Apartment Income REIT Corp (AIRC) 2023 Q2 法說會逐字稿

Welcome, and thank you for attending today's AIR Communities Second Quarter 2023 Earnings Conference Call. My name is J.B., and I will be your moderator for today's call. (Operator Instructions) I would now like to pass the conference over to Lisa Cohn, President and General Counsel of AIR Communities. You may proceed.

歡迎並感謝您參加今天的 AIR 社區 2023 年第二季度收益電話會議。我叫 J.B.，我將擔任今天電話會議的主持人。 （操作員指示）我現在想將會議交給 AIR Communities 總裁兼總法律顧問 Lisa Cohn。您可以繼續。

Thank you, J.B., and good day. My name is Lisa Cohn, and I am President and General Counsel of AIR Communities. During this conference call, forward-looking statements we make are based on management's judgment, including projections related to our 2023 expectations. These statements are subject to certain risks and uncertainties, a description of which can be found in our SEC filings. Actual results may differ materially from what may be discussed today.

謝謝你，J.B.，祝你有美好的一天。我叫 Lisa Cohn，是 AIR Communities 的總裁兼總法律顧問。在本次電話會議中，我們做出的前瞻性陳述基於管理層的判斷，包括與我們 2023 年預期相關的預測。這些聲明存在一定的風險和不確定性，相關描述可以在我們向 SEC 提交的文件中找到。實際結果可能與今天討論的結果大不相同。

We will also discuss certain non-GAAP financial measures such as FFO, these are defined and are reconciled to the most comparable GAAP measures in the supplemental information that is part of the full earnings release published on AIR's website. Prepared remarks today come from Terry Considine, our CEO, and Keith Kimmel, our President of Property Operations; John McGrath, our Co-Chief Investment Officer and Chairman of our Investment Committee; and Paul Beldin, our Chief Financial Officer. Other members of management are also present. All of us will be available during the question-and-answer session, which will follow our prepared remarks.

我們還將討論某些非 GAAP 財務指標，例如 FFO，這些指標是根據補充信息中最具可比性的 GAAP 指標進行定義和調整的，補充信息是 AIR 網站上發布的完整收益發布的一部分。今天，我們的首席執行官特里·康斯丁 (Terry Considine) 和我們的物業運營總裁基思·金梅爾 (Keith Kimmel) 發表了準備好的講話； John McGrath，我們的聯席首席投資官兼投資委員會主席；和我們的首席財務官保羅貝爾丁。其他管理層成員也出席了會議。我們所有人都將在問答環節中出席，問答環節將在我們準備好的發言之後進行。

I will now turn the call to Terry Considine. Terry?

我現在將電話轉給特里·康斯丁。特里？

Thank you, Lisa, and happy 21st anniversary at AIR. Thank you for your leadership of so many functions that are the foundation of what we do, and another call, we should spend more time discussing their importance and all that you do so well. Thank you to everyone on this call for your interest in air. There was organized to build a business based on its comparative advantage in property operations.

謝謝你，麗莎，祝 AIR 21 週年快樂。感謝您對這麼多職能的領導，這些職能是我們工作的基礎，再次呼籲，我們應該花更多時間討論它們的重要性以及您所做的一切。感謝參加本次電話會議的所有人對空氣的興趣。根據其在房地產經營方面的比較優勢，組織建立了一家企業。

Today, I plan to comment on our progress during the second quarter by addressing 6 subjects with more detailed reporting to follow from my colleagues. First, Keith and his team delivered solid customer satisfaction, AIR record customer retention rates of 62%, low controllable operating expenses and high operating margins. Keith and his team steered a steady course as rent growth cooled across AIR's [8 Markets]. They navigated the turbulence in Los Angeles from the wind down of limitations on landlord remedies and the strike by the Writers Guild now joined by the Screen Actors Guild. With growth in same-store and acquisition portfolios taken together, property NOI grew at low double digits. This will flow through to growth in AIR FFO, which is already increasing at the highest of the Apartment REITs that have reported pro forma last year's prepayment of the Aimco note. Its earn in next year will drive 2024 FFO higher.

今天，我計劃通過討論 6 個主題來評論我們在第二季度的進展，並由我的同事們提供更詳細的報告。首先，Keith 和他的團隊提供了可靠的客戶滿意度、AIR 創紀錄的 62% 的客戶保留率、較低的可控運營費用和較高的運營利潤率。隨著 AIR [8 個市場] 的租金增長放緩，Keith 和他的團隊穩步推進。他們在洛杉磯的動盪中度過了從對房東補救措施的限制逐漸放鬆到編劇工會現在加入了演員工會的罷工。隨著同店和收購組合的增長，房地產 NOI 以較低的兩位數增長。這將導致 AIR FFO 的增長，該增長已經是公寓 REIT 中最高的，這些 REIT 已報告去年 Aimco 票據的預付款。其明年的盈利將推動 2024 年 FFO 走高。

Second, John sold $32 million in lower-rated properties to invest in property upgrades with IRRs greater than 10%. John and Joshua Minix on his team have a pipeline of opportunities to buy additional properties with target returns, 200 basis points greater than AIR's cost of capital. Third, Paul kept the balance sheet bulletproof, reducing leverage and extending its duration. There is very little repricing risk in the next 2 years, and almost no refunding risk in the next 5 years. AIR enjoys abundant liquidity.

其次，約翰出售了 3200 萬美元的評級較低的房產，用於投資 IRR 高於 10% 的房產升級。 John 和 Joshua Minix 的團隊有一系列機會購買額外的房產，其目標回報率比 AIR 的資本成本高 200 個基點。第三，保羅保持了資產負債表的防彈，降低了槓桿並延長了其期限。未來2年的重新定價風險很小，未來5年幾乎沒有退款風險。 AIR擁有充裕的流動性。

Fourth, Matt O'Grady and Josh Minix again, combined to access $600 million in equity capital provided by 2 of the largest and most sophisticated mobile real estate investors, increasing AIR's joint ventures from 2 to 4 and increasing assets under management to 120% of AIR GAV. The sale of partial interest is another form of AIR's familiar Pairs Trade. Both investors provided capital, which AIR used to delever, repaying all debt with an interest rate greater than 4%. The balance will be used to buy real estate with target returns 200 basis points over AIR's cost of capital and to fund share buybacks as part of a balanced investment program. Both joint ventures undertaking -- include undertakings to co-invest with AIR in future acquisitions, bringing AIR substantial resources to invest at a time of great opportunity due to frozen transaction markets. Matt expects to sell down the AIR position in some of the existing joint ventures to enhance the expected return on investment on AIR's continued investment and to generate additional liquidity to invest in Pairs Trade.

第四，Matt O'Grady 和Josh Minix 再次聯合獲得了兩家最大、最成熟的移動房地產投資者提供的6 億美元股權資本，將AIR 的合資企業從2 家增加到4 家，管理資產增加到120%。空氣加夫。出售部分利息是 AIR 熟悉的配對交易的另一種形式。兩位投資者都提供了資金，AIR 用這些資金去槓桿化，以高於 4% 的利率償還所有債務。餘額將用於購買目標回報比 AIR 資本成本高 200 個基點的房地產，並為股票回購提供資金，作為平衡投資計劃的一部分。兩家合資企業均承諾在未來的收購中與 AIR 共同投資，為 AIR 帶來大量資源，以便在交易市場凍結帶來的巨大機遇之際進行投資。 Matt 預計將出售 AIR 在一些現有合資企業中的頭寸，以提高 AIR 持續投資的預期投資回報率，並產生額外的流動性來投資 Pairs Trade。

Fifth, the most important fact of today's report and the report of other Apartment REITs is that rental rates and inflation are dropping and dropping fast. In some peer cases, new lease rents are negative. This is not a surprise and is consistent with our January guidance, which assumed earn-in and other factors with no market rent growth. The most important question is, what happens next? The apartment business will return to the blocking and tackling of property operations, where AIR has demonstrated comparative advantage. For example, with peer-leading retention, we do more of our business and higher priced renewals with less exposure to new lease rates. For example, we have delivered low or flat controllable operating expenses for more than a decade.

第五，今天的報告和其他公寓房地產投資信託基金的報告中最重要的事實是，租金率和通貨膨脹正在下降，而且下降得很快。在一些同行案例中，新租賃租金為負。這並不令人意外，並且與我們 1 月份的指導一致，該指導假設收入和其他因素沒有市場租金增長。最重要的問題是，接下來會發生什麼？公寓業務將回歸到物業業務的堵截，而AIR在這方面已展現出比較優勢。例如，憑藉同行領先的保留率，我們可以開展更多業務並以更高的價格續訂，同時減少新租賃費率的影響。例如，十多年來，我們一直保持較低或持平的可控運營費用。

The most important opportunity is to acquire properties at distressed prices, distressed by the relative shutdown of transaction markets as sellers try to hold on for lower rates to arrive. Here, AIR has the advantage of access to abundant equity capital and the opportunity to use the AIR edge to improve property operations of acquired properties as demonstrated and reported in our earnings release. There is a related opportunity in the stock market to buy back shares priced at a discount as part of a balanced program of investment just as AIR did last year when AIR bought back 5% of our outstanding shares.

最重要的機會是以低價購買房產，交易市場相對關閉，賣家試圖堅持等待較低的利率到來，從而導致交易市場的相對關閉。在這裡，AIR 具有獲得充足股權資本的優勢，並有機會利用 AIR 優勢來改善所收購物業的物業運營，正如我們的收益報告中所展示和報告的那樣。作為平衡投資計劃的一部分，股票市場上有一個相關的機會以折扣價回購股票，就像 AIR 去年所做的那樣，當時 AIR 回購了我們已發行股票的 5%。

Sixth, AIR has a highly engaged board that is a great resource to me and the entire management team. Of particular note, the Board has a shareholder bent and is recommending various amendments to the AIR charter to strengthen shareholder rights. You will see these in the proxy statement with the AIR Annual Meeting scheduled for September 15. As we turn to the challenges and opportunities, I feel fortunate to work with such a remarkable and motivated team. I thank each of them. My colleagues on the Board, my teammates here in the Denver office, and especially my teammates in the field whose good work sets the standard for excellence in our industry. Thank you. Thank you.

第六，AIR 擁有一個高度參與的董事會，這對我和整個管理團隊來說是一個很好的資源。特別值得注意的是，董事會有股東傾向，並建議對 AIR 章程進行各種修訂，以加強股東權利。您將在定於 9 月 15 日舉行的 AIR 年會上的委託書中看到這些內容。當我們轉向挑戰和機遇時，我很幸運能夠與如此出色且積極進取的團隊合作。我感謝他們每一個人。我的董事會同事、丹佛辦事處的隊友，尤其是我在該領域的隊友，他們的出色工作為我們行業的卓越樹立了標準。謝謝。謝謝。

I'll now turn the call to Keith Kimmel, President of Property Operations. Keith?

我現在將電話轉給物業運營總裁 Keith Kimmel。基思？

Thanks, Terry. The second quarter was good. At a high level, we're seeing solid demand, which has improved further in July. Retention at historical high levels with only 38% turnover in the past 12 months. Rents that continue to increase, albeit at a slowing rate and ahead of our plan. Bad debt of 60 basis points, closer to normal because of AIR's continued focus on resident quality and fewer court delays and revenue ahead of plan, resulting in an increase to AIR's operational guidance. We are now more than 80% complete with leasing for the year, and have the perspective to share 3 takeaways.

謝謝，特里。第二季度表現不錯。從高水平來看，我們看到了強勁的需求，七月份的需求進一步改善。留存率處於歷史高位，過去 12 個月的換手率僅為 38%。租金繼續上漲，儘管增速放緩並且超出了我們的計劃。壞賬為 60 個基點，接近正常水平，因為 AIR 持續關注居民質量，法庭延誤減少，收入提前於計劃，導致 AIR 的運營指導增加。目前，我們今年的租賃工作已完成 80% 以上，並有機會分享 3 個要點。

First, the market is playing out a bit better than we anticipated with solid rate and demand. In the second quarter, signed new lease rates were up 6%. Renewals were up 7%, leading to a signed blended average increase of 6.5%. Leasing volume in the second quarter was in line with 2022's record level of activity and July is 10% ahead of last year. By design, Occupancy decreased during the quarter, in line with our expectations as we are transacting leases at peak volume. We call this frictional vacancy, which will begin to wane in August, we anticipate occupancy growing by approximately 2% by quarter end. This cadence is predictable in AIR's business and is part of our annual plan.

首先，市場的表現比我們預期的要好一些，利率和需求穩定。第二季度，新簽租賃費上漲了6%。續訂量增長 7%，導致簽約混合平均增長 6.5%。第二季度的租賃量與 2022 年創紀錄的活動水平一致，7 月份的租賃量比去年同期增長 10%。按照設計，本季度入住率下降，符合我們的預期，因為我們正處於租賃交易高峰期。我們將這種空置率稱為摩擦性空置率，該空置率將於 8 月份開始減少，我們預計到季度末入住率將增長約 2%。這種節奏在 AIR 業務中是可以預測的，也是我們年度計劃的一部分。

Second, we are seeing financial results tracking ahead on both revenue growth and expense management. In the second quarter, revenue was up 8.8% from last year. Expenses were up 4.1% with controllable operating expenses up only 1%. As a result, net operating income increased 10.6% from last year. Air's operating margin was 74.2%, up 120 basis points from 2022 and the highest second quarter margin in AIR's history. As a result of the outperformance to our plan in the first half, we raised our revenue guidance, lowered our expense growth guidance and raised our net operating income guidance. In a moment, Paul will discuss these in more detail. Third, AIR Edge continues to be a powerful engine for growth. The implementation of AIR's operating model creates above-market revenue growth and margin expansion. Our acquisitions from 2021 now own for approximately 2 years, had revenue up 19% and net operating income growth of up 30.5%. These marks were both better than doubled AIR's same-store portfolio in the second quarter and added 90 basis points to same-store revenue growth.

其次，我們看到收入增長和費用管理方面的財務業績都在增長。第二季度收入較去年增長8.8%。費用增長 4.1%，其中可控運營費用僅增長 1%。結果，淨營業收入比去年增長了10.6%。 Air 的運營利潤率為 74.2%，較 2022 年增長 120 個基點，為 AIR 歷史上第二季度最高利潤率。由於上半年業績超出我們的計劃，我們提高了收入指導，降低了費用增長指導，並提高了淨營業收入指導。稍後，保羅將更詳細地討論這些問題。第三，AIR Edge 仍然是增長的強大引擎。 AIR 運營模式的實施創造了高於市場水平的收入增長和利潤率擴張。我們從 2021 年開始的收購現在已經持續了大約 2 年，收入增長了 19%，淨營業收入增長了 30.5%。這些成績均優於第二季度 AIR 同店產品組合的兩倍，並為同店收入增長增加了 90 個基點。

As we've implemented the AIR Edge, margins at these communities have grown 420 basis points from 67% during AIR's first quarter of ownership to over 71% today. Our class of 2022 and 2023 communities owned for 1 year or less, had sequential income growth of 3.4% in the second quarter and are expected to contribute revenue and income growth in 2024, roughly double that of AIR stabilized communities.

隨著我們實施 AIR Edge，這些社區的利潤率增長了 420 個基點，從 AIR 第一季度擁有時的 67% 增長到今天的 71% 以上。我們的 2022 年和 2023 年社區擁有 1 年或更短時間，第二季度收入環比增長 3.4%，預計將在 2024 年貢獻收入和收入增長，大約是 AIR 穩定社區的兩倍。

Looking ahead, we see a solid start to the second half of the year. Pricing remained solid with July signed new leases up 4.7%, renewals up 5.7% and blended lease rates up 5.1%. Demand is robust and leasing volume is 10% ahead of last year. July's occupancy is 94.6% on our plan at our seasonal low point by design with peak frictional vacancy. Due to solid leasing velocity and retention, our lease percentage, our leading indicator of occupancy is increased 170 basis points thus far in July. It points towards our expected occupancy increase of approximately 2% between now and the end of the third quarter.

展望未來，我們預計下半年將有一個良好的開局。定價保持穩定，7 月份簽訂的新租約增長 4.7%，續租增長 5.7%，混合租賃費率增長 5.1%。需求旺盛，租賃量比去年增長10%。根據我們的計劃，7 月份的入住率為 94.6%，這是我們設計的季節性低點，且空置率達到高峰。由於穩定的租賃速度和保留率，我們的租賃百分比（入住率領先指標）在 7 月份迄今已增長了 170 個基點。這表明我們預計從現在到第三季度末入住率將增長約 2%。

My final takeaway for the quarter is that the business is returning to normal after 3 to (inaudible) years. Since 2020, results have been driven by the COVID response, urban or suburban locations, sunbelt versus coastal markets and the impacts and reactions to generationally high inflation. These factors are normalizing. And what we're left with is an industry in which operations matter. This is a time when the AIR Edge will be increasingly apparent. AIR has demonstrated expertise in combining data, process and most importantly, people, and our acquisition portfolio drives sustainable higher revenue growth. And in our stabilized portfolio leads to higher margins and better income growth. This long-term engine makes our portfolio of properties and in particular, our new acquisitions, much more valuable. My thanks to all AIR team members for consistently providing world-class customer service, which is the true foundation of the AIR Edge.

我對本季度的最後結論是，業務在 3 至（聽不清）年後恢復正常。自 2020 年以來，業績的推動因素包括新冠疫情應對措施、城市或郊區、陽光地帶與沿海市場以及對代際高通脹的影響和反應。這些因素正在正常化。我們剩下的是一個以運營為重的行業。這是 AIR Edge 將越來越明顯的時候。 AIR 在結合數據、流程以及最重要的人員方面展現了專業知識，我們的收購組合推動了可持續的更高收入增長。在我們穩定的投資組合中，會帶來更高的利潤率和更好的收入增長。這個長期引擎使我們的資產組合，特別是我們的新收購，變得更有價值。我感謝所有 AIR 團隊成員始終如一地提供世界一流的客戶服務，這是 AIR Edge 的真正基礎。

And with that, I'll now turn the call over to John McGrath, the Chairman of our Investment Committee, John?

現在，我將把電話轉給我們投資委員會主席約翰·麥格拉思（John McGrath），約翰？

Thank you, Keith. We have had a busy year on the transactions front. On the sales side, we sold approximately $1.8 billion in 2021 and 2022 at good prices and good markets. It is harder now but we have completed much of our planned reduction in order properties and have reduced our exposure to regulatory risk and uncertain rule of law. During the quarter, we sold 2 properties, reducing our capital allocation to New York and we expect to exit the market entirely through the sale of our loan remaining property in New York City, perhaps before year-end. We also formed joint ventures with 2 institutional investors to recapitalize 11 properties valued at an aggregate of $1.2 billion, generating approximately $600 million in proceeds to AIR. These sales of partial ownership like the sales of 100% ownership, lower our exposure to older properties. We consider the long-term cost of capital on an unlevered IRR basis to be 8% and near-term cost to be about 6%, but one day down to mid-5s by fees and reduced CapEx obligations.

謝謝你，基思。我們在交易方面度過了忙碌的一年。在銷售方面，我們在 2021 年和 2022 年以良好的價格和良好的市場銷售了約 18 億美元。現在情況變得更加困難，但我們已經完成了大部分計劃的訂單資產削減工作，並減少了我們面臨的監管風險和不確定的法治風險。本季度，我們出售了兩處房產，減少了對紐約的資本配置，我們預計可能會在年底前通過出售紐約市的貸款剩餘房產來完全退出市場。我們還與 2 家機構投資者組建了合資企業，對總價值 12 億美元的 11 處房產進行資本重組，為 AIR 帶來約 6 億美元的收益。這些部分所有權的出售與 100% 所有權的出售一樣，降低了我們對舊房產的投資。我們認為，基於無槓桿 IRR 的長期資本成本為 8%，近期成本約為 6%，但有一天，由於費用和資本支出義務的減少，資本成本將降至 5% 左右。

We are confident that we can reinvest by purchasing brand-new properties in superior locations for returns of 200 basis points or higher. As I've said before, we are spread investors. Our JV partners provide us capital that is not cheap. But given Keith's operating skills, we can make good money buying new properties in great locations and at a discounted price due to the owner's interest in refunding or paying down maturing loans. We are in advanced negotiations on opportunities to invest approximately $200 million. If successful, the transactions are expected to close later this year or early in first quarter 2024 with current returns neutral to 2023 FFO and $0.01 accretive to 2024 FFO with long-term unlevered IRRs in excess of 10%.

我們有信心通過購買地段優越的全新房產進行再投資，獲得 200 個基點或更高的回報。正如我之前所說，我們是價差投資者。我們的合資夥伴為我們提供的資金並不便宜。但考慮到基思的操作技巧，由於業主有興趣退還或償還到期貸款，我們可以以折扣價在優越的地理位置購買新房產，從而賺到很多錢。我們正在就投資約 2 億美元的機會進行深入談判。如果成功，這些交易預計將於今年晚些時候或2024 年第一季度初完成，當前回報對2023 年FFO 而言為中性，對2024 年FFO 而言將增加0.01 美元，長期無槓桿IRR 超過10 %。

I will provide additional information if and when the transactions close. Beyond capital recycling, the ventures provide AIR the opportunity for outsized future growth by co-investing with 2 of the world's largest real estate investors enhancing our access to more and larger opportunities and enabling us to grow AUM and to generate recurring fee income as incremental FFO. We are indeed bullish on our growth prospects and are energized and prepared to capitalize on the opportunities being presented in these exciting times.

如果交易結束，我將提供更多信息。除了資本回收之外，這些合資企業還通過與全球最大的兩家房地產投資者共同投資，為AIR 提供了未來超額增長的機會，增強了我們獲得更多、更大機會的機會，使我們能夠增加AUM 並作為增量FFO 產生經常性費用收入。我們確實看好我們的增長前景，並充滿活力並準備好利用這些激動人心的時代所帶來的機遇。

We remain firmly committed to disciplined capital allocation and expect our future portfolio growth will be opportunistic. We will continue to work to improve portfolio quality by allocating capital into well-located, high-quality properties that will benefit from the AIR Edge sufficiently to generate enhanced returns with limited business risk and within our leverage policies. In short, we will continue to look to invest in neighborhoods and addresses that are attractive to high-quality residents and have some protection from competitive new supply, and we will maintain broad portfolio diversification and invest only when returns magnified by the AIR Edge are highly accretive to our cost of capital.

我們仍然堅定地致力於嚴格的資本配置，並預計我們未來的投資組合增長將是機會主義的。我們將繼續努力提高投資組合質量，將資本配置到地理位置優越的優質物業中，這些物業將充分受益於 AIR Edge，從而在我們的槓桿政策範圍內以有限的業務風險產生更高的回報。簡而言之，我們將繼續尋求投資於對高品質居民有吸引力並能在一定程度上免受競爭性新供應影響的社區和地址，並且我們將保持廣泛的投資組合多元化，並且僅在AIR Edge 放大的回報率很高時進行投資增加我們的資本成本。

With that, I'll turn the call over to Paul Beldin, our Chief Financial Officer. Paul?

接下來，我會將電話轉給我們的首席財務官 Paul Beldin。保羅？

Thank you, John. Today, I will discuss AIR's high-quality balance sheet, report second quarter results and our expectations for the full year and conclude with a brief comment on our dividend. AIR balance sheet is extremely well positioned. Proceeds from 2 new joint ventures were used primarily to repay debt with an average interest rate of approximately 6%, thus offsetting the loss of net operating income from the sale.

謝謝你，約翰。今天，我將討論 AIR 的高質量資產負債表，報告第二季度業績和我們對全年的預期，最後對我們的股息進行簡短評論。 AIR 的資產負債表狀況非常好。兩家新合資企業的收益主要用於償還平均利率約為6%的債務，從而抵消了出售帶來的淨營業收入損失。

As a result, leverage to EBITDA is reduced by 0.6x of a term. Additionally, the refinancing of higher cost shorter-term debt lowers average borrowing costs and lengthens our weighted average maturity. AIR leverage to EBITDA is now 5.9x to 1 within AIR's targeted range. Available liquidity is approximately $2.3 billion. Adjusting for size, this is over 3x the peer average. We have a 10-year $1 billion financing commitment, which, combined with cash on hand, is sufficient to refinance essentially all maturing debt through 2028, and 96% of AIR leverage is fixed rate. When combined with no debt maturities until the second quarter of 2025, there has little exposure to repricing risk, a 1% change in interest rates would affect earnings by less than $0.01 per share per year.

因此，EBITDA 的槓桿率減少了 0.6 倍。此外，成本較高的短期債務的再融資降低了平均借貸成本並延長了我們的加權平均期限。 AIR 對 EBITDA 的槓桿率現在為 AIR 目標範圍內的 5.9 比 1。可用流動資金約為23億美元。調整大小後，這是同行平均水平的 3 倍多。我們有 10 年期 10 億美元的融資承諾，加上手頭現金，足以為 2028 年之前幾乎所有到期債務進行再融資，並且 AIR 槓桿的 96% 是固定利率。再加上 2025 年第二季度之前沒有債務到期，重新定價風險很小，利率變化 1% 每年對每股收益的影響不到 0.01 美元。

Turning to second quarter results. Second quarter FFO of $0.58 per share is up 13.7% year-over-year, as adjusted to exclude the nonrecurring benefit received in 2022 from the Aimco note prepayment and second quarter FFO is $0.01 above the midpoint of guidance, a result of lower-than-anticipated controllable operating expenses and higher fee income in our same-store and acquisition portfolios. Looking forward, as a result of our strong operating performance to date and the success of peak leasing season, we are increasing our expectations for same-store revenue growth to be between 7.8% and 8.6%, an increase of 20 basis points at the midpoint, reducing our expectations for same-store expense growth to be between 5% and 5.6%, a decrease of 45 basis points at the midpoint, resulting in increased NOI growth to be between 8.6% and 9.8%, an increase of 40 basis points to the midpoint.

轉向第二季度業績。第二季度FFO 為每股0.58 美元，同比增長13.7%，調整後排除了2022 年從Aimco 票據預付款項中收到的非經常性收益，第二季度FFO 比指導中點高出0.01 美元，這是由於低於預期的結果-我們的同店和收購組合中預期的可控運營費用和更高的費用收入。展望未來，由於我們迄今為止強勁的經營業績以及租賃旺季的成功，我們將同店收入增長預期上調至 7.8% 至 8.6%，中間調高 20 個基點，將同店費用增長預期下調至5% 至5.6%之間，中點下降45 個基點，導致NOI 增長上升至8.6% 至9.8% 之間，較上年上升40 個基點中點。

We are also narrowing our expectations for full year FFO to be between $2.38 and $2.44 per share, while maintaining the $2.41 midpoint. The $0.01 of incremental same-store contribution is offset by the expectation of greater than originally anticipated casualty losses. In the third quarter, we anticipate FFO per share of $0.63 at the midpoint. The $0.05 of sequential growth is due predominantly to NOI growth in our same-store and acquisition portfolios. Implicit in our full year and third quarter FFO guidance as fourth quarter FFO of $0.66 per share at the midpoint. Similar to our expectations for the third quarter, continued growth in property NOI will contribute significantly to sequential growth. AIR's business plan results in sequential revenue and in turn, NOI growth concentrated in the second half of the year.

我們還將全年 FFO 的預期縮小至每股 2.38 美元至 2.44 美元之間，同時維持 2.41 美元的中點。增加的同店貢獻 0.01 美元被預期的傷亡損失高於最初預期所抵消。第三季度，我們預計每股 FFO 為 0.63 美元。 0.05 美元的環比增長主要是由於我們的同店和收購組合的 NOI 增長。我們的全年和第三季度 FFO 指引中隱含的第四季度 FFO 中點為每股 0.66 美元。與我們對第三季度的預期類似，房地產 NOI 的持續增長將對環比增長做出重大貢獻。 AIR 的業務計劃帶來了連續的收入，而 NOI 的增長則集中在下半年。

You can see this in our 2019 through 2022 results. For example, in 2022, about 2/3 of our sequential rate growth occurred in the second half of the year. I've noticed this nuance is missed in many sell-side models, where modeled property NOI growth is assumed to grow on a more ratable basis through the year. I encourage analysts to include this cadence in their models to reduce self-created noise in their reports. I know with appreciation that full year consensus FFO is in line with our guidance. One last item regarding our expectations for full year FFO. With the completed joint ventures, we now have approximately $2.2 billion of third-party assets under management. As a result, asset management, property management, transaction-related fees are increasing in significance.

您可以在我們 2019 年至 2022 年的業績中看到這一點。例如，2022 年，大約 2/3 的環比增長率發生在下半年。我注意到許多賣方模型都忽略了這種細微差別，在這些模型中，模型中的房地產 NOI 增長被假設為全年在更可評估的基礎上增長。我鼓勵分析師將這種節奏納入他們的模型中，以減少報告中自己產生的噪音。我讚賞地知道全年共識 FFO 符合我們的指導。最後一項是關於我們對全年 FFO 的期望。隨著合資企業的建成，我們現在管理著價值約 22 億美元的第三方資產。因此，資產管理、物業管理、交易相關費用的重要性日益增加。

In 2023, we anticipate these fees net of allocable costs will comprise approximately 4% of AIR FFO or approximately $0.11 per share. Of this amount, approximately 6% is by contract and expected to continue for the life of the ventures. The remaining fees are specific to 2023 activities. I note that we earned similar fees in 2022, and we anticipate a similar amount will be earned in 2024 and beyond. This income was anticipated in setting 2023 guidance and our expectations are largely unchanged from the beginning of the year. Last, the AIR Board of Directors declared a quarterly cash dividend of $0.45 per share. On an annualized basis, the dividend reflects a yield of over 5% based on the current share price. Additionally, the tax-efficient nature of AIR's dividend allows taxable investors to retain 40% more of its dividend as compared to peer average.

到 2023 年，我們預計這些費用扣除可分配成本後將佔 AIR FFO 的約 4%，即每股約 0.11 美元。其中，約 6% 是通過合同支付的，預計將在企業的整個生命週期內持續使用。其餘費用專門用於 2023 年的活動。我注意到，我們在 2022 年獲得了類似的費用，並且預計 2024 年及以後將獲得類似的金額。這一收入是在製定 2023 年指導時預期的，我們的預期與年初基本沒有變化。最後，AIR 董事會宣布季度現金股息為每股 0.45 美元。按年化計算，股息收益率基於當前股價超過5%。此外，AIR 股息的節稅性質使應稅投資者能夠保留比同行平均水平多 40% 的股息。

With that, we will now open the call for questions. Please limit your questions to 2 per time in the queue. Operator, I'll turn it over to you for the first question.

現在，我們將開始提問。請將隊列中的問題限制為每次 2 個。接線員，第一個問題就交給你了。

(Operator Instructions) First question comes from the line of Eric Wolfe from City.

（操作員說明）第一個問題來自曼城的埃里克·沃爾夫（Eric Wolfe）。

Paul, you mentioned that the sequential increase was due to sequential NOI growth in the third quarter and then in the fourth quarter. So just to be clear, I mean, none of it or very little of it is due to any additional fees in the second half versus the first half. So let's call it, $0.05 of transactional fees, if you will. They're spread evenly through the year. It's not going to be the jump that you see in the back half?

Paul，您提到環比增長是由於第三季度和第四季度的 NOI 環比增長所致。因此，需要明確的是，我的意思是，與上半場相比，下半場的任何額外費用都不是或很少是由於任何額外費用造成的。如果你願意的話，我們可以稱之為 0.05 美元的交易費用。它們全年均勻分佈。這不會是你在後半段看到的跳躍吧？

Yes, Eric, you did really good work. In the first half of the year, we had about $0.05 of net fees and for the full year, we expect $0.11, so the contribution is ratable first half versus second half. And what was really driving that second half FFO growth is incremental property NOI contribution delivered by that. Both our same-store portfolio, which is growing at a rate highest amongst the peer groups, but more importantly, the acquisition portfolio that's growing at a rate about double our same-store pool.

是的，埃里克，你做得非常好。今年上半年，我們的淨費用約為 0.05 美元，全年預計為 0.11 美元，因此上半年和下半年的貢獻是可分攤的。下半年 FFO 增長的真正推動因素是由此產生的增量房地產 NOI 貢獻。我們的同店投資組合的增長速度在同行中最高，但更重要的是，收購投資組合的增長速度約為我們同店池的兩倍。

Got it. Okay. That's helpful. And then some of this obviously is going to be determined by the increase that you see in occupancy. You mentioned that the lease percentage is up 170 basis points, gives you confidence that you're going to see that, call it, 200 basis point increase in occupancy by the end of the quarter, but if you see that and when you see that, I mean, can we also see that rate stabilizes at that point or potentially reaccelerates? Or are you expecting more of a normal seasonal decline, even though you have that occupancy that you risen back up?

知道了。好的。這很有幫助。其中一些顯然將取決於入住率的增長。您提到租賃百分比上升了 170 個基點，這讓您有信心在本季度末看到入住率增加 200 個基點，但如果您看到這一點，當您看到這一點時我的意思是，我們是否也可以看到利率在該點穩定下來或可能重新加速？或者，即使入住率有所回升，您是否預計會出現更多正常的季節性下降？

Eric, it's Keith. And thank you for noting. This is the way that we've structured our business for more than a decade. In fact, we take advantage of this peak season and the peak demand and then show this acceleration that comes in the second half of the year. And so what traditionally happens is this supply and demand goes -- start swinging in our favor with our occupancy building. I don't want to get ahead of myself and call out exactly what the rates will do, but we anticipate that we'll be in a stronger position month by month as we find our way to the balance or to the end of '23.

埃里克，這是基思。感謝您的關注。這就是我們十多年來構建業務的方式。事實上，我們利用了這個旺季和需求高峰，然後展示了下半年出現的這種加速。因此，傳統上發生的情況是，供給和需求的變化——隨著入住率的增加，開始向有利於我們的方向擺動。我不想超前地指出利率的具體作用，但我們預計，隨著我們找到實現平衡或到 23 年底的方法，我們將逐月處於更有利的位置。

Your next question comes from the line of Rob Stevenson from Janney.

你的下一個問題來自詹尼的羅布·史蒂文森。

Keith, how much of the 1.2% of gross bad debt is California, and any of the other markets comprising a disproportionate amount?

Keith，壞賬總額的 1.2% 中有多少是來自加利福尼亞州，以及其他市場的壞賬總額是否不成比例？

Robert, this is Paul. I'll start and see if Keith has anything to add. As one thing that we've talked about in meetings over the quarter is how we have been quite successful in turning over our resident base in California, and particularly in Los Angeles, in particular, where we had a large percentage of our delinquent residents. As we look at where we are as of the end of the second quarter, many, many of the delinquent residents have now left our portfolio, which is in part contributing to our occupancy levels at this point in time.

羅伯特，這是保羅。我先看看基思是否有什麼要補充的。我們在本季度的會議上討論的一件事是，我們如何非常成功地扭轉了加州的居民基礎，特別是在洛杉磯，我們在那裡有很大比例的不良居民。當我們看到截至第二季度末的情況時，許多拖欠的居民現在已經離開了我們的投資組合，這在一定程度上提高了我們目前的入住率。

So at this point, what I would ask you to focus on bad debt is not necessarily the locations of the folks, but more so focused on the fact that as we analyze our portfolio, we have about the same percentage of our population base that is becoming delinquent. But because of court delays and other processing delays, we have a larger number of individuals that are delinquent, and that's what's contributing to that relatively high gross bad debt level of 1.2%. As those core backlogs are worked through and are reduced, we expect that gross bad debt number to continue to decline through the balance of the year.

因此，在這一點上，我要求您關注壞賬的不一定是人們的位置，而是更關注這樣一個事實：當我們分析我們的投資組合時，我們的人口基數比例與變得違法。但由於法院延誤和其他處理延誤，我們有更多的人拖欠債務，這就是導致壞賬總額相對較高（1.2%）的原因。隨著這些核心積壓訂單的處理和減少，我們預計壞賬總額將在今年剩餘時間內繼續下降。

Is that really a back half of '23? Or is that a first half of '24 to get through that backlog?

這真的是23年的後半段嗎？或者是在 24 年上半年完成積壓的工作？

We've worked through a lot of it, Rob, already. So I mean there's still some to go. We have about another 80 residents, but to kind of work through that we would say is in the second half, but if you start with the beginning of the year, we were north of 250 that we were navigating through. So we've worked through a lot of it. And we're in good shape and I think that not only will we get a little tailwind towards the end of this year, but it will build into 2024.

羅布，我們已經解決了很多問題。所以我的意思是還有一些事情要做。我們還有大約 80 名居民，但我們會說要在下半年才能完成這項工作，但如果從今年年初開始，我們的居民數量已經超過了 250 名。所以我們已經完成了很多工作。我們的狀況良好，我認為我們不僅會在今年年底獲得一點順風，而且會持續到 2024 年。

Okay. That's helpful. And then, Paul, you talked about -- on Eric's question about the build from second quarter to third quarter. But what could you -- above the midpoint, what gets you at that $0.64 to $0.65 or even higher of FFO per share in the third quarter? What's the main delta that gets you higher than the midpoint?

好的。這很有幫助。然後，保羅，你談到了埃里克關於第二季度到第三季度建設的問題。但是，在中點之上，什麼能讓您在第三季度獲得每股 0.64 至 0.65 美元甚至更高的 FFO 呢？讓你高於中點的主要增量是什麼？

Yes. I think the delta is how quickly we're successful at continuing to build occupancy. Keith laid out a target of our expectations. But internally, we want to do better. So I think that's the largest lever that we have.

是的。我認為三角洲是我們成功持續增加入住率的速度。基思提出了我們的期望目標。但在內部，我們希望做得更好。所以我認為這是我們擁有的最大槓桿。

Your next question comes from the line of Haendel St. Juste from Mizuho.

您的下一個問題來自 Mizuho 的 Haendel St. Juste。

So Paul, I wanted to come back to the fees, the $0.11 you mentioned. Did I hear you right in you're saying that all of that was contemplated into the initial guide or at least how you're thinking about the year when you're setting the budget? And then of that $0.11, how much is sustainable from here? I'm trying to understand what the impact of that could be in 2024? And if also, by the way, included in your FY line.

Paul，我想回到費用問題，即你提到的 0.11 美元。我是否沒聽錯，您是說所有這些都已納入最初的指南中，或者至少您在製定預算時如何考慮這一年？那麼這 0.11 美元中，有多少是可持續的？我想了解 2024 年這會產生什麼影響？順便說一句，如果也包含在您的財政年度行中。

Yes, Haendel, thank you for the question. I did indicate and you did hear me correctly, that the contribution of fees from services provided to third parties was anticipated in our annual plan for the year. So that's not a surprise. As far as breaking into the $0.11 down between items that are by contract and by right, as part of our joint venture agreement, that's about $0.06 of the $0.11 and so the remaining $0.05 is related to 2023 activities.

是的，亨德爾，謝謝你的提問。我確實指出，而且您確實沒有聽錯，向第三方提供的服務的費用已在我們今年的年度計劃中預計到。所以這並不奇怪。至於按合同和權利劃分的項目之間的 0.11 美元折扣，作為我們合資協議的一部分，這大約是 0.11 美元中的 0.06 美元，因此剩餘的 0.05 美元與 2023 年的活動有關。

And so just let me give you a couple of examples of what those are and what we have done in the past because this is not a new phenomenon for us or for activities. November 2022, when we sold a portfolio in New England to a small regional operator, we provided asset management services for about 6 months post close to help that operator integrate those properties into their platform.

因此，讓我舉幾個例子來說明這些是什麼以及我們過去所做的事情，因為這對我們或活動來說並不是一個新現象。 2022 年11 月，當我們將新英格蘭的投資組合出售給一家小型區域運營商時，我們在交割後提供了大約6 個月的資產管理服務，以幫助該運營商將這些資產整合到他們的平台中。

A second example is that often times, Keith and his team will start to provide property management services in advance of closing on a future acquisition. We think this is a win-win for us because not only do we get to earn property management fees, but we get to start the process of AIR rising the communities even before our ownership begins. And so that just accelerates the incremental growth that we expect to achieve through these acquisitions. And so while these are all episodic in nature and tied to specific transactions in specific years, what we believe and what we're confident in is that this level of contribution, not only do we achieve it in 2022, we've earned half of that amount in 2023 and have strong visibility in the remainder of the year. We feel good about this continuing in '24 and into the future.

第二個例子是，基思和他的團隊通常會在完成未來收購之前開始提供物業管理服務。我們認為這對我們來說是雙贏的，因為我們不僅可以賺取物業管理費，而且甚至在我們擁有所有權之前就可以開始 AIR 提升社區的進程。因此，這只會加速我們期望通過這些收購實現的增量增長。因此，雖然這些本質上都是偶發性的，並且與特定年份的特定交易相關，但我們相信並有信心的是，我們不僅能在2022 年實現這一水平的貢獻，而且還贏得了一半的收入。 2023 年將達到這一數字，並且在今年剩餘時間裡具有很強的可見性。我們對 24 年以及未來的這種情況繼續感到高興。

Got it. Got it. And just to be clear, that is in NOI?

知道了。知道了。需要澄清的是，那是在 NOI 中嗎？

As far as where it's recorded, the costs are in a couple of different places on our Supplemental Schedule 2. The majority of the costs are either included in our net G&A or net property management expenses and another. So if you want to go through the details, I'm happy to do that offline.

就其記錄位置而言，這些成本位於我們的補充附表 2 中的幾個不同位置。大部分成本要么包含在我們的淨 G&A 或淨物業管理費用等中。因此，如果您想了解詳細信息，我很樂意離線進行。

Okay. Keith, a quick one for you. What are the blended lease rate assumptions for the second half of the year in order for you to achieve a 2% to 2.5% earning at year-end. And would you also talk a little bit about what the market rate growth expectations for your markets is for the back half of the year, even though I don't think you include that in your outlook?

好的。基思，給你一個快速的。為了讓您在年底實現 2% 至 2.5% 的盈利，下半年的混合租賃率假設是多少？您是否也可以談談您所在市場下半年的市場增長率預期是多少，儘管我認為您沒有將其納入您的展望中？

Haendel, when we look at the second half, it's actually about somewhere between a mid-4% to 5% blend will get us to the number that we have put out as far as the midpoint of revenue guidance. And then as far as market rent growth, we don't have anything that is predicted in there. But what we would say is that going back to Eric Wolfe's question about whether or not we see some acceleration in the second half, we traditionally see when we're building that acceleration of occupancy, we start getting some strength, and therefore, that also helps us build some of it. I think the most important thing is to be thinking about that 80% of our business is done and that 80% is already starting to earn in. And of course, that will be the earn-in that goes into 2024.

Haendel，當我們看下半年時，實際上大約在 4% 到 5% 之間的混合將使我們達到我們提出的收入指導中點的數字。至於市場租金增長，我們沒有任何預測。但我們要說的是，回到埃里克·沃爾夫（Eric Wolfe）關於我們是否會在下半年看到一些加速的問題，我們傳統上會看到，當我們加速入住率時，我們開始獲得一些力量，因此，這也幫助我們構建其中一些。我認為最重要的是要考慮到我們 80% 的業務已經完成，並且 80%​​ 已經開始盈利。當然，這將是到 2024 年的盈利。

Got it. That's very helpful. Can I sneak one in. Loss to lease, where that is right now and maybe what's highest and lowest?

知道了。這非常有幫助。我可以偷偷溜進去嗎？租賃損失，現在在哪裡，也許最高和最低是多少？

It's running about 2% today. But I think that this is -- there's a lot of questions that have come over the past few years on loss to lease. I want to help just sort of define it. Every time we transact a new lease, we reprice it at the market, which it is today. So if I lease an apartment today at full market, it starts at 0, and then it starts building again as you get forward. Importantly, it's about focusing on as it grows. And when we get to the end of, call it, December, that's when the relevance of how much that has grown really becomes impactful because it gives us the insight of how we'll be able to take advantage of it and recapture as we get into 2024.

今天的運行速度約為 2%。但我認為過去幾年出現了很多關於租賃損失的問題。我想幫助定義它。每次我們處理新的租賃時，我們都會在市場上重新定價，這就是今天的情況。因此，如果我今天在全市租賃一套公寓，它會從 0 開始，然後隨著您的前進，它會再次開始建造。重要的是，它是關於關注它的成長。當我們到了 12 月末時，增長量的相關性才真正變得有影響力，因為它讓我們了解如何利用它並在我們獲得收益時重新奪回它。到2024年。

So right now, as you can imagine, I talked about having 80% of our leasing activity, we're repriced -- we're recapturing all those losses to leases. We're resetting them all again, and now we're rebuilding them again. So most importantly is to think about we're 2% today, building with strength and power going forward and when we get to December, that's what it's most important to look at that number.

所以現在，正如你可以想像的，我談到了我們 80% 的租賃活動，我們重新定價——我們正在收回所有租賃損失。我們正在再次重置它們，現在我們正在再次重建它們。因此，最重要的是要考慮一下我們今天的 2%，我們將繼續增強實力和力量，到 12 月時，最重要的是關注這個數字。

(Operator Instructions) Your next question comes from the line of John Kim from BMO Capital Markets.

（操作員說明）您的下一個問題來自 BMO 資本市場的 John Kim。

I had a couple of questions on the new disclosure you provided on your acquisition portfolio, the class of '21 and '22, '23. So the first question is on the class of '21. Can you remind us which markets you acquired that year and what may have driven the 19% revenue growth a couple of years later. The second part is on the '22 '23, what were the blended lease growth rates you achieved in the second quarter and July to date, if you have that?

我對您在收購組合（“21”和“22”、“23”類別）中提供的新披露有幾個問題。第一個問題是關於‘21’班的。您能否提醒我們您當年收購了哪些市場，以及是什麼推動了幾年後 19% 的收入增長。第二部分是關於 22 年 23 月，您在第二季度和 7 月份迄今為止實現的混合租賃增長率是多少（如果有的話）？

John, I'll start with the first question and then turn it over to Keith to talk about blended lease rate growth. Our class of 2021 is comprised of 5 properties, 4 of the 5 are located in the Washington, D.C. area and the fifth is located in Southeast Florida. So those -- as we called out in our release, those properties have performed very well. Keith quoted the contribution to same-store growth. So just to give you another data point, our NOI growth benefited by about 170 basis points in the second quarter from the contribution of these properties. And as mentioned earlier, we anticipate similar levels of contribution as we go forward with our acquisition portfolio. So a powerful lever for growth for us.

約翰，我將從第一個問題開始，然後將其交給基思談論混合租賃率增長。我們 2021 年的班級由 5 處房產組成，其中 5 處位於華盛頓特區，第五處位於佛羅里達州東南部。因此，正如我們在新聞稿中所指出的那樣，這些屬性表現得非常好。基思引用了對同店增長的貢獻。因此，為了給您提供另一個數據點，我們的 NOI 增長在第二季度受益於這些房產的貢獻約 170 個基點。正如前面提到的，隨著我們推進收購組合，我們預計會有類似水平的貢獻。這對我們來說是一個強大的增長槓桿。

And John, as we look at some of those blended lease rates, they're so similar to what we've seen in same-store. But what I would say is important to notice is there's a whole bunch of other things that come along with that. Of course, our lease architecture, a variety of different parking initiatives and nonsmoking and things that really we repopulate with a different quality of residents. So we focus very much on a resident wants to stay with us for long term in which we get pricing power from retention, and that's really where the (inaudible) starts really building, and then that gives us the pricing power as we look forward.

約翰，當我們看到其中一些混合租賃利率時，它們與我們在同店看到的非常相似。但我想說的是，值得注意的是，隨之而來的還有一大堆其他事情。當然，我們的租賃架構、各種不同的停車舉措和禁煙以及我們真正重新填充不同質量的居民的東西。因此，我們非常關注想要長期留在我們這裡的居民，我們可以從保留中獲得定價權，這確實是（聽不清）真正開始建立的地方，然後這給了我們未來的定價權。

Will you be providing this disclosure going forward?

您今後會提供此披露嗎？

Yes, we would intend to if it's helpful.

是的，如果有幫助的話我們會考慮的。

On Miami, you had a pretty significant drop in occupancy, 220 basis points during the quarter. The market, obviously, with a lot of new supply. I know you're pushing rents pretty hard. I guess my question is, are you still sending out renewals in that 15% range, in Miami? And can you provide your lease rates in Miami currently?

在邁阿密，本季度入住率大幅下降 220 個基點。顯然，市場有大量新供應。我知道你們正在大力推高租金。我想我的問題是，你們還在邁阿密以 15% 的範圍發送續約嗎？您能提供目前邁阿密的租賃價格嗎？

Sure, John. So the first is that when we look at the occupancy, I mean, there are a couple of things I would point to. The first one is that we've had an ongoing kitchen and bath program at a couple of our very particular properties at Bay Park and Flamingo. And they will fluctuate up and down as we're taking advantage of some of those units to take advantage of the opportunity to raise the rents. When we look at the renewal rates and the rates in general in Miami, they are cooling and so I would say that they're not necessarily going out at those 15% that we were seeing, call it, in the first half of the year, they're more in the high single digits. And as we look into our blends that are occurring today, there is a similar type of range in the mid-single digits.

當然，約翰。首先，當我們查看入住率時，我的意思是，我要指出一些事情。第一個是，我們在 Bay Park 和 Flamingo 的幾處非常特別的房產中持續實施了廚房和浴室計劃。當我們利用其中一些單位來利用提高租金的機會時，它們會上下波動。當我們查看邁阿密的續訂率和總體費率時，它們正在降溫，所以我想說，它們不一定會達到我們在上半年看到的 15%。 ，它們更多地處於高個位數。當我們研究今天發生的混合時，在中間個位數中存在類似類型的範圍。

And what about the lease rate? I said -- I know you quoted it on the portfolio overall, but what is it in Southeast Florida?

那麼租賃率又如何呢？我說——我知道你在整個投資組合中引用了它，但是佛羅里達州東南部的它是什麼？

I have to see if I have that number on hand here, John. I don't know that I have it right here. I don't have it, but I can follow up with that exact number for you.

我得看看我手邊是否有這個號碼，約翰。我不知道我這裡有它。我沒有，但我可以為您提供確切的號碼。

There are no further questions at this time. I will now turn the call back over to Terry Considine for any additional remarks.

目前沒有其他問題。我現在將把電話轉回給特里·康斯丁 (Terry Considine)，以徵求更多意見。

Well, thank you very much for your interest in AIR. Given the questions, I'd just like to emphasize 2 points. One is this second half ramp reflects 80% of the leasing already done. And so there's questions, of course, about what's happening in the market today, we've disclosed pretty well what our expectations are. But I want to encourage you to think about the fact that a lot of it is just the earn-in or going forward of work that's already been accomplished.

好的，非常感謝您對 AIR 的興趣。針對這些問題，我想強調兩點。一是下半年的坡道反映了已經完成的租賃的 80%。當然，對於當今市場發生的情況存在疑問，我們已經很好地披露了我們的預期。但我想鼓勵你思考這樣一個事實：其中很多只是已經完成的工作的收益或前進。

Secondly, the questions about occupancy need to be put in the context of the cadence of AIR property operations. They're not a sign of weakness, they're a sign of turnover. And it's important that the market understands that or they'll give exaggerated importance to detail. Beyond that, if you have further questions, please give us a call either me or Matt O'Grady or Paul Beldin, and we'll do our best to be completely transparent. Thank you very much. Have a great weekend.

其次，有關入住率的問題需要放在 AIR 物業運營節奏的背景下。它們不是軟弱的表現，而是轉變的表現。市場必須理解這一點，否則他們就會過分重視細節。除此之外，如果您還有其他問題，請致電我、馬特·奧格雷迪或保羅·貝爾丁，我們將盡力做到完全透明。非常感謝。週末愉快。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。