American Homes 4 Rent (AMH) 2023 Q1 法說會逐字稿

Greetings, and welcome to the American Homes 4 Rent First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到 American Homes 4 Rent 2023 年第一季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

It is now my pleasure to introduce your host, Nick Fromm, Director of Investor Relations. Thank you, sir. You may begin.

現在我很高興向您介紹主持人，投資者關係總監 Nick Fromm。謝謝你，先生。你可以開始了。

Good morning. Thank you for joining us for our first quarter 2023 earnings conference call. With me today are David Singelyn, Chief Executive Officer; Bryan Smith, Chief Operating Officer; and Chris Lau, Chief Financial Officer.

早上好。感謝您加入我們的 2023 年第一季度收益電話會議。今天和我在一起的是首席執行官 David Singelyn；布萊恩·史密斯，首席運營官；和首席財務官 Chris Lau。

Please be advised that this call may include forward-looking statements. All statements other than statements of historical fact included in this conference call are forward-looking statements that are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected in these statements. These risks and other factors that could adversely affect our business and future results are described in our press releases and in our filings with the SEC. All forward-looking statements speak only as of today, May 5, 2023. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

請注意，此次電話會議可能包含前瞻性陳述。除歷史事實陳述外，本次電話會議中的所有陳述均為前瞻性陳述，存在許多風險和不確定性，可能導致實際結果與這些陳述中預測的結果存在重大差異。這些風險和其他可能對我們的業務和未來業績產生不利影響的因素在我們的新聞稿和我們提交給美國證券交易委員會的文件中有所描述。所有前瞻性陳述僅適用於今天，即 2023 年 5 月 5 日。我們不承擔更新或修改任何前瞻性陳述的義務，無論是由於新信息、未來事件或其他原因，除非法律要求。

A reconciliation of GAAP to non-GAAP financial measures is included in our earnings release and supplemental information package. As a note, our operating and financial results, including GAAP and non-GAAP measures, are fully detailed in our earnings release and supplemental information package. You can find these documents as well as SEC reports and the audio webcast replay of this conference call on our website at www.amh.com.

GAAP 與非 GAAP 財務指標的對賬包含在我們的收益發布和補充信息包中。請注意，我們的經營和財務業績，包括 GAAP 和非 GAAP 措施，在我們的收益發布和補充信息包中有詳細說明。您可以在我們的網站 www.amh.com 上找到這些文件以及 SEC 報告和本次電話會議的網絡音頻重播。

With that, I will turn the call over to our CEO, David Singelyn.

有了這個，我將把電話轉給我們的首席執行官 David Singelyn。

Welcome, everyone, and thank you for joining us today. The early spring leasing season is off to a strong start at AMH. Our property management teams are doing a great job capturing the strong demand for single-family rentals, and our development program continues to deliver consistent and predictable growth through the addition of premium, new construction rental homes.

歡迎大家，感謝您今天加入我們。早春的租賃季在 AMH 開局良好。我們的物業管理團隊在捕捉對單戶住宅租賃的強勁需求方面做得非常出色，我們的開發計劃通過增加優質的新建出租房屋繼續實現持續且可預測的增長。

Like everyone else, we are following the broader markets, disruptions in the banking system and choppy economic waters. But no matter what's ahead, we continue to have confidence that AMH and single-family rentals, which have now matured into a core asset class, have the ability to outperform in any economic environment.

與其他所有人一樣，我們正在關注更廣泛的市場、銀行系統的中斷和波濤洶湧的經濟水域。但無論未來如何，我們仍然相信 AMH 和現已成熟為核心資產類別的單戶租賃有能力在任何經濟環境中表現出色。

To frame this further, 3 important things come to mind. First, SFR sector fundamentals are strong. Our country continues to suffer from a persistent housing shortage, and the current interest rate environment has created a housing affordability crisis. In this backdrop, the single-family rental value proposition has never been stronger. We offer a simple and accessible way for our residents to enjoy the American dream of single-family living.

為了進一步構建這個框架，我想到了三件重要的事情。首先，SFR 行業基本面強勁。我國繼續遭受持續的住房短缺，當前的利率環境造成了住房負擔能力危機。在這種背景下，單戶出租的價值主張從未如此強烈。我們為我們的居民提供了一種簡單易行的方式來享受美國夢的單身家庭生活。

Second, the AMH balance sheet shines in times of capital market uncertainty. Our investment-grade balance sheet, staggered maturity profile and focus on long-term fixed rate debt, minimizes our exposure to near-term interest rate volatility. Additionally, our leverage profile, which ended the quarter at 5.4x, positions us for further resiliency as well as flexibility for growth.

其次，AMH 資產負債表在資本市場不確定時期大放異彩。我們的投資級資產負債表、交錯的期限結構和對長期固定利率債務的關注，最大限度地減少了我們對近期利率波動的風險。此外，我們的槓桿率在本季度結束時為 5.4 倍，這使我們具備了進一步的彈性和增長靈活性。

And third, our ability to deliver consistent and predictable growth is unmatched. As announced earlier this week, AMH is now proudly the 39th largest homebuilder in the country based on the 2023 Builder100 list. With our internal development program as the backbone and no reliance on equity financing, we continue to grow our portfolio where we want and when we want, regardless of external market factors. Overall, we are in a great position as we navigate these uncertain times.

第三，我們實現一致且可預測的增長的能力是無與倫比的。正如本週早些時候宣布的那樣，根據 2023 Builder100 名單，AMH 現在自豪地成為美國第 39 大房屋建築商。以我們的內部發展計劃為支柱，不依賴股權融資，我們繼續在我們想要的地方和我們想要的時候發展我們的投資組合，無論外部市場因素如何。總的來說，我們在度過這些不確定的時期時處於有利地位。

Now turning to the quarter. We started off 2023 on solid footing, delivering $0.41 core FFO per share, representing 8.6% year-over-year growth. And as expected, we are seeing our normal seasonality curve returned with an acceleration in demand heading into spring leasing season, which Bryan will touch on shortly.

現在轉向季度。我們在 2023 年立足點開始，每股核心 FFO 為 0.41 美元，同比增長 8.6%。正如預期的那樣，隨著需求加速進入春季租賃季節，我們看到我們的正常季節性曲線回歸，Bryan 將很快談到這一點。

On to the investment front and our 3-pronged growth strategy. Our main focus continues to be our internal development program. The other 2 acquisition channels remain largely on pause due to pricing dynamics in the open market as well as cost of capital considerations. We continue to have ongoing discussions with market participants and will be ready to act should conditions change.

關於投資方面和我們的三管齊下的增長戰略。我們的主要重點仍然是我們的內部發展計劃。由於公開市場的定價動態以及資本成本考慮，其他 2 個收購渠道基本處於暫停狀態。我們將繼續與市場參與者進行討論，並準備在情況發生變化時採取行動。

For the quarter, we delivered 466 AMH development homes to our wholly-owned and joint venture portfolios, keeping us nicely on track with our full year guidance expectation as the team continues to successfully navigate a dynamic supply chain environment. We continue to see gradual input cost improvements as we work towards deliveries with yields in the 6% area by year-end.

本季度，我們向我們的全資和合資投資組合交付了 466 套 AMH 開發住宅，隨著團隊繼續成功駕馭充滿活力的供應鏈環境，使我們能夠很好地實現全年指導預期。我們繼續看到投入成本逐步改善，因為我們致力於在年底前實現 6% 的收益率。

Lastly, I am proud to report we released our fifth annual sustainability report, which can be found in the Investor Relations section of our website. The report details the company's ESG performance and priorities with notable highlights, including implementation of an environmental management system, expanded greenhouse gas inventory and other social initiatives impacting communities. Sustainability remains a priority for the company, and I am proud of how far our programs and initiatives have come in a short period of time.

最後，我很自豪地宣布，我們發布了第五份年度可持續發展報告，您可以在我們網站的投資者關係部分找到該報告。該報告詳細介紹了公司的 ESG 績效和優先事項，其中包括環境管理系統的實施、擴大的溫室氣體清單以及影響社區的其他社會舉措。可持續發展仍然是公司的首要任務，我為我們的計劃和舉措在短時間內取得的進展感到自豪。

In closing, 2023 is off to a strong start, and we are well positioned as we enter spring leasing season and continue to navigate the uncertain and unpredictable economic environment. As we continue our journey, we remain committed to being a resilient, sustainable and inclusive organization that has earned the trust of those who rely on us while delivering long-term value creation for our shareholders.

最後，2023 年開局良好，隨著我們進入春季租賃季節並繼續應對不確定和不可預測的經濟環境，我們處於有利地位。在我們繼續前進的過程中，我們將繼續致力於成為一個有彈性、可持續和包容的組織，贏得那些依賴我們的人的信任，同時為我們的股東創造長期價值。

Now I'll turn it over to Bryan for an update on our operations. Bryan?

現在我將把它轉交給 Bryan，了解我們運營的最新情況。布萊恩？

Thank you, Dave. 2023 is off to a great start with demand accelerating into the spring leasing season. American households continue to seek the high-quality, professionally-managed homes in the AMH portfolio for value and stability in these uncertain economic times. This was evidenced by our historically high leasing volume for the quarter, a trend we expect to continue into our busy season.

謝謝你，戴夫。隨著需求加速進入春季租賃季節，2023 年有了一個良好的開端。在這些不確定的經濟時期，美國家庭繼續在 AMH 投資組合中尋求價值和穩定性的高質量、專業管理的房屋。我們本季度的歷史高租賃量證明了這一點，我們預計這一趨勢將持續到我們的旺季。

As a result, first quarter same-home average occupied days was 97.2%, which represents a 30-basis-point improvement over the fourth quarter of 2022. Rate growth was also healthy with new, renewal and blended rental rate growth of 7.8%, 6.8% and 7.1%, respectively. This drove same-home core revenue growth of 7.7% for the quarter. As expected, core operating expense growth for the quarter was 12.2%. Please remember that expense growth will be elevated for the first 3 quarters because of our property tax true-up in the fourth quarter of last year.

因此，第一季度同屋平均入住天數為 97.2%，比 2022 年第四季度提高了 30 個基點。房價增長也很健康，新租、續租和混合租金增長 7.8%，分別為 6.8% 和 7.1%。這推動本季度同家核心收入增長 7.7%。正如預期的那樣，本季度核心運營費用增長 12.2%。請記住，由於我們去年第四季度調整了財產稅，前三個季度的費用增長將會加快。

On the revenue side, the second quarter is off to a great start. Strong demand continues to fuel solid occupancy and rental rate growth. April same-home average occupied days was 97.1%. And new, renewal and blended spreads of 9.4%, 6.2% and 7.1%, respectively, are well above our seasonal pre-pandemic norms.

在收入方面，第二季度開局良好。強勁的需求繼續推動穩定的入住率和租金增長。 4 月份同住平均入住天數為 97.1%。新的、續訂的和混合的價差分別為 9.4%、6.2% 和 7.1%，遠高於我們的季節性大流行前標準。

Before I finish, I'd like to briefly update you on our Resident 360 program that we announced last quarter. Our staffing and training plans are proceeding as expected, and we are already starting to get positive feedback from our residents. We look forward to providing additional updates as the program continues to mature.

在結束之前，我想簡要介紹一下我們上個季度宣布的 Resident 360 計劃。我們的人員配置和培訓計劃正在按預期進行，我們已經開始從居民那裡得到積極的反饋。隨著該計劃的不斷成熟，我們期待提供更多更新。

In closing, we are pleased with our first quarter results and the spring trends that we are seeing. As I make my annual visits to our field offices across the country, I continue to be impressed with our team's focus on providing the best resident experience in our space. I would like to thank them for their hard work and dedication.

最後，我們對第一季度的業績和我們看到的春季趨勢感到滿意。當我每年訪問我們在全國各地的外地辦事處時，我仍然對我們團隊專注於在我們的空間提供最佳居民體驗印象深刻。我要感謝他們的辛勤工作和奉獻精神。

With that, I will turn the call over to Chris for the financial update.

有了這個，我會把電話轉給克里斯進行財務更新。

Thanks, Bryan. And good morning, everyone. I'll cover 3 areas in my comments today. First, a quick review of our quarterly results; second, an update on our balance sheet and 2023 capital plan; and third, I'll close with a few comments around our unchanged 2023 guidance.

謝謝，布萊恩。大家早上好。我將在今天的評論中涵蓋 3 個方面。首先，快速回顧一下我們的季度業績；第二，更新我們的資產負債表和 2023 年資本計劃；第三，我將圍繞我們不變的 2023 年指導意見發表一些評論。

Starting off with our operating results. We delivered another quarter of strong earnings growth with net income attributable to common shareholders of $117.5 million or $0.32 per diluted share. On an FFO share and unit basis, we generated $0.41 of core FFO, representing 8.6% year-over-year growth; and $0.37 of adjusted FFO, representing 7.4% year-over-year growth. Underlying this strength was 5.4% year-over-year core NOI growth from our same-home portfolio as well as continued strong execution from our development program, which delivered a total of 466 homes to our wholly-owned and joint venture portfolios.

從我們的經營業績開始。我們在另一個季度實現了強勁的盈利增長，歸屬於普通股股東的淨收入為 1.175 億美元或每股攤薄收益 0.32 美元。按 FFO 份額和單位計算，我們產生了 0.41 美元的核心 FFO，同比增長 8.6%；調整後的 FFO 為 0.37 美元，同比增長 7.4%。這一實力的基礎是我們同屋投資組合的核心 NOI 同比增長 5.4%，以及我們開發計劃的持續強勁執行，該計劃向我們的全資和合資投資組合交付了 466 套房屋。

Outside of development, our acquisition activity continues to remain largely on pause as we patiently await further stabilization in home values and our cost of capital. With that in mind, we acquired just 13 homes during the quarter, consisting of preexisting national homebuilder contract closings.

在開發之外，我們的收購活動在很大程度上繼續保持暫停狀態，因為我們耐心等待房屋價值和我們的資本成本進一步穩定。考慮到這一點，我們在本季度僅收購了 13 套房屋，其中包括先前已簽訂的全國房屋建築商合同。

On the disposition side, however, we had a very active start to the year as we continue to monetize noncore homes and take advantage of private market home values that remain historically strong. During the quarter, we sold nearly 670 properties that were identified through our rigorous asset management process, generating nearly $185 million of net proceeds.

然而，在處置方面，我們今年開局非常活躍，因為我們繼續將非核心房屋貨幣化，並利用歷史上保持強勁的私人市場房屋價值。本季度，我們出售了近 670 處通過我們嚴格的資產管理流程確定的房產，產生了近 1.85 億美元的淨收益。

Next, I'd like to turn to our balance sheet and 2023 capital plan. At the end of the quarter, our net debt, including preferred shares to adjusted EBITDA, was just 5.4x. We had $256 million of cash on the balance sheet, and our $1.25 billion revolving credit facility was fully undrawn. As previously announced, during the quarter, we settled the remaining 8 million Class A common shares from last year's foreign equity agreement, receiving net proceeds of $298.4 million.

接下來，我想談談我們的資產負債表和 2023 年資本計劃。本季度末，我們的淨債務（包括調整後 EBITDA 的優先股）僅為 5.4 倍。我們的資產負債表上有 2.56 億美元現金，我們的 12.5 億美元循環信貸額度已完全未動用。正如之前宣布的那樣，在本季度，我們結算了去年外國股權協議中剩餘的 800 萬股 A​​ 類普通股，獲得了 2.984 億美元的淨收益。

As an update on our overall 2023 capital plan, we remain on track to invest approximately $900 million of AMH Capital, which we still expect to fund through a combination of retained cash flow, recycled capital from dispositions, our first quarter forward equity proceeds and modest debt capacity utilization.

作為我們 2023 年總體資本計劃的更新，我們仍有望投資約 9 億美元的 AMH Capital，我們仍希望通過保留現金流、處置回收資本、第一季度遠期股權收益和適度的資金來為這筆資金提供資金債務能力利用率。

Lastly, given the ongoing uncertainty in the capital markets, I wanted to share an important reminder around the sizing of our wholly-owned development pipeline, which has been strategically designed to be fundable without the need for incremental common equity capital. As the current capital markets have reminded us, this is a critical element that enables our ability to deliver consistent and predictable growth from our AMH Development program over time.

最後，鑑於資本市場持續存在的不確定性，我想就我們全資開發管道的規模分享一個重要提醒，該管道的戰略設計旨在無需增加普通股本即可獲得資金。正如當前的資本市場提醒我們的那樣，這是一個關鍵因素，它使我們能夠隨著時間的推移從我們的 AMH 發展計劃中實現一致和可預測的增長。

Finally, before we open the call to your questions, I wanted to briefly touch on our 2023 guidance, which remained unchanged in yesterday's earnings press release. As expected, we delivered a strong start to the year and continue to see robust momentum heading into the second quarter. However, given that the heaviest part of the spring leasing season is still ahead of us and many aspects of the U.S. economy remain uncertain, we are currently maintaining our previously provided full year 2023 earnings guidance. With that said, we remain encouraged by the current trend lines across the AMH portfolio; continue to be driven by our country's housing shortage and unaffordability crisis, the strength of the AMH operating platform and our unique 3-pronged ability to grow in all economic cycles.

最後，在我們開始回答您的問題之前，我想簡要談談我們的 2023 年指引，該指引在昨天的收益新聞稿中保持不變。正如預期的那樣，我們今年開局強勁，並繼續看到進入第二季度的強勁勢頭。然而，鑑於春季租賃季最繁忙的時期仍在前方，且美國經濟的許多方面仍不明朗，我們目前維持之前提供的 2023 年全年盈利指引不變。話雖如此，我們仍然對 AMH 投資組合的當前趨勢線感到鼓舞；繼續受到我國住房短缺和負擔不起的危機、AMH 運營平台的優勢以及我們在所有經濟周期中獨特的三管齊下增長能力的推動。

And with that, thank you again for your time, and we'll open the call to your questions. Operator?

說到這裡，再次感謝您抽出寶貴時間，我們將開始回答您的問題。操作員？

(Operator Instructions) Our first question comes from the line of Juan Sanabria with BMO Capital Markets.

（操作員說明）我們的第一個問題來自 BMO Capital Markets 的 Juan Sanabria。

I'm just curious a little bit on the renewal spreads. They seem to be moderating, kind of going inverse to the new lease spreads. So curious on the bigger-picture thoughts or strategy there and if you could give us a sense of where maybe May and June renewals are being sent out to the population.

我只是對續約價差有點好奇。他們似乎在緩和，有點與新的租賃利差相反。對那裡的大局觀想法或策略非常好奇，如果你能告訴我們五月和六月的續約可能在哪裡發送給人們。

Juan, thank you for the question. What you're seeing really is based on the timing aspect of when the renewal offers are set and mailed. So the 6.2 in April and the March numbers were set last year when we may have had maybe a little bit more of a conservative approach to demand. As we entered this year, we were really excited about what we saw from -- across all the different demand metrics, and it gave us a lot of confidence. So ones that we mailed going forward, I think you could think of it more in the 7% range. So we are seeing acceleration out of April.

胡安，謝謝你的提問。您真正看到的是基於何時設置和郵寄續訂優惠的時間方面。因此，4 月份的 6.2 和 3 月份的數字是去年設定的，當時我們可能對需求採取了更保守的態度。當我們進入今年時，我們對我們從所有不同的需求指標中看到的東西感到非常興奮，這給了我們很大的信心。所以我們郵寄的那些，我想你可以在 7% 的範圍內考慮更多。所以我們看到了 4 月份的加速。

Great. And then just curious on the kind of transactions or home market value perspective. I mean home values have been fairly sticky, maybe surprising most. So just curious, I guess, where do you think cap rates are today? And maybe where are you able to sell these homes that you've been disposing of quite efficiently, just to give us a sense of where that market is on the transaction side?

偉大的。然後只是對交易類型或家庭市場價值的看法感到好奇。我的意思是房屋價值一直很粘，也許最令人驚訝。所以只是好奇，我想，你認為今天的資本化率在哪裡？也許您可以在哪裡出售這些您一直在非常有效地處置的房屋，只是為了讓我們了解該市場在交易方面的位置？

Yes. Juan, it's Dave. The market, as you indicate, has remained very, very stable. And we're seeing the pricing being pretty sticky as to where it was a quarter ago. Yields continue to be for -- if you would transact in the low to mid-5s. We're looking more in the upper 5s or maybe the 6% area. So we're, on the sidelines, still being patient and disciplined in that. With respect to sales, let me turn that one over to Chris.

是的。胡安，是戴夫。正如您所指出的，市場一直非常非常穩定。而且我們看到定價與一個季度前的價格相比非常粘。收益率繼續 - 如果你願意在低至中 5s 進行交易。我們更多地關注前 5 或 6% 的區域。因此，在場邊，我們仍然對此保持耐心和紀律。關於銷售，讓我把那個交給克里斯。

Yes, Juan. I touched on it a bit in my prepared remarks. But as I mentioned, we saw really good traction this quarter through the disposition program, which is largely being driven by just the sheer scarcity of housing across the country, meaning that our disposition supply when we bring it to market continues to be met by really strong buyer demand, enabling us to achieve sales prices at or near asking prices, translating into average disposition cap rates in the high 3s or so, which creates a really attractive capital recycling opportunity to recycle back into our growth programs.

是的，胡安。我在準備好的發言中略微提到了這一點。但正如我所提到的，本季度我們通過處置計劃看到了非常好的牽引力，這在很大程度上是由全國住房的絕對稀缺所推動的，這意味著當我們將其推向市場時，我們的處置供應繼續得到真正的滿足強勁的買家需求，使我們能夠以要價或接近要價的價格實現銷售價格，轉化為高 3 左右的平均處置上限率，這創造了一個真正有吸引力的資本回收機會，可以回收到我們的增長計劃中。

Our next question comes from the line of Chandni Luthra with Goldman Sachs.

我們的下一個問題來自 Chandni Luthra 與高盛的合作。

So you guys talked about potentially seeing acceleration here in renewals. Obviously, new has been really strong. You talked about blends being well above your seasonal pre-pandemic norms. So as we think about that unchanged 2023 same-store guidance, is there potentially some conservatism there? Would love your thoughts.

所以你們談到了潛在的續約加速。顯然，新的已經非常強大。您談到混合物遠高於大流行前的季節性標準。因此，當我們考慮 2023 年不變的同店指導時，是否存在潛在的保守主義？會喜歡你的想法。

Chandni, Chris here. Again, as I also mentioned in the prepared remarks, look, we reported a really strong first quarter, which we're very proud of. And you're exactly right, we're seeing some real, encouraging leasing results from the early spring leasing season with March and April, new leases, in particular, accelerating up into the 9.2% and 9.4% area.

Chandni，克里斯在這裡。同樣，正如我在準備好的發言中提到的那樣，看，我們報告的第一季度非常強勁，我們為此感到非常自豪。你是對的，我們看到了 3 月和 4 月早春租賃季的一些真實、令人鼓舞的租賃結果，特別是新租賃，加速上升至 9.2% 和 9.4% 區域。

But the keyword that I just used was early, right, early. And we need to remember that our heaviest leasing volumes are still ahead of us in May and June and even into July to a certain extent. So it's really just too early to be revisiting the guide at this point. But if our current trend lines stay on track, we're optimistic that we'll be able to share a nice update next quarter after the spring leasing season.

但是我剛才用的關鍵詞是早，對，早。我們需要記住，我們最大的租賃量仍然在 5 月和 6 月，甚至在一定程度上進入 7 月。因此，現在重新訪問該指南還為時過早。但如果我們目前的趨勢線保持在正軌上，我們樂觀地認為我們將能夠在春季租賃季節之後的下個季度分享一個不錯的更新。

Excellent. And switching gears a little bit to the dispositions. So 670 noncore homes. What is the criteria? How do you sort of think about your overall portfolio and assess what homes perhaps do not qualify as noncore? How many more such opportunities do you see for 2023 in terms of disposition and kind of making that arbitrage of that high 3% cap rates in terms of selling?

出色的。並稍微改變配置。所以 670 套非核心住宅。準則是什麼？您如何看待您的整體投資組合併評估哪些房屋可能不符合非核心房屋的條件？在處置方面，您認為 2023 年還有多少這樣的機會，以及在銷售方面對 3% 的高上限利率進行套利？

Chandni, this is Bryan. We're very active in our asset management review process, and the first thing that we look at is the location of those homes. We had some homes that were acquired as part of portfolio transactions as an example that may not be in core locations for us. So location is the first criteria. The second criterion is performance, and we look at performance both from a maintenance perspective; and on the revenue side, occupancy and specialty collections. So we're paying very close attention to that. That's the majority of the reasons for dispositions. There are some other kind of smaller reasons that really aren't material.

Chandni，這是布萊恩。我們在資產管理審查過程中非常積極，我們首先要看的是這些房屋的位置。例如，我們有一些作為投資組合交易的一部分獲得的房屋可能不在我們的核心位置。所以地段是第一標準。第二個標準是性能，我們從維護的角度來看性能；在收入方面，入住率和專業收藏。所以我們非常關注這一點。這是處置的大部分原因。還有一些其他真正無關緊要的小原因。

Our next question comes from the line of Josh Dennerlein with Bank of America.

我們的下一個問題來自美國銀行的 Josh Dennerlein。

Just correct me if I'm wrong, but do you normally get an occupancy uplift in 1Q? And just kind of curious, like what's driving that? Is that the strategy on your end, is the demand or something else? Really curious for your thoughts.

如果我錯了請糾正我，但是您通常會在第一季度獲得入住率提升嗎？只是有點好奇，比如是什麼在驅動它？這是你的戰略，是需求還是其他什麼？真的很好奇你的想法。

Yes, Josh, this is Bryan. Generally, as we enter the beginning of the year, demand rebounds significantly from Q4. You saw that this year. So Q4 to Q1, historically speaking, we do see a pickup. And then as we manage through the -- started the busy season and the started of the spring leasing season, keep in mind that also tends to be our highest move-out levels. So there's a little bit of an ebb and flow to occupancy.

是的，喬希，這是布萊恩。一般來說，隨著我們進入年初，需求從第四季度開始大幅反彈。你今年看到了。所以從歷史上看，第四季度到第一季度，我們確實看到了回升。然後當我們設法度過 - 開始繁忙的季節和春季租賃季節的開始時，請記住，這也往往是我們最高的遷出水平。所以入住率有點起伏。

But the main answer, though is, demand is really strong, and we've had fantastic foot traffic. One of the metrics that we've talked about in the past is showings per rent-ready property, and those remained well above pre-pandemic levels. And I think the other thing, too, the most dramatic increase that we've seen so far this year comes from our website activity. The traffic from new users is up nearly 20% from 2022. So there are a number of really good factors that are playing into that strength of occupancy and rate growth.

但主要的答案是，需求真的很強勁，而且我們的人流量非常大。我們過去討論過的指標之一是每處可出租房產的展示次數，這些指標仍遠高於大流行前的水平。我認為另一件事也是今年迄今為止我們看到的最顯著的增長來自我們的網站活動。與 2022 年相比，來自新用戶的流量增加了近 20%。因此，有許多非常好的因素正在影響入住率和增長率。

I appreciate that. And just curious on like new movements to your homes. Do you survey where folks are moving from? Are they coming from apartments, other rentals? Or any kind of color maybe if they're indicating to you if they're priced out or just can't find a home to buy in this environment?

我很感激。只是對您家中的新動向感到好奇。你調查人們從哪裡搬走嗎？他們是來自公寓還是其他出租房？或者任何一種顏色，如果它們向您表明它們是否定價過高或只是找不到在這種環境下購買的房屋？

Yes. We run a number of surveys on move-in. We're asking where they came from. I mean anecdotally, there are a lot of people who are on the sidelines, who'll ultimately like to buy. That doesn't necessarily come out in the surveys. But what we look at is, are they coming from multifamily or other single family. And we've seen that kind of pretty steady. And about 20% of our residents are coming from multifamily, the balance from single-family on the way in.

是的。我們對入住進行了多項調查。我們問他們來自哪裡。我的意思是，有趣的是，有很多人在場外，他們最終會喜歡購買。這不一定會出現在調查中。但我們要看的是，他們是來自多戶家庭還是其他單戶家庭。我們已經看到了那種相當穩定的情況。我們大約 20% 的居民來自多戶家庭，其餘來自單戶家庭。

Our next question comes from the line of Eric Wolfe with Citi.

我們的下一個問題來自 Eric Wolfe 與 Citi 的對話。

You mentioned that the heaviest leasing season is in May and June and, to a certain extent, July. I'm just wondering what percentage of your leases have already been signed for those months because, obviously, people sign their leases ahead and when they move in and particularly new 1 to 2 months in advance. So I would think you'd have a pretty good idea of where May and June would end up at this point.

您提到最繁忙的租賃季節是在 5 月和 6 月，並且在一定程度上是 7 月。我只是想知道那幾個月你的租約中有多少已經簽署了，因為很明顯，人們會提前簽署租約，當他們搬進來時，尤其是提前 1 到 2 個月。所以我認為你會很清楚此時 5 月和 6 月會在哪裡結束。

Eric, this is Bryan. We've had, obviously, a good number of leases signed for May, but we're moving these houses pretty quickly with the exception of some of the pre-leasing activity. The signed leasing activity for June is still relatively light. But even though we're still in day 5 of the month in May and we're not ready to conclude on exactly where that's going, all I can tell you is that it continues to be very positive.

埃里克，這是布萊恩。顯然，我們已經在 5 月份簽署了大量租約，但除了一些預租活動外，我們正在迅速搬遷這些房屋。 6 月份的簽約租賃活動仍然相對清淡。但即使我們仍處於 5 月的第 5 天，我們還沒有準備好就具體情況下結論，但我只能告訴你的是，它仍然非常積極。

Okay. And then a question on new lease growth. You mentioned that it jumped from 7.1% through February to over 9%, I think, 9.2% in March, 9.4% in April. I was wondering what a typical seasonal increase would look like, whether it was sort of stronger than what you would have normally expected for this time of the year. And then secondly on that, if there's an update to give us on the loss to lease right now.

好的。然後是關於新租賃增長的問題。你提到它從 2 月份的 7.1% 躍升至 9% 以上，我認為，3 月份為 9.2%，4 月份為 9.4%。我想知道典型的季節性增長會是什麼樣子，它是否比一年中這個時候你通常預期的要強一些。其次，如果有更新可以告訴我們現在的租賃損失。

Yes, I'll start with the loss to lease, Eric. It's similar to what it was last quarter in the 6% area. I think the expectation historically for this time of year is that you'd see an increase in re-leasing rate growth towards the start and through a busy season. Historically, maybe in the 5% range or so. So this has been really strong from a historical perspective.

是的，我將從租賃損失開始，埃里克。這與上個季度 6% 區域的情況相似。我認為，從歷史上看，每年這個時候的預期是，在開始和旺季期間，您會看到轉租率增長率有所提高。從歷史上看，可能在 5% 左右。所以從歷史的角度來看，這真的很強大。

Our next question comes from the line of Steve Sakwa with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Steve Sakwa。

Bryan, I was just wondering if you could make any broad comments on any trends you're seeing in the various markets. You've got a pretty wide spread with like a San Antonio blended spread up 4%, other markets up 9%. And I'm just trying to see if you're seeing any trends by market, if there are supply issues, job issues, just anything that would maybe explain some of the large discrepancies within the markets.

布萊恩，我只是想知道你是否可以對你在各個市場看到的任何趨勢發表任何廣泛的評論。你有一個相當廣泛的價差，比如聖安東尼奧混合價差上漲 4%，其他市場上漲 9%。我只是想看看你是否看到了任何市場趨勢，是否存在供應問題、工作問題，以及任何可能解釋市場內一些巨大差異的問題。

Sure. Thanks, Steve. I think the easiest place to start is with some of the Midwestern markets. They tend to be more susceptible to weather and seasonality. Indianapolis, as an example, still was strong in the mid-96s in the first quarter. But as we got into March and April, we've seen nice acceleration there. So some of the markets that may appear to be a little bit lagging in the first quarter have recovered into the early spring leasing season.

當然。謝謝，史蒂夫。我認為最容易開始的地方是一些中西部市場。他們往往更容易受到天氣和季節性的影響。以印第安納波利斯為例，他們在第一節的 96 年代中期仍然表現強勁。但是當我們進入 3 月和 4 月時，我們在那裡看到了不錯的加速。因此，一些在第一季度可能顯得有些滯後的市場已經恢復到早春的租賃季節。

From a supply perspective, I think it's most visible in the Phoenix market. The Phoenix has been an extremely high flier for a number of years, and it's the one market where we've seen an increase of supply that is kind of brought maybe back down to earth a little bit. But the good news for us in that particular market is we have extremely well-located assets, and we expect any sort of pullback that we've seen to be temporary.

從供應的角度來看，我認為它在鳳凰市場最為明顯。 Phoenix 多年來一直是一個非常高的傳單，這是我們看到供應增加的一個市場，可能有點回歸現實。但對我們來說，在那個特定市場上的好消息是我們擁有位置極其優越的資產，我們預計我們所看到的任何類型的回調都是暫時的。

Great. And then on the development front, I don't know if you or Dave could just comment on sort of how you're underwriting new developments today, and I know material costs were really rampant. They seem to be coming down. I'm just curious sort of where yields are penciling today. And are you starting to see any relief on the trade front?

偉大的。然後在開發方面，我不知道你或戴夫是否可以評論一下你今天是如何承保新開發的，我知道材料成本真的很猖獗。他們似乎要下來了。我只是好奇今天的收益率在哪裡。您是否開始看到貿易方面有所緩解？

Yes. The -- Steve, this is Dave. Thanks for the question. On the supply side or the material and input cost side, we have seen and we saw this prior to the last quarter. So this is a repeat of what we said in the first quarter. We have seen a significant reduction in lumber prices.

是的。 - 史蒂夫，這是戴夫。謝謝你的問題。在供應方面或材料和投入成本方面，我們已經看到並且我們在上個季度之前就看到了這一點。所以這是我們在第一季度所說的重複。我們看到木材價格大幅下降。

On the -- at the market level, we have seen some reductions throughout the quarter in input costs, but they have kind of reverted back to where they were a couple of months ago. However, we are seeing reductions in the input cost in our homes, and it's really more a function of efficiency from putting in systems last year that we are now seeing the benefits of in managing and fine-tuning exactly the amount of product that we need to put in each home.

在市場層面，我們看到整個季度的投入成本有所下降，但它們已經恢復到幾個月前的水平。然而，我們看到我們家庭的投入成本有所降低，這實際上更多地是去年系統投入的效率函數，我們現在看到了管理和微調我們需要的產品數量的好處放在每個家裡。

And so the input costs are coming down. It's more a function of internal efficiencies from investments that we made last year. I would correlate that a little bit to investments we're making this year in Resident 360. We would expect to see some benefits there next year. But that's where we're seeing the benefit.

因此，投入成本正在下降。它更多地取決於我們去年進行的投資的內部效率。我會將這與我們今年在 Resident 360 中進行的投資聯繫起來。我們預計明年會在那裡看到一些好處。但這就是我們看到好處的地方。

Steve, on your question on yields, where we are looking to basically add to our portfolio would be in the upper 6% range when we underwrite the homes. We are still, for the most part, pretty much on the sidelines there as well. But we are seeing some movement, but we're not quite where we would be willing to start loading up the truck.

史蒂夫，關於你關於收益率的問題，當我們承銷房屋時，我們希望基本上增加到我們的投資組合中的收益率將在 6% 的上限範圍內。在大多數情況下，我們仍然幾乎處於觀望狀態。但是我們看到了一些動靜，但還沒有到我們願意開始裝載卡車的地方。

Our next question comes from the line of Jamie Feldman with Wells Fargo.

我們的下一個問題來自 Jamie Feldman 與 Wells Fargo 的對話。

I guess just sticking with internal operating efficiency, can you talk about the average R&M turn for the AMH-developed homes for the rest of your same-store pool? Just wondering how much more efficient you can be on that front.

我想只要堅持內部運營效率，你能談談 AMH 開發的房屋在同店池中的平均 R&M 周轉率嗎？只是想知道您在這方面可以提高多少效率。

Yes. So let me just give you a couple of numbers. This is Dave. When you look at our entire portfolio, what we call a cost to maintain number for all of the homes for the first quarter, it was about $625 to $630 if you take out some of the landscaping cost. That is what we would contract as part of the rent. If you look at what we are doing when we buy new homes from national homebuilders, it's a little bit above $300. And when you look at the cost from our development homes, it's about $230.

是的。所以讓我給你幾個數字。這是戴夫。當您查看我們的整個投資組合時，我們稱之為維持第一季度所有房屋數量的成本，如果扣除一些景觀美化成本，則約為 625 至 630 美元。這就是我們將合同作為租金的一部分。如果你看看我們在從全國房屋建築商那裡購買新房時所做的事情，就會發現它略高於 300 美元。當您查看我們開發房屋的成本時，大約為 230 美元。

So the -- when you look at the national builders and the development homes, those have the same age, those are really comparable homes. And it's a testament to the efficiency of building your own homes and building them with maintenance in mind and putting in better materials into the homes. So that's a little bit of background on cost to maintain.

所以 - 當您查看國家建築商和開發房屋時，它們具有相同的年齡，這些房屋確實具有可比性。這證明了建造自己的房屋並在建造房屋時考慮到維護並將更好的材料放入房屋中的效率。所以這是關於維護成本的一些背景知識。

Okay. That's very helpful. And then, I mean, clearly, it sounds like you're feeling pretty good about heading into spring leasing with the April results so far and first quarter being slightly ahead of expectations. I mean what is there that could surprise to the downside, maybe on the expense side or maybe the volume of dispositions you did? Did that have any impact on an earnings headwind? Just thinking about where things might not be quite as rosy as we head into the rest of the year.

好的。這很有幫助。然後，我的意思是，很明顯，聽起來你對進入春季租賃感覺非常好，到目前為止 4 月份的結果和第一季度略高於預期。我的意思是，有什麼可能會讓人感到意外，可能是在費用方面，也可能是你所做的處置量？這對盈利逆風有什麼影響嗎？只是想一想今年餘下的時間裡事情可能不會那麼樂觀。

Yes. This is Dave. We're very -- as I think you heard from both Chris and Bryan, we're very, very pleased with our first quarter. We're very pleased with the momentum we have going into the second quarter. With that said, the leasing season is just beginning at this point. So there's still a long time for things to happen. Today, there's nothing that we really see that is any real concern going into the balance of the year. But again, it's still early in the year. We're -- here we are at the end of the first quarter, we have 3 more quarters to go. So we're very, very pleased with where we are. Very pleased with the first quarter, and I think we have very good momentum going into the second quarter, but it's early.

是的。這是戴夫。我們非常 - 正如我想你從克里斯和布萊恩那裡聽到的那樣，我們對第一季度非常非常滿意。我們對進入第二季度的勢頭感到非常滿意。話雖如此，租賃季節此時才剛剛開始。所以事情的發生還有很長的時間。今天，我們真正看到的是今年餘下的任何真正令人擔憂的事情。但同樣，現在還為時過早。我們 - 我們在第一季度末，我們還有 3 個季度。所以我們對我們所處的位置非常非常滿意。對第一季度非常滿意，我認為我們進入第二季度的勢頭非常好，但現在還早。

Our next question comes from the line of Dennis McGill with Zelman.

我們的下一個問題來自 Dennis McGill 和 Zelman 的對話。

First one, just, Chris, on dispositions. I think in the fourth quarter, you had expected around $200 million to $300 million this year, obviously running ahead of that pace. Are you expecting to slow? Or would the $200 million, $300 million be late on where you'll probably end up this year?

第一個，克里斯，關於處置。我認為在第四季度，您預計今年的收入約為 2 億至 3 億美元，顯然超過了這一速度。你期待慢下來嗎？或者 2 億美元、3 億美元會遲到你今年可能結束的地方嗎？

Dennis, I think on a quarterly run rate basis, we'll moderate a touch over the balance of the year. We're likely on track on a full year basis to do a bit better than our outlook at the start. At this point right now, I could see the full year landing in the $300 million to $400 million area.

丹尼斯，我認為在季度運行率的基礎上，我們將在今年餘下的時間裡有所緩和。我們很可能在全年的基礎上做得比我們開始時的展望好一點。此時此刻，我可以看到全年登陸 3 億至 4 億美元的區域。

Okay. Great. And then on CapEx, both recurring, I think was up around 20%; nonrecurring or property enhancing, up 10% or so for the quarter. What would your expectations be for that for the full year?

好的。偉大的。然後在資本支出上，兩者都是經常性的，我認為增長了 20% 左右；非經常性或財產增強，本季度增長 10% 左右。你對全年的期望是什麼？

Sure. Chris here as well. On a full year basis, I think we shared this last quarter, recurring CapEx, we could see up in or around the 20% area, probably pretty similar to the run rate we saw in the first quarter. And then from a property-enhancing CapEx perspective, again, fairly similar to what we saw last year. I think last year, on a same-home basis, we landed in the $50 million to $60 million area, which will probably be pretty similar again this year in 2023.

當然。克里斯也在這裡。在全年的基礎上，我認為我們分享了上個季度的經常性資本支出，我們可以看到在 20% 左右或附近的區域，可能與我們在第一季度看到的運行率非常相似。然後從資產增強資本支出的角度來看，再次與我們去年看到的情況非常相似。我認為去年，在同一個家庭的基礎上，我們登陸了 5000 萬到 6000 萬美元的區域，今年 2023 年可能會再次非常相似。

Our next question comes from the line of Keegan Carl with Wolfe Research.

我們的下一個問題來自 Keegan Carl 與 Wolfe Research 的合作。

First one here, just how are you thinking about turnover rate the rest of the year and the subsequent impact it would have on your expense growth?

第一個，您如何看待今年剩餘時間的人員流動率及其對您的費用增長的後續影響？

Keegan, we are really happy with our retention rates right now. Obviously, the higher the retention rates, the better protection we have on turn costs. But our expectations for occupancy this year are that the retention rates are going to remain high. In the event that we had more turnover, the good news is we're able to bring these homes back to market quickly, and we're seeing outstanding re-leasing rate growth. But obviously, increase in turnover would have an effect on expenses as well.

Keegan，我們現在對我們的保留率非常滿意。顯然，保留率越高，我們對輪流成本的保護就越好。但我們對今年入住率的預期是保留率將保持高位。如果我們有更多的營業額，好消息是我們能夠迅速將這些房屋帶回市場，並且我們看到了出色的轉租率增長。但顯然，營業額的增加也會對費用產生影響。

And maybe it's too early to tell, but I'm just kind of curious, what sort of returns you guys see on Resident 360? Is it meeting your expectations so far?

也許現在下結論還為時過早，但我只是有點好奇，你們在 Resident 360 上看到了什麼樣的回報？到目前為止，它是否符合您的期望？

Yes. Thank you, Keegan. It is. It's early in the rollout. We were substantially hired for the physicians, but many of the markets are still in the training phase. But the early indications that we're seeing from Resident feedback from the markets that are fully trained has been wholly positive. So the return immediately is improvement in the customer experience, scores from our customers.

是的。謝謝你，基根。這是。現在還處於推出初期。我們大量聘請醫生，但許多市場仍處於培訓階段。但是，我們從受過充分培訓的市場的居民反饋中看到的早期跡像是完全積極的。因此，立即得到的回報是客戶體驗的改善，客戶的評分。

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

我們的下一個問題來自 Haendel St. Juste 與 Mizuho 的關係。

It's Beier Luo on for Haendel St. Juste. I was just wondering on your bad debt. So it looks like it increased sequentially, up like $300,000. Just wondering, what's driving that? And is it focus on a particular region? And how is that bad debt overall trending against your expectations?

貝爾洛替下亨德爾聖賈斯特。我只是想知道你的壞賬。所以它看起來像連續增加，增加了 300,000 美元。只是想知道，是什麼推動了它？它是否專注於特定區域？與您的預期相比，壞賬的總體趨勢如何？

Beier, Chris here. Look, generally speaking, I would say that first quarter bad debt landed very consistent with what our expectations were at about 1.4% for the same-home pool. Some color there, if you recall from our discussion last quarter, we continue to have a small subset of our residents that are taking a little bit longer to work through the COVID resolution process, just given that some of the court systems are still moving a little slower than normal. You'll also likely recall from our discussion last quarter that guidance conservatively assumes that our full -- that our full year bad debt runs somewhere in the 1.4% area just like it is right now. With that said, it's too early to comment quantitatively, but we're optimistic that we'll have opportunity to potentially work through some of this process quicker and could have potential for improvement in the back part of the year. But again, it's a little bit early and too premature to count on that just yet.

貝爾，這裡是克里斯。看，一般來說，我會說第一季度的壞賬率與我們對同一家庭池的 1.4% 左右的預期非常一致。如果您還記得我們上個季度的討論，這裡有一些顏色，我們仍然有一小部分居民需要更長的時間來完成 COVID 解決過程，只是考慮到一些法院系統仍在移動比平時慢一點。您可能還記得我們上個季度的討論，保守地假設我們的全年壞賬率在 1.4% 左右，就像現在一樣。話雖如此，現在進行定量評論還為時過早，但我們樂觀地認為，我們將有機會更快地完成這一過程中的一些工作，並可能在今年下半年有改進的潛力。但同樣，現在指望這一點還為時過早。

Our next question comes from the line of Linda Tsai with Jefferies.

我們的下一個問題來自 Linda Tsai 與 Jefferies 的對話。

Just on the dispositions. Could you remind us, are those primarily done via MLS listings? Or do you sell to investors as well?

就在配置上。您能否提醒我們，這些主要是通過 MLS 列表完成的嗎？或者你也賣給投資者？

Linda, this is Bryan. It's a very good question because the shift has been to almost entirely MLS sales this year. I think it has to do with the disconnect between the value of these assets to the homeowner versus those to the investor. Chris cited some pretty aggressive exit cap rates. But to answer your question, it's been almost all MLS.

琳達，這是布萊恩。這是一個很好的問題，因為今年幾乎完全轉向了 MLS 銷售。我認為這與這些資產對房主的價值與對投資者的價值之間的脫節有關。克里斯引用了一些相當激進的退出上限率。但要回答你的問題，幾乎都是 MLS。

And then just one follow-up. On Nashville, the occupancy declined a little bit there more than the portfolio average. Just any color there?

然後只是一個跟進。在納什維爾，入住率比投資組合平均水平略有下降。那裡只有任何顏色？

Nashville is a very strong market for us. We saw outstanding occupancy last year. We had maybe a little bit of elevated move-outs in March, but we expect that to recover. It's still very strong.

納什維爾對我們來說是一個非常強大的市場。去年我們看到了出色的入住率。我們在 3 月份搬遷的人數可能有所增加，但我們預計這種情況會恢復。它仍然非常堅固。

Our next question comes from the line of Daniel Tricarico with Scotiabank.

我們的下一個問題來自豐業銀行的 Daniel Tricarico。

I have a broader question on portfolio construction and sort of a follow-up to Steve's question. In an economic downturn, how would you think your secondary markets would perform in relation to your more primary market exposures on average? And any commentary you see to the value of geographic diversification today versus maybe building market concentration in your markets?

我有一個關於投資組合構建的更廣泛的問題，以及對史蒂夫問題的後續行動。在經濟低迷時期，您認為您的二級市場與您在一級市場的平均敞口相比會如何表現？您對當今地域多元化的價值與可能在您的市場中建立市場集中度的價值有何評論？

Yes. No, this is Dave. We're still a believer in diversification. It's a -- when you have both strong and weaker times, not all markets perform the same, and so this is a good way to balance out the risk. What we are seeing right now today is, those markets that have an appearance of being a little bit weaker, we see very strong demand behind them. If you look at the Midwest, we know right now where we are -- where we have our portfolio is an area where there's going to be a lot of growth. There's -- Cisco is going in with a new plant in the future. So we're very, very pleased with the construction of our portfolio today.

是的。不，這是戴夫。我們仍然相信多元化。這是一個 - 當你有強勢和弱勢時，並非所有市場都表現相同，因此這是平衡風險的好方法。我們今天看到的是，那些表面上有點疲軟的市場，我們看到它們背後的需求非常強勁。如果你看看中西部，我們現在就知道我們在哪裡——我們擁有我們的投資組合的地方將會有很大的增長。有 - 思科未來將開設一家新工廠。因此，我們對今天投資組合的構建非常非常滿意。

Bryan did mention earlier that we have a robust asset management process where we review properties every month. We review markets probably every quarter and where we want to go into as well as where we may want to exit, and we have exited a couple of markets in the past. But we are very pleased with where we are currently positioned. And those homes, whether individually or in a market that don't fit long-term growth expectations, we will mark them for disposition and sell them over time.

Bryan 之前確實提到過，我們有一個強大的資產管理流程，我們每個月都會審查房產。我們可能每個季度都會審查市場以及我們想要進入的地方以及我們可能想要退出的地方，並且我們過去已經退出了幾個市場。但我們對目前的定位感到非常滿意。而那些不符合長期增長預期的房屋，無論是單獨的還是市場上的，我們都會將它們標記為處置並隨著時間的推移出售。

And then, Chris, a quick follow-up on the bad debt. Just wondering how much rental assistance you received this quarter. I'm not sure if you have what it was in 1Q last year. But what are those 2 numbers?

然後，克里斯，快速跟進壞賬。只是想知道您本季度收到了多少租金援助。我不確定你是否有去年第一季度的情況。但是那兩個數字是多少？

Yes. We're definitely trickling down as expected. In the quarter, we received just over $1 million of rental assistance. And I think that, that compares to just about $5 million same quarter last year.

是的。我們肯定會像預期的那樣滴下來。本季度，我們收到了超過 100 萬美元的租金援助。我認為，與去年同期的 500 萬美元相比。

Our next question comes from the line of Adam Kramer with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Adam Kramer。

Just wanted to ask about similar, I think, to an earlier question, just on kind of the February to March acceleration on the new lease growth, really strong kind of month-to-month acceleration. Wondering just kind of internally, was there kind of a change in strategy or something that you guys saw in particular markets or kind of just broadly that maybe caused you to approach the new lease growth a little bit differently, again, February to March?

只是想問一個類似的問題，我認為，與之前的問題類似，只是關於新租賃增長的 2 月至 3 月加速，非常強勁的月度加速。只是在內部想知道，是否有某種戰略變化或你們在特定市場或廣泛範圍內看到的東西，這可能導致你們在 2 月至 3 月再次以不同的方式處理新的租賃增長？

Yes. Thank you, Adam. It really comes down to the way that we're monitoring demand. So just to remind you, we take properties to market in a pre-leasing stage upon notice. And we're quite aggressive, in many cases, on our asking rents at that point. We're carefully monitoring all the activity on that specific house and in terms of who's looking at it, whether we're setting up tours, [shows] and ultimately into through the application phase. So we saw outstanding demand. It gave us a lot of confidence. We held prices improved our pre-leasing activity. But it's really -- it's -- our revenue optimization team is paying attention at the asset level and is very nimble, and we're able to capture that as soon as we saw that nice spike in February.

是的。謝謝你，亞當。這真的歸結為我們監控需求的方式。因此，提醒您，我們會在收到通知後在預租階段將物業推向市場。在很多情況下，我們當時的租金要價非常激進。我們正在仔細監控該特定房屋的所有活動，以及誰在看它，我們是否正在安排旅遊、[表演] 並最終進入申請階段。所以我們看到了突出的需求。這給了我們很大的信心。我們持有的價格改善了我們的預租活動。但它真的 - 它 - 我們的收入優化團隊正在關注資產級別並且非常靈活，我們能夠在 2 月份看到那個不錯的峰值時立即捕捉到這一點。

Great. And then just maybe thinking about the full year guidance. Look, we're still early here. But just thinking through kind of maybe what range of kind of new and renewal or blended rent growth is kind of baked into the assumption for the full year guidance.

偉大的。然後可能只是考慮全年指導。看，我們來的還早。但是，只要想一想，在全年指導的假設中，可能會考慮什麼樣的新租金和更新租金或混合租金增長范圍。

Yes. Adam, it's Chris here. You may recall from last quarter, full year guidance contemplates blended spreads in the 5 to 6 area. The construction of that is contemplating something in the 7s first and second quarter, then moderating into more of the mid-single digits in the back half of the year. Again, we're optimistic that we are on a nice path and track in the second quarter, currently slightly above that, but we need to see how May and June play out.

是的。亞當，我是克里斯。您可能還記得上個季度，全年指導考慮了 5 到 6 區域的混合利差。這種結構正在考慮 7s 第一和第二季度的一些東西，然後在今年下半年緩和到更多的中個位數。同樣，我們樂觀地認為我們在第二季度處於良好的軌道和軌道上，目前略高於該水平，但我們需要看看 5 月和 6 月的結果如何。

Our next question comes from the line of Brad Heffern with RBC.

我們的下一個問題來自 RBC 的 Brad Heffern。

Chris, just sort of sticking with the earning theme. Is there color that you can give on sort of the sequential trajectory? Obviously, $0.41 in the first quarter times 4 is the top end of the guide. So I'm curious if there's a seasonal impact or a onetime benefit in the first quarter that could result in the rest of the year being lower. Or would it really just result from some sort of degradation in the fundamentals?

克里斯，只是有點堅持賺錢的主題。您可以在某種連續軌跡上給出顏色嗎？顯然，第一季度的 0.41 美元乘以 4 是指南的頂端。因此，我很好奇第一季度是否存在季節性影響或一次性收益可能導致今年剩餘時間的業績下降。或者它真的只是由於基本面的某種退化造成的嗎？

Yes. Brad, I hate to get into too much detail on quarterly numbers. Obviously, we don't guide to the quarter, but a couple of different considerations from a timing perspective. Obviously, we see strongest leasing activity through second and third quarter from a seasonal perspective. Also keep in mind that we begin to get into turn and turn expense season as we get into the third quarter. But then also very importantly, as we think about the trajectory of NOI and FFO this year, property taxes are going to play a factor as well. So let's not forget about just the timing of how property taxes fell last year, notably out of Texas, where our accruals were lower in the first 3 quarters, which then were trued up in the fourth quarter of last year. And we'll see that play through this year as well. We saw it in the first quarter with our property tax level. Realistically, property taxes for the first 3 quarters will run in the low double digits. We'll see that then adjust in the fourth quarter landing full year based on our current midpoint of guidance at 9% on property taxes.

是的。布拉德，我不想過多地介紹季度數據的細節。顯然，我們不指導該季度，而是從時間的角度考慮幾個不同的因素。顯然，從季節性角度來看，我們看到第二和第三季度的租賃活動最為強勁。還要記住，隨著我們進入第三季度，我們開始進入輪流和輪流支出季節。但同樣非常重要的是，當我們考慮今年 NOI 和 FFO 的軌跡時，財產稅也將發揮作用。因此，我們不要忘記去年財產稅下降的時間，尤其是在德克薩斯州，前三個季度我們的應計利潤較低，然後在去年第四季度得到了調整。我們也將在今年看到這種表現。我們在第一季度的財產稅水平上看到了這一點。實際上，前三個季度的財產稅將以兩位數的低位運行。我們將看到，根據我們目前 9% 的財產稅指導中點，在第四季度全年進行調整。

Okay. And then you also took me right where I wanted to go next. Just on property taxes. I guess are there any preliminary thoughts you can give? I know it's early, and the millage rates are critical, too. But presumably, you've gotten some values across some of the states, including Texas. So I'm curious how those look versus maybe what you heard from consultants or what was in the guide.

好的。然後你也把我帶到了我下一步想去的地方。只談房產稅。我想你能提供一些初步的想法嗎？我知道現在還早，磨率也很關鍵。但據推測，您已經在某些州（包括德克薩斯州）獲得了一些價值。所以我很好奇這些看起來如何與您從顧問那裡聽到的或指南中的內容相比。

Yes. It's a good question. For the most part, property tax information is pretty quiet so far, which is how the first quarter typically is from a calendar perspective. You may recall that the property tax calendar falls such that we really start receiving the bulk of our initial assessments during the second and the third quarters. That then kicks off appeals season that runs over the course of the summer. And then to your point, exactly, actual property tax rates and bills are commonly received towards the end of the year. So at this point, we don't have a ton of new information in hand, and our full year view remains unchanged in and around 9%.

是的。這是個好問題。在大多數情況下，到目前為止，財產稅信息相當平靜，從日曆的角度來看，這是第一季度的典型情況。您可能還記得，財產稅日曆下降，以至於我們真正開始在第二和第三季度收到大部分初步評估。然後開始整個夏季的上訴季節。然後就您的觀點而言，確切地說，實際財產稅率和賬單通常會在年底收到。所以在這一點上，我們手頭沒有大量新信息，我們的全年觀點保持在 9% 左右不變。

On Texas, you bring up a good point. Texas is something that we're watching very closely. We started talking about this a little bit last quarter. As you may all recall, Texas is in a position of a large state budget surplus. And currently, there are proposals that call for about $15 billion of those surplus funds to be used towards property tax relief. As we understand it currently, the exact form of that property tax relief is still being discussed at the state level, which is expected to be finalized over the next month or 2 as Texas finishes its budgeting process. And so it's a little bit premature, but we are very much optimistically watching that process.

在德克薩斯州，你提出了一個很好的觀點。得克薩斯州是我們正在密切關注的地方。上個季度我們開始討論這個問題。大家可能還記得，得克薩斯州的預算盈餘很大。目前，有人提議將這些盈餘資金中的約 150 億美元用於減免財產稅。據我們目前了解，該財產稅減免的確切形式仍在州一級進行討論，預計將在下個月或 2 月內完成，因為德克薩斯州將完成其預算編制過程。所以這有點為時過早，但我們非常樂觀地關注這個過程。

Our next question comes from the line of Sam Choe with Crédit Suisse.

我們的下一個問題來自 Sam Choe 與 Crédit Suisse 的對話。

This is Adam on for Sam. Earlier in the year, it is quite a bit of noise from various MSAs and has about tenant protection and rent control. I was wondering if you had any MSAs you've been watching specifically or potentially in development on that front that you've heard.

這是山姆的亞當。今年早些時候，各種 MSA 發出了相當多的噪音，涉及租戶保護和租金控制。我想知道您是否聽說過您在這方面專門關注或可能正在開發的任何 MSA。

Yes. This is Dave. Regulatory probably means different things for different companies. And we have always attempted to be proactive and do the right thing and very fortunate that we don't have any significant government inquiries at this time. With that said, government affairs and the government regulator, I think we've always kept our eye on. We've been very proactive in that sense. We set up -- we're the first to set up a government affairs function to really provide education of what the single-family rental value proposition is to all the different regulatory and government bodies. And I think that has provided a very -- that's been a very, very good move. And we have actually had a lot of successes in changing opinions as to what single-family rental is and the value that we provide to the communities and economic growth in those communities as a result.

是的。這是戴夫。監管對於不同的公司可能意味著不同的事情。我們一直試圖積極主動，做正確的事，非常幸運的是，我們目前沒有收到任何重大的政府調查。話雖如此，政府事務和政府監管機構，我認為我們一直在關注。從這個意義上說，我們一直非常積極主動。我們設立了——我們是第一個設立政府事務職能部門的機構，以真正向所有不同的監管機構和政府機構提供有關單戶租賃價值主張的教育。而且我認為這提供了一個非常 - 這是一個非常非常好的舉措。事實上，我們已經取得了很多成功，改變了關於什麼是單戶出租以及我們為社區提供的價值以及這些社區的經濟增長的觀點。

Our next question comes from the line of Austin Wurschmidt with KeyBanc.

我們的下一個問題來自 Austin Wurschmidt 與 KeyBanc 的對話。

You spoke about historically, new lease rates are up in that 5% range into the spring leasing season, and you're clearly outperforming that average this year. But how much of a seasonal slowdown do you typically see from the peak in asking rent values towards the back half of the year? And does the higher increase in the first half necessarily translate into an outsized de-sell? Or what have you seen sort of historically?

你從歷史上講，新租賃率在春季租賃季節上升了 5%，今年你的表現明顯優於平均水平。但是，從租金價格的峰值到下半年，您通常會看到多少季節性放緩？上半年更高的增幅是否必然轉化為超額拋售？或者你在歷史上看到了什麼？

Yes. Thank you, Austin. This is Bryan. Historically, when I think historically, I'm thinking pre-pandemic, and there's a bit of a new normal now. The way we look at it prior to the pandemic, it would be kind of 5% range during the spring leasing season, tapering down into the 2% or 3% range with the inverse happening with the renewals if my memory serves. But our expectations have changed a little bit because of the improvement in demand over the past couple of years. So I wouldn't see the really positive results of March and April indicating that it could cause a more dramatic slowdown. I think demand is still strong. We've talked about the position that we're in. It's still early, but we look forward to updating as the year goes on.

是的。謝謝你，奧斯汀。這是布萊恩。從歷史上看，當我回顧歷史時，我在考慮大流行前的情況，現在有一些新常態。在大流行之前，我們看待它的方式是，在春季租賃季節，它的範圍是 5%，如果我沒記錯的話，會逐漸下降到 2% 或 3% 的範圍，而續訂則相反。但由於過去幾年需求的改善，我們的預期發生了一些變化。因此，我不會看到 3 月和 4 月的真正積極結果表明它可能導致更劇烈的放緩。我認為需求仍然強勁。我們已經討論了我們所處的位置。現在還早，但我們期待隨著時間的推移進行更新。

That makes sense. Very helpful, Bryan. And then just secondly, we've heard about some other companies talking about land values decreasing pretty materially, instances as much as 35%. I'm just curious if you're seeing reductions in land values as well. And should we start to see you banking land sites again going forward? It feels like that number has kind of come down as you patiently, I guess, awaited adding to that future bank.

這就說得通了。非常有幫助，布萊恩。其次，我們聽說其他一些公司談論土地價值大幅下降，實例高達 35%。我很好奇您是否也看到土地價值下降。我們是否應該開始看到你們再次在土地上進行銀行業務？感覺這個數字有點下降，因為你耐心地等待添加到那個未來的銀行。

Yes. Austin, it's Dave. Land is actually, I would characterize, as something of a little bit of a mixed bag. There are definitely opportunities on an individual basis here and there. We've seen a couple where you have the ability to extract some very, very good value. I think there's a recent report that came out this week that looks at land values. And when you look at land values in the A and B category, they really haven't come down much. In the Bs -- or the Cs and Ds or the Bs and Cs, they have. And they've come down probably in the 10% range. That's not in the 20s and 30s that we have seen. We expected to see a little bit more, but we haven't seen it. With that said, with the land prices holding firm a little bit of reduction in the input cost, mainly from our systems, the fact that our revenues are continuing to get stronger and stronger, we're seeing our yields increase. And as we indicated, those that we're going to be delivering later this year will be in the 6% range versus the 5.5% today. With that said, we're still looking for the upper 6s. We're not quite there yet on what the opportunities are, but we are seeing progress towards the opportunity in the future.

是的。奧斯汀，是戴夫。實際上，我認為土地是一種混合包。在個人基礎上肯定有機會在這里和那裡。我們已經看到一些你有能力提取一些非常非常好的價值。我認為本週發布了一份關於土地價值的最新報告。當您查看 A 類和 B 類的土地價值時，它們實際上並沒有下降多少。在 Bs - 或 Cs 和 Ds 或 Bs 和 Cs 中，他們有。他們可能已經下降了 10% 的範圍。那不是我們看到的 20 和 30 年代。我們希望看到更多，但我們還沒有看到。話雖如此，隨著土地價格保持堅挺，投入成本略有下降，主要來自我們的系統，事實上我們的收入繼續變得越來越強，我們看到我們的收益率增加了。正如我們所指出的，我們將在今年晚些時候交付的那些將在 6% 的範圍內，而今天為 5.5%。話雖如此，我們仍在尋找上 6 位。我們還不完全了解機會是什麼，但我們看到了未來機會的進展。

Our next question is a follow-up question from Steve Sakwa with Evercore ISI.

我們的下一個問題是 Evercore ISI 的 Steve Sakwa 提出的後續問題。

Dave, it was exactly on that point you just referenced. So just to be clear, the -- on the supplemental, when you talk about the deliveries this year, you're saying that $600 million to $700 million is kind of yielding 6%. But for something that you start new today, you would be targeting more of a 6.75, which is not really in the card. So is it fair to say that you're not really starting new things? These are just kind of completions, and you've got to see either rents up or cost down to get to that yield that you're targeting on new investments?

戴夫，正是你剛才提到的那一點。所以要明確一點，關於補充，當你談到今年的交付時，你是說 6 億到 7 億美元的收益率是 6%。但是對於您今天開始的新事物，您的目標可能更多是 6.75，這實際上並不存在。那麼可以說您並沒有真正開始新事物嗎？這些只是某種程度上的完成，您必須看到租金上漲或成本下降才能達到新投資的目標收益率？

Yes. So Steve, maybe we should clarify a couple of points. The stuff that we are delivering this year will blend out below 6%. We are delivering homes to date that are more in the lower to mid 5s, we'll call it mid-5s, and we expect to be delivering homes later this year at the 6% range. The reason for that is the fact that these homes have been started in prior periods. And a number of the homes that we are delivering today or maybe all of the homes that we deliver in the first quarter were contracted or at least framed when lumber prices were much higher. But we also had the capital in place, so we're matched funding that respect.

是的。所以史蒂夫，也許我們應該澄清幾點。我們今年交付的產品混合比例將低於 6%。迄今為止，我們交付的房屋更多處於中低 5 年代，我們稱之為中 5 年代，我們預計將在今年晚些時候以 6% 的範圍交付房屋。這樣做的原因是這些房屋在以前的時期就已經開始了。我們今天交付的許多房屋，或者我們在第一季度交付的所有房屋，都是在木材價格高得多的時候簽約的，或者至少是框架的。但我們也有資金到位，所以我們在這方面提供了匹配的資金。

We also have a significant inventory of land. We have 14,000 lots today, and those are in different stages of land improvement. But one of the things to keep in mind about that land inventory is much of that land has been acquired 2 years ago, and we have seen significant land appreciation since we acquired the land. And so that's going to be very favorable to us as we deliver those homes. For land that we would be acquiring today, yes, we would be looking at the ability to underwrite in the high 6s. And very few opportunities are out there today, but we're much closer to getting to opportunity potential than we were a quarter ago or 2 quarters ago.

我們還有大量土地庫存。我們今天有 14,000 塊土地，它們處於不同的土地改良階段。但關於土地存量要記住的一件事是，大部分土地是 2 年前收購的，自收購土地以來，我們已經看到了顯著的土地升值。因此，當我們交付這些房屋時，這將對我們非常有利。對於我們今天要收購的土地，是的，我們會考慮在 high 6s 中承保的能力。今天的機會很少，但我們比一個季度前或兩個季度前更接近獲得機會潛力。

So we're moving in the right direction. I think it's the prudent thing to do to be a little patient and a little disciplined in that process, and that's what we are doing. It doesn't mean that we'll be slowing down deliveries. The pipeline has been built in prior periods. Stuff that we would acquire today would be at 25 at earliest delivery unless it's a land that's already been -- had the infrastructure work, and then we could accelerate a little bit. But we'd be looking at 25, 26 deliveries with any land that we acquired today.

所以我們正朝著正確的方向前進。我認為在這個過程中保持一點耐心和一點紀律是謹慎的做法，這就是我們正在做的事情。這並不意味著我們會放慢交貨速度。管道已於前期建成。我們今天要收購的東西最早會在 25 日交付，除非它是一塊已經存在的土地——如果基礎設施工作了，那麼我們可以加快一點。但我們會看到我們今天獲得的任何土地的 25、26 次交付。

Okay. So just to be clear, it's really new land investments that really wouldn't occur today because you can't get 6.75, but you would still start new homes somewhere in the 6s on the existing lots you currently own?

好的。所以要明確一點，這真的是新的土地投資，今天真的不會發生，因為你不能得到 6.75，但你仍然會在 6s 的某個地方在你目前擁有的現有地塊上開始新房？

That's correct. And again, when you think about the funding of that, a lot of the funding of the land and much of the land improvements has been funded with capital that was cheaper than the capital that we see today. So on a matched funding basis, we're going to be in a pretty good place. But we'll see better yields on those than those that we are delivering first quarter of this year as a result of input costs coming down, but they may not be at the upper 6s.

這是正確的。再一次，當你考慮到資金時，土地的大量資金和土地改良的大部分資金都比我們今天看到的資金便宜。因此，在匹配的資金基礎上，我們將處於一個非常好的位置。但由於投入成本下降，我們將看到比我們今年第一季度交付的收益率更好的收益率，但它們可能不會達到 6 分以上。

Thank you. We have reached the end of the question-and-answer session. I would now like to turn the floor back over to management for closing comments.

謝謝。我們已經結束了問答環節。我現在想將發言權交還給管理層以徵求結束意見。

Thank you, operator, and thank you to all of you for your time today. We'll see many of you shortly at NAREIT. Have a good afternoon. Take care. Bye-bye.

謝謝接線員，也感謝大家今天抽出時間來。我們很快就會在 NAREIT 見到你們中的許多人。祝你下午好。小心。再見。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們，先生們，今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。