American Homes 4 Rent (AMH) 2024 Q1 法說會逐字稿

Greetings, and welcome to American Homes 4 Rent First Quarter 2024 Earnings Conference Call. (Operator Instructions). As a reminder, this conference is being recorded.

您好，歡迎參加 American Homes 4 Rent 2024 年第一季財報電話會議。 （操作員說明）。提醒一下，本次會議正在錄製中。

I would now like to turn the conference over to your host, Nicholas Fromm, Director of Investor Relations. Thank you. You may begin.

現在我想將會議交給東道主投資者關係總監尼古拉斯·弗洛姆 (Nicholas Fromm)。謝謝。你可以開始了。

Good morning. Thank you for joining us for our first quarter 2024 earnings conference call. With me today are David Singelyn, Chief Executive Officer; Bryan Smith, Chief Operating Officer; and Chris Lau, Chief Financial Officer.

早安.感謝您參加我們的 2024 年第一季財報電話會議。今天與我在一起的有執行長 David Singelyn；布萊恩‧史密斯，營運長；和財務長克里斯·劉（Chris Lau）。

Please be advised that this call may include forward-looking statements. All statements, other than statements of historical facts, 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.

請注意，本次電話會議可能包含前瞻性陳述。除歷史事實陳述外，本次電話會議中包含的所有陳述均為前瞻性陳述，這些陳述受到許多風險和不確定性的影響，可能導致實際結果與這些陳述中預測的結果有重大差異。

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 3, 2024. 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.

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向 SEC 提交的文件中進行了描述。所有前瞻性陳述僅截至今天，即 2024 年 5 月 3 日。

A reconciliation of GAAP to non-GAAP financial measures is included in our earnings press 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.

我們的收益新聞稿和補充資訊包中包含 GAAP 與非 GAAP 財務指標的調整表。請注意，我們的營運和財務表現（包括 GAAP 和非 GAAP 指標）在我們的收益發布和補充資訊包中進行了詳細說明。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音訊網路廣播重播。

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

接下來，我會將電話轉給我們的執行長 David Singelyn。

Welcome, everyone, and thank you for joining us today. 2024 is off to a good start. Demand for single-family rentals and, more specifically, AMH homes remains healthy. In the first quarter, we delivered $0.43 of core FFO per share, representing 5.8% year-over-year growth.

歡迎大家，感謝您今天加入我們。 2024 年是一個好的開始。對單戶出租房屋（更具體地說，AMH 房屋）的需求仍然強勁。第一季度，我們每股核心 FFO 為 0.43 美元，年增 5.8%。

As expected, the SFR normal seasonal curve is back, and our property management team is doing a great job capturing the accelerating demand heading into our spring leasing season. More broadly, the ongoing macro drivers, including the national housing shortage, aging millennial demographics and challenging home affordability dynamics suggest steady demand into the foreseeable future for single-family rental homes.

正如預期的那樣，SFR 正常季節性曲線又回來了，我們的物業管理團隊在捕捉春季租賃季節到來時不斷加速的需求方面做得很好。更廣泛地說，持續的宏觀驅動因素，包括全國住房短缺、千禧世代人口老化和充滿挑戰的住房負擔能力動態表明，在可預見的未來，單戶出租房屋的需求將保持穩定。

Additionally, the higher-for-longer interest rate scenario seems to be playing out, which may continue to pressure new housing supply. With that in mind, our focus remains on the Development Program, where we continue to do our part in solving the housing shortage by providing new premium housing options in desirable family-friendly locations across the country.

此外，長期較高的利率情境似乎正在上演，這可能會繼續給新住房供應帶來壓力。考慮到這一點，我們的重點仍然是發展計劃，透過在全國理想的家庭友好地點提供新的優質住房選擇，我們繼續為解決住房短缺問題盡自己的一份力量。

Turning to an update on sustainability. We published our sixth annual sustainability report last week, which includes updates on our progress and impact on environmental and social initiatives, such as the expansion of our solar pilot program to residents. As a reminder, whether solar-enabled or not, our newly constructed homes are designed with sustainability in mind. In fact, our 2023 deliveries on average are 54% more energy-efficient than the typical American home.

轉向可持續發展的最新情況。我們上週發布了第六份年度永續發展報告，其中包括我們對環境和社會舉措的進展和影響的最新信息，例如將我們的太陽能試點計劃擴展到居民。提醒一下，無論是否啟用太陽能，我們新建的房屋在設計時都考慮到了永續性。事實上，我們 2023 年交付的產品平均比典型的美國家庭節能 54%。

Additionally, our corporate headquarters in Las Vegas was recently awarded LEED Gold Certification for the building green design, construction and use practices. This represents another milestone in the company's sustainability journey, affirming AMH's continued commitment to responsible environmental practices.

此外，我們位於拉斯維加斯的公司總部最近因其建築綠色設計、施工和使用實踐而獲得了 LEED 金級認證。這是公司永續發展歷程中的又一個里程碑，肯定了 AMH 對負責任的環境實踐的持續承諾。

In closing, AMH is in a great position starting out the new year. Long-term business fundamentals are strong. Leasing momentum continues to build into the second quarter, and our Development Program continues to deliver new high-quality homes into the portfolio.

最後，AMH 在新的一年伊始處於有利位置。長期業務基礎強勁。第二季租賃動能持續增強，我們的開發計畫繼續為投資組合提供新的高品質住宅。

Now I'll turn the call over to Bryan for an update on our operations and investment programs.

現在我將把電話轉給布萊恩，以了解我們營運和投資計畫的最新情況。

Thank you, and good morning, everyone. As Dave mentioned, 2024 is off to a great start, with demand accelerating into the spring leasing season.

謝謝大家，大家早安。正如 Dave 所提到的，2024 年是一個好的開端，需求加速進入春季租賃季節。

Website activity is up double digits year-over-year, and the inbound inquiries saw a strong sequential pickup to support the occupancy levels and leasing spreads that remain well above long-term historical averages. Further, the kickoff of our seasonal curve is evident in our sequential occupancy metrics, with March occupancy increasing over that of January and February.

網站活動年增兩位數，入境查詢量連續強勁回升，支撐了入住率和租賃價差仍遠高於長期歷史平均水準。此外，我們的季節性曲線的開始在我們的連續入住率指標中很明顯，三月份的入住率比一月和二月的入住率有所增加。

Turning to first quarter same-home results. Rate growth was healthy with new renewal and blended rental rate spreads of 4.8%, 5.9% and 5.6%, respectively. And with same-home average occupied days of 96.2%, this drove same-home core revenue growth of 5.3%. Core operating expense growth was 5.9%, also in line with our expectations. All of this resulted in same-home core NOI growth of 4.9% for the quarter.

轉向第一季同主場業績。利率成長健康，新續租和混合租金利差分別為 4.8%、5.9% 和 5.6%。同屋平均入住天數達 96.2%，帶動同屋核心收入成長 5.3%。核心營運費用成長5.9%，也符合我們的預期。所有這些導致本季同屋核心 NOI 成長 4.9%。

First quarter operating momentum has continued into April, demonstrating the strength of the spring leasing season with same-home average occupied days of 96.6% and new, renewal and blended spreads of 5.1%, 5.2% and 5.2%, respectively. While strong, these results are within our range of expectations, and our guide remains unchanged with the bulk of the prime leasing season still ahead.

第一季的營運動能持續到 4 月份，顯示了春季租賃季的強勁勢頭，同屋平均入住天數為 96.6%，新房、續房和混合利差分別為 5.1%、5.2% 和 5.2%。儘管業績強勁，但這些結果仍在我們的預期範圍之內，而且我們的指導方針保持不變，因為優質租賃季節的大部分時間仍在前方。

Lastly, expanding more on our investment programs, our strategy, driven by prudent decision-making and consistent execution, remains unchanged. Internally developed homes continue to be our primary method of growth. For the year, we expect the AMH Development Program to deliver between 2,200 and 2,400 homes at average economic yields in the high 5% area after a reserve for CapEx.

最後，在進一步擴大我們的投資計畫的同時，我們在審慎決策和一致執行的推動下的策略保持不變。內部開發的住宅仍然是我們主要的成長方式。今年，我們預計 AMH 開發計劃在資本支出儲備後將交付 2,200 至 2,400 套房屋，平均經濟收益率在 5% 高的地區。

In closing, operations are off to a strong start as we enter our busiest period of the year, and our investment programs remain in great shape. As I travel to our field offices across the country, I continue to be impressed with the hard work and dedication of our team members in providing the best resident experience in our space. Thank you for setting us up for another strong year.

最後，隨著我們進入一年中最繁忙的時期，我們的營運有了一個良好的開端，我們的投資計劃仍然保持良好狀態。當我前往全國各地的現場辦事處時，我們的團隊成員在我們的空間中提供最佳的居民體驗的辛勤工作和奉獻精神仍然給我留下了深刻的印象。感謝您讓我們為另一個強勁的一年做好準備。

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

這樣，我將把電話轉給克里斯，以了解最新的財務狀況。

Thanks, Bryan, and good morning, everyone. I'll cover 3 areas in my comments today: first, a review of our solid quarterly results; second, an update on our balance sheet through recent capital activity; and third, I'll close with a brief update around our unchanged 2024 guidance.

謝謝布萊恩，大家早安。我今天的評論將涵蓋三個方面：首先，回顧我們可靠的季度表現；其次，透過近期資本活動更新我們的資產負債表；第三，最後我將簡要介紹我們未改變的 2024 年指導方針。

Starting off with our operating results. We delivered another consistent and solid quarter with net income attributable to common shareholders of $109.3 million or $0.30 per diluted share. On an FFO share and unit basis, we generated $0.43 of core FFO, representing 5.8% year-over-year growth and $0.40 of adjusted FFO, representing 6.5% year-over-year growth.

從我們的經營業績開始。我們又實現了一個穩定而穩健的季度，歸屬於普通股股東的淨利潤為 1.093 億美元，即稀釋後每股收益 0.30 美元。在 FFO 份額和單位基礎上，我們產生了 0.43 美元的核心 FFO，同比增長 5.8%，以及 0.40 美元的調整後 FFO，同比增長 6.5%。

From an investment standpoint, our Development Program continues to perform right on track and delivered a total of 469 homes to our wholly owned and joint venture portfolios during the quarter. Specifically, for our wholly owned portfolio, we delivered 441 homes for a total investment cost of approximately $171 million. Additionally, during the quarter, we sold 471 properties, generating approximately $145 million of net proceeds at an average economic disposition yield in the high 3% to 4% area.

從投資的角度來看，我們的開發計劃繼續按計劃進行，本季為我們的全資和合資投資組合交付了總共 469 套住宅。具體來說，對於我們的全資投資組合，我們交付了 441 套住宅，總投資成本約為 1.71 億美元。此外，本季我們出售了 471 處房產，以 3% 至 4% 的高平均經濟處置收益率產生了約 1.45 億美元的淨收益。

Next, I'd like to turn to our balance sheet and recent capital activity. At the end of the quarter, our net debt, including preferred shares to adjusted EBITDA, was 5.3x. We had $125 million of cash available on the balance sheet, and our $1.25 billion revolving credit facility was fully undrawn.

接下來，我想談談我們的資產負債表和最近的資本活動。截至本季末，我們的淨負債（包括優先股與調整後 EBITDA 比率）為 5.3 倍。我們的資產負債表上有 1.25 億美元的可用現金，我們的 12.5 億美元循環信貸額度已完全未提取。

Additionally, following the successful green bond offering that we discussed on our last call, we fully repaid our 2014-SFR2 securitization during the quarter. As a reminder, the 2014-SFR2 securitization had an outstanding principal balance of $461 million, with an expiring interest rate of 4.4% and was collateralized by approximately 4,500 properties that can now be freely reviewed by our asset management and disposition programs.

此外，繼我們在上次電話會議上討論的成功綠色債券發行之後，我們在本季度全額償還了 2014-SFR2 證券化。需要提醒的是，2014-SFR2 證券化的未償本金餘額為4.61 億美元，到期利率為4.4%，並以約4,500 處房產作為抵押，這些房產現在可以由我們的資產管理和處置計劃自由審查。

And finally, I'm happy to share that AMH was added to the S&P 400 Index on March 1. This created an opportunistic window to sell approximately 3 million Class A common shares under our ATM program at an average sales price of $37.03. Given the opportunistic nature, these shares were sold on a 100% forward basis and represent future gross proceeds of $110.6 million that will be used to expand our future growth capacity.

最後，我很高興地告訴大家，AMH 於3 月1 日被納入標準普爾400 指數。 。鑑於機會主義性質，這些股票以 100% 遠期基礎出售，代表未來總收益 1.106 億美元，將用於擴大我們未來的成長能力。

Lastly, before we open the call to your questions, I wanted to briefly touch on our 2024 guidance. As expected, the year is off to a strong start with robust demand in leasing activity. However, given that the bulk of the spring leasing season is still ahead of us, we are currently maintaining our previously provided full year 2024 earnings guidance and look forward to providing another update on this front next quarter.

最後，在我們開始回答大家的問題之前，我想先簡單談談我們 2024 年的指引。正如預期，今年開局良好，租賃活動需求強勁。然而，鑑於春季租賃季的大部分時間仍在我們前面，我們目前維持先前提供的 2024 年全年盈利指引，並期待在下個季度提供有關這方面的另一次更新。

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

在此，再次感謝您抽出寶貴的時間，我們將開始回答您的問題。操作員？

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

（操作員說明）我們的第一個問題來自 BMO 資本市場的 Juan Sanabria。

Just wanted to ask about external growth and opportunities for portfolio acquisitions, if there's anything out there that would be of interest? And if so, where do you think yields are? And as a subset of that question, could you give us a sense of where your development yields are on a nominal basis pre-CapEx just so we can comp it apples-to-apples with where some of your peers are quoting cap rates at?

只是想問一下外部成長和投資組合收購的機會，是否有什麼值得感興趣的？如果是這樣，您認為收益率在哪裡？作為這個問題的子集，您能否讓我們了解您的開發收益率在資本支出前的名義基礎上處於什麼位置，以便我們可以將其與您的一些同行引用的資本化率進行比較？

Juan, it's Dave. Let me start with the acquisition landscape as we see it. We, in the first quarter, underwrote or received tapes. And I'm going to break this down into 2 components, that the national builder and existing homes.

胡安，我是戴夫。讓我從我們所看到的收購情況開始。我們在第一季承銷或接收了磁帶。我將把它分為兩個部分，即國家建築商和現有房屋。

So starting with the national builder side, we received tapes in the first quarter. It contained more than 35,000 homes, about 15,000 or a little over 15,000 of those are in our markets. We analyzed those. And we analyze them based on location, quality, what the type of asset is. We're looking for detached homes, and then, obviously, get down to price and yield.

因此，從國家建築商方面開始，我們在第一季收到了磁帶。它包含超過 35,000 套房屋，其中約 15,000 套或略多於 15,000 套在我們的市場上。我們分析了這些。我們根據位置、品質和資產類型來分析它們。我們正在尋找獨立屋，然後，顯然，我們會考慮價格和收益率。

What we were seeing in the national builder side is those that would be in the location and quality that we desire. They're in the high 4s, maybe some in the low 5s on an economic yield. On a nominal accounting yield, probably add 10, 20 basis points to it. We would need 15%, plus or minus, decline in the transaction price at the current landscape of rents, et cetera, to make those deals work.

我們在國家建築商方面看到的是那些具有我們想要的位置和品質的建築。他們的經濟收益率處於 4 左右，也許有些處於 5 左右。依照名目會計收益率，可能會增加 10、20 個基點。在目前的租金等情況下，我們需要將交易價格降低 15%（上下），才能讓這些交易發揮作用。

Moving over to the acquisition. We are seeing a significant reduction in the supply of new homes in our markets. This is not a new story. This is a story that's really been playing out since COVID started. So we're about half -- in our top 20 markets, we see about half of the number of homes that we saw pre-pandemic.

轉向收購。我們看到市場上的新房供應量大幅減少。這不是一個新故事。這是自新冠疫情爆發以來一直在上演的故事。因此，我們在前 20 個市場中看到的房屋數量約為疫情大流行前的一半。

Pricing. We haven't seen any significant reduction in pricing, a little bit in a couple of our markets, mainly Midwest. And again, the way we underwrite on economic yield, those are in the high 4s, low 5s. We might have ability to sharp shoot a property here and there. we're seeing a little bit of opportunity coming into the 5. So we'll see how that plays out.

價錢。我們沒有看到價格有任何顯著下降，在我們的幾個市場（主要是中西部）有一點點下降。再說一遍，我們對經濟收益率的承保方式是高 4 級，低 5 級。我們可能有能力對各處的房產進行銳利射擊。我們在第五屆比賽中看到了一些機會。

Portfolios. Again, on the portfolio side, it's kind of the same as the acquisition of the existing homes. On development, high 5s on economic yields, add 10, 20 basis points, gets you around 6% in that area on a nominal NOI basis.

投資組合。同樣，在投資組合方面，這與收購現有房屋類似。在發展方面，經濟收益率高5分，加上10、20個基點，在名目NOI基礎上，該領域的收益率約為6%。

Our next question is from Eric Wolfe with Citi.

我們的下一個問題來自花旗銀行的埃里克·沃爾夫（Eric Wolfe）。

It looks like the reduced bad debt and higher fees added 50 bps to your same-store revenue this quarter. So I was just curious whether you think that's sustainable going forward and whether you've seen a step down in bad debt recently.

看起來壞帳減少和費用上漲使您本季的同店收入增加了 50 個基點。所以我只是好奇你是否認為這種情況未來可持續發展，以及最近壞帳是否有所下降。

Yes. Eric, Chris here. Look, on bad debt, why don't we just kind of take a step back a little bit and talk about collections more broadly. Look, like we talked about on our last call, coming into 2024, collections and bad debt really continued to run, pretty consistent with what we were seeing last year in the low 1% bad debt area.

是的。埃里克，克里斯在這裡。聽著，關於壞賬，我們為什麼不退後一步，更廣泛地討論收款問題。看，就像我們在上次電話會議中談到的那樣，進入 2024 年，催收和壞帳確實繼續增長，與我們去年在 1% 的低壞帳區域看到的情況非常一致。

And then as we got into March, we saw some really great execution from our teams across a number of our markets that brought overall first quarter bad debt just under 1% that you pointed out. And while we're optimistic, we know that there are still -- as we're talking or thinking about local municipal and court system processing times that we've been talking about over the course of the last year, not a lot has really changed there yet.

然後，當我們進入 3 月時，我們看到我們的團隊在多個市場上都表現出了非常出色的執行力，使得第一季整體壞帳率略低於您所指出的 1%。雖然我們很樂觀，但我們知道，當我們談論或思考去年我們一直在談論的當地市政和法院系統的處理時間時，真正的處理時間並不多。

So until we see more data or tangible evidence of things improving at the municipal and court system level. It still feels a little bit too premature to change our outlook on a full year basis. But again -- but March is a good data point, and as I mentioned, we're optimistic.

因此，直到我們看到更多數據或實際證據顯示市和法院系統層面的情況有所改善。現在改變我們對全年的展望仍然有點為時過早。但同樣，三月是一個很好的數據點，正如我所提到的，我們很樂觀。

Our next question is from Jamie Feldman with Wells Fargo.

我們的下一個問題來自富國銀行的傑米·費爾德曼。

Great. So maybe just shifting over to the expense side. As you -- I know you maintained your guidance. But as you think about some of the moving pieces, anything you think that may be trending higher or lower than your original expectations? And then I know we're a ways out from November, but as you think about property taxes, millage rates, any early thoughts you can provide on how this year may play out based on conversations with your team?

偉大的。所以也許只是轉移到費用方面。作為你——我知道你維持了你的指引。但是，當您考慮一些變化的因素時，您認為有哪些趨勢可能高於或低於您最初的預期？然後我知道距離 11 月還有很長的路要走，但是當您考慮財產稅、里程費率時，根據與您的團隊的對話，您可以提供有關今年情況的任何早期想法嗎？

Sure. Jamie, Chris here. On expenses overall, yes, really no different from the start of the year. Recall that overall expense growth outlook is 6.25% at the midpoint for this year. Major components being property taxes in the low 7% area, which, as expected, is beginning to show some moderation compared to the last couple of years.

當然。傑米，克里斯在這裡。就整體支出而言，是的，與年初確實沒有什麼不同。回想一下，今年整體費用成長前景的中點為 6.25%。主要組成部分是 7% 低稅率地區的財產稅，正如預期的那樣，與過去幾年相比，該地區的財產稅開始放緩。

We talked about this on our last call, but insurance growth, we're expecting to be in the high single digits. That's based on our renewal that is done at this point. And then about 5% inflationary growth on our controllables. So as I mentioned, outlook on all of that is unchanged from the start of the year.

我們在上次電話會議上談到了這一點，但我們預計保險成長將達到高個位數。這是基於我們此時完成的更新。然後我們的可控因素的通膨率將增長約 5%。正如我所提到的，所有這些的前景從今年年初開始就沒有變化。

And then just on property taxes. I think you hit it on the head. We're early in the property tax year, just as a reminder for folks in terms of how things play out over the course of the year. Keep in mind, majority of property tax values are received over the summer months. That then kicks off appeals season, which typically runs until the fall or so.

然後就是財產稅。我認為你擊中了頭部。我們正處於財產稅年度的早期，只是為了提醒人們這一年的情況如何。請記住，大部分財產稅是在夏季收到的。然後上訴季節開始，通常持續到秋季左右。

And then as you pointed out, tax rates and actual property tax bills are received typically out in the fourth quarter. So we're still early. But to answer your question specifically, at this point, our full year outlook of property tax growth in the low 7s still feels good, and it's unchanged.

然後，正如您所指出的，稅率和實際財產稅通常在第四季度收到。所以我們還早。但具體回答你的問題，目前，我們對全年財產稅增長在 7 左右的預期仍然感覺良好，而且沒有變化。

Okay. And I guess, along those lines, I mean, it sounds like your development yields have remained relatively sticky in the high 5%, low 6% range. Other than a low-cost basis on land, are there any expense drivers that could take those yields even higher? Or it's pretty much just focused on the revenue side?

好的。我想，沿著這些思路，我的意思是，聽起來你們的開發收益率一直保持在 5% 高、6% 低的範圍內。除了土地成本較低之外，是否有任何費用驅動因素可以使這些收益率更高？或者它幾乎只關注收入方面？

Yes. No, I think that there's a couple of things. One is, as you point out, the land. The other is we are seeing the income side accelerating or growing a little bit faster than the input side. We've seen -- other than land. Land has been going up over the past year, but a lot of the input costs have been relatively flat in aggregate. So some up, some down, but in aggregate, it's kind of flat. So I think we can grow into some better yields later in the next couple of years.

是的。不，我認為有幾件事。正如您所指出的，其中之一是土地。另一個是我們看到收入的加速或成長略快於投入方面。我們已經看到了——除了陸地。過去一年土地價格一直在上漲，但許多投入成本總體上相對持平。所以有的上漲，有的下跌，但總的來說，還是平的。所以我認為我們可以在未來幾年內獲得更好的產量。

Our next question comes from Keegan Carl with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Keegan Carl。

Maybe first, this seems a little technical, but I saw you reclassified 139 homes from the Seattle market to the Portland market. I guess, just given the cities over 3 hours apart, what drove that? And should we be aware of any other markets where the MSAs they're classified at is a bit of a stretch?

也許首先，這看起來有點技術性，但我看到您將 139 個房屋從西雅圖市場重新分類到波特蘭市場。我想，考慮到兩個城市相距超過 3 小時，是什麼原因造成的呢？我們是否應該意識到其他市場的 MSA 分類有點誇張？

Yes. Keegan, this is Bryan. I think the easiest way to look at it is we have some homes that are in the Portland MSA, but are actually in Vancouver, Washington. And there's just a movement of those. But we're still managing that entire area with the same group. There's really, really no change, nothing to note.

是的。基根，這是布萊恩。我認為最簡單的看待方式是，我們有一些房屋位於波特蘭 MSA，但實際上位於華盛頓州溫哥華。這些只是一個運動。但我們仍然由同一個團隊管理整個區域。確實沒有什麼變化，沒有什麼值得注意的。

Got it. And then just maybe on renewal spreads. Just curious if you guys would have sent out for May and June?

知道了。然後也許只是續訂價差。只是好奇你們是否會在五月和六月寄出去？

Yes. So we mailed in the 5 to 6 range, similar to what I talked about on the last call for April. We saw nice pickup at 5.2% for April. And I would expect May and June to be similar for around 5% for the quarter.

是的。所以我們郵寄了 5 到 6 個範圍，類似於我在 4 月最後一次電話會議中談到的內容。 4 月我們看到了 5.2% 的良好回升。我預計本季 5 月和 6 月的成長率將相似，約為 5%。

Our next question comes from Adam Kramer with Morgan Stanley.

我們的下一個問題來自摩根士丹利的亞當·克萊默。

Wanted to ask about your views on new and renewal growth for the full year. I think you guys provided a really helpful kind of full year outlook last quarter. I think it was renewal in the 5% area and new in the low 4s%. Just kind of given the results year-to-date, I think especially on the new size trending a little bit better, even some of the seasonally softer periods. Just wondering if there's any change in the full year outlook that you could share?

想詢問您對全年新增和更新成長的看法。我認為你們上個季度提供了非常有用的全年展望。我認為這是 5% 區域的更新，而 4% 的區域是新的。考慮到今年迄今為止的結果，我認為尤其是新尺寸的趨勢要好一些，甚至在一些季節性疲軟的時期也是如此。只是想知道您可以分享的全年展望是否有任何變化？

Yes. Thanks, Adam. This is Bryan. Our expectations for the full year are pretty similar. We're really pleased with how new lease rate growth has played out. Demand is fantastic. April was strong at 5.1%, and we're expecting pickup into May, at least the early indications show that.

是的。謝謝，亞當。這是布萊恩。我們對全年的預期非常相似。我們對新租賃率成長的表現感到非常滿意。需求量非常大。 4 月成長強勁，達到 5.1%，我們預計 5 月會有所回升，至少早期跡象顯示這一點。

So the team is going to try and capture as much of that growth as we possibly can. We are mindful of the seasonality that we saw last year, and that's kind of factored into the -- so no major change in the full year expectation yet. We still have the bulk of our expirations to come, and we're managing those as well.

因此，團隊將嘗試盡可能捕捉這種成長。我們注意到去年看到的季節性因素，這在某種程度上已被考慮在內——因此全年預期尚未發生重大變化。我們還有大部分到期時間，我們也在管理這些。

On the renewal side, the renewals tend to be more tightly banded. We started the year in the high 5s. Now we're around 5%, and our expectation for the full year remains in the 5% area.

在續約方面，續約往往更加緊密。我們今年的開局成績是前五名。現在我們的成長率約為 5%，我們對全年的預期仍保持在 5% 的範圍內。

Adam, it's Chris here. And if I could just hop in a little bit more to your question around kind of changing of the outlook. As we're thinking about the outlook and the guide, I would just remind, look, it's early, right? We just initiated the guide 2 months ago, as Bryan pointed out. We still have a lot of work to do, right? The belly of the leasing season is still ahead of us.

亞當，克里斯在這裡。如果我能稍微回答一下你關於改變觀點的問題。當我們思考前景和指南時，我想提醒一下，看，現在還早，對吧？正如布萊恩指出的那樣，我們兩個月前剛剛啟動了該指南。我們還有很多工作要做，對嗎？租賃季節的高潮仍在前方。

But with that said, as we've been talking about and mentioned in prepared remarks, we really like what we're seeing.

但話雖如此，正如我們在準備好的評論中一直在談論和提到的那樣，我們真的很喜歡我們所看到的。

In particular, if you recall some of my comments from the start of the year, two of the main areas that we're really focused on when it comes to the shape of the guide over the course of the year come down to, one, newbie spreads heading into the front end of the seasonal curve. And as you just heard from Bryan, those are tracking really nicely through March and April, and with the opportunity that he was talking about to push even further into the 5s for the balance of the second quarter.

特別是，如果您還記得我今年年初的一些評論，那麼在這一年中，我們真正關注的兩個主要領域就是指南的形式，一是，新手價差進入季節性曲線的前端。正如您剛剛從 Bryan 那裡聽到的那樣，這些數據在 3 月和 4 月都表現得非常好，而且他所說的話還有機會在第二季度的剩餘時間進一步推進到 5 分。

And then the other area that we're very focused on in the context of the guide is bad debt. And like we were just talking about, we're not out of the woods there yet, but we did see a nice data point in March. So again, we really like what we're seeing. It's early. And the right time for us to be talking about recalibration of the guide is at the second quarter after we're through peak leasing season.

我們在指南中非常關注的另一個領域是壞帳。正如我們剛才所說，我們還沒有走出困境，但我們確實在三月看到了一個不錯的數據點。再說一次，我們真的很喜歡我們所看到的。現在還早。我們討論指南重新校準的最佳時機是在租賃高峰期結束後的第二季。

Great. Chris, Bryan, maybe just a quick follow-up, if I could, and a little bit more of a higher level industry question. Look, I think we, and I'm sure others out there have a little bit of a hard time finding data or seeing data on what the mom-and-pops in the industry are up to in terms of pricing, in terms of supply.

偉大的。克里斯、布萊恩，如果可以的話，也許只是快速跟進，以及更多更高級別的行業問題。聽著，我認為我們，而且我確信其他人在尋找數據或查看有關該行業的夫妻店在定價和供應方面所做的事情的數據方面有點困難。

And look, we're a number of years out of COVID already, and I think, certainly, this industry has changed through COVID and coming out of COVID. And so I'm just wondering, from a supply perspective, from a pricing perspective, maybe just what's the latest view on kind of how pricing shapes up relative to the mom-and-pop kind of competitors of yours who, of course, make up the vast majority of this industry?

看，我們已經擺脫新冠疫情很多年了，而且我認為，當然，這個行業已經通過新冠疫情發生了變化，並走出了新冠疫情。所以我只是想知道，從供應的角度，從定價的角度來看，也許相對於你們的夫妻店類型的競爭對手來說，關於定價如何形成的最新觀點是什麼，當然，這些競爭對手這個行業的絕大多數？

Yes, taking that. This is Bryan. That's a very good question in that, early on, we had -- when we started this business, we saw some resistance because mom-and-pops traditionally hadn't raised rents, as an example, or weren't out kind of pricing directly to market. Over time, I think they've migrated into a strategy that's closer to ours. The main difference, though, that I see is the value proposition that the institutional managers provide in terms of a really good underlying services platform, a lot of investment into the homes, both aesthetically and functionally with flooring and upgraded appliances and so forth has been recognized, and we do have some pricing power on that side.

是的，接受那個。這是布萊恩。這是一個非常好的問題，因為在早期，當我們開始這項業務時，我們看到了一些阻力，例如，夫妻店傳統上不會提高租金，或者沒有定價直接推向市場。隨著時間的推移，我認為他們已經採取了更接近我們的策略。不過，我看到的主要區別是機構管理者在真正良好的基礎服務平台方面提供的價值主張，對房屋的大量投資，無論是美觀還是功能上的地板和升級的電器等等。在這方面確實有一定的定價權。

Data is difficult with single-family rentals as compared to other asset classes like multifamily, but it has gotten better. And there's a lot of transparency around sites like Zillow, and the mom-and-pops are really following suit. So the gap isn't as great as it was before, but it does allow the institutions to kind of lead that charge.

與多戶住宅等其他資產類別相比，單戶住宅租賃的數據比較困難，但已經變得更好了。 Zillow 等網站的透明度很高，夫妻店也跟進。因此，差距不像以前那麼大，但它確實允許機構在某種程度上發揮領導作用。

Our next question is from Brad Heffern with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Brad Heffern。

Bryan, occupancy spiked quite a bit in March. It looks like it stayed there in April. Was that an intentional decision to try and gain some occupancy, where you gave back something on the pricing side? And then are you expecting to get back some of that occupancy as peak leasing season picks up?

布萊恩，三月的入住率大幅上升。看起來它四月就待在那裡。這是一個有意的決定，試圖獲得一些入住率，並在定價方面做出一些回饋嗎？那麼，您是否期望隨著租賃旺季的到來而恢復部分入住率？

Thank you, Brad. We were really pleased with how the first quarter played out. I've talked about it in the past, our expectation of a really nice spike in demand in January. That demand starts electronically on the website, and then in the tours. And there's a timing effect before we start to pick up occupancy.

謝謝你，布拉德。我們對第一季的表現非常滿意。我過去曾談到過，我們預計一月份的需求會出現非常好的飆升。這種需求首先在網站上以電子方式開始，然後在旅遊中開始。在我們開始增加入住率之前存在時間效應。

You can see that we'll pick up into March. We're very pleased with that because we did it in the context of really strong new and renewal rate growth, all the while not offering concessions either on our lease-up in our new communities or in our scattered sites. So there's a lot of strength coming into March and into April. We're hopeful that, that demand continues to look really good into May, strong occupancy through the second quarter.

您可以看到我們將在三月開始。我們對此感到非常滿意，因為我們是在新房和續租率增長非常強勁的背景下做到這一點的，同時在新社區或分散地點的租賃方面始終沒有提供讓步。因此，三月和四月將會有很多力量。我們希望，這種需求在五月繼續保持良好狀態，並在第二季度保持強勁的入住率。

But as Chris mentioned, as we've talked about, we do have a lot of expirations towards the second part of the year. And with the seasonality that we saw last year are still kind of waiting to see exactly what the shape of occupancy looks like for the year, but we're in a great place right now.

但正如克里斯所提到的，正如我們所討論的，今年下半年我們確實有很多到期日。鑑於去年我們看到的季節性，我們仍然在等著看今年的入住情況到底是什麼樣的，但我們現在處於一個很好的位置。

Okay. And then I noticed in the release, there were some properties that were classified as newly constructed homes to be disposed. Presumably, you're not trying to do for-sale homebuilding, so I'm just curious what those are.

好的。然後我注意到在新聞稿中，有一些房產被歸類為新建房屋待處置。想必，您並不想進行待售房屋建築，所以我只是好奇這些是什麼。

Yes. I think we addressed this already, but it's just an extension of what we do in our asset management function, no different than an existing home. We look at the markets and in all of our homes in each of the markets. It's a very small number, I think it's 20. We delivered about 10,000 homes. We are not changing course in any way. We are not building for sale. We are selling these like we do any disposition through our disposition program. So we'll sell them on the MLS. So there's no change. No, there's nothing that's changed from last quarter to this quarter.

是的。我認為我們已經解決了這個問題，但這只是我們資產管理職能的延伸，與現有房屋沒有什麼不同。我們關注市場以及每個市場的所有住宅。這是一個很小的數字，我想是 20 個。我們不會以任何方式改變路線。我們的建築不是為了出售。我們出售這些產品就像我們透過處置計劃進行任何處置一樣。所以我們將在 MLS 上出售它們。所以沒有任何改變。不，從上個季度到本季沒有任何變化。

Our next question is from Jesse Lederman with Zelman & Associates.

我們的下一個問題來自 Zelman & Associates 的 Jesse Lederman。

First one is on the renewal side, renewal rent growth. I saw a little bit of a step lower in April, still at a really healthy level. But just curious, did that have anything to do with increased pushback or negotiation from tenants on renewals? Is that something you may quantify? Or is there anything you could point to that drove that step lower from a rent or health perspective or affordability perspective?

第一個是續租方面，續租租金成長。我在四月看到了一點下降，但仍處於非常健康的水平。但只是好奇，這與租戶在續約問題上的阻力或談判增加有什麼關係嗎？這是你可以量化的東西嗎？或者您可以指出，從租金、健康角度或負擔能力角度來看，有什麼因素導致這一步驟下降？

Thank you, Jesse. This is Bryan. No, that's not the case at all. In fact, we talked on the last call about where we're mailing April, and you can kind of carry that consistency forward into May and June. Healthy renewal rates are around 5% into the time of the year where we see a peak in expirations. Some of the seasonality that we saw from last year, we felt those were steady, consistent and appropriate increases.

謝謝你，傑西。這是布萊恩。不，根本不是這樣的。事實上，我們在上次電話中討論了四月份的郵寄地址，您可以將這種一致性延續到五月和六月。一年中我們看到到期高峰的時候，健康續約率約為 5%。從去年我們看到的一些季節性因素來看，我們認為這些成長是穩定、一致和適當的。

Our revenue management team has gotten very sophisticated and is managing the seasonality of return last year very well. In terms of pushback from the residents, no change. Obviously, it's playing out nicely with the strong occupancy that we're seeing and the good retention into 2Q.

我們的收入管理團隊已經變得非常成熟，並且很好地管理了去年回報的季節性。就居民的反對意見而言，情況並沒有改變。顯然，我們看到的強勁入住率和第二季的良好保留率表現良好。

Great. That's great to hear. Last question, but with more homes unencumbered, would it be fair to expect an increase year-over-year in '24 for disposed units and maybe even into '25 as well?

偉大的。聽到這個消息我很高興。最後一個問題，但隨著越來越多的房屋不受阻礙，預計已處置單位在 24 年甚至 25 年同比增長是否公平？

Jesse, Chris here. Good question, and it ties back to some of the aspects of the disposition program and strategy we've been talking about the last couple of quarters. Look, we think that we've got tremendous opportunity to really lean into the disposition program, which is exactly what we've been doing. We've been seeing great traction.

傑西，克里斯在這裡。好問題，它與我們過去幾個季度一直在討論的處置計劃和策略的某些方面有關。看，我們認為我們有巨大的機會來真正投入處置計劃，而這正是我們一直在做的事情。我們已經看到了巨大的吸引力。

As a reminder, this quarter, we sold 471 homes. And on a full year basis, we could see ourselves selling and recycling, call it, $400 million to $500 million of capital on a full year basis. I think it's really just a reflection of the fact that our country has a major lack of housing. Our disposition supply is moving really quickly, and we're achieving sales prices that are at or near asking prices, right?

提醒一下，本季我們售出了 471 間房屋。就全年而言，我們可以看到自己全年出售和回收 4 億至 5 億美元的資本。我認為這實際上反映了我們國家嚴重缺乏住房的事實。我們的處置供應速度非常快，而且我們實現的銷售價格等於或接近要價，對吧？

And so I think that there's a great opportunity there. That's a big part of the strategy to our thought process behind paying off the 2014-2 securitization in the first quarter that unencumbered about 4,500 units.

所以我認為那裡有一個很好的機會。這是我們在第一季償還 2014-2 年度證券化（未受限制的約 4,500 個單位）的思考過程中策略的重要組成部分。

And then as our second securitization maturing this year is paid off, that will unencumber another 4,000 to 4,500 as well. So both of those will unlock opportunities for further asset management review and potential disposition. But also, as we think about the timing on that, we should keep in mind that that's not going to an immediately -- being immediate overnight disposition opportunity.

然後，隨著今年到期的第二次證券化得到回報，這也將減輕另外 4,000 至 4,500 筆的負擔。因此，這兩者都將為進一步的資產管理審查和潛在處置提供機會。而且，當我們考慮時機時，我們應該記住，這不會立即成為隔夜處置機會。

The way that we are exiting through these homes is via the MLS, which means you need to have vacant units. Keep in mind, 96% plus of our homes are not vacant. We need to let leases roll, tenants move out, and then that gives us the opportunity to work those homes through our disposition program.

我們離開這些房屋的方式是透過 MLS，這意味著您需要有空置的單位。請記住，我們 96% 以上的房屋都沒有空。我們需要延長租約，讓租戶搬出，然後我們就有機會透過我們的處置計劃來處理這些房屋。

Our next question comes from Michael Goldsmith with UBS.

我們的下一個問題來自瑞銀集團的麥可‧戈德史密斯。

It seems like demand is really good right now, but wondering if there's any indications of increasing price sensitivity or indications that you won't be able to keep pushing rates at similar levels to what you did in the first quarter?

目前看來需求確實不錯，但想知道是否有任何跡象表明價格敏感性增加，或者有跡象表明您將無法繼續將利率推至與第一季類似的水平？

Michael, this is Bryan. I'm sorry. I had a hard time. We might have a bad connection.

邁克爾，這是布萊恩。對不起。我過得很辛苦。我們之間的連結可能不好。

You're coming in very muted, and we could not understand the questions. Can you repeat it, please?

你進來時非常安靜，我們無法理解你的問題。你能重複一遍嗎？

Sorry. Yes, absolutely. It seems that demand is very good, but wondering if there's any indications of increasing price sensitivity or indications you will be able to keep pushing rate at similar levels to what you did in the first quarter?

對不起。是的，一點沒錯。需求似乎非常好，但想知道是否有任何跡象表明價格敏感性增加，或者有跡象表明您將能夠繼續將利率推至與第一季類似的水平？

Okay. Yes, thank you, Michael. I got it this time. No, demand has been fantastic. As I said, it kind of peaked or started to peak -- accelerate as we expected in the first quarter. It continues to be very strong into Q2. Retention is good, the feedback from our residents on renewal offers is strong, really no change from our expectations and where we ended Q1. Everything is pointing in the right direction, and we really like what we're seeing from the demand side.

好的。是的，謝謝你，麥可。這次我明白了。不，需求量非常大。正如我所說，它已經達到頂峰或開始達到頂峰——正如我們在第一季預期的那樣加速。進入第二季度，它仍然非常強勁。保留率很好，我們的居民對續訂優惠的回饋很強烈，與我們的預期和第一季結束時的情況相比，確實沒有變化。一切都指向正確的方向，我們真的很喜歡從需求方面看到的情況。

Yes, Michael, it's Dave. Let me just add a couple of items that will support that. I mean, we are, today, in a country that lacks adequate housing. And the demand for our housing is significantly greater than what we can provide to residents. So we are seeing many, many qualified applications for every available house.

是的，邁克爾，我是戴夫。讓我添加一些支持這一點的項目。我的意思是，我們今天生活在一個缺乏足夠住房的國家。對我們住房的需求遠大於我們能為居民提供的能力。因此，我們看到每個可用房屋都有許多合格的申請。

With that said, there is -- there are limits on rate increases. The other thing to keep in mind, that also gives you comfort of the longevity of it is that we are in markets throughout the country, where we see population in employment growth greater than the national average. So not only do we have a housing shortage today in the markets that we're in, that shortage is building.

話雖如此，升息是有限制的。另一件需要記住的事情是，我們的市場遍及全國，我們看到人口的就業成長高於全國平均水平，這也讓您對它的長期存在感到放心。因此，我們現在所在的市場不僅存在住房短缺，而且這種短缺還在加劇。

And my follow-up question is the turnover has been trending upwards modestly. Is this still part of the post-COVID normalization? And how might a pickup in home sales impact the portfolio?

我的後續問題是營業額一直呈現溫和上升趨勢。這仍然是後疫情正常化的一部分嗎？房屋銷售的回升會對投資組合產生什麼影響？

Yes. I think it's just a natural course of events. With some of the seasonality that we saw continuing, we're posting really nice renewal rate growth. The pickup in the trend of increased move-outs, I don't see it as a permanent thing. We're looking strong into Q2. There's nothing there that is any cause for alarm.

是的。我認為這只是事件的自然過程。隨著我們看到的一些季節性因素持續存在，我們發布了非常好的續訂率成長。遷出人數增加的趨勢有所回升，但我不認為這是永久性的事。我們對第二季充滿信心。那裡沒有什麼值得警惕的。

Our next question comes from [Ann Zhang] with Green Street.

我們的下一個問題來自 Green Street 的[Ann 張]。

Just a question on how bad debt as a percent of revenues has trended in recent quarters in Atlanta. And are you anticipating pressure on rents or occupancy in that market this year as other SFR and apartment operators work through elevated levels of eviction?

只是關於亞特蘭大最近幾個季度壞帳佔收入百分比的趨勢如何。隨著其他 SFR 和公寓營運商面臨更高水準的驅逐，您預計今年該市場的租金或入住率將面臨壓力嗎？

Ann, this is Bryan. Atlanta is a key market for us. And as we've talked about in prior calls, it's one that we're really following closely from a delinquency resolution perspective. It's one that -- we've had some delays, both in the court systems and municipal level, with this resolution.

安，這是布萊恩。亞特蘭大是我們的一個重要市場。正如我們在之前的電話會議中談到的那樣，我們確實從犯罪解決的角度密切關注這一問題。問題在於，我們在法院系統和市級的決議上都遇到了一些延誤。

It's important that the -- as a result of those delays and those slowdowns, we have seen elevated bad debt relative to the rest of the portfolio. But we think that's going to be temporary in nature. And once those delays get worked through the system, we expect it to fall back in line with the rest of the markets.

重要的是，由於這些延誤和放緩，我們看到壞帳相對於投資組合的其他部分有所上升。但我們認為這本質上是暫時的。一旦這些延遲透過系統解決，我們預計它會回落到與其他市場一致的水平。

Great. And a follow-up question on, if any markets have seen a deterioration in bad debt in the recent went?

偉大的。後續問題是，最近是否有市場出現壞帳惡化？

No, I think the further -- or back to Chris' earlier remarks, we had some really fantastic collection efforts in March and some of the markets that were not affected by the municipal slowdowns that I'm referencing. So nothing negative on the bad debt side other than kind of continued things that we saw last year and some of the ones that are a little slower than historical averages.

不，我認為進一步——或者回到克里斯之前的言論，我們在三月進行了一些非常出色的收集工作，並且一些市場沒有受到我提到的市政放緩的影響。因此，除了我們去年看到的一些持續發生的事情以及一些比歷史平均水平稍慢的事情之外，壞帳方面沒有任何負面影響。

Our next question is from Tayo Okusanya with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Tayo Okusanya。

Congrats on paying down the securitization. I'm curious, if we look out 12 months from now, could you give us a better picture of what your capital stack would likely look like?

恭喜您還清了證券化的費用。我很好奇，如果我們展望 12 個月後，您能否更了解您的資本狀況？

Sure. Great question, Tayo. Chris here. Look, the best way to think about it is we have one more securitization maturity this year. That technically matures in the fourth quarter. General game plan, like we talked about last quarter, is that we would see that being refinanced out into the unsecured bond market. Keep in mind that -- depending on interest rate and capital markets environment, we have the ability where we could refinance and warehouse that via a combination of retained cash flow from disposition proceeds and then capacity comfortably off of our credit facility.

當然。好問題，泰約。克里斯在這裡。看，最好的思考方式是今年我們又多了一個證券化成熟期。這在技術上將在第四季度成熟。正如我們上季度討論的那樣，總體計劃是我們將看到資金再融資到無擔保債券市場。請記住，根據利率和資本市場環境，我們有能力透過處置收益中的保留現金流以及輕鬆地利用我們的信貸額度的能力進行再融資和倉儲。

And then we have 2 more securitizations that are technically 30-year maturities that have anticipated repayment date opportunities in 2025. If they're not repaid, they'll reprice to market pricing, but we're able to repay those next year with the general game plan, again, like we've been talking about, to get those refinanced into the unsecured bond market, which would move the balance sheet to a 100% unencumbered balance sheet by the end of 2025.

然後，我們還有另外 2 個證券化，從技術上講，期限為 30 年，預計在 2025 年有償還日期機會。再一次，就像我們一直在談論的那樣，總體計劃是讓這些資金再融資到無擔保債券市場，這將使資產負債表在2025 年底前達到100% 無負擔的資產負債表。

Got you. That's helpful. And then from an [excellent growth] perspective, we get everything you're talking about on the MLS side. I know in the past, we've always asked you guys, if you would be interested in doing things with developers. And I'm just kind of thinking if your thoughts around any of that has changed, and also how you also kind of feel about third-party asset management.

明白你了。這很有幫助。然後從[出色的成長]的角度來看，我們得到了你在美國職業足球大聯盟方面談論的一切。我知道過去我們總是問你們是否有興趣與開發人員一起做事。我只是想知道您對這些問題的看法是否發生了變化，以及您對第三方資產管理的看法是否發生了變化。

Yes. Tayo, it's Dave. Let me take the first being the third-party developers. You may recall, going back a number of years ago, that we have been historically active in using third-party developers. That's how we started our development program working into the program that we have today.

是的。泰約，我是戴夫。首先是第三方開發者。您可能還記得，多年前，我們一直積極使用第三方開發人員。這就是我們如何開始我們的開發計劃並發展成為今天的計劃。

What we see today is two things. And the way we look at development and growth programs overall, is, first, our development program provides us assets and new homes that are better located and better built than we can get from national homebuilders. We are buying land that is contiguous to national homebuilders', but it's the national homebuilders' lots that they are using for retail sale.

我們今天看到的有兩件事。我們總體上看待發展和成長計劃的方式是，首先，我們的發展計劃為我們提供了比我們從國家住宅建築商那裡獲得的位置更好、建造更好的資產和新住宅。我們正在購買毗鄰國家住宅建築商土地的土地，但他們用於零售的是國家住宅建築商的土地。

So it gives us just a better product, and the yields are better, but we're not paying any development fees. We have the economies today because of the size of our program. We're in the top 40 developers in the United States. So we're getting the efficiencies and the economies of scale that national homebuilders get. So we're not paying a development profit. Therefore, the investment side is much less for the same product that we would be able to buy from the national homebuilders.

因此，它為我們提供了更好的產品，並且產量更高，但我們不支付任何開發費用。我們之所以擁有今天的經濟，是因為我們的計劃規模龐大。我們躋身美國前 40 名開發商之列。因此，我們正在獲得全國住宅建築商所獲得的效率和規模經濟。所以我們不支付開發利潤。因此，對於我們能夠從全國住宅建築商購買的相同產品，投資方面要少得多。

We don't -- we continue -- and let me say it this way, we continue to look at the national homebuilders. They provide additional incremental product to us when the time is right. We can be patient and disciplined in acquiring assets. I previously indicated that, during the first quarter, we actually looked at 35,000 homes. That's what we received from all the national homebuilders, from the Lennars and the D.R. Hortons, Pultes and all of the others.

我們不會——我們會繼續——讓我這樣說，我們會繼續關注全國住宅建築商。當時機成熟時，他們會向我們提供額外的增量產品。我們在獲取資產時可以保持耐心和紀律。我之前曾表示，在第一季度，我們實際上考察了 35,000 套房屋。這就是我們從所有全國住宅建築商、Lennars 和 D.R. 那裡收到的訊息。霍頓、普爾特斯和所有其他人。

15,000 of those were in our markets. About half of those, we've actually seen before on tapes. So they're kind of [refits]. 7,500, 8,000 were new offerings to us. We made bids on them, but we have to make bids to get to the yields that we are looking at, being in the mid- to high 5s of a 15-plus-or-minus-percent discount to what they're asking. At asking price, they're in the upper 4s, some may be 5 or low 5s, but generally in the upper 4s.

其中 15,000 個在我們的市場中。其中大約有一半是我們之前在磁帶上見過的。所以它們有點[改裝]。 7,500、8,000 是我們的新產品。我們對他們進行了出價，但我們必須出價才能達到我們所期望的收益率，即比他們的要求有 15% 正負折扣的中高 5 %。以要價計算，它們在 4 分以上，有些可能是 5 分或 5 分以下，但一般都在 4 分以上。

So today, we are not acquiring many homes from the national builders. I think there's a couple of small ones that we were able to put under contract in prior quarters that did close this quarter that met our requirements. But it's a very, very material number that we're acquiring. I think your last question, if I recall correctly, Tayo, was regarding third-party management. We did look at this. You may recall, we spent 2 years evaluating it. We did that a couple of years ago.

所以今天，我們沒有從國家建築商那裡購買很多房屋。我認為我們在前幾個季度簽訂了一些小型合同，這些合同在本季度結束時滿足了我們的要求。但這是我們正在獲得的一個非常非常重要的數字。如果我沒記錯的話，Tayo，我認為你的最後一個問題是關於第三方管理的。我們確實看過這個。您可能還記得，我們​​花了兩年時間對其進行評估。幾年前我們就這麼做了。

And just reiterating comments from when we did that test and we concluded that this is a low- to very low-margin business with a lot of distractions for our program. We decided that it's not -- the incremental revenue was not beneficial in relationship to the distraction to our operations. So we see more opportunities in our development program and our core business, and that's what we're focused on. And so I hope that answers that.

只是重申我們進行測試時的評論，我們得出的結論是，這是一項利潤率低至極低的業務，對我們的計劃有很多幹擾。我們認為事實並非如此——增量收入對於我們營運的干擾並沒有什麼好處。因此，我們在我們的發展計劃和核心業務中看到了更多機會，這就是我們所關注的重點。所以我希望這能回答這個問題。

Our next question comes from Anthony Powell with Barclays.

我們的下一個問題來自巴克萊銀行的安東尼·鮑威爾。

I guess a question on home prices in certain markets like Tampa, Florida or whatnot. We're seeing, I guess, reports at home values falling with making housing maybe more affordable in those markets. Are you seeing any changes in your move-outs to home ownership by market as kind of this trend overall?

我猜想是關於某些市場的房價問題，例如坦帕、佛羅裡達州等。我猜，我們看到有報導稱，隨著這些市場的房屋價格變得更便宜，房屋價值下降。您是否認為按市場劃分的搬遷到擁有住房的情況有任何變化，就像這種整體趨勢一樣？

Yes. Thank you, Anthony. We track move-out reasons very closely. And Q1 represented our lowest proportion of move-out to buy that we've seen. It's about 27%. For context, from a historic perspective, it was in the mid-30s. It does vary region to region. But we didn't see any regions that had anything that would have surprised you. We have a lower percentage moving out in some of the areas like Las Vegas and Seattle, where there's just a huge gap between the cost of ownership and the cost of renting comparable home. Nothing of note in Tampa lately. We have seen, in a couple of markets Dave mentioned earlier, some prices coming down, but it hasn't been anything dramatic worthy of note.

是的。謝謝你，安東尼。我們非常密切地追蹤遷出原因。第一季的遷出購買比例是我們所見過的最低的。大約是27%。就背景而言，從歷史角度來看，那是在1930年代中期。它確實因地區而異。但我們沒有看到任何地區有任何令您驚訝的事情。在拉斯維加斯和西雅圖等一些地區，我們搬出的比例較低，這些地區的擁有成本和租賃類似房屋的成本之間存在巨大差距。坦帕最近沒什麼值得注意的事。我們已經看到，在戴夫之前提到的幾個市場中，一些價格有所下降，但並沒有什麼值得注意的戲劇性變化。

Great. And maybe one broad one. I mean, I think you touched on this earlier, but there's been more media around this institutional private equity or hedge fund or institutional also of homes. As a leader in the industry, how do you kind of responded to this? How are you talking to your commerce people? How are you lobbying? How are you responding to kind of the overall media? Intention being paid to, I guess, your business now?

偉大的。也許是一種廣泛的。我的意思是，我認為您之前提到過這一點，但有更多的媒體圍繞著機構私募股權或對沖基金或機構房屋。身為業界的領導者，您對此有何回應？您如何與商務人員交談？你如何遊說？您對整體媒體有何反應？我想，你現在正在關注你的生意嗎？

Yes. Anthony, it's Dave. Yes, you're right. There's been a lot of press around a number of bills, predominantly 3 bills, the ones that you mentioned, Stop Predatory Investing Act, and the End Hedge Fund Control, and there's the American Neighborhoods Act. It's interesting. All of these have been introduced by individuals that are up for reelection. I look at them as campaign bills or messaging bills. These bills have not even -- they don't -- they haven't received votes even in committee.

是的。安東尼，是戴夫。你是對的。圍繞著多項法案進行了許多報導，主要是 3 項法案，即您提到的《停止掠奪性投資法案》和《結束對沖基金管制法案》，還有《美國社區法案》。這真有趣。所有這些都是由競選連任的個人提出的。我將它們視為競選法案或訊息法案。這些法案甚至沒有——它們沒有——甚至沒有在委員會中獲得投票。

They're not moving through the committee. And I don't see any movement on these bills, considering that this is an election year. And Congress, at the federal level, really needs to address some must-pass legislation around funding bills, et cetera.

他們沒有通過委員會。考慮到今年是選舉年，我認為這些法案沒有任何進展。國會在聯邦層級確實需要解決一些圍繞資金法案等必須通過的立法。

Contrast that to what actually has been accomplished, and that's at the state level. And there's been some successful legislation passed over the last 3 to 6 months promoting housing, there are pro housing bills, both from an operational standpoint, like dealing with squatters, also with respect to growth, dealing with zoning and those type of items, to construction to address the housing availability.

將其與州一級實際取得的成就進行比較。在過去的3 到6 個月裡，已經通過了一些成功的立法來促進住房，有支持住房的法案，無論是從操作的角度來看，比如處理擅自佔地者，還是從增長、處理分區和此類專案的角度來看，建造以解決住房供應問題。

And this isn't just 1 bill out there. This is many, many bills in many states. I'm just looking for the list of states, but it's about 6 or 8 states, Georgia, Florida, Washington and others that have passed very pro housing bills in the last 6 to -- 6 or so months.

這不僅僅是一張鈔票。在許多州，這是很多很多的法案。我只是在尋找州列表，但大約有 6 或 8 個州，喬治亞州、佛羅裡達州、華盛頓州和其他州在過去 6 至 6 個月左右的時間里通過了非常支持住房法案的州。

And so we see the fact that the states recognize that there is a housing shortage, and that housing shortage is creating affordability issues, and it's trying to be addressed. But it's being addressed at the state level, which is where it should be addressed.

因此，我們看到這樣一個事實：各州認識到住房短缺，而住房短缺正在造成負擔能力問題，並且正在努力解決這個問題。但這個問題正在州一級解決，這才是應該解決的地方。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to management for closing comments.

我們的問答環節已經結束。我現在想將電話轉回給管理層以徵求結束意見。

Thank you, operator, and thank you to all of you for attending today's call. We're grateful for your participation and interest in AMH. I look forward to seeing many of you at NAREIT in June. So thank you for your time today. Goodbye.

謝謝接線員，也謝謝大家參加今天的電話會議。我們感謝您對 AMH 的參與和關注。我期待六月在 NAREIT 見到你們中的許多人。謝謝您今天抽出時間。再見。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。