American Homes 4 Rent (AMH) 2024 Q3 法說會逐字稿

Greetings, and welcome to the AMH third quarter 2024, earnings conference call. (Operator Instructions). As a reminder, this conference is being recorded.

您好，歡迎參加 AMH 2024 年第三季財報電話會議。（操作員說明）。提醒一下，本次會議正在錄製中。

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

現在我很高興向您介紹東道主投資者關係總監尼古拉斯·弗洛姆。謝謝你，尼克。你可以開始了。

Good morning. Thank you for joining us for our third 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 年第三季財報電話會議。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. 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.

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。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。

All forward-looking statements speak only as of today, October 30, 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.

所有前瞻性陳述僅截至今天，即 2024 年 10 月 30 日。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。

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.

歡迎大家，感謝您今天加入我們。

This is a special day for me. Today is my last earnings call before passing the baton to Bryan Smith, the next steward of our great brand. I hired Bryan more than 12 years ago. He has worked alongside me to build this company many of those as our Chief Operating Officer.

這對我來說是一個特別的日子。今天是我將接力棒交給布萊恩史密斯（Bryan Smith）之前的最後一次財報電話會議，他是我們偉大品牌的下一任管理者。12 年前我聘用了 Bryan。他與我一起創建了這家公司，其中許多人擔任我們的營運長。

Reflecting on the last 12 years, we accomplished more than I ever imagined. Together with Wayne Hughes, we seized a once-in-a-lifetime opportunity to pioneer the professionally managed single-family rental landscape.

回顧過去12年，我們所取得的成就比我想像的還要多。我們與韋恩休斯 (Wayne Hughes) 一起抓住了千載難逢的機會，開創了專業管理的單戶租賃領域。

Since then, we've changed perceptions of housing in the US and raise the bar on industry standards for service and quality. To control our own destiny, expand our portfolio through every economic cycle and to do our part in addressing America's housing shortage.

從那時起，我們改變了人們對美國住房的看法，並提高了服務和品質的行業標準。為了掌控我們自己的命運，在每個經濟週期中擴大我們的投資組合，並為解決美國的住房短缺問題盡自己的一份力量。

We build new homes in desired locations across our markets. We invested in our operations. We leverage technology. We looked around corners. And most importantly, we focused on people. We assembled a talented team, including a strong leadership bench that has worked together for the past decade and is ready to lead this company into the next chapter of its journey. Today, our 60,000 homes provide thousands of households with access to high-quality homes at a meaningful discount to the current cost of homeownership.

我們在市場上所需的地點建造新住宅。我們投資於我們的營運。我們利用科技。我們環顧四周。最重要的是，我們關注人。我們組建了一支才華橫溢的團隊，其中包括一個強大的領導班子，他們在過去十年中共同努力，並準備好帶領這家公司進入其旅程的下一個篇章。如今，我們的 60,000 套住房為成千上萬的家庭提供了高品質的住房，價格比當前的住房擁有成本大幅折扣。

Our residents appreciate the convenience, flexibility and ease of living we provide. Housing is a fundamental American need, and single-family rental homes have emerged as an important part of the American housing landscape and solution.

我們的居民非常欣賞我們提供的便利、靈活和輕鬆的生活。住房是美國人的基本需求，單戶出租屋已成為美國住房格局和解決方案的重要組成部分。

Building AMH with Wayne and with your support, is one of my proudest career accomplishments. I leave AMH with gratitude, pride and fond memories that I will cherish forever. Thank you all for being a part of my journey. AMH is in capable hands, and I'm excited to see the future successes, not only at AMH, but for the SFR industry as a whole.

與 Wayne 一起並在您的支持下建立 AMH 是我最自豪的職業成就之一。我帶著感激、自豪和我將永遠珍惜的美好回憶離開 AMH。感謝大家成為我旅程的一部分。AMH 掌握在有能力的手中，我很高興看到未來的成功，不僅是 AMH，而且是整個 SFR 行業。

And with that, I will now turn the call over to Bryan.

現在，我將把電話轉給布萊恩。

Thank you, Dave. I remember joining our team over 12 years ago when AMH was only an idea. Since then, we've accomplished many great things including pioneering and industry. But what stands out to me is the way that you've led the company by being focused on the people, both our team members and our residents. AMH would not be where it is today without you. Thank you for your outstanding leadership and friendship. I look forward to carrying on the AMH legacy.

謝謝你，戴夫。我記得 12 年前加入我們的團隊，當時 AMH 只是一個想法。從那時起，我們取得了許多偉大的成就，包括開拓和工業。但對我來說，最引人注目的是您領導公司的方式，即以人為本，包括我們的團隊成員和我們的居民。如果沒有您，AMH 就不會達到今天的水平。感謝您出色的領導和友誼。我期待著繼承 AMH 的遺產。

Looking ahead, the future is bright for AMH long-term business fundamentals are strong. And in the midst of a national housing shortage, we continue to do our part by contributing new housing stock through our development program, working to meet the growing demand for high-quality single-family rentals.

展望未來，AMH 的長期業務基礎強勁，前景光明。在全國住房短缺的情況下，我們繼續盡自己的一份力量，透過我們的開發計劃貢獻新的房屋存量，努力滿足對高品質單戶租賃不斷增長的需求。

More importantly, we remain focused on creating the best resident experience in the industry. AMH homes are well located to high-growth markets are known for their superior quality, and are supported by the best services platform in the industry.

更重要的是，我們仍然專注於創造業界最佳的住戶體驗。AMH 住宅地理位置優越，位於高成長市場，以其卓越的品質而聞名，並得到業界最佳服務平台的支援。

Turning to the near-term environment. This year is quickly coming to a close, and we consider 2024, to be a job well done. Operating results in the first half of the year were better than originally anticipated as the team worked hard to capture additional upside during the busy leasing season.

轉向近期環境。今年即將結束，我們認為 2024 年是一項出色的工作。上半年的經營業績好於最初預期，因為團隊在租賃旺季努力爭取額外的成長空間。

In the back half of the year, managing expenses has been key. Our success in controlling costs during the heavy move-out season is reflected in our results and the guidance revision highlighted in yesterday's earnings release.

下半年，管理費用是關鍵。我們在大量遷出季節期間控製成本的成功反映在我們的業績和昨天的收益發布中強調的指導修訂中。

For the third quarter, the teams delivered right on top of expectations with 4.4% revenue growth over the prior year. And on the expense front, another quarter of better-than-expected results was driven by the team's focus on controlling the controllables.

第三季度，團隊的業績完全超出預期，營收比上年成長 4.4%。在費用方面，另外四分之一的表現優於預期是由於團隊專注於控制可控因素。

This resulted in total same-home operating expense growth of 2.6% over the prior year. All of this contributed to strong core NOI growth of 5.4% for the quarter, and positive guidance revisions, which Chris will talk about in a moment.

這導致同屋營運費用總額較上年增加 2.6%。所有這些都促成了本季 5.4% 的核心 NOI 強勁增長，以及積極的指導修訂，克里斯稍後將討論這一點。

For the month of October, preliminary estimates screen well, with renewal rate growth increases of 5.4%, continuing to anchor our rent growth activity. Occupancy and new lease rate growth are 95.2% and 2%, respectively.

10 月份，初步估計顯示良好，續租率成長 5.4%，繼續支撐我們的租金成長活動。入住率和新租賃率成長率分別為 95.2% 和 2%。

As we close out 2024, we continue to carry strong momentum, but also recognize that we are operating in an uncertain environment. Given the upcoming election and general economic conditions, pockets of near-term supply in certain markets, and temporary disruptions from a series of significant weather events.

2024 年即將結束，我們繼續保持強勁勢頭，但也意識到我們正在一個不確定的環境中運作。考慮到即將到來的選舉和總體經濟狀況，某些市場的短期供應以及一系列重大天氣事件造成的暫時中斷。

With that in mind, for the balance of the year, we will be focused on setting up the portfolio for success in 2025, and plan to optimize revenue by prioritizing occupancy ahead of the holiday season.

考慮到這一點，在今年剩餘的時間裡，我們將專注於建立在 2025 年取得成功的投資組合，並計劃透過在假期季節之前優先考慮入住率來優化收入。

Moving to our growth programs. We are pleased to report that despite significant weather disruptions in the Southeast, our development program remains on track to deliver approximately 2,300 high-quality attached single-family homes with economic yields averaging in the high-5s for the year.

轉向我們的成長計劃。我們很高興地報告，儘管東南部地區遭受了嚴重的天氣幹擾，但我們的開發計劃仍然按計劃交付約 2,300 套高品質的獨立式單戶住宅，全年經濟收益率平均達到高 5 分。

And when excluding a reserve for CapEx, the nominal yield for these homes is closer to six. As a reminder, our land pipeline of nearly 11,000 lots will continue to fuel our stable and predictable new construction growth channel for years to come.

當排除資本支出準備金時，這些房屋的名目收益率接近六。需要提醒的是，我們的近 11,000 塊土地儲備將在未來幾年繼續推動我們穩定且可預測的新建築成長管道。

In addition, as outlined in yesterday's earnings release, we are excited to announce that we recently acquired a single-family rental portfolio of nearly 1,700 homes across 13 markets, for a total purchase price of approximately $480 million. These well-located, high-quality detached single-family homes overlay well with our existing portfolio footprint.

此外，正如昨天的財報所述，我們很高興地宣布，我們最近收購了一個由 13 個市場近 1,700 套住宅組成的單戶租賃投資組合，總購買價約為 4.8 億美元。這些位置優越的高品質獨立式單戶住宅與我們現有的投資組合足跡完美重疊。

As Chris will discuss in more detail in a moment, we expect nominal NOI yields in the 6% area once these homes are stabilized on our platform. This represents an attractive and accretive investment that reflects our disciplined and responsible approach to growth as we continue to monitor the market for additional opportunities.

正如 Chris 稍後將更詳細討論的那樣，一旦這些房屋在我們的平台上穩定下來，我們預計名目 NOI 收益率將在 6% 左右。這是一項具有吸引力和增值性的投資，反映了我們在繼續監控市場以尋找更多機會的過程中採取的嚴謹和負責任的成長方式。

The power of the AMH platform was on full display during this transaction. Our diversified footprint best-in-class operating system and asset management program allow us to maximize the value of portfolios for AMH while providing a seamless exit solution for sellers, a true win-win scenario.

AMH平台的力量在本次交易中得到了充分的體現。我們多元化的一流作業系統和資產管理計劃使我們能夠最大限度地提高 AMH 的投資組合價值，同時為賣家提供無縫退出解決方案，實現真正的雙贏。

In closing, the teams have done a great job executing our strategy in 2024, and we will be well prepared entering the new year. With our CEO transition nearly complete, I am excited to lead the business into the next chapter of the great AMH story.

最後，團隊在執行 2024 年策略方面表現出色，我們將為進入新的一年做好充分準備。隨著我們的執行長過渡即將完成，我很高興能夠帶領公司進入偉大的 AMH 故事的下一章。

With that, I'll turn the call over to Chris.

這樣，我會將電話轉給克里斯。

Thanks, Bryan, and good morning, everyone. Before I jump in, I want to share an additional congratulations and thank you to Dave. Dave, you truly helped pioneer in industry and positively change housing across America. And under your leadership, we've built AMH into the industry leader that we are today. Thank you, Dave, and I wish you all the best.

謝謝布萊恩，大家早安。在開始之前，我想向 Dave 表示額外的祝賀和感謝。戴夫，你確實幫助了工業先驅，並積極改變了美國各地的住房狀況。在您的領導下，我們將 AMH 打造成今天的行業領導者。謝謝你，戴夫，祝你一切順利。

Now turning back to the quarter. I'll cover three areas in my comments today: First, a review of our quarterly results, including a summary of our estimated financial impact of the recent series of hurricanes; second, an update on our balance sheet and recent capital activity; and third, I'll close with commentary on our further increased 2024, guidance and some additional thoughts around our recently acquired bulk portfolio.

現在回到本季。我今天的評論將涵蓋三個方面：首先，回顧我們的季度業績，包括對最近一系列颶風的估計財務影響的總結；其次，我們的資產負債表和近期資本活動的最新情況；第三，我將以對我們進一步增加的 2024 年指導的評論以及圍繞我們最近收購的大宗投資組合的一些其他想法作為結束語。

Starting off with our operating results. We delivered another strong quarter, demonstrating the strength of the AMH platform and our ability to efficiently control costs during the heaviest move-out season of the year. Simply put, our teams did a great job executing on our objective of controlling the controllables this quarter with net income attributable to common shareholders of $73.8 million or $0.20 per diluted share which included a $3.9 million estimated total loss from Hurricanes Merrel, Debbie and Helene.

從我們的經營業績開始。我們又實現了強勁的季度業績，展示了 AMH 平台的實力以及我們在一年中搬遷最繁忙的季節有效控製成本的能力。簡而言之，我們的團隊在本季控制可控因素的目標上表現出色，歸屬於普通股股東的淨利潤為7,380 萬美元，即稀釋後每股收益0.20 美元，其中包括颶風梅雷爾、黛比和海倫帶來的390 萬美元的預計總損失。

And after quarter end, as we all know, Florida was further impacted by Hurricane Milton which we preliminarily expect to result in another $3 million to $4 million of hurricane damages in the fourth quarter.

眾所周知，季度末後，佛羅裡達州進一步受到颶風米爾頓的影響，我們初步預計第四季將再造成 300 萬至 400 萬美元的颶風損失。

This hurricane season delivered an unprecedented series of consecutive storms, and our teams did a fantastic job standing up to the test, working tirelessly to protect our residents and portfolio through our industry-leading disaster preparedness and response programs.

這個颶風季節帶來了一系列前所未有的連續風暴，我們的團隊表現出色，經受住了考驗，透過我們行業領先的備災和響應計劃，不懈地努力保護我們的居民和投資組合。

Through their hard work and a little bit of good fortune with some of the storm paths, our portfolio avoided catastrophic losses with our damages largely consisting of cleanup costs and repairs such as roofing shingles, landscaping, fencing and other minor items.

透過他們的辛勤工作和一些風暴路徑上的一點好運，我們的投資組合避免了災難性損失，我們的損失主要包括清理費用和屋頂瓦、景觀美化、圍欄和其他小項目等維修費用。

Excluding our estimated hurricane loss during the third quarter, we generated $0.44 of core FFO per share in unit, representing 6.3% year-over-year growth and $0.38 of adjusted FFO per share in unit, representing 8% year-over-year growth.

不包括我們預期的第三季颶風損失，我們每股核心 FFO 為 0.44 美元，年增 6.3%；調整後每股 FFO 為 0.38 美元，年成長 8%。

On the investment front, for the third quarter, our image development program delivered a total of 753 homes to our wholly owned and joint venture portfolios. Specifically, for our wholly owned portfolio, we delivered 640 homes for a total investment cost of approximately $250 million, which was right in line with our expectations.

在投資方面，第三季度，我們的形象開發計劃為我們的全資和合資投資組合總共交付了 753 套住宅。具體來說，對於我們的全資投資組合，我們交付了 640 套住宅，總投資成本約為 2.5 億美元，這完全符合我們的預期。

Outside of development, we continue to actively monitor the one-off acquisition markets, with the majority of opportunities continuing to be outside of our disciplined buy box. With that in mind, we acquired just 16 properties during the quarter for approximately $5.5 million.

除了開發之外，我們繼續積極監控一次性收購市場，大多數機會仍然位於我們嚴格的購買框架之外。考慮到這一點，我們在本季僅以約 550 萬美元的價格收購了 16 處房產。

And on the disposition side, we saw another active quarter selling 256 homes, generating over $81 million of net proceeds at an average economic disposition yield in the 3%, creating a highly attractive capital recycling opportunity.

在處置方面，我們看到另一個活躍的季度出售了 256 套房屋，以 3% 的平均經濟處置收益率產生了超過 8,100 萬美元的淨收益，創造了極具吸引力的資本回收機會。

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 5.0 times. Our $1.25 billion revolving credit facility was fully undrawn. We had approximately 3 million shares outstanding on a forward basis that were settled after quarter end for approximately $110 million and we had over $160 million of cash available on the balance sheet.

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 5.0 倍。我們的 12.5 億美元循環信貸額度已全部未提取。我們有大約 300 萬股遠期流通股，在季度末以大約 1.1 億美元的價格結算，資產負債表上有超過 1.6 億美元的可用現金。

As a reminder, during the quarter, we repaid our 2014, SFR securitization using proceeds from our June bond offering which unencumbered over 4,500 homes that can now be reviewed by our asset management and disposition teams.

提醒一下，在本季度，我們使用 6 月份債券發行的收益償還了 2014 年的 SFR 證券化資金，該債券發行了 4,500 多套房屋，這些房屋現在可以由我們的資產管理和處置團隊進行審查。

Next, I'll cover our updated 2024, guidance, which was increased again in yesterday's earnings press release. As we've talked about many times before, we've been thoughtfully and proactively investing into our platform and expenditure management programs for years.

接下來，我將介紹我們更新的 2024 年指導，該指導在昨天的收益新聞稿中再次增加。正如我們之前多次談到的，多年來我們一直在深思熟慮、積極地投資我們的平台和支出管理計劃。

These investments are now paying off, enabling us to control the controllables and produce expense results better than our previous expectations. With that in mind, we've reduced the midpoint of our full year nonproperty tax-related expense growth expectations by 100 basis points to 4%.

這些投資現在正在得到回報，使我們能夠控制可控因素並產生比我們之前預期更好的費用結果。考慮到這一點，我們將全年非財產稅相關費用成長預期的中點下調了 100 個基點至 4%。

And on the topic of property taxes, we've now received most of our final assessed values and are happy to report modestly better-than-expected assessment outcomes in a number of states, including Florida, Georgia and Texas.

關於財產稅，我們現在已經收到了大部分最終評估值，並很高興地報告一些州的評估結果略好於預期，包括佛羅裡達州、喬治亞州和德克薩斯州。

And although most tax rates aren't published until the fourth quarter, given our favorable assessment outcome, we reduced the midpoint of our full year property tax expectations by 100 basis points to 6%. The Considering our improved outlook for both property taxes and controllable expenses, we have lowered the midpoint of our full year same-home core operating expense growth expectations by 100 basis points to 5%.

儘管大多數稅率要到第四季才會公佈，但鑑於我們有利的評估結果，我們將全年財產稅預期的中點下調了 100 個基點至 6%。考慮到我們對財產稅和可控費用前景的改善，我們將全年同屋核心營運費用成長預期的中點下調了 100 個基點至 5%。

And in turn, we've increased the midpoint of our full year same-home core NOI growth expectations to 5% and full year core FFO expectations to $1.77 per share, which now represents 6.6% year-over-year growth.

反過來，我們將全年同屋核心 NOI 成長預期的中點提高至 5%，並將全年核心 FFO 預期提高至每股 1.77 美元，目前年增 6.6%。

Next, I'd like to share a few additional thoughts around the bulk portfolio we acquired after quarter end. As Bryan mentioned, the portfolio consists of approximately 1,700 properties located in 13 markets and was acquired for a total purchase price of roughly $480 million that was funded through a combination of cash on the balance sheet and modest capacity from our credit facility.

接下來，我想分享一些關於我們在季度末後收購的大宗投資組合的額外想法。正如 Bryan 所提到的，該投資組合由位於 13 個市場的約 1,700 處房產組成，收購總價約為 4.8 億美元，資金來源是資產負債表上的現金和我們信貸額度的適度能力。

Additionally, the portfolio is highly synergistic with our existing footprint and includes over 1,500 properties that are directly within the AMH buy box. These properties are currently being managed by third-party property managers and will be transitioned to the image platform over the next several months.

此外，該投資組合與我們現有的足跡高度協同，包括直接位於 AMH 黃金購物車內的 1,500 多個房產。這些物業目前由第三方物業管理公司管理，並將在未來幾個月內過渡到形象平台。

Once on our platform, we expect to unlock the AMH value by bringing in-place rents up to image standards and implementing our best-in-class expenditure controls. This process will likely carry into 2025, and once stabilized to AMH standards, we expect the portfolio to generate an NOI yield of approximately 6% and an economic yield in the high-5s after reserve for CapEx.

一旦進入我們的平台，我們希望透過將就地租金提高到形象標準並實施我們一流的支出控制來釋放 AMH 價值。這個過程可能會持續到 2025 年，一旦穩定到 AMH 標準，我們預計該投資組合將產生約 6% 的 NOI 收益率，以及資本支出儲備後的高 5 % 的經濟收益率。

And finally, with respect to the approximately 150 homes that did not meet our buy box, we expect to efficiently sell these properties through our disposition program over the next 12 to 24 months and will likely recycle between $40 million and $50 million of capital.

最後，對於大約 150 套不符合我們購買條件的房屋，我們預計在未來 12 至 24 個月內透過我們的處置計劃有效出售這些房產，並可能回收 4,000 萬至 5,000 萬美元的資本。

And before we open the call to your questions, I'd like to leave everyone with one final thought. As we begin to close out 2024, it's important to recognize the incredible efforts of our team and the results they've achieved this year.

在我們開始回答大家的問題之前，我想留給大家一個最後的想法。在 2024 年即將結束之際，重要的是要認識到我們團隊在今年所做的令人難以置信的努力以及他們所取得的成果。

As we hope for, during the first half of this year, our teams did a fantastic job capturing the strength of leasing season, driving meaningful upside against our expectations. And as we transitioned in the move-out season in the back half of the year, our teams produced some of the best controllable expense results in AMH history, once again creating further upside compared to our expectations.

正如我們所希望的那樣，今年上半年，我們的團隊出色地抓住了租賃季的強勁勢頭，推動了超出我們預期的有意義的上漲。隨著我們在下半年的遷出季節過渡，我們的團隊取得了 AMH 歷史上最好的可控費用結果，與我們的預期相比，再次創造了進一步的上升空間。

All told, our current 2024, core FFO growth outlook of 6.6% now stands 240 basis points above our original guidance at the start of the year. No question, this year has exceeded our expectations.

總而言之，我們目前 2024 年的核心 FFO 成長前景為 6.6%，比我們年初的原始指引高出 240 個基點。毫無疑問，今年超出了我們的預期。

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

為此，我們向團隊表示感謝，我們將開始回答您的問題。操作員？

(Operator Instructions). Juan Sanabria, BMO.

（操作員說明）。胡安·薩納布里亞，BMO。

Just hoping you could talk a little bit about the pricing dynamic for new customers. It seems like renewals are pretty steady, but you kind of talked about focusing on maintaining occupancy and setting yourself up for '25.

只是希望您能談談新客戶的定價動態。續約似乎相當穩定，但您談到了要專注於維持入住率並為 25 年做好準備。

So just curious, your expectations for new leasing in the balance of the year into '25. And what the impact of supply is that you're facing any kind of early discounting that you're doing or you're seeing across your various markets?

所以只是好奇，您對 25 年剩餘時間新租賃的期望。供應的影響是什麼？

Yeah. Thanks, Juan. This is Bryan. We're really pleased with our spread results through the first three quarters of the year, remaining very strong into Q3. Demand is fantastic. There's a shortage of quality housing that everybody talks about.

是的。謝謝，胡安。這是布萊恩。我們對今年前三個季度的利差結果感到非常滿意，並在第三季度保持強勁勢頭。需求量非常大。每個人都在談論優質住房的短缺。

And what we saw was a little bit of some temporarily effective activity towards the end of Q3, as a result of some of the things that I talked about in the prepared remarks, namely a number of named storms. That reduced activity a little bit can be seen in a little bit of a moderation of new lease rate into October, which is typical of the season as well.

我們看到的是第三季末出現了一些暫時有效的活動，這是我在準備好的發言中談到的一些事情的結果，即一些命名的風暴。這種活動的減少可以從十月新租賃率的略微放緩中看出，這也是這個季節的典型現象。

But our team did a very good job of recalibrating our asking rates, and we're optimistic that we're able to pick up occupancy as we get through the balance of Q4. That will set us up really well for 2025. And for the balance of Q4, you asked what our expectations are from a new lease rate growth.

但我們的團隊在重新調整要價方面做得非常好，我們樂觀地認為，隨著第四季度的剩餘時間，我們能夠提高入住率。這將使我們為 2025 年做好準備。對於第四季度的剩餘時間，您詢問我們對新的租賃率成長的預期是什麼。

And we're thinking somewhere in the low one but still a little bit early. But couple that with the fact that renewals represent a much greater proportion of the leases and our expectations for the balance of the year remains strong and in Q4 in the high floors with low to mid-5s for the full year.

我們正在考慮低水平的某個地方，但仍然有點早。但考慮到續租在租賃中所佔的比例要大得多，我們對今年剩餘時間的預期仍然強勁，第四季度全年的高層樓層為低至中五層。

Great. And just as a follow-up, could you give a little color on bad debt, they ticked up as a percentage of revenue sequentially. So just curious on where we stand on cleaning up the remaining kind of post-COVID [bad] issues, et cetera.

偉大的。作為後續行動，您能否對壞帳進行一些說明，它們佔收入的百分比連續上升。所以只是好奇我們在清理新冠疫情後遺留的[壞]問題等方面的立場。

Yeah. Sure, Juan. Chris here. Look, I would say that collections have been tracking right on top of what we were expecting with third quarter bad debt running in the low ones, very much reflecting the typical correlation that we see with move-out season that we started talking about last quarter.

是的。當然，胡安。克里斯在這裡。看，我想說的是，催收一直在我們的預期之上，第三季度壞帳處於較低水平，這在很大程度上反映了我們與上季度開始討論的搬出季節之間的典型相關性。

And then as we move into the fourth quarter, I'd expect bad debt to seasonally moderate down a touch, bringing full year into the 1% area, which is right on top of what we have contemplated in the guide.

然後，當我們進入第四季度時，我預計壞帳將季節性下降一點，使全年壞帳率降至 1% 的範圍內，這正好超出了我們在指南中的預期。

Jamie Feldman, Wells Fargo.

傑米·費爾德曼，富國銀行。

Congratulations, Dave, on the transition. So thinking about what you just said about October and into the year-end. I mean thinking about the 1% new lease rate growth, I think you said 2% in October. I mean how much of that would you attribute to the storms clean up from the storms all that versus just seasonality?

恭喜戴夫，完成過渡。所以想想你剛才所說的關於十月和年底的事。我的意思是考慮 1% 的新租賃率成長，我想你在 10 月說過 2%。我的意思是，你認為其中有多少是因為風暴清除了所有這些，而不是僅僅歸因於季節性？

And then I guess just thinking beyond 4Q, I mean, how do you think that accelerates into the beginning of the year?

然後我想，只要考慮第四季之後的情況，我的意思是，您認為這種情況會如何加速到今年年初？

Yeah. Thank you, Jamie. As we talked about, there are a number of different things that are kind of contributing to the current environment. The reality, though, is that there's just a ton of demand for our product are well located high-quality homes, single-family detached homes.

是的。謝謝你，傑米。正如我們所討論的，有許多不同的因素對當前的環境有所貢獻。但現實是，位置優越的高品質住宅、單戶獨立住宅對我們的產品有大量需求。

And that's going to play out really nicely as we get into next year. The objective is to finish the year strong as we talked about with expectation of accelerated activity that we see every January, as we get into the spring leasing season. We're going to be prepared to really capture the momentum of that top line opportunity from day one going into next year.

當我們進入明年時，這將會非常好。我們的目標是強勁地結束這一年，正如我們所談到的，隨著我們進入春季租賃季節，我們預計每年一月都會出現加速活動。從第一天到明年，我們將做好準備，真正抓住這項營收機會的勢頭。

As you look into next year, there are a couple of things that we're starting to see. There were some estimates on market rent growth given by John Burns for our markets for 2025, in the 3% to 4% range. So we're expecting to capture some of that going into next year as well.

當你展望明年時，我們開始看到一些事情。John Burns 對我們市場 2025 年的市場租金成長做出了一些估計，在 3% 到 4% 的範圍內。因此，我們預計明年也能捕捉到其中的一些內容。

Okay. That's helpful. And then I guess thinking about the acquisition, you mentioned nominal yield of 6% cash after CapEx highs. Can you just talk about the going in yield on the portfolio and where you think the areas are where you can get that number up?

好的。這很有幫助。然後我想在考慮收購時，您提到了資本支出高點後名目現金收益率為 6%。您能否談談投資組合的收益率以及您認為可以提高該數字的領域？

Whether it's revenue optimization, economies of scale and R&M adding it to your blanket insurance is kind of what are the big levers here to hit your numbers?

無論是收入優化、規模經濟以及 R&M 將其添加到您的一攬子保險中，這都是實現您的數字的重要槓桿是什麼？

Yeah, sure. Jamie, it's Chris here. I'd be happy to take that one. Look, on the topic in general, I would really start by saying that no question. This portfolio is a great transaction for us. But just for a second, if I could zoom us out to the bigger picture, I think that this transaction is also a really great example of the broader consolidation opportunity at large that we've been talking about for some time now. And in particular, what we really love about these types of transactions is our ability to unlock value in these portfolios by consolidating them onto our platform, right?

是的，當然。傑米，我是克里斯。我很樂意接受那個。聽著，就這個話題而言，我真的首先會說，毫無疑問。這個投資組合對我們來說是一筆很棒的交易。但請稍等一下，如果我能把我們的視野放得更遠，我認為這筆交易也是我們已經討論了一段時間的更廣泛整合機會的一個很好的例子。特別是，我們真正喜歡這些類型的交易的是，我們能夠透過將這些投資組合整合到我們的平台上來釋放它們的價值，對嗎？

And to your point, in terms of this one, if we want to use it as the example, Look, for starters, we paid approximately $280,000 per unit that represents a very attractive entry point with in-place cash flow yields right around 5% or so, given that the portfolio is currently being managed by a number of different third-party property managers.

就您而言，就這一點而言，如果我們想用它作為例子，看，對於初學者來說，我們為每單位支付了大約280,000 美元，這代表了一個非常有吸引力的切入點，就地現金流收益率約為5%大約是這樣，考慮到該投資組合目前由許多不同的第三方物業管理公司管理。

However, once the portfolio is transferred to our platform and operations are optimized up to our standards, and that's really across the board, right? It's optimization around the top line collections and bad debt and then really overlaying our best-in-class expenditure control, you mentioned insurance.

然而，一旦投資組合轉移到我們的平台並且營運按照我們的標準進行最佳化，這確實是全面的，對嗎？這是圍繞頂線收款和壞帳的優化，然後真正涵蓋我們一流的支出控制，你提到了保險。

I would also add in our expenditure management programs around controlling of the controllables, leveraging of our property management platform, et cetera, all of which translating into stabilized yields in the high 5% to 6% area, one on our platform, which represents 75 basis points plus of yield creation because of the AMH platform.

我還會在我們的支出管理計劃中添加圍繞可控因素的控制、利用我們的物業管理平台等，所有這些都轉化為5% 至6% 高區域的穩定收益率，其中一個在我們的平台上，代表75由於 AMH 平台，基點加上收益率創造。

And I know Bryan mentioned this briefly in prepared remarks, but I think it's worth underscoring this transaction really creates a win, win, win all the way around, right? No question, creating value for AMH and our shareholders. but also adding value to the residents of the portfolio through the quality of our AMH service programs and then providing, of course, a seamless exit solution for the seller of the portfolio as well.

我知道布萊恩在準備好的發言中簡要地提到了這一點，但我認為值得強調的是，這筆交易確實創造了雙贏，雙贏，雙贏，對嗎？毫無疑問，為 AMH 和我們的股東創造價值。也透過我們的 AMH 服務計劃的品質為投資組合的居民增加價值，然後當然也為投資組合的賣方提供無縫退出解決方案。

Eric Wolfe, Citi.

埃里克·沃爾夫，花旗銀行。

It's Nick Joseph here with Eric. And congratulations, Dave. Given your over occupancy, but when you look at either your lease percentage or forward exposure, what does that tell you about where occupancy should go over the next few months? And how comfortable are you letting occupancy drop further from here, just given the strong demand that you talked about.

這是尼克約瑟夫和艾瑞克。恭喜你，戴夫。考慮到您的入住率過高，但是當您查看租賃百分比或遠期風險時，這會告訴您未來幾個月的入住率應該如何變化？考慮到您提到的強勁需求，您是否願意讓入住率進一步下降。

Thanks, Nick. This is Bryan. We talked about a little bit of the affected activity due to a few different things at the end of Q3. October activity has picked up nicely though. So we're expecting to pick up some occupancy or a little bit of occupancy over the last couple of months of the year. And then the objective is to have really nice momentum, leasing momentum going into 2025, and we seem to be on track with that.

謝謝，尼克。這是布萊恩。我們討論了第三季末由於一些不同的事情而受到影響的活動。不過，十月的活動已經好轉。因此，我們預計在今年最後幾個月會增加一些或一點點入住率。我們的目標是在 2025 年保持良好的勢頭、租賃勢頭，我們似乎正在朝著這個目標邁進。

This is Eric. I guess given that there's only two months left in the year, could you just share your early thoughts on earn-in for next year or anything else that you think we should be considering when it comes to your growth potential, I think you mentioned John Burns Consulting is predicting like 3% to 4% rent growth. I don't know if you think that's a reasonable starting point. But just anything you can kind of say about what you think about your growth potential for next year.

這是埃里克。我想鑑於今年只剩下兩個月了，您能否分享一下您對明年收入的早期想法，或者您認為我們在增長潛力方面應該考慮的其他事項，我想您提到了約翰Burns Consulting 預計租金將增長3% 至4%。我不知道你是否認為這是一個合理的起點。但你可以說出你對明年成長潛力的看法。

Sure. Eric, Chris here. Bryan started to touch on it. But look, the demand is there. the need for housing is there and our expectation is that activity is coming back strong as we come into the new year, like it always does.

當然。埃里克，克里斯在這裡。布萊恩開始觸及它。但你看，需求就在那裡。對住房的需求是存在的，我們的預期是，隨著新年的到來，經濟活動將像往常一樣恢復強勁。

And obviously, we'll have nice updates on that for you as we get into next year. In terms of the building blocks of what we know at this point is we're beginning to think about the top line. At this point, we know that earn in going into next year based on this year's activity, probably low-2s or so. Bryan talked about the fact that latest third-party market estimates for rent growth market rate growth next year is in the 3% to 4% area.

顯然，隨著明年的到來，我們將為您提供有關這方面的最新資訊。就我們目前所知的建置模組而言，我們開始考慮頂線。此時，我們知道根據今年的活動進入明年的收入可能會在 2 左右。Bryan 談到，最新的第三方市場預測明年的租金成長率市場成長率在 3% 至 4% 範圍內。

And then loss to lease -- it depends a little bit on the next couple of months of activity, low single digits or so. So still early to be talking to quantitatively about 2025, but like we keep saying the demand is there, the need for housing is there, and we feel good about it.

然後是租賃損失——這在一定程度上取決於接下來幾個月的活動，低個位數左右。因此，對 2025 年進行定量討論還為時過早，但就像我們一直說的那樣，需求是存在的，對住房的需求是存在的，我們對此感覺良好。

Handel St. Juste, Mizuho Securities.

亨德爾‧聖賈斯特，瑞穗證券。

Congrats to you, Dave, and also Bryan again. I wanted to follow up on the reduction in the OpEx guide, specifically the tax of that, you mentioned better-than-expected property tax assessment outcomes from Florida, Georgia, Texas. I guess I'm curious as to our performance was from millage rates or property sense value flat lining. And any kind of early read for 2025, Curious if this is a tailwind that we can see continue into next year?

再次恭喜你，戴夫，還有布萊恩。我想跟進營運支出指南的減少，特別是稅收的減少，您提到佛羅裡達州、喬治亞州、德克薩斯州的財產稅評估結果比預期好。我想我很好奇我們的表現來自於里程率或財產感價值平線。以及任何關於 2025 年的早期讀物，好奇這是否是我們可以看到的持續到明年的順風車？

Good question, Haendel, Chris here. Just talking about our update so far. Keep in mind, this time of the year, we now have values back for the majority of the portfolio. But as I mentioned in prepared remarks, we still don't have much information on property tax rates yet.

好問題，亨德爾，克里斯在這裡。只是談論我們迄今為止的更新。請記住，每年的這個時候，我們現在已經恢復了大部分投資組合的價值。但正如我在準備好的演講中提到的，我們仍然沒有太多關於財產稅率的資訊。

Those are generally available a little bit later into the fourth quarter. But given the assessed value data that we have on hand at this point, like I said, we feel good about our reduced full year midpoint of 6%. To the second part of your question on 2025, I think you probably know what I'm going to say is that it's a little bit early to be talking about specifics, so I'll tread lightly on this one, especially given that our property tax forecasting process really runs over the course of fourth quarter and into the beginning of next year.

這些通常會在第四季度晚些時候推出。但正如我所說，考慮到我們目前手頭上的評估價值數據，我們對全年中點下降 6% 感到滿意。對於你關於 2025 年的問題的第二部分，我想你可能知道我要說的是，現在談論具體細節還為時過早，所以我會謹慎對待這個問題，特別是考慮到我們的財產稅預測過程實際上貫穿第四季直至明年初。

But look, as we've talked about many times, our general expectation is that we've been expecting our rate of property tax growth to continue cooling, given that home price appreciation growth has continued moderating since it peaked in, call it, 2022 or so.

但是，正如我們多次討論的那樣，我們的總體預期是，鑑於房價升值增長自 2022 年達到頂峰以來持續放緩，我們一直預計我們的財產稅增長率將繼續降溫左右。

With that said, we know that we've actually already captured a bit more moderation this year than we were originally expecting. And we're also mindful that we have a couple of unknowns on the table for next year. For next year, we know that the 2022, Texas property tax reform that lowered rates a couple of years ago is expiring at the end of this calendar year.

話雖如此，我們知道今年實際上已經比我們最初預期的更加溫和了。我們也注意到明年還有一些未知因素。對於明年，我們知道幾年前降低稅率的 2022 年德州財產稅改革將於今年年底到期。

And we're watching very closely a couple of multi-year revaluation states that have seen some pretty hot HPA over the last couple of years that we'll be resetting next year. But again, I would take that against the backdrop of a more broadly cooling HPA and property tax value environment. And like I said, we'll have a much better update for you next quarter after we get through our budgeting process.

我們正在密切關注幾個多年重估州，這些州在過去幾年中出現了一些相當高的 HPA，我們將在明年重置這些州。但我再次強調，這是在 HPA 和財產稅價值環境普遍降溫的背景下做出的。正如我所說，在我們完成預算流程後，我們將在下個季度為您提供更好的更新。

Appreciate the color, Chris. One follow-up just on the portfolio purchase. I don't know if I missed it, but did you guys mention the time line to which you expect to get to that 6% stabilized yield at that end of next year?

欣賞這個顏色，克里斯。一項關於投資組合購買的後續行動。我不知道我是否錯過了，但你們有沒有提到你們預計在明年年底達到 6% 穩定收益率的時間線？

And then I guess I'm more curious broadly on the motivation, maybe who the seller is, if you could share, but also their motivation here? Was it just perhaps an opportunity given maybe lower rates and perhaps an ability to get maybe a better price?

然後我想我對動機更感興趣，也許賣家是誰，如果你可以分享的話，還有他們的動機？這是否只是一個機會，因為利率可能較低，而且可能有能力獲得更好的價格？

And just also the tone of conversations that you're having more broadly with other potential sellers? Are you sensing that maybe there's a greater chance of likelihood, more similar type of activity, not just for you, but more broadly in the space into the next year?

還有您與其他潛在賣家進行更廣泛的對話的語氣嗎？您是否感覺到，也許有更大的可能性，更多類似的活動類型，不僅對您而言，而且在明年的更廣泛領域？

Sure. Chris here again. I'll start and then Bryan can chime in as well. Just from a time line perspective, in prepared remarks, I characterized it as over the course of 2025. The way that we're expecting it to play out is it will take the next several months to get the third party management relationships transitioned over to our platform. That will take us probably into the beginning of '25 or so.

當然。克里斯又來了。我先開始，然後布萊恩也可以插嘴。僅從時間軸的角度來看，在準備好的發言中，我將其描述為 2025 年期間。我們期望它發揮作用的方式是，需要接下來的幾個月才能將第三方管理關係轉移到我們的平台。這可能會帶我們進入 25 年初左右。

And then at that point, we can start overlaying our AMH practices and begin to bring things up to our standards. Again, that does not happen overnight. But I think by the middle of '25 or so, we should be in a pretty good spot. But we'll continue to keep you all updated over the next quarter or two as we really start to get into it.

然後，我們就可以開始疊加我們的 AMH 實踐，並開始讓事情達到我們的標準。同樣，這也不是一朝一夕就能實現的。但我認為到 25 年中期左右，我們應該處於一個非常好的位置。但當我們真正開始投入使用時，我們將在接下來的一兩個季度繼續向大家通報最新情況。

Haendel, this is Bryan. The second part of your question, regarding some seller specifics. I really respect for the transaction, I don't want to get into too many specifics on their motivation. But I can tell you what we offered in the transaction.

亨德爾，這是布萊恩。您問題的第二部分是關於一些賣家的具體情況。我真的很尊重這筆交易，我不想多談論他們的動機。但我可以告訴你我們在交易中提供了什麼。

We talked at length about our diversified footprint that makes us very flexible and looking at various parts of the United States and portfolios that come online. I think that was an advantage, the strength of our asset management platform was clearly valuable in the transaction.

我們詳細討論了我們的多元化足跡，這使我們非常靈活，並專注於美國的各個地區和線上作品集。我認為這是一個優勢，我們資產管理平台的實力在交易中顯然很有價值。

Our ability to effectively solve some of the sellers' issues, provide a seamless transaction, we have a lot of expertise in the space. We were able to quickly get in and get comfortable with the assets and get comfortable with the value lift that we would see on our platform.

我們有能力有效解決一些賣家的問題，提供無縫交易，我們在該領域擁有大量專業知識。我們能夠快速進入並熟悉這些資產，並熟悉我們在平台上看到的價值提升。

So it was just a really good transaction for us. specifically to bulk opportunities that we're seeing in the marketplace. We have seen an uptick in activity of late. We reviewed a number of other portfolios over the past three or four months.

所以這對我們來說是一筆非常好的交易。特別是我們在市場上看到的大量機會。我們最近看到活動增加。在過去的三、四個月裡，我們審查了許多其他投資組合。

And I think as expected, we're going to start seeing more of those come through. Keep in mind, though, that we're very specific and intentional on asset type, quality and location. Some of the ones that we've seen of late checked some of the boxes that at all.

我認為正如預期的那樣，我們將開始看到更多這樣的事情發生。但請記住，我們對資產類型、品質和位置非常具體且有意。我們最近看到的一些人完全檢查了一些方框。

We're just really, really pleased with the one that we did close because it's one of the best we've seen in many, many years, the best we've seen in many, many years. So we're optimistic that we'll see other opportunities like that in the future. And it seems like that channel is beginning to open up.

我們對我們完成的項目感到非常非常滿意，因為它是我們多年來見過的最好的項目之一，也是我們多年來見過的最好的項目之一。因此，我們樂觀地認為未來還會看到其他類似的機會。看起來這個渠道正在開始開放。

Steve Sakwa, Evercore ISI.

Steve Sakwa，Evercore ISI。

I guess just going back to some of the comments, Bryan, you made about the occupancy in the October trends. The 95.2% puts you about 100 basis points below kind of the fourth quarter last year. I guess with 1% pricing on new and let's call it, low-5s on renewals, how confident are you that 95.2% comes up materially? And I guess, would you expect the year-over-year decline in occupancy, say, 4Q to 4Q to kind of match the decline you saw in 3Q to 3Q?

我想回到 Bryan，您對 10 月趨勢中的入住率所做的一些評論。95.2% 使您比去年第四季低約 100 個基點。我猜想，如果新的定價為 1%，我們稱之為續約低 5，您對 95.2% 的實際實現有多大信心？我想，您是否預期第四季至第四季入住率的年減與第三季至第三季的下降相符？

If we're looking at the occupancy trends for Q4, we are confident that we've seen a nice change in activity in October. It's translating into really at a strong close to that month. It's not over completely, but we are very pleased with that uptick coming out of kind of a post Labor Day, September that had a lot of other things going on.

如果我們觀察第四季度的入住趨勢，我們有信心看到 10 月的活動發生了良好的變化。臨近該月，它的表現確實強勁。事情還沒有完全結束，但我們對勞動節後九月的增長感到非常高興，九月還發生了很多其他事情。

We are confident that we'll be able to pick up some occupancy, most importantly, really good momentum as we exit the year. So I wouldn't expect to have a huge increase as we get into November and December, but I would expect it to move positively and then have that momentum continue into 2025.

我們有信心提高一些入住率，最重要的是，在今年結束時，勢頭非常好。因此，我預計進入 11 月和 12 月時不會出現大幅增長，但我預計它會積極發展，然後這種勢頭會持續到 2025 年。

Okay. And then just going back on the transaction. I sort of recall comments, Dave saying, hey, we're pushing into the development program because we can build the homes that we really want, customize them the way we want them, whether it's bigger doorways, better stairs, materials, and you could get stabilized yields on new projects around six, and you're buying this portfolio in the low-5s with ultimately the stabilization going to a six.

好的。然後就回去進行交易。我記得戴夫說，嘿，我們正在推進開發計劃，因為我們可以建造我們真正想要的房屋，按照我們想要的方式定制它們，無論是更大的門口、更好的樓梯、材料還是你新專案的收益率可能會穩定在6 左右，而您在5 左右購買該投資組合，最終穩定到6。

So just trying to understand the rationale of why not put that money just into more development assets versus buying older assets that will get you the same yield as new development.

因此，只是想了解為什麼不將這筆錢投入更多的開發資產，而不是購買舊資產，以獲得與新開發相同的收益。

Yeah. Thanks, Steve. I appreciate the way you're looking at it. And I think the answer is that they're both good. The development program is fantastic for a number of reasons that we've talked about for a while. What it really does is it gives us a nice stable base that's predictable. We're able to use that as a foundation of our growth programs.

是的。謝謝，史蒂夫。我很欣賞你看待這件事的方式。我認為答案是他們都很好。由於我們已經討論了一段時間的許多原因，該開發計劃非常棒。它真正的作用是為我們提供了一個可預測的良好穩定的基礎。我們能夠將其用作我們成長計劃的基礎。

And then we're set up to take advantage of other opportunities as they arise. In the case of this portfolio transaction, the asset quality is fantastic. It fits our buy box from just about every angle. We're very pleased with the quality of locations, quality of finishes. And it's going to be a really nice supplement to our growth program. So I would look forward to being able to execute well on both development and on any fantastic opportunities like this if they arise.

然後我們就準備好利用其他出現的機會。就該投資組合交易而言，資產品質非常好。它幾乎從各個角度都適合我們的購買框架。我們對場地的品質和裝修的品質非常滿意。這將成為我們成長計劃的一個非常好的補充。因此，我期待能夠在開發和任何像這樣的絕佳機會（如果出現）方面表現出色。

Steve, it's Dave. Let me just add one comment. And that is the investment philosophy has been consistently. The development is a consistent and predictable channel to grow. But acquisitions, whether from any of the channels, whether it's one-offs from new homebuilders or in bulk are the supplemental way to grow.

史蒂夫，我是戴夫。讓我添加一條評論。這也是一直以來的投資理念。發展是一個持續且可預測的成長管道。但收購，無論是透過任何管道，無論是來自新住宅建築商的一次性收購還是批量收購，都是成長的補充方式。

And you don't have the ability to throttle your development from time-to-time in any meaningful way but incremental opportunities, especially as a portfolio like this, which are really good, well-located assets that are under managed in the hands of third-party property managers is going to be a very, very good supplemental investment for us.

而且你沒有能力以任何有意義的方式時不時地限制你的發展，但只能增加增量機會，特別是像這樣的投資組合，這些都是非常好的、位置優越的資產，由管理人員管理。第三方物業管理公司對我們來說將是非常非常好的補充投資。

So there's no change in investment philosophy. It's just that we have started to see, as Brian indicated, some of the investment opportunities on the bulk side.

所以投資理念沒有改變。正如布萊恩指出的那樣，只是我們已經開始看到散裝的一些投資機會。

Josh Dennerlein, Bank of America.

喬許‧丹納林，美國銀行。

Bryan, you mentioned there were some other portfolios that you looked at in the past few months, but passed on. Were there any kind of common boxes that think get checked across the portfolios you passed on?

布萊恩，你提到你在過去幾個月裡看過一些其他的投資組合，但後來放棄了。是否有任何類型的常見方塊需要在您傳遞的投資組合中進行檢查？

Yeah. Thanks, Josh. I think the general observation that we have is there was probably a higher proportion of town homes and attached product than what we're comfortable with. I guess we're unique in that we have this diversified footprint and a robust asset management program.

是的。謝謝，喬許。我認為我們的整體觀察是，聯排別墅和附屬產品的比例可能比我們滿意的要高。我想我們的獨特之處在於我們擁有多元化的足跡和強大的資產管理計劃。

But we're pretty firm in our belief that the single-family detached homes going to provide better long-term returns. And in a couple of cases, they just had a higher -- too high of a proportion of patch product. And not to mention, in a couple of cases, the location was a little bit outside of our investment box.

但我們堅信單戶獨立住宅將提供更好的長期回報。在某些情況下，他們只是擁有更高比例的補丁產品。更不用說，在某些情況下，該位置有點超出我們的投資範圍。

And I guess when you think about like the other opportunities set out there, are there -- most portfolios that you're going to -- like that are coming to market? Do they have more townhomes, attached homes that were like developed? Or are there a lot of portfolios out there that have been kind of disaggregated one-off?

我想，當您考慮其他機會時，您將要投資的大多數投資組合是否都會進入市場？他們有更多的連棟別墅、附屬住宅嗎？還是有很多一次性的分散投資組合？

Yeah. That's a very good observation, Josh. The portfolios that I'm referencing right now, we're pretty heavily weighted towards more recent build to rent, and that seems to be the trend in that space. The scattered type portfolio like the one that we closed there's a higher proportion of single-family detach there, and we see a lot of opportunity in some of those assembled portfolios.

是的。這是一個非常好的觀察，喬許。我現在引用的投資組合，我們非常注重近期的建造以出租，這似乎是該領域的趨勢。像我們關閉的那種分散型投資組合，那裡的單戶獨立屋比例較高，我們在其中一些組合投資組合中看到了很多機會。

Julian Blouin, Goldman Sachs.

朱利安布盧因，高盛。

All the best, Dave. Bryan, you talked about demand continuing to be strong, which sort of sets you up well going into next year. I guess what specific sort of metrics or data points are you looking at that give you that confidence?

祝一切順利，戴夫。布萊恩，您談到需求持續強勁，這為您進入明年做好了準備。我想您正在查看哪些特定類型的指標或數據點可以給您帶來信心？

And relatedly, one of the data points I think you've given in the past is sort of the stated incomes of incoming residents continuing to improve. How much of an indicator of demand is that? Is that showing you that sort of higher income households are coming into the portfolio and seeing better value in renting versus owning.

與此相關的是，我認為您過去給出的數據點之一是新來居民的收入持續改善。這是一個多少的需求指標？這是否表明，高收入家庭正在進入投資組合，並看到租房比買房更有價值。

Yeah. Thanks, Julien. There's a couple of good questions in there. Let me start with some of the demand metrics that we're seeing. If you look at Q3, we had nearly 1 million new users come on to our website, come on to our platform, and we track very carefully with their behaviors when they're on that platform.

是的。謝謝，朱利安。裡面有幾個很好的問題。讓我從我們看到的一些需求指標開始。如果你看看第三季度，我們有近 100 萬新用戶來到我們的網站、來到我們的平台，我們非常仔細地追蹤他們在這個平台上的行為。

We're seeing a lot of people using -- utilizing our unique search functions where they're setting up accounts and monitoring activity in available homes. We saw a huge uptick in that activity. So people are coming into the ecosystem. We're really pleased with that.

我們看到很多人使用我們獨特的搜尋功能來設定帳戶並監控可用房屋中的活動。我們看到該活動大幅增加。所以人們正在進入這個生態系統。我們對此感到非常滿意。

Again, it's a testament to the quality of our assets and locations within the markets. When you start to talk about the profile of the incoming applicants. We're very pleased that incomes remained very strong into Q3 in excess of $150,000 of state of household income.

這再次證明了我們的資產品質和市場定位。當你開始談論應徵者的個人資料。我們很高興看到第三季的家庭收入狀況仍然非常強勁，超過 15 萬美元。

It's, again, a testament to the quality of our assets. These are homes that single-family detached with the yard well located, and we're starting to see the benefits of that focus on that level of quality.

這再次證明了我們的資產品質。這些是獨立的單戶住宅，院子位置優越，我們開始看到注重品質水準的好處。

Great. And maybe as a follow-up, it looked like turnover continued to trend lower year-over-year, and that obviously had some benefit on the controllable expense side, do you expect that to sort of continue for the coming quarters, given mortgage rates sort of continuing to be stubbornly high here?

偉大的。也許作為後續行動，營業額似乎繼續同比下降，這顯然對可控費用方面有一些好處，考慮到抵押貸款利率，您預計未來幾個季度這種情況會持續下去嗎？嗎？

Yeah, we're really pleased with retention in the quarter. It's a testament to a number of different things, market conditions. Also, our team has done a fantastic job of executing very focused on the resident experience and a lot of the investments that we've made into the platform I think, have improved that experience. So there's a nice benefit there on our retention levels as well.

是的，我們對本季的保留率感到非常滿意。它證明了許多不同的事情和市場狀況。此外，我們的團隊在執行方面做得非常出色，非常注重居民體驗，我認為我們對該平台進行的大量投資已經改善了這種體驗。因此，這對我們的保留水準也有很大的好處。

John Powlowski, Green Street.

約翰·波洛夫斯基，格林街。

Chris, with respect to the financing of the portfolio acquisition, I'm curious how you weighed issuing equity versus just selling more assets into what is still an extremely aggressive bid that owner occupants are willing to pay for your homes?

克里斯，關於投資組合收購的融資，我很好奇您如何權衡發行股票與僅出售更多資產，而業主仍願意為您的房屋支付極其激進的出價？

Sure. Good question. And as we're talking about financing of the transaction. I think it's important to keep in mind that the transaction was closed and financed directly from the balance sheet using cash and capacity off of the revolver.

當然。好問題。當我們談論交易融資時。我認為重要的是要記住，交易已完成，並使用現金和左輪手槍的容量直接從資產負債表中融資。

And I think it's important to point out that, in part, this portfolio was made possible because of the strength and opportunistic flexibility of the balance sheet, right? That's what enabled us to be able to act quickly and provide that seamless exit solution that we keep talking about for the seller because we were able to close directly from the balance sheet, while importantly, maintaining leverage at targeted levels with net debt-to-EBITDA still in the 5s, right?

我認為重要的是要指出，這個投資組合之所以成為可能，部分原因是資產負債表的實力和機會主義靈活性，對嗎？這使我們能夠迅速採取行動，提供我們一直在為賣方談論的無縫退出解決方案，因為我們能夠直接從資產負債表中關閉，同時重要的是，將槓桿率維持在目標水平，淨債務與- EBITDA 仍然在5 左右，對嗎？

And so what that does is that now keeps us in a position to be able to take advantage of incremental debt in equity capital for further consolidation opportunities and more growth. And more broadly, as we think about the capital plan, you're exactly right in terms of the attractiveness of the disposition program.

因此，現在我們能夠利用股權資本中的增量債務來獲得進一步的整合機會和更多的成長。更廣泛地說，當我們考慮資本計劃時，就處置計劃的吸引力而言，您是完全正確的。

And we are fully leaning into that. For this year, we continue to be on track to sell plus or minus 1,500 properties or so. And we think that there's good, robust opportunity there heading into '25 and beyond as well, especially as we continue freeing up the remaining previously encumbered homes by the securitizations that are being refinanced off of the balance sheet.

我們完全傾向於這一點。今年，我們繼續預計將出售正負 1,500 套左右的房產。我們認為，進入 25 世紀及以後，也存在良好、強勁的機會，特別是當我們繼續透過從資產負債表中進行再融資的證券化來釋放剩餘的先前受阻的房屋時。

And then last one for me is a two-part question. Just so I understand the build-to-rent impact on same-store numbers. And so could you help quantify the NOI growth lift that the rolling in of build-to-rent properties has had on 2024, same-store NOI growth this year? And then I have a follow-up.

最後一個問題對我來說是一個由兩個部分組成的問題。我只是為了了解以租金建造對同店數量的影響。那麼，您能否幫忙量化一下自建出租物業的不斷湧現對 2024 年 NOI 增長的提升以及今年同店 NOI 的增長？然後我有一個後續行動。

Yeah. Thanks, John. The new builder at the newbuilds, the AMH Development homes still represent a relatively small proportion of the same-home pool, less than 10%. So the lift is -- will be realizing in the future as more and more of those homes roll in.

是的。謝謝，約翰。新建築中的新建築商 AMH Development 住宅在同種住宅池中所佔比例仍然相對較小，不到 10%。因此，隨著越來越多的房屋湧入，電梯將在未來實現。

The profile of that small subset means very nicely, though, with slightly elevated occupancy quicker turn times, cash-to-cash turn time. So they're performing well, but there's such a small portion of the same home pool that the effect isn't really moving seen yet.

不過，這個小子集的概況意味著非常好，入住率略有提高，週轉時間更快，現金到現金的周轉時間也更快。所以他們的表現很好，但是同一個家庭泳池的比例很小，所以效果還沒真正看到。

Okay. Is there any effect given certain quarters have smaller sample size or lease signings? Has there been any basically lift to new lease or renewal growth rates this year from the rolling in of build-to-rent.

好的。鑑於某些季度的樣本量或租賃簽約規模較小，是否會產生任何影響？今年新租約或續租成長率是否因建房轉租的推出而有任何基本提升？

Again, they're small. The re-leasing rate growth for Q3 for new development homes was higher than the scattered portfolio slightly higher renewals due to kind of a more baked and loss to lease. But again, still a small portion. I don't think it had any noticeable effect

再說一遍，它們很小。第三季新開發房屋的再租賃率成長率高於分散的投資組合，由於租賃損失更加嚴重，續租率略高。但同樣，仍然是一小部分。我不認為它有任何明顯的效果

Adam Kramer, Morgan Stanley.

亞當‧克萊默，摩根士丹利。

I just want to ask, I guess similar question around kind of the infill properties versus build to rent. So maybe if you could quantify the difference in kind of how each property type is behaving relative to some of the new supply. I think we've heard a lot about kind of new supply.

我只是想問，我猜類似的問題圍繞著填充房產與建造出租。因此，也許您可以量化每種房產類型相對於某些新供應的表現差異。我想我們已經聽說過很多關於新供應的消息。

I think a lot of it is maybe more build to rent, more periphery of markets. So maybe just walk us through kind of how your BTR is performing relative to infill kind of with regards to the new supply impacts.

我認為其中很多可能更多是為了出租而建造的，更多的是市場的外圍。因此，也許請向我們介紹一下您的 BTR 相對於填充類別在新供應影響方面的表現如何。

I think the easiest way to get insight into that question is to take a look at what's happening in Phoenix. We've talked about it in the past. But Phoenix is really the center of build-to-rent. And if you follow some of the John Burns statistics, they had the largest ads there.

我認為了解這個問題的最簡單方法是看看鳳凰城正在發生的事情。我們過去已經討論過這個問題。但鳳凰城確實是建房出租的中心。如果你關注約翰伯恩斯 (John Burns) 的一些統計數據，他們的廣告是最大的。

But the proportion of those builder rents that's actually single-family detached like our product is in the 20% range. So there's about 80% of the supply coming into the market is attached townhomes, rail homes or horizontal apartments. If you look at the performance of our build-to-rent product, which is, like I said, single-family detached in Arizona, we have fantastic occupancy.

但那些像我們的產品一樣實際上是單戶獨立式建築的租金比例在 20% 範圍內。因此，進入市場的供應量中約有 80% 是聯排別墅、鐵路住宅或臥式公寓。如果你看看我們的建租產品的表現，就像我說的，亞利桑那州的單戶獨立屋，我們的入住率非常好。

It's in the 96-plus percent range, which exceeds that of the scattered site in that particular market. So our product that we're bringing to market through our development program is performing extremely well relative to the other build-to-rent product that's coming out. And in the case of Phoenix relative to the scatter set portfolio as well.

它的範圍在 96% 以上，超過了該特定市場中分散站點的範圍。因此，我們透過開發計畫推向市場的產品相對於其他即將推出的建造租賃產品來說表現得非常好。就鳳凰城而言，相對於分散集投資組合也是如此。

Great. That's really helpful. And then just on bad debt. I was wondering if you could just remind us the kind of pre-COVID bad debt kind of level or a rule of thumb for what bad debt was pre-COVID and then obviously, I would imagine still elevated today relative to that number.

偉大的。這真的很有幫助。然後只是壞帳。我想知道您是否可以提醒我們新冠疫情之前的壞帳水平，或者新冠疫情之前的壞帳的經驗法則，然後顯然，我想今天相對於這個數字仍然會升高。

So maybe just on kind of the path to getting back there. Is that something that can happen next year? Is it a multiple years? Is that something where, hey, maybe we stay elevated relative to history, over the long run even. Just maybe kind of the levels of bad debt.

所以也許只是回到那裡的道路上。這是明年可能發生的事嗎？是多年嗎？嘿，也許我們相對於歷史保持著較高的地位，甚至從長遠來看也是如此。也許只是壞帳水平。

Sure. Adam, it's Chris here. To the first part of your question on the reminder, as a reminder, historic bad debt for us, typically ran 70 basis points to 90 basis points or so. And the reason why I give a range is naturally, bad debt has always had some level of seasonality to it, no different than what I was just talking about in terms of what we've been seeing this year with slightly higher levels of bad debt in the second and really third quarters very closely correlated with move-out season.

當然。亞當，克里斯在這裡。關於您關於提醒的問題的第一部分，提醒一下，我們的歷史壞帳通常為 70 基點到 90 基點左右。我給出一個範圍的原因很自然，壞賬總是有一定程度的季節性，這與我剛才所說的沒有什麼不同，今年我們看到壞賬水平略高第二季度和第三季度與遷出季節密切相關。

As we think about this year, keep in mind that the first half of this year was back to sub-1%, again, and what was encouraging about that is that, that was even with the fact that we still have a number of municipalities in local court systems like we've been talking about that are still continuing to process at a slower speed.

當我們思考今年時，請記住，今年上半年再次回到了 1% 以下，令人鼓舞的是，即使我們仍然有許多城市在我們一直在談論的地方法院系統中，處理速度仍然較慢。

I think speaks to the health and financial resiliency of our resident base. And then as we've gotten into the back half of this year, just like we were expecting, we saw a tick-up in bad debt correlated with that season. And as we move into '25, it's still a little bit early to say exactly where we think '25 is likely going to be at this point right now.

我認為這說明了我們居民的健康和財務彈性。然後，當我們進入今年下半年時，正如我們預期的那樣，我們看到與該季節相關的壞帳增加。當我們進入 25 年時，現在確切地說我們認為 25 年可能會處於什麼階段還為時過早。

Nothing has really changed just yet in terms of processing time at the local municipal and court system levels. So we do think that that's probably going to be a factor into '25. But otherwise, resident financial health collections in general, feel good. And we feel good about the levels that we're at, and I would remind you also that we're talking about realistically tens of basis points away from where we were historically precoded

就當地市政府和法院系統層面的處理時間而言，目前還沒有真正改變。所以我們確實認為這可能會成為 25 世紀的一個因素。但除此之外，居民財務健康狀況整體良好。我們對我們所處的水平感覺良好，我還要提醒您，我們正在談論的實際上與我們歷史上預編碼的水平相差數十個基點

Daniel Tricarico, Scotiabank.

丹尼爾·特里卡里科，豐業銀行。

For your markets that haven't seen as much HPA since COVID, some of your Midwest markets. They're now seeing stronger new lease rate growth, outperforming the broader portfolio. Is this a dynamic that you'd expect to continue next year?

對於自新冠疫情以來尚未出現如此多 HPA 的市場，包括一些中西部市場。他們現在看到了更強勁的新租賃利率成長，跑贏了更廣泛的投資組合。您希望明年繼續保持這種勢頭嗎？

Daniel, this is Bryan. We're really pleased with the performance of our Midwestern markets. And you're right, they may not have seen the same level of home price appreciation in some of our other markets over the past few years. But our portfolio within those markets is really, really high quality, well located, very clear value proposition for people looking to move from -- into the market into really nice homes without having the burdens of ownership in many cases.

丹尼爾，這是布萊恩。我們對中西部市場的表現非常滿意。你是對的，在過去的幾年裡，他們可能沒有看到我們其他一些市場的房價升幅達到相同水準。但我們在這些市場中的投資組合確實非常非常高品質，位置優越，對於那些希望從市場進入真正漂亮的房屋的人來說，在許多情況下沒有所有權負擔，價值主張非常明確。

So I think it's more of a testament to the quality of our assets and really the lack of supply of similar quality assets in those marketplaces. So we do expect a continuation of a really good performance in those markets

因此，我認為這更證明了我們資產的質量，以及這些市場中確實缺乏類似優質資產的供應。因此，我們確實預期這些市場將繼續保持良好的表現

And Daniel, Chris here. A helpful point to make to Bryan's point, Midwestern markets have been performing great, but they've been difficult to grow in, right? And that's another unique aspect of this fourth quarter portfolio in that it's giving us assets to growth in a number of Midwestern markets, notably Indianapolis that we've had difficulty growing in recently.

丹尼爾、克里斯也在這裡。對於布萊恩的觀點來說，中西部市場一直表現出色，但它們很難發展，對吧？這是第四季度投資組合的另一個獨特之處，因為它為我們提供了許多中西部市場成長的資產，特別是我們最近成長困難的印第安納波利斯。

Bryan, I think I'll stick with you. Backing into the development yields for the new deliveries in Q3, it seems to reflect a decrease versus the first half of the year deliveries. I think you had mentioned nearing 6% NOI yields on those, but any thoughts on what's driving this decrease if that is, in fact, true? And is the 6% figure a fair number for target yields on deliveries next year?

布萊恩，我想我會和你在一起。回到第三季新交付的開發收益率，這似乎反映出較上半年交付量下降。我想您曾經提到過這些產品的 NOI 收益率接近 6%，但如果這是真的，您對推動這一下降的原因有什麼想法嗎？對於明年的交付目標收益率來說，6% 的數字是否合理？

Thanks, Daniel. I think what you're seeing squeezing into the third quarter is really just a little bit of timing and potentially market mix and even down to the unit mix level. We're still pleased that for the year, we're expecting yields in the high-5s.

謝謝，丹尼爾。我認為你所看到的進入第三季度的情況實際上只是一點點時機和潛在的市場組合，甚至是單位組合水平。我們仍然感到高興的是，我們預計今年的收益率將達到 5 左右。

And I would expect to have similar performance into 2025 on development deliveries, at least that's the visibility we have into the next few months or so. but the team is actively looking at ways to optimize that going forward.

我預計到 2025 年開發交付也會有類似的表現，至少這是我們在未來幾個月左右的可見度。但團隊正在積極尋找未來優化的方法。

Linda Tsai, Jefferies.

琳達·蔡，杰弗里斯。

Regarding the portfolio of 1,700 properties you purchased, what's the average age? And how does that compare to AMH's overall portfolio? And then are there any homes that are located in new markets?

您購買的 1,700 處房產的投資組合，平均年齡是多少？與 AMH 的整體投資組合相比如何？那麼是否有位於新市場的房屋？

Linda, Chris here. So in fact, I can actually just run through a number of fast facts on the portfolio for everyone's understanding. Exactly right, 1,700 properties, all existing rentals. Average year built was 2007. Average size is about 2,100 square feet.

琳達，克里斯在這裡。所以事實上，我實際上可以快速瀏覽一下投資組合的一些事實，以便每個人都能理解。完全正確，1,700 處房產，全部現有出租。平均建造年份是 2007 年。平均面積約 2,100 平方英尺。

Three to four beds and in-place rents approximately in the $2,000 area or so. So the physical nature of the portfolio overlays really nicely with our existing footprint. With -- as we keep talking about great opportunity for upside as we optimize the portfolio up to our standards. And just for some additional context, occupancy in the portfolio right now net of bad debt is running probably in the low 90s or so.

三到四張床位和就地租金大約在2000美元左右。因此，該投資組合的物理性質與我們現有的足跡非常吻合。當我們根據我們的標準優化投資組合時，我們一直在談論巨大的上升機會。就一些額外的情況而言，目前投資組合的佔用率（扣除壞帳）可能在 90 左右左右。

And margins are high 50s to 60% area and once optimized and brought up to our standards, given the natural overlay and fit with our existing footprint. Our expectation is that these property will perform just like and alongside any of our other existing legacy MH properties.

考慮到自然覆蓋並適合我們現有的佔地面積，一旦優化並達到我們的標準，利潤率將高達 50% 至 60%。我們的期望是，這些財產將與我們任何其他現有的傳統 MH 財產一樣表現。

And then just in terms of John Burn's comment of 3% to 4% rent growth next year, are there certain markets you'd highlight as exceeding this and conversely being below?

然後，就約翰·伯恩 (John Burn) 明年租金增長 3% 至 4% 的評論而言，您是否會強調某些市場超過此增長，反之則低於此增長？

Yes. I think the band -- this is Bryan. The band of 3 to 4 most of our markets are pretty concentrated there. The leader in rent growth according to Burns across our markets would be in Savannah and Hilton had which would be obviously the top end of the range. And on the other side, expectations of rent growth in San Antonio would be kind of on the lower end.

是的。我認為樂團——這是布萊恩。我們的大多數市場都集中在 3 到 4 級的範圍內。根據伯恩斯的說法，我們市場上租金成長的領導者將是薩凡納和希爾頓，這顯然是該範圍的高端。另一方面，聖安東尼奧的租金成長預期會偏低。

Brad Heffern, RBC Capital Markets.

Brad Heffern，加拿大皇家銀行資本市場部。

Chris, a stat that you didn't give. Can you say what you underwrote for the loss to lease on the acquired portfolio?

克里斯，你沒有提供的統計數據。您能透露一下您為所收購投資組合的租賃損失承保了多少資金嗎？

Sure. Thanks, Brad. I'm a little hesitant to get into that level of specificity on the portfolio. But I will say that's just one piece of the optimization opportunity, implementing our pricing standards across the portfolio. As I mentioned, Economic occupancy net of bad debt is in the low 90s. We've got nice opportunity to bring that up to AMH standards.

當然。謝謝，布拉德。我有點猶豫是否要深入了解投資組合的具體程度。但我想說，這只是優化機會的一部分，在整個產品組合中實施我們的定價標準。正如我所提到的，扣除壞帳後的經濟入住率處於 90 年代低水準。我們有很好的機會使其達到 AMH 標準。

And the big opportunity overlaying our level of expenditure controls, bringing in our efficiency from an insurance management perspective. all of the good stuff we're seeing right now in terms of controlling the controllables to R&M turn and CapEx of the homes and then, of course, leveraging the scalability of our existing property management platform.

巨大的機會涵蓋了我們的支出控制水平，從保險管理的角度提高了我們的效率。我們現在看到的所有好東西都是在控制房屋的 R&M 轉向和資本支出方面的可控因素，當然，還有利用我們現有物業管理平台的可擴展性。

Okay. Got it. And then on the revised expense guidance, expenses were obviously low in the third quarter. The guidance implies a reacceleration to the highest figure of the year plus or minus, is there like a comps or timing issue driving that? Or is there something else?

好的。知道了。然後根據修訂後的費用指導，第三季的費用明顯較低。該指導意味著重新加速達到今年的最高數字正負，是否有類似的比較或時間問題推動這一點？或是還有別的什麼嗎？

No. Look, we're super happy with what we're seeing on expenses Keep in mind, we had a very efficient expense comp in the fourth quarter of last year. So a little bit of timing and comp there. But generally speaking, look, I said it in prepared remarks, we could not be happier with our controllable expense results this year.

不。看，我們對我們所看到的費用非常滿意請記住，我們在去年第四季的費用比較非常有效。所以需要一點時間安排和補償。但總的來說，我在準備好的發言中說過，我們對今年的可控費用結果感到非常滿意。

And a really good takeaway to think about here is that many of our investments that we've been talking about, like Resident 360 are really paying off, and they're not just helping us control expenses. But importantly, they're also helping us maintain outstanding customer service scores, right, which is something that we haven't talked about yet. And we can see that measured by both our internal surveys. And then importantly, some of our third-party scores like Google reviews that are in excess of 4.5 out of 5 stars.

這裡值得思考的一個非常好的結論是，我們一直在談論的許多投資（例如 Resident 360）確實得到了回報，而且它們不僅僅是幫助我們控制開支。但重要的是，他們也幫助我們保持出色的客戶服務分數，對吧，這是我們還沒有討論過的事情。我們可以透過我們的內部調查來衡量這一點。重要的是，我們的一些第三方評分（例如 Google 評論）超過 4.5 顆星（滿分為 5 顆星）。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

You've referenced the 3% to 4% market rent growth projected for next year. I guess, given your operating platform, quality of portfolio and just kind of the fragmentation of the business, I guess how has your portfolio grown relative to market rent growth forecast over the years? And just curious if there's any outperformance that's worth flagging?

您提到了明年預計市場租金將成長 3% 到 4%。我想，考慮到您的營運平台、投資組合的品質以及業務的分散程度，我想您的投資組合多年來相對於市場租金成長預測的成長情況如何？只是好奇是否有任何值得舉報的出色表現？

Austin. The margin rent growth estimates that the firms put out are specific to our markets. I think over the past few years, accepting the period of color it was very unpredictable. We've tracked at the probably the top end of that rent growth.

奧斯汀.公司給出的邊際租金成長估計是針對我們的市場的。我覺得過去幾年，接受色彩的時期是非常難以預測的。我們追蹤到的租金成長可能處於最高點。

But I would expect the current expectations probably reflect some of our performance in their estimates. So I think it's a good starting point. I think couple that with last DeLise, coupled out with our expectations and really the value that (inaudible) relative to ownership today puts us in a really good (inaudible) 2025.

但我預計當前的預期可能反映了我們在他們的估計中的一些表現。所以我認為這是一個很好的起點。我認為，與去年的 DeLise 結合，再加上我們的期望以及相對於今天所有權的（聽不清楚）真正的價值，讓我們在 2025 年迎來了一個非常好的（聽不清）。

Helpful. And then just second one for me. You've discussed about how more portfolio opportunities you'd expect to come to market. But can you just give us a sense how competitive the process has been and kind of what you expect in terms of number of bidders and really then what gave you the upper hand to get this deal across the finish line.

有幫助。然後是我的第二個。您已經討論了您預計會有多少投資組合機會進入市場。但您能否讓我們了解整個過程的競爭程度以及您對投標人數的期望，以及是什麼讓您在完成這筆交易方面佔據上風。

Yes. I think it's really deal-specific. And the discussing the one that we closed, it was competitive. We've seen a number of other portfolios that have been listed and marketed and widely marketed. And then from time to time, we're a direct access to some of the owners to discuss.

是的。我認為這確實是特定於交易的。在討論我們結束的那件事時，它是有競爭力的。我們已經看到許多其他的投資組合已經上市、上市並且廣泛上市。然後時不時地，我們會直接接觸到一些業主來進行討論。

So it's really a mixed bag. But as we said, we're a very logical solution to a lot of kind of the sellers' objectives and goals, and we expect to see them from all channels to brokers, marketed and direct to some of the relationships that we have.

所以這確實是一個魚龍混雜的情況。但正如我們所說，我們對許多類型的賣家的目的和目標來說是一個非常合乎邏輯的解決方案，我們希望看到他們從所有管道到經紀人，行銷並直接與我們擁有的一些關係聯繫。

Michael Goldsmith, UBS.

麥可‧戈德史密斯，瑞銀集團。

You talked about uncertainties in the market. Has there been any signs of increased price sensitivity for customers? Or does that uncertainty that you talked about, like help keep your tenant base in place and renew?

您談到了市場的不確定性。有沒有跡象顯示客戶對價格的敏感度有所提高？或者您談到的這種不確定性是否有助於保持您的租戶基礎並續約？

Yeah. Thank you, Michael. I think the -- what I was really referring to was the effect that the number of different things we've had over the past couple of months on activity. and the movement. You can see it in other areas of housing as well. If you look at MLS sale activity in September, it was a 14-year low, so there were things going on in the US.

是的。謝謝你，麥可。我認為，我真正指的是過去幾個月我們所經歷的不同事情對活動的影響。和運動。您也可以在住房的其他區域看到它。如果你看看 9 月的 MLS 銷售活動，你會發現這是 14 年來的最低點，所以美國發生了一些事情。

There's still a lot of things going on with the election and so forth that have caused that activity to temporarily slowed in the back part of Q3. In terms of price sensitivity, we were very pleased with the results that we posted through the first three quarters, including in Q3 in the context of all the other residential companies, I think those numbers will really shine.

選舉等仍在發生的許多事情導致該活動在第三季後期暫時放緩。就價格敏感度而言，我們對前三個季度發布的結果非常滿意，包括在所有其他住宅公司的背景下的第三季度，我認為這些數字將會真正閃耀。

And then as we get into Q4, you're seeing seasonal return seeing the effect of some of these kind of temporary disruptions, and it's led to a moderation of our new lease rate growth.

然後，當我們進入第四季度時，您會看到季節性回報，並看到其中一些暫時中斷的影響，這導致我們新的租賃率成長放緩。

Got it. And you brought up the temporary disruptions. Do you tend to see stronger demand following the larger weather events like what we've kind of experienced recently?

知道了。你提出了暫時的干擾。在像我們最近經歷的那樣的較大天氣事件之後，您是否傾向於看到更強勁的需求？

Yes. In the past, you do see -- obviously, you're kind of catching up for the period of limited activity. Most recently in Florida, you had storms back to back, you're talking about weeks of people focusing on things more important than moving around.

是的。在過去，你確實會看到——顯然，你正在趕上活動有限的時期。最近在佛羅裡達州，暴風雨接連不斷，人們幾週來都在關注比四處走動更重要的事情。

And then when things come down when things get back to normal, you do see a little bit of a pickup. We're seeing a little bit of that in Florida. But again, the storms are still pretty recent. It's maybe not as dramatic as you might expect, but we do see a little bit of a pickup as everything comes down.

然後，當事情下降時，當事情恢復正常時，你確實會看到一點回升。我們在佛羅裡達州看到了一些這樣的情況。但同樣，風暴仍然是最近才發生的。這可能不像你想像的那麼戲劇性，但隨著一切的下降，我們確實看到了一點回升。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Dave, congrats from us as well. In terms of -- just in terms of the stock performance out of the call has been going on has just been deteriorating. Again, it's clear that investors feel somewhat disappointed about some of the fourth quarter operating trends that are being discussed.

戴夫，我們也向您表示祝賀。就——就股票表現而言，電話的表現一直在惡化。同樣，很明顯，投資者對正在討論的一些第四季度營運趨勢感到有些失望。

So I'm just trying to understand a little bit again as it pertains to the new leasing trends and even some of the October occupancy if one was to really kind of think about supply versus weather versus kind of classic seasonality, really how much can one really kind of attribute each of these three factors to some of those forecasts? And then also specifically, are there any kind of regional biases where it's impacting some markets a little bit more than others.

因此，我只是想再次了解一點，因為它涉及新的租賃趨勢，甚至是10 月份的一些入住率，如果人們真的要考慮供應與天氣與經典季節性的關係，那麼一個人到底能賺多少錢？另外，具體來說，是否存在某種區域偏見，對某些市場的影響比其他市場更大。

Yeah. Let me start. I don't agree with your comment about disappointment. We've had a fantastic year. Our year has exceeded expectations. Our goal at the outset to the first half of the year was to capture the top line upside, which we did.

是的。讓我開始吧。我不同意你關於失望的評論。我們度過了美好的一年。我們的這一年超出了預期。我們從年初到上半年的目標是實現營收成長，我們做到了。

And then the second half, as we talked about last quarter and this quarter as well, was really focused on controlling the controllables, cost controls, while maintaining outstanding customer service, really leading to a superior resident experience.

然後，正如我們上個季度和本季所討論的那樣，下半年的重點是控制可控因素、成本控制，同時保持出色的客戶服務，真正帶來卓越的居民體驗。

All the things that we've talked about, we executed on this year. And that was the impetus for the raises that we've had through the first three in the first 10 months of the year. So we're in an excellent position. We talked about our goals for the balance of this year. We talked about how fantastic demand is for our well-located high-quality products. And we're going to finish this year strong and be ready for another outstanding year in 2025.

我們討論過的所有事情，我們今年都執行了。這就是我們今年前 10 個月前三個月加薪的動力。所以我們處於一個非常有利的位置。我們討論了今年剩餘時間的目標。我們談到了對我們地理位置優越的高品質產品的巨大需求。我們將以強勁的勢頭結束今年，並為 2025 年又一個出色的一年做好準備。

Jade Ramani, KBW.

傑德·拉瑪尼，KBW。

This is Jason Sabschon on for Jade. It would be helpful to hear what you're seeing in the Florida property insurance markets and whether there are any spillover effects into adjacent markets?

我是賈森‧薩布雄 (Jason Sabschon)，代表傑德 (Jade) 發言。了解您在佛羅裡達州財產保險市場所看到的情況以及是否對鄰近市場有任何外溢效應將會有所幫助？

Jason, Chris here. Look, I can talk about it a little bit more broadly. Keep in mind that we ensure our portfolio and place our program at the national and portfolio level, of course, market mix is important, but it's placed at the portfolio level Recall that for this year, our renewal was already completed very successfully at the start of this year. Our annual premium increase for this year has moderated down to the high single-digit area.

傑森，克里斯在這裡。聽著，我可以更廣泛地談論它。請記住，我們確保我們的投資組合並將我們的計劃置於國家和投資組合層面，當然，市場組合很重要，但它置於投資組合層面回想一下，今年，我們的更新在一開始就已經非常成功地完成了今年的。我們今年的年度保費增幅已放緩至高個位數區域。

And so at this point, we're really preparing for our 2025, renewal. And we fully recognize that this has been an active hurricane season. But at the same time, the insurance market is pretty well capitalized today and in a much healthier position than it was several years ago.

因此，此時此刻，我們正在真正為 2025 年的更新做準備。我們充分認識到這是一個活躍的颶風季節。但同時，如今的保險市場資本充足，而且比幾年前的狀況要健康得多。

And when you then take that and couple it with the AMH reputation in the insurance market because of the quality of our disaster and preparedness programs. even though it was an active hurricane season, we still feel good heading into our 2025, renewal, and we'll have more updates for that on that for you next quarter.

然後，您將其與 AMH 在保險市場上的聲譽相結合，因為我們的災難和防備計劃質量很高。儘管這是一個活躍的颶風季節，但我們仍然對 2025 年續訂感到滿意，我們將在下個季度為您提供更多相關更新。

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

謝謝。目前沒有其他問題。我想將電話轉回管理層以供結束語。

Thank you, operator. This is Dave. And I'll close this call a little differently. I'll close where I started today's call, and that is to thank all of you for your support and being part of my journey over the past decade plus. With Bryan and Chris at the helm, I know AMH is in capable hands as it enters into 2025, and beyond. So I thank you, and all have a good day. Bye-bye.

謝謝你，接線生。這是戴夫。我將以稍微不同的方式結束這通通話。我將結束今天的電話會議，感謝大家在過去十多年的支持和參與我的旅程。在 Bryan 和 Chris 的掌舵下，我知道 AMH 在進入 2025 年及以後時將掌握在有能力的手中。所以我謝謝你們，祝大家有美好的一天。再見。

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。