/blog\/property-update\/2022-august-operating-highlights\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ark7.com\/blog\/property-update\/2022-august-operating-highlights\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ark7.com\/blog\/"},{"@type":"ListItem","position":2,"name":"2022 August Operating Highlights"}]},{"@type":"WebSite","@id":"https:\/\/ark7.com\/blog\/#website","url":"https:\/\/ark7.com\/blog\/","name":"Ark7","description":"Learning Center","publisher":{"@id":"https:\/\/ark7.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ark7.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ark7.com\/blog\/#organization","name":"Ark7","url":"https:\/\/ark7.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ark7.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/ark7.com\/blog\/wp-content\/uploads\/2022\/05\/cropped-cropped-logo.png","contentUrl":"https:\/\/ark7.com\/blog\/wp-content\/uploads\/2022\/05\/cropped-cropped-logo.png","width":270,"height":72,"caption":"Ark7"},"image":{"@id":"https:\/\/ark7.com\/blog\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ark7.com\/blog\/#\/schema\/person\/5ab2b507abb19df7b43e8c52cd6127a8","name":"The Ark7 Team","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ark7.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3a59cc52539b343392711ff54022ff61538d678c0ce0927f48b8fc843fff058e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3a59cc52539b343392711ff54022ff61538d678c0ce0927f48b8fc843fff058e?s=96&d=mm&r=g","caption":"The Ark7 Team"},"url":"https:\/\/ark7.com\/blog\/author\/blog\/"}]}},"_links":{"self":[{"href":"https:\/\/ark7.com\/blog\/wp-json\/wp\/v2\/posts\/2363","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ark7.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ark7.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ark7.com\/blog\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/ark7.com\/blog\/wp-json\/wp\/v2\/comments?post=2363"}],"version-history":[{"count":10,"href":"https:\/\/ark7.com\/blog\/wp-json\/wp\/v2\/posts\/2363\/revisions"}],"predecessor-version":[{"id":3432,"href":"https:\/\/ark7.com\/blog\/wp-json\/wp\/v2\/posts\/2363\/revisions\/3432"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ark7.com\/blog\/wp-json\/wp\/v2\/media\/3416"}],"wp:attachment":[{"href":"https:\/\/ark7.com\/blog\/wp-json\/wp\/v2\/media?parent=2363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ark7.com\/blog\/wp-json\/wp\/v2\/categories?post=2363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ark7.com\/blog\/wp-json\/wp\/v2\/tags?post=2363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}