American Homes 4 Rent (AMH) 2024 Q2 法說會逐字稿

Greetings, and welcome to the AMH second quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host Nick Fromm, Director Investor Relations.

您好，歡迎參加 AMH 2024 年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹主持人投資者關係總監尼克·弗洛姆(Nick Fromm)。

Thank you, Nick. You may begin.

謝謝你，尼克。你可以開始了。

Good morning. Thank you for joining us for our second 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 年第二季財報電話會議。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。本次電話會議中除歷史事實陳述外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, August 2, 2024.

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 8 月 2 日。

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. A reconciliation of GAAP to non-GAAP financial measures is included in our earnings press release and supplemental information package.

我們不承擔更新或修改任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因，除非法律要求。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。

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.

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. The power of the AMH platform continues to be on full display. We posted strong second quarter results with core FFO per share growth of 8.5% year-over-year.

歡迎大家，感謝您今天加入我們。AMH 平台的力量繼續充分展示。我們發布了強勁的第二季業績，核心 FFO 每股年增 8.5%。

Our teams executed well, and rental fundamentals continue to be strong leading us to increase our core FFO per share outlook by $0.03 to $1.76 at the midpoint. This represents 6% growth for the full year. And was driven by increased same-home core revenue and NOI guidance.

我們的團隊執行良好，租賃基本面持續強勁，導致我們將核心 FFO 每股展望中位數上調 0.03 美元至 1.76 美元。這意味著全年增長 6%。受到同屋核心收入增加和 NOI 指導的推動。

In addition, we have derisked our debt maturities through our recent 10-year unsecured bond issuance. As demonstrated by our results this year, AMH continues to be defined by the following concepts: One, consistency and predictability on the operational front; two, consistent and predictable growth on the AMH development front through our patient and disciplined approach when the investments meet our corporate objectives and goals; and three, consistency and predictability with our prudent capital allocation strategy and balance sheet management.

此外，我們透過最近發行 10 年期無擔保債券降低了債務到期風險。正如我們今年的業績所證明的那樣，AMH繼續由以下概念來定義：一是營運方面的一致性和可預測性；第二，當投資符合我們的企業宗旨和目標時，透過我們耐心和嚴格的方法，AMH 發展方面的持續和可預測的成長；第三，我們審慎的資本配置策略和資產負債表管理的一致性和可預測性。

Looking at the big picture, housing fundamentals continue to support the single-family rental value proposition. The national housing shortage and population demographics continue to drive a housing supply and demand imbalance. This dynamic coupled with elevated home prices and mortgage rates is resulting in high demand for rental homes from people seeking the benefits of single-family living without the cost of or burden of homeownership.

從大局來看，房屋基本面繼續支持單戶租賃價值主張。全國住房短缺和人口結構持續導致住房供需失衡。這種動態加上房價和抵押貸款利率的上漲，導致人們對出租房屋的高需求，這些人尋求單戶生活的好處，而無需擁有住房的成本或負擔。

At AMH, we are doing our part to satisfy the growing demand for high-quality single-family rental housing by providing a superior resident experience and contributing new housing stock through our development program.

在 AMH，我們正在盡自己的一份力量，透過我們的開發計劃提供卓越的居民體驗並貢獻新的房屋存量，以滿足對高品質單戶租賃住房不斷增長的需求。

Before I turn it over to Bryan, I want to mention that our CEO transition is going smoothly. The AMH team is talented and experienced and our future is very bright. You have seen the power of our platform over the past decade. You can see it in this quarter's results, and you will see it moving forward.

在將其交給布萊恩之前，我想提一下，我們的執行長過渡進展順利。AMH 團隊才華洋溢、經驗豐富，我們的未來非常光明。在過去的十年裡，您已經看到了我們平台的力量。你可以在本季度的業績中看到這一點，並且你會看到它向前發展。

Now I will turn it over for an update on our operations and investment programs.

現在我將把它轉過來以了解我們的營運和投資計劃的最新情況。

Thank you, Dave, and good morning, everyone. Our 2024 spring leasing results were solid with seasonally strong operating metrics throughout the second quarter. Our teams have done a great job executing across all areas of the business, driving better-than-expected results in both top line revenue and controllable expenses.

謝謝戴夫，大家早安。我們的 2024 年春季租賃業績穩健，整個第二季的營運指標季節性強勁。我們的團隊在所有業務領域都表現出色，在營收和可控支出方面取得了好於預期的成果。

During the second quarter, we maintained consistent Same-Home average occupied days of 96.6%. We accomplished this while accelerating new lease growth in each month of the quarter up to 6.3% in June and 5.7% overall.

第二季度，我們的同家平均入住天數維持在 96.6% 的水平。我們實現了這個目標，同時本季每個月的新租賃成長加速，6 月達到 6.3%，整體成長 5.7%。

As we discussed last quarter, we continued our balanced renewal strategy, as we entered the move-out season and posted renewal increases of 5.2% for the quarter. This resulted in blended spreads of 5.3%, driving Same-Home core revenue growth of 5.5% by slightly exceeding our expectations on rental rate spreads and resident collections.

正如我們上季度所討論的，隨著我們進入遷出季節，我們繼續實施平衡的續訂策略，並公佈本季的續訂成長率為 5.2%。這導致混合利差達到 5.3%，推動 Same-Home 核心收入成長 5.5%，略高於我們對租金利差和居民收款的預期。

On the expense front, tight expense controls across the organization largely drove Same-Home core operating expense growth of 4.8% which was better than what we were expecting. All of this resulted in Same-Home core NOI growth of 5.9% for the quarter, demonstrating the power of the AMH platform and our team's ability to deliver consistent and predictable results through the spring leasing season.

在費用方面，整個組織嚴格的費用控制在很大程度上推動了 Same-Home 核心營運費用成長 4.8%，這比我們的預期好。所有這些導致本季度 Same-Home 核心 NOI 成長 5.9%，展示了 AMH 平台的強大功能以及我們團隊在春季租賃季提供一致且可預測結果的能力。

Looking forward, we expect to see normal seasonality in the back half of this year. The team has done a great job building momentum due to leasing season and is now shifting focus to managing our turnover inventory.

展望未來，我們預計今年下半年將出現正常的季節性。由於租賃季節，團隊在建立動力方面做得很好，現在正在將重點轉向管理我們的周轉庫存。

For the month of July, Same-Home average occupied days remained strong at 96.3%. This was in line with our expectations and reflects the impact of the start of move-out season. Leasing spreads continued to hold steady with new and renewal rate growth of 6.2% and 5%, respectively.

7 月份，同家平均入住天數仍維持在 96.3% 的強勁水準。這符合我們的預期，並反映了遷出季節開始的影響。租賃利差持續保持穩定，新租和續租率分別成長 6.2% 和 5%。

Our strong performance in the first half of the year combined with our outlook for the remainder of the year, has led us to increase our full year Same-Home core NOI growth guidance by 50 basis points to 4.5% at the midpoint. This reflects a 25 basis point increase in our full year core revenue outlook, driven in part by a 50 basis point increase in our rate growth expectations for the back half of the year. In addition, the updated outlook reflects a 25 basis point reduction in our full year core expense growth.

我們上半年的強勁表現加上對今年剩餘時間的展望，使我們將全年同住核心 NOI 成長指引上調了 50 個基點，達到中點 4.5%。這反映出我們將全年核心營收前景上調了 25 個基點，部分原因是我們將下半年的利率成長預期上調了 50 個基點。此外，更新後的展望反映了我們全年核心費用成長減少了 25 個基點。

Lastly, on the investment front, we remain patient and disciplined as we continue to invest into our vertically integrated in-house development program. We are on track to deliver between 2,200 and 2,400 newly developed homes this year at average economic yields in the high 5% area based on year-on rents, stabilized expenses, and a reserve for CapEx.

最後，在投資方面，我們在繼續投資垂直整合的內部開發計劃時保持耐心和紀律。根據年比租金、穩定的支出和資本支出儲備，我們預計今年將交付 2,200 至 2,400 套新開發的房屋，平均經濟收益率在 5% 高的地區。

As a reminder, we fully control our land pipeline of over 11,000 lots. Not only does this fuel our growth for the next few years, but it also reduces our dependency on the resale market or in other homebuilders for external growth. This is another example of the consistency and predictability that is at the core of the AMH strategy.

提醒一下，我們完全控制著超過 11,000 個地塊的土地儲備。這不僅推動了我們未來幾年的成長，也減少了我們對轉售市場或其他住宅建築商外部成長的依賴。這是 AMH 策略核心的一致性和可預測性的另一個例子。

In closing, the first half of the year was characterized by great execution across the organization. Our momentum from the spring leasing season and our increased outlook represents the power of the AMH platform and the continued strength of fundamentals in the single-family rental sector.

最後，今年上半年的特點是整個組織執行力優異。春季租賃季的勢頭和前景的提升代表了 AMH 平台的力量以及單戶租賃行業基本面的持續走強。

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

這樣，我會將電話轉給克里斯，以了解最新的財務狀況。

Thanks, Brian and good morning, everyone. I'll cover three areas in my comments today. First, a review of our quarterly results; second, an update on our balance sheet and recent capital activity; and third, I'll close with commentary around our increased 2024 guidance.

謝謝布萊恩，大家早安。我今天的評論將涵蓋三個領域。首先，回顧我們的季度業績；其次，我們的資產負債表和近期資本活動的最新情況；第三，我將圍繞我們增加的 2024 年指導方針進行評論。

Starting off with our operating results, we delivered another solid quarter of consistent operational execution with net income attributable to common shareholders of $92.1 million or $0.25 per diluted share.

從我們的經營業績開始，我們又實現了穩定的營運執行，歸屬於普通股股東的淨利潤為 9,210 萬美元，即稀釋後每股收益 0.25 美元。

On an FFO share and unit basis, we generated $0.45 of core FFO representing 8.5% year-over-year growth and $0.39 of adjusted FFO representing 9.4% year-over-year growth. From an investment perspective, for the second quarter, our AMH Development Program delivered a total of 671 homes to our wholly owned and joint venture portfolios.

在 FFO 份額和單位基礎上，我們產生了 0.45 美元的核心 FFO，年增 8.5%；調整後的 FFO 0.39 美元，年增 9.4%。從投資角度來看，第二季度，我們的 AMH 開發計畫為我們的全資和合資投資組合總共交付了 671 套住宅。

Specifically for our wholly owned portfolio, we delivered 580 homes for a total investment cost of approximately $224 million. Outside of development, our acquisition programs continue to remain largely on pause as we acquired just 10 homes during the quarter. Additionally, during the quarter we sold 391 properties generating approximately $125 million of net proceeds at an average economic disposition yield in the mid 3% area.

特別是對於我們的全資投資組合，我們交付了 580 套住宅，總投資成本約為 2.24 億美元。除了開發之外，我們的收購計劃仍然基本上處於暫停狀態，因為我們在本季僅收購了 10 套房屋。此外，本季我們出售了 391 處房產，產生了約 1.25 億美元的淨收益，平均經濟處置殖利率在 3% 左右。

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 down to 5.1 times, our $1.25 billion revolved credit facility was fully undrawn. We had approximately 3 million shares outstanding on a forward share basis for estimated future net proceeds of $109 million and we had over $700 million of cash available on the balance sheet, which includes the proceeds from another successful and opportunistically timed unsecured bond offering during the month of June.

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 比率下降至 5.1 倍，我們的 12.5 億美元循環信貸額度已全部未提取。我們約有 300 萬股遠期流通股，預計未來淨收益為 1.09 億美元，資產負債表上有超過 7 億美元的可用現金，其中包括本月另一次成功且適時的無擔保債券發行的收益六月。

The transaction was meaningfully oversubscribed, priced with an attractive coupon of 5.5% and raised total gross proceeds of $500 million that will be used to repay our 2014-SFR3 securitization during the third quarter.

該交易獲得了有意義的超額認購，定價為 5.5% 的優惠息票，籌集的總收益為 5 億美元，將用於在第三季度償還我們的 2014-SFR3 證券化。

Following the June bond offering, our 2024 debt maturities are now fully derisked, which further strengthens our financial flexibility and firepower to take advantage of additional growth opportunities when they present themselves.

繼 6 月債券發行之後，我們 2024 年的債務到期日現已完全消除風險，這進一步增強了我們的財務靈活性和火力，以便在額外的成長機會出現時抓住它們。

Additionally, following the end of the quarter, we successfully closed a new $1.25 billion revolving credit facility, which proactively replaced our previous credit facility that was initially scheduled to mature in the first half of 2025. Terms of the new credit facility include a modestly improved cost of borrowing, fully extended five-year term and enhanced sustainability feature that is now linked to the energy efficiency of our newly constructed AMH Development homes.

此外，在本季末後，我們成功關閉了一項新的 12.5 億美元循環信貸安排，該安排主動取代了我們最初計劃於 2025 年上半年到期的先前信貸安排。新信貸安排的條款包括適度提高借貸成本、全面延長五年期限以及增強永續性功能，該功能現已與我們新建的 AMH 開發住宅的能源效率掛鉤。

And before we open the call to your questions, I'll cover our updated 2024 earnings guidance which was positively revised across the board in yesterday evening's earnings press release.

在我們開始回答大家的問題之前，我將介紹我們更新的 2024 年盈利指引，該指引在昨天晚上的盈利新聞稿中進行了全面積極的修改。

Starting with the Same-Home portfolio, recognizing our strong leasing spreads and improved bad debt outlook that we now expect to approximate 100 basis points on a full year basis, we've increased the midpoint of our full year core revenue growth expectations by 25 basis points to 5%.

從同居投資組合開始，認識到我們強勁的租賃利差和改善的壞帳前景，我們現在預計全年將接近 100 個基點，我們將全年核心收入增長預期的中點提高了 25 個基點指向5% 。

And on the expense side, factoring in our team's ongoing solid cost control execution, as well as a modestly favorable property tax information, we've also reduced the midpoint of our full year core expense growth expectations by 25 basis points to 6%, which translates into an overall increase of 50 basis points to the midpoint of our full year core NOI growth expectations to 4.5%.

在費用方面，考慮到我們團隊持續穩健的成本控制執行力，以及適度有利的財產稅信息，我們還將全年核心費用增長預期的中點降低了 25 個基點至 6%，這意味著我們全年核心NOI 成長預期的中點整體提高了50 個基點，達到4.5%。

And from an FFO perspective, we now expect an additional $0.02 of FFO contribution from our increased core NOI expectations across the entire portfolio as well as an extra $0.01 of contribution from our modestly improved full year outlook around interest income and G&A expense.

從FFO 的角度來看，我們現在預計整個投資組合的核心NOI 預期增加將帶來0.02 美元的FFO 額外貢獻，以及我們對利息收入和一般管理費用的全年前景略有改善，將帶來0.01 美元的額外貢獻。

And in total, we have increased the midpoint of our full year 2024 core FFO per share expectations by $0.03. Our new midpoint of $1.76 per share, reflects the high end of our previous range and now represents a year-over-year growth expectation of 6%.

總的來說，我們將 2024 年全年核心 FFO 每股預期的中點提高了 0.03 美元。我們的新中點為每股 1.76 美元，反映了我們之前區間的高端，現在代表了 6% 的同比增長預期。

And as we open the call to your questions, I'd like to share a quick thank you to our team. This was a solid quarter for AMH across the board that demonstrates the total power of the AMH platform and our ability to consistently and predictably deliver shareholder value creation again and again and again.

當我們開始回答您的問題時，我想向我們的團隊表達快速的感謝。對於 AMH 來說，這是一個全面的季度，它展示了 AMH 平台的整體力量以及我們一次又一次持續、可預測地創造股東價值的能力。

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

感謝您抽出寶貴的時間，我們將開始回答您的問題。操作員？

Thank you. (Operator Instructions) Juan Sanabria, BMO Capital Markets.

謝謝。（操作員指令）Juan Sanabria，BMO 資本市場。

Just curious if you could talk a little bit about the July trend. I believe you gave the new lease rate growth for July. But curious on the renewals for July and where you're sending those out? If you could just give us -- I think you mentioned, you increased your blended lease rate expectations by about 1% for the second half. So if you can give any more details around that -- would also be appreciated.

只是好奇您能否談談七月的趨勢。我相信您給出了 7 月份新的租賃率增長。但對 7 月的續訂感到好奇以及您將其發送到哪裡？如果你能給我們——我想你提到過，你將下半年的混合租賃率預期提高了約 1%。因此，如果您能提供更多詳細信息，我們將不勝感激。

Great. Thank you, Juan. This is Bryan. July was strong. We posted new lease rate growth of 6.2% as I said in the prepared remarks, and renewals came in at 5%. And -- we're sending out, we're mailing renewals in the low 5s. It's really a nice balanced approach to our revenue management process.

偉大的。謝謝你，胡安。這是布萊恩。七月很強勁。正如我在準備好的演講中所說，我們公佈的新租賃率增加了 6.2%，續租率增加了 5%。而且——我們正在發送，我們正在郵寄續訂，價格在 5 左右。這確實是我們收入管理流程的一種很好的平衡方法。

And in terms of our outlook for the second half, as I mentioned earlier, we increased our outlook by 50 basis points in terms of spreads in the back half of the year. And that bolstered by really outstanding demand, across our diversified portfolio footprint, a lot of strength in certain regions like the Midwest and the Carolina's.

至於我們對下半年的展望，正如我之前提到的，我們將下半年利差的展望上調了 50 個基點。這得歸功於我們多元化的投資組合足跡中真正突出的需求，以及中西部和卡羅來納州等某些地區的強大實力。

The new lease expectations have been increased significantly. There's a little bit of a benefit at least in our outlook to renewal rates in the back half of the year, but we're expecting those to come in both new and renewals in the high 4% range.

新租賃預期大幅提高。至少我們對今年下半年續訂率的展望有一點好處，但我們預計新續訂率都將在 4% 的高點範圍內。

Thanks. And then just curious, one of your peers talked about some impact or negative effects from new supply starting to be felt a bit more broadly calling out. Florida as well as through price fatigue. So just curious on what your guys take is on those two points? Are you seeing that in any particular regions in your portfolio?

謝謝。然後只是好奇，你的一位同行談到了新供應的一些影響或負面影響開始被更廣泛地感受到。佛羅裡達州以及價格疲勞。所以只是好奇你們對這兩點有何看法？您是否在您的投資組合中的任何特定地區看到了這種情況？

Yeah. Thanks. I think in terms of supply, the area that seems to be most effective it's been talked about a number of residential calls, that is in Phoenix. Phoenix is really kind of the center point for a lot of the new built-to-rent supply, that's coming on with the market. There's a couple of key points though that I'd like to make. One, not all built-to-rent is the same. It's not all created equal. We feel we're referring to built-to-rent supply, we're talking about townhomes and row houses and horizontal apartments.

是的。謝謝。我認為就供應而言，似乎最有效的地區已經被多次住宅電話討論過，那就是鳳凰城。菲尼克斯實際上是市場上出現的許多新的內置出租供應的中心點。不過，我想提出幾個關鍵點。第一，並非所有的出租房屋都是一樣的。並非所有事物都是天生平等的。我們認為我們指的是建房出租供應，我們談論的是聯排別墅、聯排別墅和水平公寓。

In fact, I think John Burns cited that less than 25% of the built-to-rent inventory in Arizona is single-family patch, which is the product that we're building. With increased built-to-rent supply and the increased multifamily supply, there is some pressure on occupancy, in a market that's seen outstanding growth over the past five or six years. That's still performing well in the 95% area, but there is a little bit of pressure.

事實上，我認為約翰·伯恩斯 (John Burns) 指出，亞利桑那州不到 25% 的已建出租庫存是單戶住宅，這正是我們正在建造的產品。隨著建屋出租供應量的增加和多戶住宅供應量的增加，在過去五、六年成長顯著的市場中，入住率面臨一定的壓力。在95%的區域仍然表現良好，但有一點壓力。

Most notably though, the built-to-rent that we're bringing in the market in Phoenix as I said, a single-family detached very well located, and it's performing extremely well. In fact, our new built-to-rent product is in excess of 97% occupied in that particular market.

但最值得注意的是，正如我所說，我們在鳳凰城市場推出的內置出租房屋是一棟位置優越的獨立屋，而且表現非常好。事實上，我們新的建租產品在該特定市場的佔有率超過 97%。

So there is some supply pressure. We believe it will be temporary. It may not necessarily be like-for-like product to ours. But Phoenix, remains a very strong market. We expect that to get absorbed in the near term.

所以存在一定的供給壓力。我們相信這將是暫時的。它可能不一定是我們的同類產品。但鳳凰城仍然是一個非常強勁的市場。我們預計這將在短期內得到吸收。

Eric Wolfe, Citibank.

埃里克·沃爾夫，花旗銀行。

Hi. Thanks. I think you mentioned in your remarks, that your bad debt that you're expecting right now is 1%, and I think it was 1.2% last year. So I guess, I would think that would help your same-store revenue by about 20 basis points relative to your original guidance. So I was just curious like is the blended spread just adding another 5 bps, just trying to bridge the gap between your original guidance and your new guidance and what's contributing to the 25 bps increase? Thanks.

你好。謝謝。我想你在演講中提到，你現在預期的壞帳率為1%，我認為去年是1.2%。所以我想，相對於最初的指導，這將有助於您的同店收入提高約 20 個基點。所以我只是好奇混合利差是否只是再增加 5 個基點，只是試圖彌合您原來的指導和新指導之間的差距，以及是什麼導致了 25 個基點的增長？謝謝。

Good morning, Eric. Chris, here. Thanks for the question. In terms of the guide, I would think of the increased 25 basis points is largely coming call it half-half, half from our increased spread outlook and half from our better-than-expected bad debt experience.

早安，埃里克。克里斯，在這裡。謝謝你的提問。就指南而言，我認為增加的 25 個基點很大程度上是一半一半，一半來自我們利差前景的擴大，一半來自我們好於預期的壞帳經驗。

Just on the topic of collections, maybe if I can share a little bit more color. The general update is pretty consistent to our discussion last quarter. We're continuing to see strong collection trends into the second quarter. And I think, what was really encouraging about what we saw is that our collection patterns were strong pretty much across most areas of the portfolio, which we view as a really positive indication with respect to the financial health of the AMH resident base.

就收藏這個主題來說，也許我可以分享更多的色彩。整體更新與我們上季的討論非常一致。我們在第二季度繼續看到強勁的收藏趨勢。我認為，我們所看到的真正令人鼓舞的是，我們的收款模式在投資組合的大多數領域都表現強勁，我們認為這對於AMH 居民基礎的財務健康狀況來說是一個非常積極的跡象。

To your point in terms of tying that into the guide, with that said, if think about our outlook for the balance of this year, look, we're very mindful of the fact that bad debt levels typically correlate higher with move-out season.

就您將其納入指南的觀點而言，話雖如此，如果考慮一下我們對今年平衡的展望，我們非常注意這樣一個事實，即壞帳水平通常與搬出季節相關性更高。

And with that in mind, we've left our bad debt outlook is contemplated in guidance for the second half of the year, in the low 1% area or so. We are pretty consistent with the back half of last year as you point out bringing our full year bad debt outlook to 1% on average.

考慮到這一點，我們在下半年的指導中考慮了壞帳前景，即 1% 左右的低水準。我們與去年下半年的情況非常一致，正如您指出的那樣，我們將全年壞帳前景平均降至 1%。

But look, I'm hopeful that we can do better than that and provide a nice update in the back half of this year. But at this point, I think it's important that we remain prudent given that the majority of move-out season is still ahead of us.

但看，我希望我們能做得更好，並在今年下半年提供一個不錯的更新。但在這一點上，我認為重要的是我們保持謹慎，因為大部分的遷出季節仍在我們前面。

Got it. And I guess where is that debt trending today? So I mean, maybe just the last couple of months in terms of where it's been?

知道了。我猜今天的債務趨勢在哪裡？所以我的意思是，也許只是過去幾個月的情況？

Yeah. Second quarter ran at 90 basis points.

是的。第二季上漲 90 個基點。

Jamie Feldman, Wells Fargo.

傑米·費爾德曼，富國銀行。

So given some of the positive updates on expenses and property taxes in states where you have more visibility, we're wondering what your current guidance assumptions are for Florida and Georgia. And if those assumptions have changed at all? What's the right way to think about taxes in those states as you get your [rental] rates closer to November?

因此，鑑於您有更多知名度的州的費用和財產稅的一些積極更新，我們想知道您目前對佛羅裡達州和喬治亞州的指導假設是什麼。如果這些假設改變了呢？當您的[租金]利率接近 11 月時，考慮這些州稅收的正確方法是什麼？

Sure. Good morning, Jamie, Chris here. Yeah, I can get kind of a little bit more of the broader property tax update and tie in Florida and Georgia as well. Look, the general update at this point is keep in mind we're really only about halfway through the property tax calendar event year.

當然。早安，傑米，克里斯在這裡。是的，我還可以了解更多更廣泛的財產稅更新以及佛羅裡達州和喬治亞州的關係。看，此時的一般更新是請記住，我們實際上只完成了財產稅日曆活動年的一半。

At this point, we've received initial assessed values for a little over half of the portfolio overall. As we've talked about plenty of times, that then really starts the beginning of the appeals process that runs over the course of summer and into early fall.

至此，我們已經收到了整個投資組合一半多一點的初始評估值。正如我們多次討論過的那樣，上訴流程才真正開始，整個夏季一直持續到初秋。

With the remainder of our values, being received in the third quarter and then as you point out, with the majority of our tax rates across the board for the most part, being received in the fourth quarter. So look we're still early in the year.

我們的其餘價值將在第三季度收到，然後正如您所指出的，我們的大部分稅率在很大程度上是在第四季度收到的。所以看起來我們還處於今年初期。

As I mentioned in the prepared remarks, we have seen and received some positive news out of Indiana. Indiana runs on an earlier schedule than most other states and that is what at this point is driving the 25 basis points reduction in our guidance. Outside of Indiana, based on the rest of the information we've received to-date, we feel very good about the new midpoint of 7% growth for this year on a full year basis.

正如我在準備好的演講中提到的，我們已經看到並收到了來自印第安納州的一些積極消息。印第安納州的運行時間比大多數其他州要早，這也是為什麼我們將指導意見下調 25 個基點的原因。在印第安納州之外，根據我們迄今為止收到的其餘信息，我們對今年全年 7% 的新中點增長感到非常滿意。

Just -- the color on Georgia and Florida, in Georgia at this point, we've received a good portion of our initial assessed values and that then, as I mentioned, kicks off appeals season. A little bit hard to say on Georgia. We've seen some values come in slightly below initial expectations. But like I said, still early and we really don't have any visibility into rates on Georgia at this point. So it's too difficult to say one way or the other. And then Florida as we know is really kind of a third and fourth quarter event type of state.

只是 - 喬治亞州和佛羅裡達州的顏色，在喬治亞州，我們已經收到了初始評估值的很大一部分，然後，正如我提到的，上訴季節開始了。關於喬治亞州有點難說。我們已經看到一些值略低於最初的預期。但就像我說的，現在還為時過早，我們目前對喬治亞州的費率還沒有任何了解。所以很難說其中一種方式。據我們所知，佛羅裡達州確實是第三季和第四季賽事類型的州。

Okay. That's very helpful. Thank you for all the color. And then I guess just shifting just to talk about the markets. Midwest markets have been particularly strong as you mentioned. I was hoping to get your thoughts on why you think why -- I know there's an article in Journal today talking about Milwaukee, specifically, and the challenge in buying homes there.

好的。這非常有幫助。謝謝你所有的顏色。然後我想只是轉移話題來談市場。正如您所提到的，中西部市場尤其強勁。我希望了解您的想法 - 我知道今天《華爾街日報》上有一篇文章專門討論了密爾瓦基，以及在那裡購買房屋所面臨的挑戰。

But just maybe thoughts on the Midwest and then clearly the market is pricing in lower rates ahead, which of your markets would you be concerned about most if mortgage rates do come down about being more challenged on the occupancy front or higher turnover?

但也許只是對中西部的想法，然後顯然市場正在以較低的利率定價，如果抵押貸款利率確實因入住率或更高的營業額面臨更大挑戰而下降，您最擔心哪個市場？

Thanks, Jamie. This is Bryan. We're really pleased with the performance of the Midwest markets this year. Our homes there are really high quality and characterized by being in really good locations. And we're seeing some strong in-migration -- goes back to what we've talked about for the past couple of years, just the real appreciation of the value proposition of single-family homes.

謝謝，傑米。這是布萊恩。我們對今年中西部市場的表現非常滿意。我們在那裡的房屋品質非常高，而且位置非常好。我們看到了一些強勁的移民——這又回到了我們過去幾年所討論的，即對單戶住宅價值主張的真正欣賞。

And in the Midwest that's characterized by good neighborhoods, large yards and really quality of life moves, I think. But we're really pleased with that performance. There's talk of moderation, I read the same articles as well. But our portfolio specifically is well positioned for continued success there.

我認為，中西部的特徵是良好的社區、大院子和真正的生活品質。但我們對這樣的表現真的很滿意。有人談論適度，我也讀過同樣的文章。但我們的投資組合特別適合在那裡持續取得成功。

And then in the event of a change in mortgage rates, it really depends on supply of new housing and our markets are characterized by pretty heavy supply constraints, especially on for sale product. Again it's the number one reason for move-out, but we've done well when the value proposition or the delta between cost of owning and cost of renting was a lot tighter. So we seem to be pretty durable in all cycles.

然後，如果抵押貸款利率發生變化，這實際上取決於新房屋的供應，而我們的市場的特點是供應限制相當嚴重，特別是在銷售產品方面。這又是搬離的首要原因，但當價值主張或擁有成本和租賃成本之間的差異非常嚴格時，我們就做得很好。所以我們似乎在所有周期中都相當耐用。

Jeff Spector, Bank of America.

傑夫·斯佩克特，美國銀行。

One follow-up to that, Bryan. Can you quantify that last comment because that is still one of the big concerns right investors have on lower mortgage rates means you'll see a flock of renters leave to go buy homes. So you commented that when things were tighter on cost to own to rent you had -- you were resilient. I guess can you quantify that versus today?

對此的後續行動，布萊恩。您能否量化最後的評論，因為這仍然是投資者對較低抵押貸款利率的最大擔憂之一，這意味著您將看到一群租屋者離開去買房子。所以你評論說，當擁有和租賃成本更加緊張時，你有彈性。我想你能對今天的情況進行量化嗎？

Yeah. Again, as I mentioned in the last question, it's still the top reason for move out. We do have residents that are going to transition into ownership. But the business held up very well during periods of time with low mortgage rates and a lot of supply on new builds.

是的。同樣，正如我在上一個問題中提到的，這仍然是搬出的首要原因。我們確實有即將轉為所有權的居民。但在抵押貸款利率較低和新房供應量很大的時期，該業務表現得非常好。

We're obviously not immune to the effect of a major change there. But I think the effect won't be as dramatic as some might be thinking. Again, you've got to get back to the basis though that we are supply constrained for high-quality housing across the board in our markets and I think that will provide a lot of support for our occupancy and rate.

顯然，我們無法免受那裡重大變化的影響。但我認為效果不會像某些人想像的那麼引人注目。再說一遍，你必須回到基礎，儘管我們市場上的高品質住房供應全面受到限制，我認為這將為我們的入住率和房價提供很大的支持。

Hey, Jeff, it's Dave. I think that last point is the key point. We're undersupplied in housing throughout this country. But more importantly we're very undersupplied where migration is moving to and that's the markets that we're in. So we need more housing if rates come down and some people can buy houses all the better. But it's not going to solve the housing problem. And demand is going to remain very strong.

嘿，傑夫，我是戴夫。我認為最後一點是關鍵點。全國各地的住房供應不足。但更重要的是，我們在移民目的地以及我們所在的市場上供應嚴重不足。因此，如果利率下降，有些人可以更好地買房，我們就需要更多的住房。但這並不能解決住房問題。需求將保持非常強勁。

Two other points to it. One is there still remains a very, very large delta between cost of ownership and renting. And the last point is if you go back before the interest rates moved up, demand was getting stronger each and every period without the delta, that was due to the lack of housing especially in migration markets. So we're going to continue to see very, very strong demand in all economic cycles.

另外還有兩點。一是擁有成本和租金之間仍然存在著非常非常大的差異。最後一點是，如果你回到利率上升之前，你會發現在沒有三角洲的每個時期，需求都在變得更強，這是由於缺乏住房，特別是在移民市場。因此，我們將繼續在所有經濟週期中看到非常非常強勁的需求。

Thanks. And then the follow-up question I have on development. In development -- the development yield you're earning. You talked about in your opening remarks I think you did say that construction costs are trending down. Is that helping the yield that you think you can earn in year one or year two?

謝謝。然後是我關於發展的後續問題。在開發中—您獲得的開發收益。您在開場白中提到，我認為您確實說過建築成本正在下降。這對您認為第一年或第二年可以獲得的收益有幫助嗎？

Yeah. No I don't know that development costs are trending down. The growth in the speed at which they were going up is definitely declining. It used to be a very, very red hot market. Still competitive whether you're talking about land or for trades.

是的。不，我不知道開發成本正在下降。他們上升的速度肯定在下降。它曾經是一個非常非常火熱的市場。無論是土地還是交易，仍然具有競爭力。

`What we are going to be delivering through the balance of this year I think I've had in prepared remarks it will continue to be in the high-5s. We are buying -- we are seeing some land opportunities. That's a new ability for us to start buying a little bit of land and I use the word little and underlying it.

“我認為我們在今年餘下時間裡將要實現的目標將繼續保持在前 5 水平。”我們正在購買——我們看到了一些土地機會。這是我們開始購買一點土地的新能力，我使用“小”這個詞並作為它的基礎。

But we're seeing some sharp shooting opportunities in really all of our markets. And we're going to probably have about $50 million of new land this year. We'll have a little bit more that we were putting under contract right now for next year. Some of this land will take a little longer to close because the sellers that we require to get it fully entitled for us. And the yields on that are going to be in the low 6s. It will be above 6%. So you're seeing some improvement as we move forward.

但我們在所有市場中都看到了一些敏銳的拍攝機會。今年我們可能會擁有價值約 5000 萬美元的新土地。明年我們會比現在簽訂的合約多一點。其中一些土地將需要更長的時間才能關閉，因為我們要求賣家為我們獲得完全的權利。其收益率將在 6 左右。將會在6%以上。因此，隨著我們的前進，您會看到一些改進。

Linda Tsai, Jefferies.

琳達·蔡，杰弗里斯。

The 391 homes, $125 million in net proceeds and a yield of mid-3%, would you expect the mid-3% yield to stay stable and how much visibility do you have on dispositions?

391 套房屋，淨收益為 1.25 億美元，收益率為 3% 左右，您是否預期 3% 左右的收益率保持穩定？

Sure. Good morning, Linda. Chris here. Look I think that mid-3s is pretty representative of what we're seeing in the marketplace right now, mid to high 3s or so and we've been pretty consistent in that area for the last several quarters at least. Overall, I would say we're continuing to see really solid traction through the disposition program.

當然。早安，琳達。克里斯在這裡。看，我認為中 3 秒非常代表我們現在在市場上看到的，中高 3 秒左右，至少在過去幾個季度我們在該領域一直相當一致。總的來說，我想說的是，我們繼續看到處置計劃確實具有堅實的吸引力。

First half of this year, the teams did a great job capturing the spring and the summer selling season. As you point out, selling 391 homes in the quarter, bringing our year-to-date disposition activity to a total of 862 properties which is slightly better than about half of our full year expectations, which is great from a capital recycling perspective, helping to contribute to interest income in the meantime while really getting attractively redeployed into our growth programs.

今年上半年，各團隊出色地抓住了春季和夏季的銷售旺季。正如您所指出的，本季度出售了391 套房屋，使我們年初至今的處置活動總數達到862 套，略好於我們全年預期的一半左右，從資本回收的角度來看，這非常好，有助於幫助同時為利息收入做出貢獻，同時真正以有吸引力的方式重新部署到我們的成長計畫中。

So -- and just tying that into the full year outlook recognizing that home sales in activity typically slows down in the back half of the year, it feels like we're still right on track for our full year expectations of around 1,500 dispositions and something in the 3s from a disposition cap rate perspective feels right.

因此，只要將這一點與全年展望聯繫起來，認識到房屋銷售活動通常會在今年下半年放緩，我們仍然有望實現全年約 1,500 套處置的預期。秒內感覺是正確的。

Would you continue to expect to lean into dispositions more as you head into next year?

當你進入明年時，你會繼續期望更多地傾向於傾向嗎？

We would. And like we've talked about many times before, one of the great aspects of our asset class is its granularity and our ability to really make smart asset management decisions down to the unit level. Refining the portfolio and finding attractive opportunities to really attractively recycle that capital into our growth programs. The other catalyst, I would say to disposition opportunities is the collateral that is currently being freed up from our remaining securitizations that are coming off of the balance sheet.

我們會的。就像我們之前多次談到的那樣，我們資產類別的一個重要方面是它的粒度以及我們真正做出細化到單位層級的明智資產管理決策的能力。完善投資組合併尋找有吸引力的機會，將這些資本真正有吸引力地回收到我們的成長計畫中。我想說，處置機會的另一個催化劑是目前正在從資產負債表中剩餘的證券化中釋放的抵押品。

If you recall, we had two securitizations that were maturing this year, the first of which was already paid off in the first quarter. The second of which we mentioned this -- I mentioned this in prepared remarks after the successful June bond offering will be paid off in the third quarter. The two of those securitizations will release about 9,000 homes or so.

如果您還記得的話，我們今年有兩項證券化即將到期，其中第一項已在第一季還清。我們提到的第二個——我在六月成功發行債券將在第三季度得到償付後準備好的發言中提到了這一點。其中兩項證券化將釋放約 9,000 套房屋。

And then we have two more securitizations that become repayable in 2025. Game plan as we've talked about is to refinance those on an unsecured basis, moving the balance sheet to a 100% unencumbered balance sheet. Also freeing up probably 8,000 to 9,000 homes, that will be essentially the next leg of opportunity from a disposition and asset management perspective.

然後我們還有另外兩個證券化項目需要在 2025 年償還。正如我們所討論的，遊戲計劃是在無擔保的基礎上為這些資產進行再融資，將資產負債表調整為 100% 無負擔的資產負債表。此外，還可以騰出約 8,000 至 9,000 套房屋，從處置和資產管理的角度來看，這基本上將是下一個機會。

John Pawlowski, Green Street.

約翰‧帕夫洛夫斯基，《格林街》。

Thanks. Good morning. Chris, just a few quick questions on expenses. I know it's too early to talk specific numbers, but just in terms of directional moves do you expect any expense line items to reaccelerate next year?

謝謝。早安.克里斯，我想問幾個關於費用的簡單問題。我知道現在談論具體數字還為時過早，但就方向性變動而言，您預計明年的任何支出項目會重新加速嗎？

Next year, well, look, I would say -- this year in particular as we're thinking about momentum and execution from the team, we're feeling really good about things across the board. We talked about property taxes coming down 25 basis points at the midpoint on a full year basis. And then importantly, outside of property taxes, look, the teams are doing a really good job doing what we call controlling the controllables and executing really well across the portfolio, driving the revised outlook on non-property tax expenses down by 25 basis points to 5% at the midpoint.

明年，嗯，看，我想說 - 特別是今年，當我們考慮團隊的動力和執行力時，我們對全面的事情感覺非常好。我們討論了全年財產稅中間值下降 25 個基點。然後重要的是，除了財產稅之外，團隊在我們所說的控制可控因素方面做得非常好，並且在整個投資組合中執行得非常好，推動非財產稅支出的修訂後前景下降了25個基點5% 為中點。

So I agree with your statement, it's probably a little bit early to be talking about numbers for next year. But from a controllables perspective, like I said, the team is doing a great job. We're really seeing the benefits from many of our investments like Resident 360. And I would expect all of those programs and the team's execution to continue into next year as well.

所以我同意你的說法，現在談論明年的數字可能有點早。但從可控的角度來看，正如我所說，團隊做得很好。我們確實看到了 Resident 360 等許多投資的好處。我預計所有這些計劃和團隊的執行也將持續到明年。

And then from a property tax perspective, again, can't talk to numbers, no crystal ball, here but like -- we've also talked about many times. Property taxes are in part are a function of property values. And our expectation for some time now has been now that rate of home price appreciation hit the high-water mark in call it '22 or so. On a lag basis, our expectation is that property taxes should be coming off of the peak and moderating over time. I think that we're seeing that this year.

然後，從財產稅的角度來看，同樣，不能用數字來說話，沒有水晶球，但就像——我們也已經討論過很多次了。財產稅在一定程度上是財產價值的函數。一段時間以來，我們的預期是房價升值率達到「22」左右的高水位。從滯後的角度來看，我們的預期是財產稅應該會脫離高峰並隨著時間的推移而放緩。我認為今年我們會看到這一點。

Again, I can't crystal ball it yet, but it wouldn't surprise me if hopefully property taxes continue as rate of moderation into next year. Can't quantify it, but we feel good from a directional perspective.

再說一遍，我還無法預測它，但如果希望財產稅在明年繼續保持適度的稅率，我不會感到驚訝。無法量化，但從方向性角度來看我們感覺很好。

Okay. One last follow-up on repair and maintenance and turnover costs. Just given the increasing length of stay you turn some of these homes that really haven't turned into post-COVID environments and kind of evictions and bad debt fully normalize, do you think we'll see a temporary period of above-average R&M and turnover costs because of deferred spend?

好的。關於維修和保養以及週轉成本的最後一項後續行動。只是考慮到居住時間的增加，你把一些實際上還沒有變成後新冠環境的房屋變成了後新冠環境，並且驅逐和壞賬完全正常化，你認為我們會看到一段暫時高於平均水平的R&M 和因延期支出而產生的周轉成本？

Yeah. Hey, John, it's Dave. I would reiterate a couple of things that Chris said, and I'll then tie it into the question. And that is we invested in our teams, our field teams, two years ago in this Resident 360. And we have a lot more visibility and a lot more discipline in the field around our repair and maintenance. The second thing is that the seasonality of this business and it is a seasonal business has largely returned.

是的。嘿，約翰，我是戴夫。我會重申克里斯所說的幾件事，然後我會將其與問題聯繫起來。這就是我們兩年前在 Resident 360 中對我們的團隊、我們的現場團隊的投資。我們在維修和維護領域擁有更多的可見性和更多的紀律。第二件事是，這個業務的季節性，而且是季節性業務，基本上已經回歸了。

And so the comparisons on a period-to-period basis on a year-to-over-year basis are going to be much better than they have been -- in the last couple of years as we were going from pandemic patterns back to regular seasonality patterns.

因此，在過去幾年中，當我們從大流行模式回歸到常規模式時，逐年比較將比過去幾年要好得多季節性模式。

And the third area that I would talk about that gives us confidence in our repairs and maintenance is the fact that we continue to add a lot of new homes to our portfolio that are purpose built-for-rental by us with materials and in a manner that has long-term maintenance in mind.

我要談的第三個領域讓我們對維修和保養充滿信心，那就是我們繼續在我們的投資組合中添加大量新房，這些新房是我們用材料和方式專門建造用於出租的。 。

So the average age of our homes is remaining consistent and the portfolio as a whole is not aging significantly. But more importantly, the age of the home is one piece the quality of the home, the higher-end plumbing fixtures. The way the flooring is built the decking news built is keeping today and will keep in the future our maintenance cost much more under control than if we didn't do that.

因此，我們房屋的平均年齡保持一致，整個投資組合併沒有明顯老化。但更重要的是，房屋的年齡與房屋的品質、高端管道裝置息息相關。地板的建造方式和裝飾新聞的建造方式一直沿用至今，並且與不這樣做相比，將來我們的維護成本將得到更好的控制。

Daniel Tricarico, Scotiabank.

丹尼爾·特里卡里科，豐業銀行。

Hey, good morning, team. Chris you noted the collateral from the securitization. Could you give us a sense on the magnitude of those disposition opportunities from those assets? And could it be large enough of the source of funds that would lead you to ramp up the development pipeline a little more? Thanks.

嘿，早上好，團隊。克里斯，您注意到了證券化的抵押品。您能否讓我們了解這些資產的處置機會有多大？資金來源是否夠大，可以讓您進一步加大開發力道？謝謝。

Yeah, in terms of framing the collateral magnitude, each one of our securitizations, these are average numbers, each one of our securitizations is collateralized by call it 4,500 properties or so. So the two securitizations either paid off or being paid off this year will free up about 9,000 homes. And then as we refinance, as I mentioned, our two opportunities next year on an unsecured basis, that will free up another 9,000 homes which really, as I mentioned, creates a great opportunity to fine-tune the existing portfolio and really attractively recycle that capital.

是的，就抵押品規模而言，我們的每項證券化都是平均數字，我們的每一項證券化都以 4,500 項左右的財產作為抵押。因此，今年已還清或正在還清的兩項證券化將釋放約 9,000 套房屋。然後，正如我所提到的，當我們明年在無擔保的基礎上進行再融資時，這將釋放另外9,000 套房屋，正如我所提到的，這確實創造了一個很好的機會來調整現有的投資組合，並真正有吸引力地回收這些房屋。

The one thing that I would point out though just in terms of time line to recycle that capital I wouldn't think of it as a flipping of the switch overnight on the recycling of that capital in large part because of the channel through which we are selling those homes, right? Pretty much all of our dispositions these days are being sold through the MLS to end-user homeowner buyers. Which means that we need to have vacant units to be able to put on to the MLS.

我要指出的一件事是，就回收資本的時間線而言，我不認為這是一夜之間就可以回收資本的開關，這在很大程度上是因為我們所通過的管道賣掉那些房子，對嗎？如今，我們幾乎所有的配置都透過 MLS 出售給最終用戶房主買家。這意味著我們需要有空置單位才能進入美國職業足球大聯盟。

And as we think about having vacant units to sell, it's a good problem to have, but 96% plus of our homes are not vacant. And so we need to let leases roll. After leases roll residents move out, when homes are identified for disposition.

當我們考慮出售空置單位時，這是一個好問題，但我們 96% 以上的房屋都不是空的。所以我們需要讓租約滾動。租約到期後，當房屋被確定可供處置時，居民就會搬出去。

We'll spend a short amount of time prepping those homes for sale and then putting them on to the market after that. So big opportunity ahead of us. And I would think of it more of a kind of a gradual runway of opportunity to refine, fine-tune the portfolio, and attractively recycle capital for years to come especially as this collateral is being released.

我們將花很短的時間準備這些房屋的出售，然後將它們推向市場。我們面前有這麼大的機會。我認為這更像是一種逐步完善、調整投資組合的機會，並在未來幾年以有吸引力的方式回收資本，尤其是在釋放這種抵押品的情況下。

Thanks for the color, Chris. I guess I'll keep you here. You gave the guidance change breakdown. Nothing specific on occupancy. So the low 96% expectation you had initially unchanged, and I guess just with the strength in demand you're seeing, is that keeping you more towards a rate focused strategy at this time of the year?

謝謝你的顏色，克里斯。我想我會把你留在這裡。您給了指導變更細目。沒有任何關於入住的具體資訊。因此，您最初保持的 96% 的低預期沒有變化，而且我想，鑑於您所看到的需求強勁，這是否會讓您在每年的這個時候更加傾向於以利率為中心的策略？

This is Bryan. We're not focused on any one component of revenue. Our objective is really just to consistently maximize revenue and revenue growth over time. So the 96% that you're seeing, it is consistent with our expectations at the beginning of the year and our increased rate outlook is us being able to capitalize on that increased demand. But we're not focused on any one metric in isolation.

這是布萊恩。我們不關注收入的任何一個組成部分。我們的目標實際上只是持續最大化收入並隨著時間的推移實現收入成長。因此，您看到的 96% 與我們年初的預期一致，我們的利率前景是我們能夠利用增加的需求。但我們不會孤立地關注任何一項指標。

Jesse Lederman, Zelman & Associates.

傑西·萊德曼，Zelman & Associates。

Good morning and thanks for taking my questions. Looks like you reached a single-digit rate of inflation on insurance expense for the first time since late 2020. Can you give us an update on what you're seeing on the insurance side of the business please?

早安，感謝您提出我的問題。看來保險費用通膨率自 2020 年底以來首次達到個位數。能為我們介紹一下您在保險方面看到的最新情況嗎？

Sure. Good morning, Jesse, Chris here. Yeah, I would say, from an insurance standpoint, that's an actual renewal number at this point. If you recall, our renewal falls during the first quarter. And so our renewal was done. We knew the actual number and contemplated it in guidance this year.

當然。早安，傑西，克里斯在這裡。是的，我想說，從保險的角度來看，這是目前的實際續保數字。如果您還記得的話，我們的續訂是在第一季進行的。我們的更新就這樣完成了。我們知道實際數字，並在今年的指導中考慮了這一點。

What we saw in the second quarter, I think is a little bit of a function of where some of the prior year quarterly comps fell on a full year basis as we talked about at the start of the year and as contemplated in guidance, we would expect insurance to land in the high single digits from a full year perspective. And I think it really reflects two things.

我認為我們在第二季度看到的情況在一定程度上與去年的一些季度比較在全年基礎上的下降有關，正如我們在年初談到的那樣，並且正如指導中所設想的那樣，我們將從全年的角度來看，預計保險業將達到高個位數。我認為這確實反映了兩件事。

One, as I'm sure you've heard from elsewhere the insurance landscape overall has been improving this year, which is great from an insurance and broader industry perspective. And I think it's also a reflection of the favorable risk profile associated with dispersed single-family assets.

第一，我相信您從其他地方聽說過，今年保險業的整體狀況一直在改善，從保險業和更廣泛的行業角度來看，這非常好。我認為這也反映了與分散的單戶資產相關的有利風險狀況。

And then in particular the AMH risk profile, especially in and around weather events in large part, thanks to our team's really mature disaster preparedness and response programs which has differentiated the payment risk profile, which you can see reflected into our insurance renewals.

然後特別是AMH 風險狀況，尤其是在天氣事件及其周圍，這在很大程度上要歸功於我們團隊真正成熟的備災和響應計劃，這些計劃使付款風險狀況有所不同，您可以看到這反映在我們的保險續保中。

Great. Thanks for that color. That's helpful. Shifting gears to the development pipeline. It looks like you'll have a high exposure going forward to markets that are already burdened by increased supply. So if I look at Phoenix and Vegas in particular, it looks like 30% of your future lots will come from those two markets.

偉大的。謝謝那個顏色。這很有幫助。轉向開發管道。看起來您將在已經因供應增加而不堪重負的市場上擁有很高的風險敞口。因此，如果我特別關注鳳凰城和維加斯，看起來未來 30% 的土地將來自這兩個市場。

And of course, this reflects investments made a couple of years ago and fundamentals in those markets were particularly strong. But is there any concern that such a large percentage of development conceivably will come from areas where more supply is and will be coming online?

當然，這反映了幾年前的投資以及這些市場的基本面特別強勁。但是否有人擔心如此大比例的開發將來自已經或將會有更多供應的地區？

Yeah. This is Dave. The answer is no. I don't have a concern. Let me give you -- I think Brian mentioned some of this. Our built-to-rent is not the same as the built-to-rent that is coming in. And we're seeing very, very high demand for our built-to-rent. We talked about location is important and where our homes that we are delivering are in those infill locations. And that's right next to where the homebuilders are building for retail sale. It's not where they're building their built-to-rent.

是的。這是戴夫。答案是否定的。我沒有擔心。讓我告訴你——我想布萊恩提到了其中的一些。我們的內置出租與即將推出的內置出租不同。我們看到對我們的建房出租的需求非常非常高。我們談到位置很重要，我們正在交付的房屋位於這些填充位置。那裡就在住宅建築商正在建造用於零售的地方旁邊。這裡不是他們建造出租房屋的地方。

When you look at the type of home that -- or residents that we're building. Brian mentioned this already. We're building detached homes. Again, closer to the employment areas of the city because of their location. And we're not building the attached homes.

當你看看我們正在建造的房屋類型或居民。布萊恩已經提到這一點。我們正在建造獨立屋。同樣，由於其位置，更靠近城市的就業區。我們不建造附屬房屋。

If you look at what is going on today in the built-to-rent deliveries, the built-to-rent deliveries 21%, 22% of them are -- this is nationwide are detached. The attached homes are on market much longer and they are having concessions being offered in order to rent them.

如果你看看今天的建房出租交付情況，你會發現建房出租交付有 21%、22%——這在全國範圍內是獨立的。附屬房屋的上市時間要長得多，而且他們在出租時會提供優惠。

Our homes with no concessions, all of our built-to-rent product that we have that we are delivering, is 97% occupied today. High, high demand for our built-to-rent products. So I see it as being a higher quality product and higher demand than other built-to-rent. And I don't have concerns about the occupancy of our built-to-rent deliveries in the future.

我們沒有優惠的房屋，我們提供的所有內置出租產品，今天的入住率達到 97%。對我們的內建租賃產品的需求非常高。所以我認為它是比其他建租更高品質的產品和更高的需求。我並不擔心我們的建租交付未來的入住率。

Adam Kramer, Morgan Stanley.

亞當‧克萊默，摩根士丹利。

Hey, guys. Congrats on a really strong quarter and guide raise. I wanted to ask about kind of how you view your cost of capital today, I guess specifically your equity cost of capital? Looks like active on the ATM a little bit last year and a little bit earlier this year but not in the second quarter. It looks like the stock price today is a little bit higher than where you were issuing in the first quarter. So just again, maybe specifically with your equity cost of capital but even just generically across all the different forms of capital, how you think about kind of cost of capital today?

嘿，夥計們。祝賀一個非常強勁的季度和指導加薪。我想問您如何看待今天的資本成本，我想具體是您的股權資本成本？去年和今年早些時候，ATM 機上的交易看起來都比較活躍，但第二季就沒那麼活躍了。看起來今天的股價比你第一季發行的價格高一點。那麼，再說一遍，也許特別是針對您的股權資本成本，但即使只是針對所有不同形式的資本，您如何看待當今的資本成本？

Chris here. Look, I think things are move -- moving up and down, moving in the right direction. Clearly, we'd still like to see more from an equity cost of capital perspective. What I would remind you of in terms of where we were active earlier this year, small opportunities, small equity raise earlier this year, fully on a forward basis. And if you recall that was actually event-driven on the back of our S&P Index inclusion where we had an opportunity to top up the tank in a small way, north of $37 totally on a forward that we will use opportunistically going forward. But I think that that's the keyword as we think about cost of an end use of capital opportunistic, right?

克里斯在這裡。看，我認為事情正在移動——上下移動，朝著正確的方向移動。顯然，我們仍然希望從股權資本成本的角度看到更多。我想提醒您的是，我們今年早些時候活躍的領域，今年早些時候的小機會、小股權融資，完全是在遠期的基礎上。如果你還記得的話，這實際上是在我們納入標準普爾指數之後由事件驅動的，我們有機會以小幅方式加滿油箱，總共超過 37 美元，我們將在未來機會主義地利用這一遠期。但我認為這是我們考慮機會主義資本最終使用成本時的關鍵字，對吧？

It's all relative to the opportunity set and finding the right places and opportunities to use our cost of capital attractively relative to the opportunity set. And the important thing to keep in mind is how we have sized the capital plan and in particular, the development program, right? We've talked about it a lot of times, but we've been very thoughtful about sizing the development program so that in any given year our land pipeline and our development program can be constructed and built without the need for equity in any one given year, right?

這一切都與機會集以及尋找合適的地點和機會來相對於機會集有吸引力地利用我們的資本成本有關。需要記住的重要一點是我們如何確定資本計劃，特別是開發計劃的規模，對吧？我們已經討論過很多次了，但我們對開發計劃的規模進行了非常深思熟慮，以便在任何給定年份我們的土地管道和開發計劃都可以在不需要任何給定年份的股權的情況下進行建設和建設年，對嗎？

The development program on a calendar basis is fundable through a combination of retained cash flow from the business, some level of recycled capital from dispositions and then leverage capacity off of the balance sheet, which then means equity can become an opportunistic weapon to look for incremental opportunities.

按日曆計算的開發計畫的資金來源包括業務留存現金流、處置中一定程度的回收資本以及資產負債表外的槓桿產能，這意味著股權可以成為尋找增量的機會主義武器。

Maybe it's a little bit more development. Maybe it is MLS or national builder opportunities in the future when they start to make sense or portfolio opportunities as we look for those types of opportunities down the road that we've talked a lot about, right? We're really optimistic on the portfolio front down the road.

可能是發展得稍微好一點吧。也許是 MLS 或國家建築商未來的機會，當它們開始有意義時，或者是投資組合機會，因為我們正在尋找我們已經討論過的那些類型的機會，對嗎？我們對未來的投資組合前景非常樂觀。

As we know there are a lot of assemble portfolios out there that have been on the IRR clock now for a number of years that are going to need to find liquidity, especially in today's cost of debt environment. And those are fantastic opportunities for us, especially as you think about the value that we can create and unlock in those smaller and medium-sized portfolios by bringing on to our platform and bringing up to our operating standards.

正如我們所知，有許多組合投資組合已經在內部報酬率時鐘上運行多年，需要尋找流動性，特別是在當今的債務成本環境下。這些對我們來說都是絕佳的機會，特別是當你想到我們可以透過引入我們的平台並提高我們的營運標準來在中小型投資組合中創造和釋放價值時。

And something like that on a relative basis could make a benefit relative to cost of capital. But like I said they, need to be the right opportunities and because of the built-in growth from our development program, we don't need to stretch ourselves. And like you always hear from us, we are unwavering on our commitment to the buy box around location quality and price.

相對而言，類似的事情可能會相對於資本成本產生效益。但就像我說的，它們需要合適的機會，並且由於我們的發展計劃的內在增長，我們不需要擴展自己。正如您經常聽到的那樣，我們堅定不移地致力於圍繞位置品質和價格購買按鈕。

Thanks Chris. That was really helpful. Just on a little bit of different note. Just wondering on some of the comments around kind of the renewal rate and where you're going out with renewals today. Maybe just quantifying kind of what the take rate is on renewals either today or maybe your expectations for the second half of the year, kind of take rate on renewals? And then how does that compare to history? Just kind of rule of thumb in terms of kind of take rate on renewals?

謝謝克里斯。這真的很有幫助。只是有一點不同。只是想知道有關續訂率的一些評論以及您今天要在哪裡續訂。也許只是量化今天的續訂率，或者您對下半年的預期，續訂率是多少？那麼這與歷史相比如何呢？只是續約率方面的經驗法則嗎？

Yeah. Thank you, Adam. This is Bryan. As I talked about a little bit earlier, the 70% retention rate is kind of the expectation going forward. And if you look at that in historical context of a-COVID context, it's a pretty significant improvement over to what our run rate was back then for a couple of reasons.

是的。謝謝你，亞當。這是布萊恩。正如我之前談到的，70% 的保留率是未來的預期。如果你在新冠疫情的歷史背景下審視這一點，你會發現，與當時的運行率相比，這是一個相當顯著的進步，原因有幾個。

One, we've talked about the supply dynamics. But we've also really improved the offering. And I think the residents are appreciating the power of the maintenance platform and the services platform. So 70% is right what we're targeting. And again, really nice improvement over the past five or six years.

第一，我們討論了供應動態。但我們也確實改進了產品。我認為居民正在欣賞維護平台和服務平台的力量。所以 70% 就是我們的目標。再說一次，在過去的五、六年裡，進步確實很大。

Brad Heffern, RBC Capital Markets.

Brad Heffern，加拿大皇家銀行資本市場部。

Yes, thank you. For-sale housing supply has picked up in a lot of your markets and I think pricing is looking a little weaker in a few places. Obviously, rents continue to go up as well. So I'm curious if you're closer to a place where you might want to acquire a more active way or if the economics are still quite far from what development gives you?

是的，謝謝。許多市場的待售住房供應量有所增加，我認為一些地方的價格看起來有點疲軟。顯然，租金也在持續上漲。所以我很好奇你是否更接近一個你可能想要獲得更積極的方式的地方，或者經濟是否離發展給你帶來的還很遠？

This is Bryan. In terms of national builder activity, we continue to review tens of thousands of homes. We're active in reviewing really across the portfolio. And if you look at our specific buy box and the bid ask spread, it's consistent with what we talked about last quarter, somewhere in the 15% to 20% range before they start to make a lot of sense for us in today's current environment. So we aren't seeing any significant movement. But when it happens, we'll be ready to take advantage of it.

這是布萊恩。就全國建築商活動而言，我們繼續審查數以萬計的房屋。我們正在積極審查整個產品組合。如果你看看我們的特定購買框和買賣差價，它與我們上季度討論的一致，在 15% 到 20% 的範圍內，然後它們在今天的當前環境下開始對我們產生很大的意義。所以我們沒有看到任何重大變動。但當它發生時，我們將準備好利用它。

Okay. Got it. And then Chris, I think in the second quarter there was a bigger sequential jump in FFO than what you would typically have. I'm just curious is that just shifting timing or was there maybe anything one-time in the quarter? Any color there would be great.

好的。知道了。然後克里斯，我認為第二季度 FFO 的連續跳躍比通常更大。我只是好奇這只是改變時間還是本季可能有一次性的事情？任何顏色都會很棒。

Sure. No, it's nothing one tiny. I think it's largely a function of timing of prior year quarterly comps as well. And you can see it in the same store pool a little bit. If you look at property taxes for example that ran sub-5% relative to the full year expectation at 7%. And that really has to do with timing of where some of the things fell on a quarterly basis last year.

當然。不，這不是一件小事。我認為這在很大程度上也是去年季度比較時間的函數。而且你可以在同一個商店池中看到一點。例如，如果你看財產稅，相對於全年預期的 7%，它的稅率低於 5%。這確實與去年某些事情按季度下降的時間有關。

John Pawlowski, Green Street.

約翰‧帕夫洛夫斯基，《格林街》。

Brian, I have a kind of a broader question about how you think through your geographic footprint today. So you're in call it 35 markets and there's plenty of diversification within submarkets within every one of those markets. So curious how you think through potential merits of concentrating your capital a shorter list of markets to drive better density and perhaps better efficiency at the corporate level or the property level rather?

布萊恩，我有一個更廣泛的問題，關於您今天如何看待您的地理足跡。因此，您可以將其稱為 35 個市場，並且每個市場中的子市場都存在大量的多元化。很好奇您如何考慮將資金集中在更短的市場清單中以提高公司層面或房地產層面的密度和效率的潛在優點？

Yes. Thanks, John. This is Bryan. We're very pleased with our diversified footprint. We have proven – we built an operating model that allows us to be very efficient in some of the satellite markets, where we may not have a huge presence, but the efficiencies are still there. I've talked about it in the past we manage a lot of these markets through kind of a hub-and-spoke system, and it's proven to be a really good way to allow us to have that expansive footprint.

是的。謝謝，約翰。這是布萊恩。我們對我們的多元化足跡感到非常滿意。我們已經證明——我們建立了一種營運模式，使我們能夠在一些衛星市場上非常高效，雖然我們在這些市場上的影響力可能並不大，但效率仍然存在。我過去曾談到過，我們透過一種中心輻射型系統來管理許多此類市場，事實證明，這是一種非常好的方式，可以讓我們擁有如此廣闊的足跡。

In terms of concentration on select markets, I think you can see it in where we're targeting our development program and the growth there. We're not developing in every market across the United States. Although, we're very pleased with our portfolio footprint, we're more excited about growth in the development markets. I think we're in 16 markets right now. And that's the area that we're concentrating on growth and really leaning into.

就對特定市場的專注而言，我認為您可以從我們的發展計劃和成長目標中看到這一點。我們並沒有在美國的每個市場都進行開發。儘管我們對我們的投資組合足跡非常滿意，但我們對開發市場的成長更感到興奮。我認為我們現在有 16 個市場。這就是我們專注於成長並真正傾向於的領域。

And it ties right into your question too because remember, in most cases we're delivering communities which have a lot more density obviously, and potential for increased efficiencies on repairs and maintenance and operating side.

這也與您的問題緊密相關，因為請記住，在大多數情況下，我們提供的社區顯然具有更高的密度，並且有可能提高維修和維護以及營運方面的效率。

Thank you. There are no further questions at this time. I'd like to turn the call back over to management for closing comments.

謝謝。目前沒有其他問題。我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 your time today. Have a great weekend and we will speak with you next quarter.

謝謝接線員，也謝謝大家今天抽出寶貴的時間。週末愉快，我們將在下個季度與您交談。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

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。