Apartment Investment and Management Co (AIV) 2020 Q3 法說會逐字稿

Good day, and welcome to the Aimco Third Quarter 2020 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Lisa Cohn. Please go ahead, ma'am.

大家好，歡迎參加 Aimco 2020 年第三季財報電話會議。 （操作員指示）請注意，此事件正在記錄中。現在我想將會議交給麗莎·科恩。請繼續，女士。

Thank you, and good day. During this conference call, forward-looking statements we make are based on management's judgment, including projections related to 2020 and 2021 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.

謝謝您，祝您有美好的一天。在本次電話會議中，我們所做的前瞻性陳述均基於管理階層的判斷，包括與 2020 年和 2021 年預期相關的預測。這些聲明受某些風險和不確定性的影響，有關這些風險和不確定性的描述可在我們的美國證券交易委員會文件中找到。實際結果可能與今天討論的結果有重大差異。

We will also discuss certain non-GAAP financial measures, such as AFFO and 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 Aimco's website.

我們也將討論某些非 GAAP 財務指標，例如 AFFO 和 FFO。這些指標已定義並與 Aimco 網站上發布的完整收益報告的補充資訊中最具可比性的 GAAP 指標相協調。

On today's call, we will provide information during our prepared remarks related to our prepared -- or excuse me, to our planned business separation. Given the focus of this call, our ongoing shareholder outreach and our anticipated public filing expected next week, we are not going to hold -- not going to comment on and not respond to questions related to the planned separation or the shareholder solicitation.

在今天的電話會議上，我們將在準備好的發言中提供與我們準備好的——或者對不起，與我們計劃中的業務分離相關的資訊。鑑於本次電話會議的重點、我們正在進行的股東宣傳以及預計下週進行的公開文件提交，我們不會對與計劃中的分離或股東招攬有關的問題發表評論或做出回應。

Prepared remarks today come from Terry Considine, our Chairman and CEO; Keith Kimmel, our Executive Vice President in charge of Property Operations; Wes Powell, our Executive Vice President in charge of Redevelopment; and Paul Beldin, our Chief Financial Officer. I will now turn the call to Terry Considine. Terry?

今天的準備好的發言來自我們的董事長兼執行長 Terry Considine；負責房地產營運的執行副總裁 Keith Kimmel；韋斯鮑威爾 (Wes Powell)，負責重建的執行副總裁；以及我們的財務長 Paul Beldin。現在我將電話轉給特里康斯丁 (Terry Considine)。特里？

Thank you, Lisa, and thanks to all of you on this call to your interest in Aimco. We have a lot to talk about. Third quarter was filled with unusual challenges and a great many successes. Here are 3 headlines: Aimco operations does well in difficult times; Aimco reduces leverage by $1 billion; and Aimco unlocks shareholder value, reducing risk, leverage and costs by separating into 2 entities.

謝謝你，麗莎，也謝謝大家在這通電話中對 Aimco 的關注。我們有很多事要談。第三季充滿了不同尋常的挑戰和許多成功。以下有 3 個標題：Aimco 在困難時期運作良好； Aimco 降低槓桿 10 億美元； Aimco 透過分拆為兩個實體來釋放股東價值，降低風險、槓桿和成本。

Here is the rest of the story. The challenges were the continued effects of the pandemic. Following the second quarter collapse of the economy, third quarter GDP rebounded strong, but uneven. Many sectors remain at historic lows. For example, many universities are now virtual and many office buildings stand empty as workers now work from home.

以下是故事的其餘部分。挑戰在於疫情的持續影響。繼第二季經濟崩盤之後，第三季GDP強勁反彈，但不平衡。許多行業仍處於歷史低點。例如，許多大學現在都改為線上形式，由於員工在家辦公，許多辦公大樓都空了。

For apartments, we are now subject to unprecedented government regulation of rent setting and rent collection. In many of our markets, we've experienced rioting, violence and camps for the homeless, targeting of the police and a general challenge to public order. And the public health outlook continues uncertain with COVID-19 cases spiking across the country, including several of the markets in which we operate.

對於公寓來說，我們現在受到了政府對租金制定和租金收取前所未有的監管。在我們的許多市場都經歷過騷亂、暴力事件、無家可歸者紮營、針對警察的攻擊以及對公共秩序的普遍挑戰。隨著全國範圍內（包括我們經營的幾個市場）新冠肺炎病例激增，公共衛生前景仍然不確定。

Through it all, Keith and his team worked hard and successfully to provide homes for the individuals and families who live in Aimco apartment homes. They provide safety, a refuge from the virus, good neighbors, respectful treatment for all and a helping hand to those in need.

透過這一切，Keith 和他的團隊努力並成功地為居住在 Aimco 公寓的個人和家庭提供了住所。他們提供安全、躲避病毒的庇護所、友善的鄰居、對所有人給予尊重的對待並向有需要的人伸出援手。

As Keith and Paul will discuss later in detail, the economy took its toll. As in previous recessions, some residents can no longer afford their rent. With their departures, occupancy dropped and bad debt increased. In other instances, and this is unprecedented, local ordinances gave residents the option to live rent-free. 2/3 of Aimco bad debt in the third quarter is owed by residents who've lived rent-free for the past 6 months.

正如 Keith 和 Paul 稍後將詳細討論的那樣，經濟受到了影響。與以往的經濟衰退一樣，有些居民再也付不起房租。隨著他們的離開，入住率下降，壞帳增加。在其他情況下，當地法令允許居民選擇免租居住，這是前所未有的。 Aimco 第三季的壞帳有三分之二是過去六個月未繳租金的居民所欠。

While cautious about a second spike in the pandemic, it seems that the worst is behind for Aimco. Our forward-looking metrics have been steadily improving since mid-summer. For example, lease space is up and available to let is dramatically down. Occupancy has bottomed. The rate of new delinquencies has been steadily declining. Some important properties in urban settings remain impacted, with the largest portion of our portfolio is returning to its normal performance and steady improvement.

儘管人們對疫情第二次爆發持謹慎態度，但對 Aimco 來說，最糟糕的時期似乎已經過去。自夏季中旬以來，我們的前瞻性指標一直在穩步改善。例如，租賃空間增加，而可供出租的空間大幅減少。入住率已觸底。新的違約率一直在穩定下降。一些重要的城市物業仍然受到影響，我們投資組合中的大部分正在恢復正常表現並穩步改善。

As we move forward, we will benefit from Keith's disciplined adherence to providing world-class customer service as graded by our customers and maintaining its customary high standards for selecting customers who will be good neighbors and stay longer.

在我們前進的過程中，我們將受益於 Keith 的嚴謹堅持，即根據客戶的要求提供世界一流的客戶服務，並保持其一貫的高標準，以選擇願意成為好鄰居並長期居住的客戶。

Notwithstanding the turbulence, Wes and his team advanced our long-cycle redevelopments and found a few new opportunities for future growth, including acquisition of a Bayfront community in Miami and formation of an interesting venture with IQHQ, a dynamic life science campus developer.

儘管經歷了動盪，韋斯和他的團隊仍然推進了我們的長週期重建，並發現了一些新的未來成長機會，包括收購邁阿密的海濱社區以及與充滿活力的生命科學園區開發商IQHQ 組成有趣的合資企業。

Patti Fielding sold a minority joint venture stake in a portfolio of 12 California properties to a passive institutional investor. The $2.4 billion joint venture was priced in September at a 4.2% cap rate equal to 97% of Aimco's pre-COVID estimated value, validating Aimco's published net asset value and taking an important step to rebalance the Aimco portfolio. The same JV was also the source of funds to reduce leverage by $1 billion, significantly improving Aimco's strong and flexible balance sheet.

帕蒂·菲爾丁 (Patti Fielding) 將 12 處加州房產組合中的少數合資股權出售給被動機構投資者。這家價值24 億美元的合資企業的定價於9 月確定，資本化率為4.2%，相當於Aimco 新冠疫情之前估值的97%，這驗證了Aimco 公佈的淨資產價值，並朝著重新平衡Aimco 投資組合邁出了重要一步。同一合資企業也是降低 10 億美元槓桿的資金來源，顯著改善了 Aimco 強勁而靈活的資產負債表。

With personal and family concerns from the pandemic in school closings, and with the business challenge of difficult markets and changing regulations, the Aimco team maintained their focus and did excellent work. I'm proud of their successes and grateful for a chance to work together.

儘管疫情導致學校停課，給個人和家庭帶來了擔憂，也帶來了市場艱難和法規變化等商業挑戰，Aimco 團隊仍然保持專注並出色地完成了工作。我為他們的成功感到自豪，並感謝有機會共同合作。

The Aimco Board of Directors was, as always, highly engaged. While total shareholder returns for the past 1, 3 and 5 years have been competitive with coastal peers, the Board would like them to be better and sees the share price discount to net asset value is offering the opportunity for outperformance. The Board goal is to create a simple, transparent and low-cost public vehicle to invest in stabilized multifamily properties.

Aimco 董事會一如既往地積極參與。雖然過去1 年、3 年和5 年的股東總回報率與沿海同行相比具有競爭力，但董事會希望他們能做得更好，並認為股價相對於淨資產價值的折讓為公司提供了超越對手的機會。董事會的目標是創建一個簡單、透明且低成本的公共工具來投資穩定的多戶型房產。

The Board plan is to simplify the business and reduce execution risk, allocate to a second entity roughly 10% of total capital for development, redevelopment and nontraditional assets and hold 90% of Aimco capital in a high-quality, diversified portfolio of stabilized apartment communities; to reduce financial risk by lowering leverage by $2 billion, sourced from the joint venture and from the separation; to increase FFO and dividends per share by substantial reductions in vacancy loss and G&A costs related to redevelopment; and to replenish the tax basis to reduce the need for future stock dividends and enhance our flexibility in capital allocation.

董事會計劃簡化業務並降低執行風險，將約10% 的總資本分配給第二個實體，用於開發、再開發和非傳統資產，並將90% 的Aimco 資本投入穩定公寓社區的優質、多元化投資組合中；透過降低 20 億美元的槓桿率（來自合資和分拆）來降低財務風險；透過大幅減少與重建相關的空置損失和一般行政費用來增加 FFO 和每股股息；並補充稅基，以減少未來股票紅利的需要，增強我們資本配置的靈活性。

After the separation, shareholders will own the same asset before and after, but shareholders will then have the ability to make individual allocations to the entity owning only stabilized apartment communities, to be known as AIR, and to the entity with more complicated longer-cycle development and redevelopment and nontraditional assets, to be known as Aimco or New Aimco. Full SEC descriptions of these plans are expected in Form 10 filings expected to be public in the next few days. Until then, I'll not be able to add much on this subject beyond what I've already said.

分離後，股東將擁有分離前後相同的資產，但股東將能夠對僅擁有穩定公寓社區的實體（稱為 AIR）以及擁有更複雜的長週期資產的實體進行單獨分配。資產，稱為Aimco 或New Aimco。美國證券交易委員會預計將在未來幾天內公佈的 Form 10 文件中對這些計劃進行完整描述。在那之前，除了已經說過的內容之外，我無法再就這個問題發表更多評論。

With that, I'll turn the call to Keith Kimmel, Head of Property Operations. Keith?

接下來，我將把電話轉給房地產營運主管 Keith Kimmel。基思？

Thanks, Terry. The third quarter brought a mix of challenge, uncertainty and promise. Encouraging signs make us highly optimistic about recovery and the long-term outlook for our business. New leasing base rebounded and was up 20% year-over-year. As a result, lease percentage, our best forward indicator of occupancy, increased by more than 6% from July 1 to today and our units to lease have been cut in half.

謝謝，特里。第三季既有挑戰，也有不確定性，但也有希望。令人鼓舞的跡象使我們對復甦和業務的長期前景高度樂觀。新租賃基數反彈，較去年同期成長20%。結果，租賃百分比（我們最好的入住率遠期指標）從 7 月 1 日到今天增加了 6% 以上，而我們的租賃單位數量減少了一半。

Our high standards for resident selections are paying dividends as collections have been consistently high since April. Our customer service remains world-class with residents giving us 4.3 stars on 19,000 surveys. Thanks to that level of satisfaction, turnover was 280 basis points better than 2019 at 41.9%. And at the same time, we achieved 2.6% rate growth on renewals. This all despite an environment with constant changes in employment, schools, courts and regulations.

我們對住戶選擇的高標準正在帶來回報，因為自四月以來收款額一直很高。我們的客戶服務依然是世界一流的，居民在 19,000 份調查中給了我們 4.3 星評價。由於這種程度的滿意度，營業額比 2019 年高出 280 個基點，達到 41.9%。同時，我們的續約率也實現了 2.6% 的成長。儘管就業、學校、法院和法規的環境不斷變化，但這一切仍然實現。

One measure of the health of our core business is residential net rental income. Simply put, this is our occupancy and average rate of apartment homes, which was down 2.5% in the third quarter. Average daily occupancy was 93.9%, down 280 basis points from last year. Blended lease rates were down 3% with new lease rates down 7.6% and renewals up 2.6%.

衡量我們核心業務健康狀況的一個標準是住宅淨租金收入。簡單地說，這是我們的公寓入住率和平均率，第三季下降了 2.5%。每日平均入住率為 93.9%，較去年同期下降 280 個基點。混合租賃利率下降 3%，其中新租賃利率下降 7.6%，續租利率上漲 2.6%。

Bad debt expense was 190 basis points, including 130 basis points attributable to court closures and recent Los Angeles regulations. Same-store revenues declined 4.9% in the third quarter, while expenses were down 1.3% due to increased efficiencies from our team and lower net utility costs as our energy initiatives drive value. As a result, same-store third quarter net operating income decreased 6.3% year-over-year.

壞帳費用為 190 個基點，其中 130 個基點歸因於法院關閉和最近的洛杉磯法規。第三季同店營收下降 4.9%，而支出下降 1.3%，原因是我們團隊效率提高，且我們的能源計畫推動價值成長，導致淨公用事業成本降低。結果，第三季同店淨營業收入較去年同期下降6.3%。

With that said, results in the quarter depended on geography. In our stable suburban markets, operations were largely business as usual. These communities distributed across the country totaled 19,100 units. Our occupancy was 95.7%. Turnover was 39.6%. Blended rates were nearly flat and residential net rental income was up 60 basis points.

話雖如此，本季的業績仍取決於地理位置。在我們穩定的郊區市場，營運基本上照常。這些分佈在全國各地的社區共1.91萬個。我們的入住率為95.7%。營業額為39.6%。綜合利率基本持平，住宅淨租金收入上漲 60 個基點。

In our 8,500 units located in urban areas, demand was down and lease rates were more frequent, leading to turnover of 47%, occupancy of 89.5% and blended lease rates were negative 6.7%, and residential net rental income was down 7.1%. In each urban neighborhood, cumulative local conditions led to this performance and the reversal of those conditions will fuel growth next year.

在我們位於市區的 8,500 個單位中，需求下降且租賃率更加頻繁，導致周轉率為 47%，入住率為 89.5%，混合租賃率為負 6.7%，住宅淨租金收入下降 7.1%。在每個城市社區，累積的當地條件導致了這種表現，而這些條件的逆轉將推動明年的成長。

In Philadelphia, University City felt the impact when UPenn and Drexel announced the fall semester was virtual. In Center City, many offices are empty, including both Comcast towers. We expect Philadelphia to turn around shortly when students return to class and employees return to their office.

在費城，當賓州大學和德雷塞爾大學宣布秋季學期將改為線上教學時，大學城受到了影響。在市中心，許多辦公室都空了，包括康卡斯特的兩棟大樓。我們預計，當學生返校、員工返回辦公室時，費城的情況很快就會好轉。

In Mid-Wilshire in West Los Angeles, the interruptions to the entertainment industry and shutdown of the city nearly eliminated demand in the spring. While rate remains pressured, and losses were compounded by local laws allowing residents to live rent-free, we see blue skies coming, with leasing up 44% year-over-year in the third quarter and up 150% in October. Occupancy is anticipated to fully recover by year-end.

在西洛杉磯的威爾希爾中部，娛樂業的中斷和城市的關閉幾乎消除了春季的需求。儘管利率仍然承壓，且當地法律允許居民免租居住而加劇了損失，但我們看到了希望的曙光，第三季度租賃同比增長 44%，10 月份增長 150%。預計入住率將在今年底全面恢復。

On the Peninsula, Northern California work-from-home policies at tech companies changed the demand for apartments. The Pacific neighborhood weakened and has since stabilized, while San Mateo and Redwood City continue to face challenges with demand and rate and will likely remain tough in 2021. Our exposure to these submarkets is limited. And our diversified portfolio in Northern California includes solid performances in San Jose, Marin and the East Bay.

在半島上，北加州科技公司的在家辦公政策改變了對公寓的需求。太平洋社區一度疲軟，但目前已趨於穩定，而聖馬特奧和紅木城則繼續面臨需求和利率方面的挑戰，2021 年可能仍將面臨困難。我們在北加州的多元化投資組合包括聖荷西、馬林和東灣的穩健表現。

In October, business continues to improve. Leasing base is still running ahead of last year. Average daily occupancy for the month is 94.2%, and we expect further increases through the end of the year and into 2021. Pricing remains challenged with new lease rates down 10%, renewals up 1.4% and blended lease rates down 6.7%.

十月份，業務繼續向好。租賃基數仍高於去年同期。該月的平均每日入住率為94.2%，我們預計到今年年底和2021 年這一數字將進一步上升。 6.7%。

For some context on new lease rates. We've signed 95% of our leases for the year, and our in suburban market, rates are healthier and improving. In our urban markets, rates have been tough, but we've also seen them stabilize. And with our suburban markets full, urban leasing has made up an increasing share of the transaction dollars each month since July. We anticipate that these 3 trends will hold through the winter months as we believe we've reached the bottom.

有關新租賃費率的一些背景資訊。我們今年已經簽署了 95% 的租約，而且在郊區市場，租金價格更加健康並且不斷改善。在我們的城市市場，利率一直很高，但我們也看到利率趨於穩定。隨著郊區市場的飽和，自七月以來，城市租賃在每月交易中所佔的份額不斷增加。我們預計這三個趨勢將持續整個冬季，因為我們相信我們已經觸底。

Lastly, October collections were consistent with recent months. New delinquencies are slowing with more of our accounts receivable growth coming from residents who have been delinquent since the beginning of the pandemic. We anticipate an improvement in bad debt once local emergency ordinances and closures unwind sometime next year. In a moment, Paul will provide more details on our collections and bad debt.

最後，十月的收藏量與最近幾個月一致。新的拖欠速度正在放緩，我們的應收帳款成長更多來自於自疫情開始以來一直拖欠債務的居民。我們預計，一旦明年某個時候當地緊急法令和關閉措施解除，壞帳情況將有所改善。稍後，保羅將提供有關我們的收款和壞帳的更多詳細資訊。

We continue to focus on the long game, keeping a steady hand on the wheel and building sustainable revenue growth for the coming year. We have a strong operational architecture in place today with smart home technology in every unit. Artificial intelligence is delivering productivity and improved results; a centralized team driving consistent execution; relentless innovation, enabling us to hold our expenses flat; in-depth analytics guiding our decision-making and; most importantly, our field team members that consistently deliver exceptional service and outstanding results.

我們將繼續著眼長遠，穩住方向盤，為來年打造可持續的營收成長。我們目前已擁有強大的營運架構，每個單元都配備智慧家庭技術。人工智慧正在提高生產力並改善成果；一個集中的團隊推動一致的執行；不斷創新，使我們能夠控制開支；指導我們決策的深入分析；最重要的是，我們的現場團隊成員始終如一地提供卓越的服務和出色的成果。

My thanks to each of you and your continued energy, innovation and dedication to serving our residents. And with that, I'll now turn the call over to Wes Powell, our Executive Vice President of Redevelopment. Wes?

我感謝你們每一個人，感謝你們為我們的居民服務的持續活力、創新和奉獻精神。現在，我將把電話轉給我們的重建執行副總裁 Wes Powell。韋斯？

Thank you, Keith. Amid this year's challenges, the Aimco team has sourced new investment opportunities, advanced construction on our major projects and worked hard to fill newly delivered apartment homes with high-quality residents. First, I'll touch on new investments made during the quarter and will then turn to our redevelopment and development activities.

謝謝你，基斯。在今年的挑戰中，Aimco 團隊尋找了新的投資機會，推進了主要項目的建設，並努力讓新交付的公寓大樓容納高品質的居民。首先，我將談談本季的新投資，然後談談我們的再開發和開發活動。

In August, Aimco acquired Hamilton on the Bay, located in Miami's Edgewater neighborhood for a price of $90 million. The acquisition included a waterfront apartment building containing 271 units, averaging over 1,400 square feet, plus an adjacent development site. Combining the parcels will allow for more than 380 additional residential units under the current zoning. We are planning to invest as much as $50 million in a substantial redevelopment of the existing building and the second phase focused on unlocking the value of the available development rights is being explored.

8 月份，Aimco 以 9,000 萬美元的價格收購了位於邁阿密 Edgewater 街區的 Hamilton on the Bay。此次收購包括一棟擁有 271 個單位、平均面積超過 1,400 平方英尺的濱水公寓大樓，以及一塊相鄰的開髮用地。依照目前的分區劃分，合併這些地塊將可增加 380 多個住宅單元。我們計劃投資高達 5,000 萬美元對現有建築進行大規模重建，第二階段的重點是釋放現有開發權的價值。

Also during the quarter, Aimco made a $50 million commitment to invest in IQHQ, a premier life sciences and real estate development company. In addition to our investment in the company, Aimco secured the right to collaborate on the multifamily portions of future IQHQ development sites. Post separation, we expect these new investments will be strong contributors to the growth of Aimco's development business, and we are actively pursuing additional opportunities with plans to further grow our pipeline.

此外，在本季度，Aimco 承諾投資 5,000 萬美元給頂級生命科學和房地產開發公司 IQHQ。除了對該公司的投資外，Aimco 還獲得了未來 IQHQ 開發地塊多戶型部分的合作權利。分開後，我們預計這些新投資將為 Aimco 開發業務的成長做出強大貢獻，並且我們正在積極尋求更多機會，計劃進一步擴大我們的產品線。

Now turning to our ongoing redevelopment and development projects. Here are some highlights as of the end of October. At Park Mosaic in Boulder, Colorado, where construction was completed earlier in the year, Keith and his team have leased 97% of the apartment homes. Our townhouse project in Elmhurst, Illinois is now substantially complete, with all 58 homes delivered and 57 of those being leased.

現在談談我們正在進行的重建和開發項目。以下是截至 10 月底的一些亮點。科羅拉多州博爾德的 Park Mosaic 公寓大樓於今年稍早竣工，Keith 和他的團隊已經出租了 97% 的公寓。我們位於伊利諾伊州埃爾姆赫斯特的聯排別墅項目目前已基本完工，58 套房屋已全部交付，其中 57 套已出租。

At 707 Leahy in Redwood City, we've delivered 60 homes. Over 80% have been leased and the remaining 50 are scheduled to complete before year-end. At the Fremont on the Anschutz Medical Campus, just over 100 homes have been delivered. Tier 2, 80% have been leased and the remainder will be completed in the coming months. Our final 2 long-cycle projects, Prism in Cambridge and the North Tower at Flamingo in Miami Beach remain on track for initial delivery in early and mid-2021, respectively.

在雷德伍德城的 Leahy 707 號，我們已經交付了 60 棟房屋。其中超過 80% 已經出租，剩餘 50% 預計將在年底前完工。位於安舒茨醫療園區的弗里蒙特已交付了 100 多套房屋。第 2 層，80％ 已經出租，剩餘部分將在未來幾個月內完成。我們的最後兩個長週期項目，劍橋的 Prism 和邁阿密海灘 Flamingo 的北塔，仍將分別於 2021 年初和年中首次交付。

Initial rental rate performance on those projects currently in lease-up has averaged 98% of our original expectations. However, we believe that NOI yields will meet or exceed our underwriting as the impacts of continuing on-site construction and strained local market conditions lift.

目前已出租的項目的初始租金率表現平均達到了我們最初預期的 98%。然而，我們相信，隨著持續的現場施工和緊張的當地市場條件的影響逐漸消退，淨營運收益收益率將達到或超過我們的承保範圍。

With that, I would like to offer a special thanks to my Aimco teammates for their continued dedication and positive results over these past few months. I will now turn the call over to Paul Beldin, our Chief Financial Officer. Paul?

最後，我要特別感謝我的 Aimco 隊友們在過去幾個月的持續奉獻和積極成果。現在我將電話轉給我們的財務長保羅貝爾丁 (Paul Beldin)。保羅？

Thank you, Wes. Today, I will discuss Aimco's balance sheet, third quarter financial results, rent collections and bad debt, and then wrap up with a brief discussion of Aimco's previously announced special dividend.

謝謝你，韋斯。今天，我將討論 Aimco 的資產負債表、第三季財務業績、租金收入和壞賬，然後簡要討論 Aimco 之前宣布的特別股息。

As Terry mentioned, in 2020, we expect to reduce leverage by $2 billion, $1 billion from the September closing of the California joint venture and $1 billion from the separation transaction. The $1 billion leverage reduction reduced third quarter leverage to EBITDA on a trailing 12-month basis to 7.0x.

正如 Terry 所提到的，到 2020 年，我們預計將減少 20 億美元的槓桿率，其中 10 億美元來自 9 月加州合資企業的關閉，10 億美元來自分離交易。 10 億美元的槓桿率削減使得第三季槓桿率與過去 12 個月的 EBITDA 比率降低至 7.0 倍。

Now on to Aimco financial results. Third quarter pro forma FFO of $0.61 per share was down $0.03 or 5% year-over-year. We estimate lower occupancy and other COVID-related impacts reduced third quarter FFO by $0.09 year-over-year. Offsetting the COVID-related impacts was $0.04 of increased interest income associated with the Parkmerced mezzanine loan and $0.03 of lower offsite costs. The one -- the remaining $0.01 decline is attributable to the net impact of property sales and lower interest expense.

現在來看看 Aimco 的財務表現。第三季預計 FFO 為每股 0.61 美元，年減 0.03 美元或 5%。我們估計，入住率下降和其他與 COVID 相關的影響導致第三季的 FFO 年比減少 0.09 美元。抵消與 COVID 相關影響的是與 Parkmerced 夾層貸款相關的利息收入增加 0.04 美元以及場外成本降低 0.03 美元。剩下的 0.01 美元的下降歸因於房地產銷售和較低的利息支出的淨影響。

Next, I'd like to spend a minute discussing Aimco rent collections and bad debt. Residential revenue includes apartment rents and also such items as storage rent, parking rent and related fees owed by residents.

接下來，我想花一點時間討論一下 Aimco 的租金收取和壞帳。住宅收入包括公寓租金以及倉庫租金、停車租金和居民所欠的相關費用等。

In the third quarter, Aimco recognized 98.1% of all residential revenue. Of the 98.1%, 96.7% was paid in cash, 30 basis points better than the second quarter's collection percentage as of the same date. 60 basis points is subject to recovery by offset against security deposits and $1.6 million or 80 basis points is considered collectible based on Aimco review of individual customers' credit.

第三季度，Aimco 實現了 98.1% 的住宅收入。在 98.1% 的付款中，96.7% 是以現金支付的，比截至同日的第二季的收款率高出 30 個基點。 60 個基點可透過抵銷保證金來收回，而 160 萬美元或 80 個基點則根據 Aimco 對個人客戶信用的審查而被視為可以收回。

Aimco does not expect to collect and, therefore, did not recognize revenue on 190 basis points of third quarter billings. These amounts are reflected as bad debt in our quarterly financial statements. The majority of this amount, approximately 130 basis points, is attributed to residents who have not paid April and subsequent rents.

Aimco 預計不會收回成本，因此未確認第三季 190 個基點的收入。這些金額在我們的季度財務報表中反映為壞帳。其中大部分（約 130 個基點）是未支付 4 月份及之後租金的居民所欠。

Prior to the enactment of restrictive city ordinances in closed courthouses, these residents would have been evicted in ordinary course, and therefore, the bad debt would not have continued for the past 6 months. The remaining amount, approximately 60 basis points, reflects residents whose initial delinquency occurred during the third quarter. This is elevated, reflecting stress in the economy for the rate of initial delinquencies has been steadily declining since July. We expect the decline to continue until reaching a more normal 30 basis points in 2021.

在關閉法院的限制性城市法令頒布之前，這些居民本來會按照正常程序被驅逐，因此，過去 6 個月的壞帳不會持續存在。剩餘金額約為 60 個基點，反映的是第三季首次拖欠還款的居民。這一數字有所上升，反映出經濟壓力，因為自七月以來初始拖欠率一直在穩步下降。我們預計下降趨勢將持續，直到 2021 年達到更正常的 30 個基點。

As we look forward, we also expect the emergency ordinances that allow residents to live rent-free to unwind providing us with the opportunity to re-rent these apartments to rent-paying residents.

展望未來，我們也希望允許居民免租居住的緊急法令能夠取消，這將為我們提供機會將這些公寓重新出租給付租金的居民。

Lastly, as previously announced, the Aimco Board of Directors declared a special dividend on October 21 to distribute the taxable gains resulting from the partial sale of assets in the California joint venture and other 2020 dispositions. The $8.20 per share dividend consists of 10% cash or $0.82 per share, which covers Aimco's regular scheduled quarterly dividend and the acceleration of the next dividend typically paid in February.

最後，正如先前宣布的那樣，Aimco 董事會於 10 月 21 日宣布派發特別股息，以分配加州合資企業部分資產出售和其他 2020 年處置所產生的應稅收益。每股 8.20 美元的股息由 10% 的現金或每股 0.82 美元組成，其中包括 Aimco 定期的季度股息以及通常在二月份支付的下一期股息的加速支付。

The remaining 90% will be paid in common stock. Shareholders of record on November 4 will have the option to elect to receive either cash or shares of common stock. If either option is oversubscribed, the shareholder will receive a prorated amount of cash and common stock. Special dividend will be payable on November 30, concurrent with a reverse stock split, effectively neutralizing the per share impact of the additional common shares issued in the dividend.

剩餘 90% 將以普通股支付。 11 月 4 日登記在冊的股東可以選擇取得現金或普通股。若任一選擇權被超額認購，股東將獲得按比例分配的現金和普通股。特別股利將於 11 月 30 日支付，同時進行反向股票分割，有效抵銷股利中發行的額外普通股對每股的影響。

Post separation, it is expected that the need for special dividends to distribute taxable gain on sales at AIR will be reduced or eliminated due to the refreshed tax basis.

分離後，由於稅基更新，預計 AIR 分配銷售應稅收益的特別股息的需要將會減少或消除。

With that, we will now open up the call for questions. (Operator Instructions) Rocco, I'll turn it over to you for the first question.

現在，我們將開始提問。 (操作員指示) 羅科，我將把第一個問題交給你。

(Operator Instructions) Today's first question comes from Rich Anderson of SMBC.

（操作員指示）今天的第一個問題來自 SMBC 的 Rich Anderson。

Can you hear me?

你聽得到我嗎？

You bet. Yes.

當然。是的。

So Terry, I think I met you in 1997, and the first thing you said to me was -- and I went up to him where he said, "Don't judge so much on other multifamily companies, but judge on GE." And I don't think you're going to buy or sell refrigerators, but the point was well taken that you were going to look outside the box to create out tax credit redevelopment asset management, property management, portal housing, all that stuff and it all made sense back then.

特里，我想我是在1997 年認識你的，你對我說的第一件事就是——當我走到他面前時，他說，“不要對其他多家族企業評頭論足，而要對通用電氣評頭論足。我不認為你會買或賣冰箱，但這一點很好，那就是你要跳出固有的思維模式，創造稅收抵免再開發資產管理、物業管理、門戶住房等所有這些東西，那時一切都說得通了。

What has changed over the course of time to make you do at a complete bouncies? Has it been the public markets not valued? Or did those businesses just no longer work? Like what has given you such a change in perspective as it relates to the multifamily industry?

隨著時間的推移，什麼發生了變化，使您變得完全活躍？是公開市場沒有受到重視嗎？還是這些業務已經不再有效了？是什麼讓您對多戶型住宅產業的看法發生瞭如此大的變化？

Rich, that is a -- an excellent question, and it does reflect a change in the public markets, that, increasingly, the public market just seems to be the marginal price setter values FFO. And it -- many of those more complicated transactions are better measured by net asset value.

里奇，這是一個很好的問題，它確實反映了公開市場的變化，公開市場似乎越來越成為邊際價格製定者對 FFO 的價值。而且許多更複雜的交易最好用淨資產價值來衡量。

And so as we pursue alpha, as you called it, in those -- that -- in that category, we would be in competition with and undermine our FFO business. And so I think the separation allows the market to see the benefits of both or each.

因此，當我們追求您所說的 alpha 時，在那個類別中，我們將與我們的 FFO 業務競爭並削弱它。因此，我認為這種分離可以讓市場看到兩者或各自各自的好處。

Okay. So what happens when we get past this pandemic and we're past the recession, and the time is now to be a developer and to develop under one roof, under one umbrella?

好的。那麼，當我們度過這場疫情、度過經濟衰退，然後成為開發商並在同一個屋簷下、同一個保護傘下進行開發的時候，會發生什麼事呢？

Is there a risk now that although I recognize the motivation behind the separation that you could be a step behind everyone because the time will be right to be a developer in a manner that is sort of, again, under one umbrella?

雖然我認識到分離背後的動機，但是現在是否存在風險，您可能會落後於所有人一步，因為現在是時候以某種方式再次成為同一保護傘下的開發人員了？

I think the -- my opinion is that there will be a long-term demand for stable, predictable cash dividends and that, if you will, vanilla business will always be in demand. And it will have opportunities from growth by just the superb management of Keith and his team and buying stabilized properties with FFO in place. And adding to the mess he did, for example, at Bent Tree would be a recipe for the future.

我認為——我的觀點是，對於穩定、可預測的現金股息將有長期的需求，而且如果你願意的話，香草業務將永遠有需求。僅憑 Keith 和他的團隊的出色管理以及購買具有 FFO 的穩定資產，它將有機會獲得成長。而他所造成的混亂，例如在 Bent Tree 所造成的混亂，將會為未來埋下隱憂。

And our next question today comes from Alexander Kalmus with Zelman & Associates.

今天的下一個問題來自 Zelman & Associates 的 Alexander Kalmus。

So you provided the urban versus suburban breakout there. But I'm just curious, how are you coming to the demarcation of those properties that you classified?

因此，您提供了城市與郊區的對比。但我很好奇，您是如何劃分這些您分類的屬性的？

Okay. This is Keith. I'll take it. The way that we're getting there is sort of where the geography is and where they're physically located. So I emphasized Philadelphia, Northern California and Los Angeles in my prepared remarks. But I'd give you a couple of one-off examples that would be different.

好的。這是基斯。我要買它。我們到達那裡的方式有點像是地理位置和他們的實際位置。因此我在準備好的發言中強調了費城、北加州和洛杉磯。但我想給你舉幾個不尋常的例子。

So in Washington, D.C., as an example, we have a lot of -- most of our portfolio there is in suburb -- in our suburban markets, but we have Latrobe that's in the district. So it's a one-off that we would categorize that as an urban location. Similarly in San Diego, we have lots of suburban locations that are in North San Diego, but we have a -- our Broadway loss property that's in the Gaslamp district in the middle of the city. So really, the way that we've separated these is physically where they're located and how they're performing.

以華盛頓特區為例，我們在那裡的許多房產 — — 我們大部分的投資組合都在郊區 — — 在我們的郊區市場，但我們在該地區也有拉特羅布。因此，我們將其歸類為城市地區是一次性的。同樣地，在聖地牙哥，我們在北聖地牙哥有很多郊區的門市，但我們在百老匯有一個虧損的物業，位於市中心的煤氣燈街區。所以實際上，我們區分它們的方式是根據它們的物理位置和它們的表現。

Got it. Got it. And after post, then you'll have your fresh tax basis there. But when you think about the potential of 1031s getting eliminated, your transaction partners won't have that basis. What do you think that will do to the transaction market overall for multifamily?

知道了。知道了。發布後，您將獲得新的稅基。但是當您考慮到 1031 可能被取消時，您的交易夥伴將不再有這樣的基礎。您認為這會對多戶型交易市場產生什麼影響？

Yes. If -- Alex, if I could take this. It's Terry. I think that the tax -- increased taxes reduce activity. It's as simple as that, that the profitability of exchanges or transactions will be reduced.

是的。如果——亞歷克斯，如果我可以接受這個。是特里。我認為稅收－增加稅收會減少經濟活動。就是這麼簡單，交易所或交易的獲利能力就會降低。

The next question is from Alua Askarbek with BoA.

下一個問題來自美國銀行的 Alua Askarbek。

So I was just wondering if you guys can talk a little bit about the -- your New York City properties. I believe this time you guys put it under other markets. I just want to see how those assets are performing. Those are, I believe, mostly urban and how occupancy is there.

所以我只是想知道你們是否可以談談你們在紐約市的房產。我相信這次你們把它放在了其他市場。我只是想看看這些資產的表現如何。我相信，這些主要是城市，以及那裡的入住率如何。

This is Paul. Thank you for your question. Just on your comment about the combination of the New York City properties, we did move those into other markets this quarter. And the rationale for that was that we have our River Club property, which is -- it's in Edgewater, New Jersey, but it's been classified in New York from day 1.

這是保羅。感謝您的提問。正如您對紐約市物業合併的評論一樣，我們本季確實將其轉移到了其他市場。這樣做的理由是，我們擁有河濱俱樂部 (River Club) 的房產，它位於新澤西州的埃奇沃特 (Edgewater)，但從第一天起就被歸類為紐約。

That is under contract to sell, and that contributed over 30% of our New York operations. And so with that being gone, we didn't think it made sense to separately present New York. But in response to your question, Keith, do you have some additional color you'd like to add on New York?

這是根據銷售合同，並且貢獻了我們紐約業務的30%以上。因此，既然這一點已經消失，我們認為單獨展示紐約就沒有任何意義了。但是基思，在回答你的問題時，你是否想為紐約添加一些額外的色彩？

Well, Alua, the main thing I would say is we have less than 500 units that's in that other markets in New York City and they're walk-ups. They've definitely been impacted by what's going on in the city, but it's really a small fraction of the contribution here.

嗯，Alua，我想說的主要一點是，我們在紐約市其他市場擁有不到 500 套公寓，而且都是無電梯公寓。他們肯定受到了城市正在發生的事情的影響，但這只是這裡貢獻的一小部分。

And our next question today comes from Haendel St. Juste with Mizuho.

今天的下一個問題來自瑞穗的 Haendel St. Juste。

Terry, a question for you. I know it's not a lot of money mostly, but maybe you could help us understand the decision behind making the $50 million investment in the life sciences development company, especially given the prior Aimco march towards simplification.

特里，問你一個問題。我知道這筆錢通常不算多，但也許您可以幫助我們理解向這家生命科學開發公司投資 5000 萬美元背後的決定，尤其是考慮到 Aimco 之前已開始簡化業務。

How did you -- how do you weigh the pros versus perhaps the skepticism or pushback from investors who may not want you to go down that path? And then maybe you could talk a bit more about the expected returns, the potential scope of the opportunity. What specifically makes you excited enough here to make you -- to withstand any skepticism or pushback here?

您如何權衡利弊？然後也許您可以更多地談論預期回報和機會的潛在範圍。具體是什麼讓您如此興奮，讓您承受任何懷疑或阻力？

Well Haendel, as to the first, I would say that this is an investment in the future of the development -- redevelopment company and that as we discussed with Rich earlier on the call, we have really these 2 different businesses. You're exactly right, that they're in conflict with each other in many ways.

好吧，Haendel，關於第一個問題，我想說這是對開發——再開發公司未來的一項投資，正如我們早些時候在電話中與Rich 討論的那樣，我們實際上有這兩項不同的業務。你說得完全正確，他們在很多方面都是互相衝突的。

The stabilized department communities are best measured by FFO and predictability. And the development business is best measured by net asset value creation and is lumpier and riskier. And so this is an investment in that second business and that the issue for shareholders is that they'll soon be able to choose which business best suits them or what their allocations might be. So that's how I would address the question of how to serve our shareholders.

穩定的部門社群最好透過 FFO 和可預測性來衡量。而開發業務最好透過淨資產價值創造來衡量，而且更加不穩定且風險更大。所以這是對第二項業務的投資，對股東來說，問題是他們很快就能選擇最適合自己的業務或自己的分配方式。這就是我要回答的如何服務股東的問題。

The second question is the $50 million was a -- an expression of commitment to Alan Gold, a very talented entrepreneur, whom you must know, who has had great success with Alexandria and Biomed and other such and is going to do again. And we think the opportunity to invest in a collaborative way with him will bring with it opportunities that we cannot quantify today, but that we would expect to be really quite substantial.

第二個問題是，5000 萬美元是對艾倫·戈爾德(Alan Gold) 承諾的表達，他是一位非常有才華的企業家，你一定認識他，他在亞歷山大和生物醫學等公司取得了巨大的成功，而且還會繼續這樣做。我們認為，與他合作進行投資的機會將帶來我們今天無法量化的機會，但我們預計這些機會確實相當可觀。

Got it. Got it. It certainly sounds like that's going over on the pro forma Aimco side then. And maybe you could talk a bit more about the acquisition in -- I think it was Miami here, talking about perhaps, not only asset pricing there, potential IRRs, but what you're seeing more broadly in the market today in terms of competition in a market like Miami or, just broadly, as you look across perhaps parts of the portfolio where you would be inclined to add some exposure?

知道了。知道了。這聽起來確實像是在 Aimco 方面進行的替代方案。也許您可以多談談這次收購——我想是在邁阿密，也許不僅談論那裡的資產定價、潛在的內部收益率，還談論您今天在市場上看到的更廣泛的競爭情況在像邁阿密這樣的市場，或者從更廣泛的角度來看，也許當您審視投資組合中的哪些部分時，您會傾向於增加一些敞口？

I have heard one of your peers earlier today talking about cap rates in some of these markets maybe into the high 3s. So just curious on, not only what you paid for this asset, what intrigued you about it, but broadly, what you're -- what else you're seeing out there.

今天早些時候，我聽到您的一位同事談論其中一些市場的資本化率可能達到 3% 的高點。所以我很好奇，不僅是你為這項資產付出了多少錢，是什麼讓你對它感興趣，而且從廣義上講，你還看到了什麼。

Well, Haendel, I'll start, and then I'll turn it over to Wes, whose deal it is, and it's a wonderful deal. But I'd make 2 points. First of all, that this deal was under contract for, I think, 7 or 8 or 9 months or a year maybe. So it is a long transaction in closing.

好吧，亨德爾，我先開始，然後我將把它交給韋斯，這是他的交易，而且是一筆很棒的交易。但我想強調兩點。首先，我認為這筆交易的合約期限可能是 7 個月、8 個月、9 個月或一年。因此，這是一筆需要很長時間才能完成的交易。

And second, that in the market today, the most important fact is volumes have collapsed, that there's much, much less liquidity today than there would have been a year or 2 or 3 ago. So I don't know that we can take an example of something that traded a year ago and use it as representative of what you'd find today. But it's a terrific deal, and Wes, do you want to speak to that?

其次，當今市場最重要的事實是交易量大幅下降，流動性比一、二、三年前低很多。所以我不知道我們是否可以以一年前交易的東西為例，並將其作為今天所發現的事物的代表。但這是一筆很棒的交易，韋斯，你想談談這個嗎？

Sure. Thanks, Terry. You're exactly right. This is an opportunity that we've been engaged in since late 2019. We had the opportunity to work with the seller through the events of the spring and come to a price that made sense, given all that was going on in the world in August and closed on the transaction.

當然。謝謝，特里。你說得完全正確。這是我們自 2019 年底以來一直在尋找的機會。

Haendel, we've talked before about why we like South Florida, a number of factors, but they all translate into increased population growth and long-term demand for housing. Of course, waterfront land is scarce and so we like that. And the location is one we know pretty well. It's about a mile north of a property, Bay Parc, that we own and operate today. It's just north of a successful condominium development that we later did and has sold out at high prices.

亨德爾，我們之前談過為什麼我們喜歡南佛羅裡達州，有很多因素，但都轉化為人口增長和長期住房需求。當然，濱水土地稀缺，所以我們喜歡這一點。我們非常熟悉這個地點。它位於我們今天擁有並經營的 Bay Parc 地產以北約一英里處。它位於我們後來開發的成功的公寓開發項目的北面，並且已經高價售出。

The existing asset itself has great zones, large apartments that we plan to renovate. The views are terrific. So that one's right for redevelopment. And then as you also know, we like the optionality to have future investment in ground-up development. And so it comes with a -- an adjacent waterfront parcel and the ability to add almost 400 apartment homes on that site when the timing makes sense. So overall, it kind of fit the playbook well and we think it's going to be a good opportunity over the long haul.

現有資產本身擁有很大的區域，還有我們計劃翻新的大型公寓。景色非常棒。因此，這個是適合重新開發的。如您所知，我們喜歡在未來對從頭開始的開發進行投資的選擇權。因此，它配備了一個相鄰的海濱地塊，並且當時機成熟時可以在該地塊上增建近 400 套公寓住宅。因此總的來說，它很符合劇本，我們認為從長遠來看這將是一個很好的機會。

Got it. And one follow-up, if I may. Anything you could share perhaps on how the pricing here ultimately concluded versus perhaps where you started 9 months ago?

知道了。如果可以的話，我還有一個後續問題。您能否分享一下這裡的定價最終如何與 9 個月前開始的定價相比？

Yes. Haendel, I think the pricing was better than it was when we first engaged, but I'd say that's also as much a reflection on the seller circumstances as it is on the general market conditions. As Terry mentioned, transaction volume is down significantly, especially in locations like in urban Miami. So it's hard to have a real good feel for what an asset like that would trade at.

是的。亨德爾，我認為定價比我們第一次接觸時要好，但我認為這不僅反映了賣方的情況，也反映了一般的市場狀況。正如特里所提到的，交易量大幅下降，尤其是在邁阿密市區等地。因此很難真正了解此類資產的交易價格。

But again, we feel like we bought it at a good basis again, just keeping in mind that it's 270 apartments, but they're about twice the size of what a normal building might have. So when you think about it on that way, we think it was a pretty good buy.

但是，我們再次覺得我們再次以一個很好的基礎購買了它，請記住，它有 270 套公寓，但它們的面積大約是普通建築的兩倍。因此，當您從這個角度考慮時，我們認為這是一次非常好的購買。

I do appreciate that, Wes. But any way you can quantify that maybe on a cap rate or any other quantifiable measure? Just curious what type of asset value repricing has occurred in the market today.

我非常感激，韋斯。但是您能用什麼方法來量化這一點呢？只是好奇今天市場發生了什麼類型的資產價值重新定價。

We saw pricing come off about 10% or 15% from when we first engaged in the deal.

我們發現價格比我們第一次參與交易時下降了約 10％ 或 15％。

Got it.

知道了。

But Haendel, that is also typical of many negotiations and that isn't all in the market, I would add.

但我想補充的是，亨德爾，這也是許多談判的典型特徵，而且這並不全在於市場。

Yes. And Haendel, that's exactly right. And the point I was making is that I wouldn't read through that to the values in the market. But again, this particular transaction and the particular seller and their circumstances as we went through the events in the spring.

是的。韓德爾，你說得完全正確。我想說的是，我不會透過這個來理解市場價值。但是，正如我們在春季經歷的事件一樣，這筆特定的交易、特定的賣家及其情況也是如此。

And your next question (inaudible) is from John Kim with BMO.

您的下一個問題（聽不清楚）來自 BMO 的 John Kim。

Earlier today, ISS announced its support for the special shareholder vote. And I just want to ask what your thoughts are as far as timing of when this may occur and also the timing of any next hurdles that we should be looking for as far as you move forward with your split.

今天早些時候，ISS 宣布支持特別股東投票。我只想問一下，您認為這件事何時會發生，以及在你們分手的過程中我們應該尋找的下一個障礙是什麼。

John, I think it's an important question. I haven't had a chance to read it. We did have a meeting with ISS. They were completely helpful and thoughtful, and we enjoyed a chance to discuss it with them, but we're not prepared to discuss it today.

約翰，我認為這是一個重要的問題。我還沒有機會讀它。我們確實與 ISS 舉行了會議。他們非常樂於助人、體貼周到，我們很高興有機會與他們討論此事，但我們今天還沒有準備好討論此事。

This will all be part of the public filing that is being reviewed by the SEC. It will be public, I think, sometime next week. And perhaps we'll invite all of you to come back or we'll be in touch one way or another to discuss it at that time.

這些都將成為美國證券交易委員會正在審查的公開文件的一部分。我認為它將於下周某個時候公開。也許我們會邀請你們所有人回來，或者我們會以某種方式聯繫你們，到時候討論這個問題。

As far as -- are you still on target to complete the split this year?

就今年而言－你們是否仍有望完成分拆目標？

John, I really do want to be both courteous, but also clear. We really want to have this conversation focused around the third quarter. This is a very important issue. You're really right to raise the question, but I think it's going to be better addressed next week when we have all the facts transparent to everyone.

約翰，我確實希望既做到有禮貌，又能表達清楚。我們確實希望這次討論集中在第三季。這是一個非常重要的問題。你提出這個問題確實很正確，但我認為下週當我們向所有人公開所有事實時，這個問題會得到更好的解決。

Okay. That's fair. Given cap rate compression that had been occurring and some of those issues that you've have been talking about, are there any additional dispositions that you're contemplating, including potentially the separate portfolio that's going to the New Aimco?

好的。這很公平。鑑於已經發生的資本化率壓縮以及您一直在談論的一些問題，您是否正在考慮任何其他處置措施，包括可能將單獨的投資組合轉移到新 Aimco？

John, again, this is Terry. I think the cap rate compression is something that you have to look through carefully. One is, of course, the transaction volumes are down, so you have to see what's being sold and what's relevant. Second of all, incomes are down. And so that gives you a lower cap rate if values are steady and you have to kind of filter through that.

約翰，再次重申一下，我是特里。我認為資本化率壓縮是你必須仔細研究的事情。一是當然是交易量下降了，所以你必須看看賣的是什麼以及什麼是相關的。其次，收入下降。如果價值穩定的話，這會給你一個較低的資本化率，你必須對此進行篩選。

But I think the biggest fact is the market's relatively illiquid right now. For us, we are interested to sell more and that the timing of the liquidation of the separate portfolio will be a function of the separation of the companies, which is a conversation we're going to have later.

但我認為最大的事實是目前市場流動性相對不足。對我們來說，我們有興趣出售更多，單獨投資組合的清算時間將取決於公司的分離，這是我們稍後將要討論的內容。

But independent of that, that at Aimco, we're probably more interested to pursue joint ventures and that the something along the lines of what we've -- where -- Pepper, Patti Fielding was very successful in California would be a wonderful second act.

但除此之外，在 Aimco，我們可能更有興趣尋求合資企業，而且類似於我們在加州的 Pepper、Patti Fielding 非常成功的事情將是一個很棒的第二選擇行為。

And your next question is from John Pawlowski with Green Street.

您的下一個問題來自 Green Street 的 John Pawlowski。

Terry, maybe following up on your point there. Did I hear you right that the plan is to still liquidate the separate portfolio post spin?

特里，也許我可以繼續討論你的觀點。我是否聽得對？

John, I really want to talk about the company's post-spin and so forth at another time, perhaps next week. But that is -- the intent of that is to have a portfolio -- to complete the liquidation and the delevering of AIR. But let's talk about that next week.

約翰，我真的想在另一個時間，也許是下週，來談談公司的後續分拆等問題。但那是 — — 其目的是擁有一個投資組合 — — 來完成 AIR 的清算和去槓桿。但我們下週再討論這個問題。

Okay. I would like to talk about things involving the spin that you've talked about before. One is what I struggle with on just independents. In my mind, if the same CEO and Chairman is at the helm and the -- your colleagues in the same shared office space. And it's -- maybe it's skeptical analyst, but I think in no world where it will Aimco and AIR be truly independent.

好的。我想談談您之前談到的與旋轉有關的事情。一是我對於獨立性的掙扎。在我看來，如果同一位執行長和董事長掌舵，並且你的同事們在同一個共享辦公空間。或許分析師對此持懷疑態度，但我認為，Aimco 和 AIR 不可能真正獨立。

I think if Green Street got split into two, and my boss was the boss of the new entity, I'd be partial to that new entity and the colleagues, my former colleagues in that new entity. So how are you going to make sure that this is not a convoluted non-arm's length period these coming years between Aimco and AIR?

我想，如果 Green Street 一分為二，而我的老闆是新實體的老闆，我會對新實體及其同事（即新實體中的我以前的同事）有偏見。那麼，您將如何確保未來幾年 Aimco 和 AIR 之間不會出現錯綜複雜的非獨立交易期？

John, I'm going to talk about it next week, but I hope -- I think you'll be satisfied. We've been out talking to shareholders. We recognize that many of them have concerns in this area. The Board is focused on it at great length, and we hope to report next week something that I hope will be satisfactory to you.

約翰，我將在下週談論這個問題，但我希望——我認為你會滿意。我們一直在與股東交談。我們認識到他們中的許多人對此領域有擔憂。董事會對此進行了非常詳細的討論，我們希望下週能夠報告一些令您滿意的內容。

And the next question today is from Austin Wurschmidt with KeyBanc.

今天的下一個問題來自 KeyBanc 的 Austin Wurschmidt。

Yes. So with -- you've talked a lot about leverage coming down post-spin by another $1 billion. Obviously, AIR will no longer be focusing on development or complicated redevelopment.

是的。所以——您已經多次談論過度拆後槓桿將再下降 10 億美元。顯然，AIR 將不再專注於開發或複雜的重新開發。

So that acquisition piece becomes an important leg of the external investment opportunity heading into the next cycle. So I guess, given the greater aversion to markets with high regulation, I mean, what markets are attractive to you, including any potential new markets?

因此，該收購將成為下一輪週期外部投資機會的重要組成部分。所以我想，鑑於人們對嚴格監管的市場有更大的厭惡，哪些市場對你有吸引力，包括任何潛在的新市場？

Austin, you're exactly right. Our analysis is to reallocate capital and including new capital, yes, to markets that are faster-growing and have freer economies.

奧斯汀，你說得完全正確。我們的分析是重新分配資本，包括將新資本分配到成長更快、經濟更自由的市場。

Wes has already spoken about our appetite for Florida, not just South Florida, but Florida in general. But that will be true in Georgia, Tennessee, North Carolina, markets such as that and perhaps additionally in the Rocky Mountain West.

韋斯已經談到了我們對佛羅裡達州的興趣，不僅是南佛羅裡達州，而是整個佛羅裡達州。但這對於喬治亞州、田納西州、北卡羅來納州等市場以及落基山脈西部地區來說都是如此。

That's helpful. And then switching over. On the capital commitment to IQHQ, just curious. How big of a pipeline is it that you foresee there? And what are sort of the funding options, I guess, for New Aimco to build out that -- those multifamily properties associated with the life science development?

這很有幫助。然後切換。關於對 IQHQ 的資本承諾，只是好奇。您預計那裡的管道規模有多大？我想，New Aimco 有哪些融資選擇來建造與生命科學發展相關的多戶型房產？

I think, Austin, again, that's something that we'll be prepared to discuss at length next week. But again, just for clarity, I think the pipeline will be -- we've won, that will be many multiples of the investment because the scale of activities inside IQHQ or the expected activities is quite substantial.

奧斯汀，我想，我們準備在下週詳細討論這個問題。但是，為了清楚起見，我認為管道將是——我們已經贏了，這將是投資的許多倍，因為 IQHQ 內部活動的規模或預期的活動相當可觀。

And so if a typical apartment building in that context was $100 million or $200 million to $300 million, it'll -- and there are multiple buildings, then you can see it's a levered investment. The secondly thing would be that, that company is more likely to be funded with project financing and private equity.

因此，如果一棟典型的公寓大樓價值 1 億美元或 2 億至 3 億美元，而且有多棟大樓，那麼你就可以看出這是一項槓桿投資。第二點是，該公司更有可能透過專案融資和私募股權獲得資金。

Got it. Are any of these assets or locations ones that AIR would be interested in owning over time?

知道了。這些資產或地點中是否有任何一項是 AIR 有興趣長期擁有的？

My dear friend, I really do want to talk about that next week. But again, let's talk about it next week. I think that it just -- it's a road that's going to lead down, and eventually, we're going to be ahead of ourself.

我親愛的朋友，我確實想在下週談論這個問題。不過，我們下週再來討論。我認為這只是一條向下的道路，最終，我們將會超越自己。

And ladies and gentlemen, the next question is a follow-up from John Pawlowski with Green Street.

女士們、先生們，下一個問題是來自 Green Street 的 John Pawlowski 的後續問題。

Just maybe you could talk operations then, Keith. In terms of the positive inflection points and the bottoming and the blue skies you referred to, curious what gives you confidence today on that stability and bottom because yourselves and a lot of peers have used the term bottoming before.

那麼也許你可以談談運營，基斯。就您提到的積極拐點、觸底和藍天而言，很好奇是什麼讓您今天對這種穩定和觸底充滿信心，因為您自己和許多同行之前都使用過觸底這個術語。

And I'm not trying to hold you to a prior comment because we've been wrong on plenty of forecasts internally. Nobody can predict the future right now. But I'm just curious on-the-ground trends, what gives you a little bit more confidence today that these markets have bottomed versus 3 months ago?

我並不是想讓您對先前的評論負責，因為我們內部的許多預測都是錯的。現在沒有人能夠預測未來。但我只是好奇實際趨勢，與三個月前相比，什麼讓您今天更有信心這些市場已經觸底？

John, thanks for the question, and thanks for the caveat because there's obviously a lot of unknowns still in front of us. But let me give you some insights of what we're seeing and what makes us think that. So when we look at our third quarter and we're -- we -- looking at suburban and urban type of situations, our suburban portfolio was running in the mid 95s. And now as we finish up October, we're seeing it in the mid- to high 96s.

約翰，謝謝你的提問，也謝謝你的警告，因為顯然我們面前還有很多未知數。但是，讓我給你一些見解，說明我們看到了什麼，以及是什麼讓我們這樣認為。因此，當我們回顧第三季的情況時，我們發現郊區和城市的情況很常見，我們的郊區投資組合的運作情況在 95 年代中期。現在，隨著十月的結束，我們看到它處於 96 度中高位。

We also see the rates in that same portfolio that have increased and had gotten stronger. When we look at our urban areas, while occupancy has held relatively flat in the 90s, what we've seen is, is it started to tick up. And I'll use a very specific example in Los Angeles. And so when we look at Los Angeles, in the third quarter, we were running in the 92s. And now we're going to finish in the mid- to high 94s, and we see a path that we -- starts getting us in 95% and 96% by year-end.

我們也看到同一投資組合的利率已經上升，並且變得更加強勁。當我們觀察城市地區時，雖然入住率在 90 年代保持相對平穩，但我們看到入住率開始上升。我將舉一個洛杉磯的非常具體的例子。因此，當我們看洛杉磯時，在第三節，我們的比分跑到了 92 分。現在我們將以 94% 左右的成績結束這一階段，我們看到了一條路徑——到年底我們將達到 95% 和 96%。

So there's a series of things that we start seeing across the country that are starting to show us that there are some blue skies coming. Now I'd point out that Philadelphia is one that will be -- it will be on a switch that says, does UPenn come back and Drexel come back? Does Comcast and the Citis come back?

因此，我們在全國各地看到的一系列現象開始向我們表明藍天即將到來。現在我想指出的是，費城將會——它將處於一個轉換的狀態，賓州大學會回來嗎？康卡斯特和花旗集團會捲土重來嗎？

And in Penn, in Philadelphia, we have administrators that live with us that work at some of those institutions who have given us an indication they are working hard to find a way that could they open in January and they would like to open in January. Whether that happens or not, I don't know. There's not any public statements around that, but it gives us optimism.

在賓州大學和費城，我們的一些管理人員和我們住在一起，他們在一些機構工作，他們向我們表示，他們正在努力尋找在一月份開業的方法，而且他們也希望在一月份開業。我不知道這是否會發生。目前還沒有任何公開聲明，但這給了我們樂觀的感覺。

And another thing that we know is just that I'll give you an example at Evanston, Illinois, we have a property there right next to Northwestern University. When they came back, we went from struggling in occupancy to nearly 100% in a matter of a week. And so we know that if these come back, there will be an opportunity, particularly in Philadelphia, for a switch type of opportunity, not a dial, but we think it will come back strong.

我們知道的另一件事是，我給你舉個伊利諾伊州埃文斯頓的例子，我們在那裡西北大學旁邊有一處房產。當他們回來時，短短一周內，我們的入住率就從掙扎上升到接近 100％。因此我們知道，如果這些回來，就會有機會，特別是在費城，這是一種轉變類型的機會，而不是撥號，但我們認為它會強勢回歸。

That's what we're looking for, too, but there's plenty of other things that are shoot -- green shoots that are coming up in other markets to give us an indication that we've hit the bottom. It's market-by-market. There's plenty of different variables, but we're optimistic that we'll start seeing some benefits of those things.

這也是我們所尋找的，但其他市場也出現了許多其他的復甦跡象，這表明我們已經觸底。這是根據每個市場的情況而定的。有很多不同的變量，但我們樂觀地認為我們將開始看到這些事情帶來的一些好處。

Got it. Did that -- on the nonbinary, nonuniversity markets, has that improved in occupancy come through pulling the concession lever harder than you did 3 months ago?

知道了。在非二元、非大學市場上，入住率的提高是否是透過比三個月前更加大力推行優惠政策來實現的？

John, it's been -- well first of all, when we think about concessions, we think about them as it's a marketing tool and we saw to total revenue. And so it's been a combination of both retention of customers. It's been a combination of when appropriate, what's happening in the markets around us that there has been some concessions. But it's also ultimately that we think that we are making a long-term decision-making around things that will play and paying dividends in 2021.

約翰，首先，當我們考慮讓步時，我們會將其視為一種行銷工具，我們看到了總收入。所以，這是兩種客戶保留方式的結合。這是我們根據周圍市場的情況在適當的時候做出的一些讓步。但最終我們也認為，我們正在圍繞著將在 2021 年發揮作用並帶來回報的事情做出長期決策。

There's a lot of ways to make decisions that you would lower your resident quality as an example or you would give more concessions to somebody who maybe isn't the first that will pay in the future. And we've tried to have a steady hand. Our occupancy has been lower than others, but we're building it in a very steady way in which we believe will pay dividends in 2021 and beyond.

做出決定的方式有很多種，例如，你會降低住戶質量，或者你會向可能不是未來第一個付款的人提供更多優惠。我們一直盡力保持穩定。我們的入住率低於其他酒店，但我們正在以非常穩健的方式進行建設，我們相信這將在 2021 年及以後帶來回報。

Yes. John, what I -- if I might add to what Keith so -- said so well. At Aimco, because we have residents that live with us for a longer period of time, it's particularly important to select consistent residents so that you have a contribution, not just today, but for the next 2 or 3 years.

是的。約翰，如果我可以補充一下基斯所說的話，那我說得很好。在 Aimco，由於我們的居民會與我們一起生活較長時間，因此選擇穩定的居民尤其重要，這樣您不僅可以在今天有所貢獻，而且可以在未來 2 至 3 年內有所貢獻。

And so I think one of the great things I think Keith has done that I tried to cite in my remarks is to be disciplined about picking neighbors for our existing customers, but also residents who will be contributors over the next several years.

因此，我認為Keith 所做的偉大的事情之一，也是我試圖在我的評論中引用的，就是在為我們的現有客戶挑選鄰居時非常嚴格，而且在為未來幾年做出貢獻的居民挑選鄰居時也非常嚴格。

Our next question today is a follow-up from John Kim of BMO.

我們今天的下一個問題是來自 BMO 的 John Kim 的後續問題。

Keith, you just mentioned the weakness in Center City being at least partially driven by Penn and Drexel going virtual. Can you just remind us how many of your residents in Philly are students? And if there are any -- are any other markets that you have that have a pretty sizable university student population?

基思，你剛才提到中心城區的疲軟至少部分是由於賓州大學和德雷塞爾大學走向虛擬化所致。你能提醒我們一下費城居民中有多少人是學生嗎？如果有的話——還有其他市場擁有相當規模的大學生群體嗎？

So thanks for the question, John. We have about -- I would call it about 1,000 residents that would be direct students. And we have one particular building, Chestnut Hall, that is a student building, and then we have some influence that goes to our Park Towne community. But really more importantly, what happens is it creates life and vibrance that comes to the city with those folks being in place. And so think about businesses, think about restaurants, think about all kinds of other things that are happening.

謝謝你的提問，約翰。我們有大約——我猜大約有 1,000 名居民直接成為學生。我們有一棟特殊的建築，Chestnut Hall，這是一棟學生大樓，我們對 Park Towne 社區有一些影響。但實際上更重要的是，這些人的存在為城市帶來了活力和活力。所以想想企業，想想餐館，想想正在發生的各種其他事情。

Those things also will be impacted by the -- in Center City, the Comcast Towers and the other buildings there. And so a -- we know that there's -- the heart and soul of that city comes through those wonderful universities and, ultimately, feed the vibrance to the rest of the business.

這些也會受到市中心康卡斯特大樓和那裡其他建築的影響。所以，我們知道，這座城市的心臟和靈魂來自於這些優秀的大學，並最終為其他商業領域注入活力。

Would you say Philly is your only market where you have such a strong dynamic like this?

您是否認為費城是您擁有如此強勁動力的唯一市場？

In which context, John?

在什麼情況下，約翰？

We have student -- I mean, students are an important part of demand across the country. And because all markets are interrelated, it's going to be very hard, John, to say whether the -- it's limited to one area or another. But it's certainly true that just top of mind North Andover where you have Merrimack College.

我們有學生——我的意思是，學生是全國需求的重要組成部分。而且由於所有市場都是相互關聯的，所以約翰，很難說它是否僅限於某個領域。但毫無疑問，人們首先想到的是北安多弗，因為那裡有梅里馬克學院。

In Chicago or Evanston, Illinois, Keith has already mentioned Northwestern University. In Philadelphia, we've talked about Drexel and Penn. In Miami, you're going to have an influence from University of Miami and so forth. So it will show up throughout the portfolio as it does through apartment demand across the country.

在芝加哥或伊利諾伊州埃文斯頓，基斯已經提到了西北大學。在費城，我們談論了德雷塞爾大學和賓州大學。在邁阿密，你會受到邁阿密大學等的影響。因此，它將體現在整個投資組合中，就像體現在全國各地的公寓需求中一樣。

Your next question today is a follow-up of Austin Wurschmidt with KeyBanc.

您今天的下一個問題是 Austin Wurschmidt 與 KeyBanc 的後續問題。

Terry, you referenced how lower cap rates may reflect the lower income streams and perhaps values are stable versus pre-COVID levels. And I recognize there hasn't been a tremendous amount of transactions, but you just completed a sizable JV in a coastal market. And you mentioned you're pursuing additional sales. So just curious what your view is towards values for multifamily properties.

特里，您提到較低的資本化率可能反映較低的收入來源，並且價值與 COVID 之前的水平相比可能是穩定的。我知道交易量並不大，但你們剛剛在沿海市場完成了一項規模可觀的合資企業。您曾提到您正在追求額外的銷售。所以只是好奇您對多戶型房產價值的看法。

Austin, thank you for the follow-up. I think that values are affected by alternatives. And the price of one thing is the cost of the alternative forgone. And so if we look at apartments as a relatively predictable, it's hard to say that during 2020, but over time, a relatively predictable cash flowing asset class that if it can be simplified as we're seeking to do with low leverage and measured by current return, in a world of very low interest rates, that that's a positive in terms of demand for pricing.

奧斯汀，謝謝你的跟進。我認為價值觀會受到替代品的影響。一件事物的代價就是放棄另一種選擇的成本。因此，如果我們將公寓視為相對可預測的資產類別，那麼很難說在2020 年期間，但隨著時間的推移，它將成為相對可預測的現金流資產類別，如果可以簡化，就像我們尋求低槓桿率一樣，並且透過在利率極低的環境下，當前回報對於定價需求而言是正面的。

But as I say, there are many other competing factors, including most -- in an unprecedented way, government intrusion. So those are the factors that are being worked out. They -- I don't think they've been worked out, which is why you see this reduction in valuation. And I think that it would be logical to think that there probably has been some reduction in value. But I think that that's probably as much due to the -- as I say, to the regulatory intrusions being -- and the recession, which I think seems to be recovering and offset by low interest rates.

但正如我所說，還有許多其他相互競爭的因素，包括大多數——前所未有的政府乾預。這些都是正在解決的因素。他們 — — 我認為他們還沒有解決問題，這就是為什麼你會看到估值下降。我認為，價值可能降低是合乎邏輯的。但我認為這可能很大程度上是由於——正如我所說的，監管幹預——以及經濟衰退，我認為經濟衰退似乎正在復甦並被低利率所抵消。

Got it. And then just one last one. You also referenced the attractiveness of a second act on a potential joint venture, and clearly, that seemed well received by the market during the first act. But I'm curious how you balance your focus on simplicity going forward and then adding on another joint venture, along with sort of the ongoing relationship that you're planning to have with New Aimco over time.

知道了。還有最後一個。您還提到了潛在合資企業第二幕的吸引力，顯然，這在第一幕中似乎受到了市場的歡迎。但我很好奇，您如何平衡對未來簡單性的關注，以及增加另一家合資企業，以及您計劃與 New Aimco 長期保持的持續關係。

Well, I think you're right. Life is all balanced. And we would have to ask ourselves and ask shareholders whether they would be interested to see an incremental $1 billion, let's say, raised, if we are talking about a second act at that kind of pricing.

嗯，我想你是對的。生活一切都是平衡的。如果我們談論的是以這種定價進行的第二輪融資，那麼我們必須捫心自問，也必須問股東，他們是否願意看到增量 10 億美元融資。

And their natural question might be, well, what would be the use of the proceeds. And if that were to be applied to repurchase stock and scale, they might like that. But you're right, it's all a question of balance.

他們自然會問，這些收益該用來做什麼？如果將其用於回購股票和規模，他們可能會喜歡這樣。但你是對的，這都是平衡的問題。

And our next question today is from Nick Yulico with Scotia.

今天的下一個問題來自 Scotia 的 Nick Yulico。

This is Sumit in for Nick. Terry, a question about one of the things we saw earlier this quarter on one of your properties -- or actually, quite a few of your properties around paying no rent for -- or rent does not increase for a long time to come. So it seemed to imply that there were certain leases that you were ready to sign with tenants who are going to be longer term with no rent increases.

這是 Sumit，代替 Nick。特里，我們本季早些時候在你們的一處房產上看到一個問題——或者實際上，你們的許多房產都不需要支付租金——或者租金在很長一段時間內都不會上漲。所以，這似乎意味著，您準備與租戶簽署某些租約，租期較長且租金不上漲。

Just, one, trying to figure of -- what sort of tenant profile are you trying to attract there? And what's the sort of market vacancy profile that's driving this kind of a concession or as in your words, Terry, a promotion?

只是想弄清楚—您想吸引什麼樣的租戶？那麼，是什麼樣的市場空置狀況推動了這種讓步，或者用特里你的話來說，是一種晉升？

And second, whether these assets or these programs are part of the entity that remains or the entity that is going to be the development-focused entity. Now you can defer the second part to the next week. That's totally fine. I would just include them (inaudible).

其次，這些資產或項目是否屬於保留的實體或將成為發展重點的實體的一部分。現在您可以將第二部分推遲到下週。完全沒問題。我只想把它們包括進去（聽不清楚）。

Thank you. Thank you. This is Keith. I'll take it. And I'm not sure it's exactly what you're looking at, but I'm guessing it's something that's on one of our websites or some sort of promotion. What you're likely seeing there is that we will do long-term leases in certain circumstances.

謝謝。謝謝。這是基斯。我要買它。我不確定這是否就是您所看到的內容，但我猜這是我們某個網站上的內容或某種促銷訊息。您可能會看到，在某些情況下我們會進行長期租賃。

And so -- but what it is, is it's a tag line for an inquiry about how we will sign 24-month leases, things like that, in which we will have a -- an agreed-upon rental rate over a longer period of time than what maybe traditionally the way that some people do, write leases that being only 12 months.

所以——但它實際上是一個關於我們如何簽署 24 個月租約的標語，諸如此類，我們將在更長的時間內達成一致的租金率時間比某些人傳統的租約時間要短，他們簽訂的租約期限僅12 個月。

Correct. And any color on the -- on how that program has been received and whether we should see more of it across other assets of your portfolio?

正確的。您能透露一下該計劃的反應如何嗎？

So this is -- without getting into a lot of our secret sauce, it is something that is not a reflection of the pandemic. Let's put it that way. And it's part of our toolkit and how we think about unit types, market conditions and a variety of other things in which we will offer different lease terms.

因此，我們不必深究其秘密，但這並非疫情的反映。我們就這麼說吧。這是我們工具包的一部分，我們會考慮單位類型、市場條件以及我們提供不同租賃條款的其他各種因素。

All right. Thank you. Ladies and gentlemen, this concludes the question-and-answer session. I'd like to turn the conference back over to the management team for any final remarks.

好的。謝謝。女士們、先生們，問答環節到此結束。我想將會議交還給管理團隊，以便他們做最後的評論。

Well, thank you, Rocco, and thank you, everyone, on the call. I know many of you had very long weeks with so much reporting, both in the apartment sector and in the other companies you follow. And I appreciate your endurance in making it through to Friday.

好吧，謝謝你，羅科，也謝謝電話裡的每一個人。我知道你們中的許多人都度過了非常漫長的一周，報道了大量的新聞，無論是在公寓領域，還是在你們關注的其他公司。我很感激你能堅持到星期五。

I wish you a happy weekend. And I look forward to chatting with you next week as we talk about this very interesting opportunity of the separation that we've had proposed. So thanks again, and have a great weekend.

祝你周末愉快。我期待下週與您交談，討論我們所提出的這個非常有趣的分離機會。再次感謝，祝您週末愉快。

Thank you, sir. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝您，先生。今天的電話會議到此結束。我們感謝大家參加今天的演講。現在您可以斷開連接，享受美好的一天。