American Homes 4 Rent (AMH) 2025 Q1 法說會逐字稿

Greetings, and welcome to the AMH first quarter 2025 earnings conference call. (Operator Instructions). As a reminder, this conference is being recorded. It is now my pleasure to introduce you to your host from Director of Investor Relations. Thank you, Nicholas.

您好，歡迎參加 AMH 2025 年第一季財報電話會議。（操作員指令）。提醒一下，本次會議正在錄製中。現在我很高興向您介紹投資者關係總監作為主持人。謝謝你，尼古拉斯。

You may begin.

你可以開始了。

Good morning and thank you for joining us for our first quarter 2025 earnings conference call. With me today are Bryan Smith, Chief Executive Officer; Chris Lau, Chief Financial Officer; and Lincoln Palmer, Chief Operating Officer.

早安，感謝您參加我們的 2025 年第一季財報電話會議。今天與我一起的有執行長布萊恩史密斯 (Bryan Smith)、財務長克里斯劉 (Chris Lau) 和首席營運長林肯帕爾默 (Lincoln Palmer)。

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之外的所有陳述均為前瞻性陳述，受多種風險和不確定性的影響，這些風險和不確定性可能導致實際結果與這些陳述中預測的結果有重大差異。

These risks and other factors that could adversely affect our business are described in our press releases and in our filings with the SEC. All forward-looking statements speak only as of today, May 2, 2005. We assume no obligation to update or revise any forward-looking statements, whether as a result of new future events or otherwise, except as required by law.

這些風險和其他可能對我們的業務產生不利影響的因素在我們的新聞稿和向美國證券交易委員會提交的文件中有所描述。所有前瞻性陳述僅代表截至 2005 年 5 月 2 日的觀點。除非法律要求，否則我們不承擔更新或修改任何前瞻性聲明的義務，無論是否由於新的未來事件或其他原因。

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料包中包含了 GAAP 與非 GAAP 財務指標的對帳。值得注意的是，我們的營運和財務結果（包括 GAAP 和非 GAAP 指標）在我們的收益報告和補充資訊包中有詳細說明。您可以在我們的網站 www.amh.com 上找到這些文件以及 SEC 報告和本次電話會議的音訊網路直播重播。

With that, I will turn the call over to our CEO, Bryan Smith.

說完這些，我將把電話轉給我們的執行長布萊恩史密斯 (Bryan Smith)。

Welcome, everyone, and thank you for joining us today. As expected, we had a strong start to 2025. Our top line metrics have sequentially accelerated each month since the start of the year, driving $0.46 of core FFO per share for the first quarter which represents growth of 6.6% over the same period last year. A lot has happened in the broader economic environment since we exited the first quarter. Despite this recent market uncertainty, our confidence in sector fundamentals and our proven business model remains high.

歡迎大家，感謝你們今天的到來。正如預期的那樣，我們在 2025 年取得了強勁開局。自今年年初以來，我們的營收指標每月都在連續加速成長，第一季每股核心 FFO 成長 0.46 美元，比去年同期成長 6.6%。自第一季以來，更廣泛的經濟環境中發生了很多事情。儘管最近市場存在不確定性，但我們對行業基本面和成熟的商業模式仍然充滿信心。

First, housing is a basic need and our high-quality, well-located homes continue to be prioritized American families. Second, the supply and demand -- announce persists. The US has still short millions of quality homes. And through our unique in-house development program, we continue to turn new inventory to an undersupplied market. In fact, we were recently recognized as the 37 largest homebuilder in the country by Builder Magazine, up from 39 last year.

首先，住房是基本需求，高品質、位置優越的住房繼續受到美國家庭的優先考慮。第二，供需情勢持續向好。美國仍然缺少數百萬套優質住房。透過我們獨特的內部開發計劃，我們不斷將新庫存轉向供應不足的市場。事實上，我們最近被《建築商雜誌》評為全國第 37 大房屋建築商，比去年的第 39 位有所上升。

And demand isn't slowing. As millennials continue to age into household formation years, they're driving sustained interest in our homes as they seek out the benefits of single-family living without the burdens and cost of homeownership.

而且需求並未放緩。隨著千禧世代逐漸步入建立家庭的年齡，他們對我們的住房產生了持續的興趣，因為他們尋求獨戶生活的好處，而不必承擔房屋所有權的負擔和成本。

Finally, AMH's focus on the resident experience is unmatched. Our residents choose us for our prime locations, high-quality homes, and outstanding service. This results in an industry-leading customer experience that is reflected in our national Google score from the first quarter of 4.7 out of 5 stars.

最後，AMH 對住戶體驗的關注是無與倫比的。我們的居民選擇我們是因為我們優越的地理位置、高品質的住宅和卓越的服務。這帶來了行業領先的客戶體驗，這反映在我們第一季的全國 Google 評分中，即 5 顆星中的 4.7 顆星。

Simply put, AMH is well positioned for strength and resiliency because of our investment-grade balance sheet, diversified portfolio footprint, leading operating platform and strong resident base. This brings me to our first quarter results.

簡而言之，由於我們擁有投資等級資產負債表、多元化的投資組合、領先的營運平台和強大的居民基礎，AMH 在實力和彈性方面處於有利地位。這讓我了解到我們的第一季業績。

Same-home average occupied days continued to strengthen to 95.9%, and we delivered new renewal and blended rental rate spreads of 1.4%, 4.5% and 3.6%, respectively. Together, these drove same-home core revenue growth of 4.3% for the quarter. Core operating expense growth came in at 4.2%, driving same-home core NOI growth of 4.4% for the quarter.

同屋平均入住天數持續增加至 95.9%，我們分別實現了 1.4%、4.5% 和 3.6% 的新續約和混合租金差價。這些因素共同推動本季同店核心營收成長 4.3%。核心營運費用成長 4.2%，推動本季同屋核心 NOI 成長 4.4%。

Notably, we were successful on two key revenue optimization objectives this quarter. First, we began to see the results of our lease expiration management initiatives, which is designed to strategically align lease expirations with the heightened demand of peak leasing season.

值得注意的是，本季我們成功實現了兩個關鍵的營收優化目標。首先，我們開始看到租賃到期管理計畫的成果，該計畫旨在從策略上將租賃到期與租賃旺季日益增長的需求結合起來。

Second, we successfully grew occupancy by 50 basis points while absorbing the timing of move-outs that resulted from our lease expiration initiatives. This is a testament to the demand for our high-quality and well-located homes and the resiliency of our resident retention, which remains in excess of 70%. Importantly, these objectives while also accelerating new lease rates each month, which continues to be off of the residential sector.

其次，我們成功地將入住率提高了 50 個基點，同時吸收了因租約到期而產生的搬離時間。這證明了我們對高品質、位置優越的住宅的需求以及我們居民保留率的彈性，目前仍超過 70%。重要的是，這些目標同時也加速了每月的新租賃率，這繼續影響著住宅領域。

Turning to April. Leasing activity continues to strengthen. Same-home average occupied days was 96.3% and new lease spreads accelerated by 170 points over March to 3.9%. Renewal and blended leasing spreads were 4.4% and 4.3% respectively, which is consistent with our expectations at the start of the year.

轉眼到了四月。租賃活動持續加強。同屋平均入住率為 96.3%，新租約利差較 3 月擴大 170 點，達到 3.9%。續租和混合租賃利差分別為4.4%和4.3%，與我們年初的預期一致。

Turning to our investment programs, the quarter landed is expected for development deliveries and their initial yields, which were in the low 5% area. As we outlined on our last call, we expect yields to increase as we move through peak leasing season, averaging to the mid-5% range for 2025.

談到我們的投資計劃，預計本季的開發交付量及其初始收益率將在 5% 以下。正如我們在上次電話會議上概述的那樣，我們預計收益率將隨著租賃旺季的到來而上升，到 2025 年平均將達到 5% 左右。

As a note, given the timing of the year, we do not expect any potential impacts from tariffs to materially affect full year deliveries and their associated yields in 2025. In addition, there are no changes to acquisition expectations or the pace of dispositions this year. We are remaining patient until attractive opportunities present themselves, and we will continue to lean into the disposition program for the time being.

值得注意的是，考慮到今年的時間安排，我們預計關稅的任何潛在影響不會對 2025 年全年交付量及其相關收益產生重大影響。此外，今年的收購預期和處置速度也沒有改變。我們會保持耐心，直到有吸引力的機會出現，我們暫時會繼續依賴處置計劃。

To close, our strong first quarter performance reflects both disciplined execution and continued demand for our high-quality and well-located homes. With that, I will turn the call over to Chris.

總而言之，我們第一季的強勁業績既反映了嚴格的執行，也反映了對我們高品質、地理位置優越的住宅的持續需求。說完這些，我會把電話轉給克里斯。

Thanks, Bryan, 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 third, I'll close with a few thoughts around our unchanged 2025 guidance. Starting off with our operating results, we delivered a strong start to the year with net income attributable to common shareholders of $110 million or $0.30 per diluted share.

謝謝，布萊恩，大家早安。我今天將在我的評論中涉及三個方面。首先，回顧我們的季度業績；其次，更新一下我們的資產負債表；第三，最後，我將圍繞我們保持不變的 2025 年指引談幾點看法。從我們的經營業績開始，我們今年取得了強勁的開局，歸屬於普通股股東的淨利潤為 1.1 億美元，即每股攤薄收益 0.30 美元。

On an FFO share and unit basis, we generated $0.46 of core FFO, representing 6.6% year-over-year growth and $0.42 of adjusted FFO, representing 5.4% year-over-year growth. From an investment perspective, our development program continues to perform in line with expectations and delivered a total of 545 homes to our wholly owned and joint venture portfolios during the quarter.

以 FFO 份額和單位計算，我們產生了 0.46 美元的核心 FFO，年增 6.6%，調整後的 FFO 為 0.42 美元，年成長 5.4%。從投資角度來看，我們的開發計劃繼續按照預期執行，並在本季度向我們的全資和合資投資組合交付了總共 545 套房屋。

Specifically, for our wholly owned portfolio, we delivered 424 homes for a total investment cost of approximately $173 million. Additionally, consistent with our plan, we continue to lean into our disposition program, selling 416 properties in the quarter generating approximately $135 million of net proceeds at an average economic disposition yield in the 3%.

具體來說，對於我們的全資投資組合，我們交付了 424 套房屋，總投資成本約為 1.73 億美元。此外，按照我們的計劃，我們繼續傾向於我們的處置計劃，本季出售了 416 處房產，產生了約 1.35 億美元的淨收益，平均經濟處置收益率為 3%。

Next, I'd like to turn to our balance sheet. At the end of the quarter, our net debt, including preferred shares to adjusted EBITDA was 5.3 times. We had approximately $70 million of cash available on the balance sheet, and we had a $410 million drawn balance on our revolving credit facility.

接下來，我想看看我們的資產負債表。截至本季末，我們的淨負債（包括優先股）與調整後 EBITDA 比率為 5.3 倍。我們的資產負債表上有大約 7000 萬美元的可用現金，我們的循環信貸額度上有 4.1 億美元的已提取餘額。

Additionally, as discussed on our last call, we fully repaid our 2015-SFR1 securitization at the end of the first quarter using cash from the balance sheet and capacity from our revolving credit facility that we expect to opportunistically refinance into the unsecured bond market over the course of 2025.

此外，正如我們上次電話會議所討論的那樣，我們在第一季末使用資產負債表中的現金和循環信貸額度全額償還了 2015-SFR1 證券化債務，我們預計將在 2025 年期間擇機將這些債務再融資到無擔保債券市場。

And finally, I'm happy to share that S&P Global recently revised AMH's credit rating to positive outlook. This underscores our relentless commitment to prudent balance sheet management and a continually improving credit rating profile over time.

最後，我很高興地告訴大家，標準普爾全球最近將 AMH 的信用評級上調至正面展望。這強調了我們對審慎的資產負債表管理和持續改善信用評級狀況的不懈承諾。

Lastly, before we open the call to your questions, I wanted to briefly touch on our 2025 outlook. As expected, the year is off to a strong start with healthy demand and strong leasing activity. That said, the bulk of the spring leasing season is still ahead of us, and we remain mindful of the quickly evolving landscape of potential economic uncertainty ahead. With that in mind, we've left our 2025 guidance unchanged and would like to share a few reminders on the demonstrated strength and resiliency of AMH.

最後，在我們開始回答大家的問題之前，我想先簡單談談我們對 2025 年的展望。正如預期的那樣，今年開局強勁，需求旺盛，租賃活動強勁。儘管如此，春季租賃季的大部分時間仍未結束，我們仍需警惕未來潛在經濟不確定性的快速變化。考慮到這一點，我們維持 2025 年指導不變，並想分享一些有關 AMH 所展現的實力和彈性的提醒。

Simply put, housing is a necessity. Into this day, our country still needs more high quality options. On top of that, the AMH portfolio has been thoughtfully constructed with a strategic focus on high-quality markets and intentional geographic diversification. Our resident base has proven its durability and resiliency and the consistency and predictability of the AMH operating platform is unmatched, which we believe will continue to position us for strength and further separate AMH going forward.

簡單來說，住房就是必需品。時至今日，我們的國家仍然需要更多高品質的選擇。除此之外，AMH 投資組合經過精心構建，策略重點是高品質市場和有意的地域多元化。我們的常駐基地已經證明了其耐用性和彈性，AMH 營運平台的一致性和可預測性是無與倫比的，我們相信這將繼續使我們保持實力並進一步獨立發展 AMH。

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

最後，再次感謝您抽出時間，我們將開始回答您的問題。操作員？

(Operator Instructions) Jamie Feldman, Wells Fargo.

（操作員指示）傑米·費爾德曼，富國銀行。

Great. I wanted to -- I was hoping you could dig more into the strength in your Midwest markets. You've outsized rent growth there. We're curious if that's more of a catch-up versus the sale, given high rent growth in the Sunbelt markets during COVID. But do you think these markets could continue to outperform on a multiyear outlook and with that backdrop, what's your appetite to grow your land bank and your development pipeline there, given most of your lands in more southern markets?

偉大的。我希望你能進一步挖掘中西部市場的優勢。那裡的租金成長過快。鑑於疫情期間陽光地帶市場的高租金成長，我們很好奇這是否更像是一種追趕而不是銷售。但是，您是否認為這些市場在多年展望中能夠持續表現出色？在這樣的背景下，考慮到您的大部分土地都在南部市場，您有多大興趣在那裡擴大土地儲備和開發管道？

Thanks, Jamie. I'll make a couple of comments on the Midwest markets themselves and then I'll pass to Bryan to comment on potential portfolio expansion. The Midwest, as you mentioned, continues to be a fantastic market for us. We saw that continue into April, new lease spreads there were almost 9%, 5.8% for first quarter. So great acceleration. As far as what's driving the activity there, we really think it's because of the quality of life and the affordability of those markets.

謝謝，傑米。我將對中西部市場本身發表一些評論，然後我將讓布萊恩對潛在的投資組合擴張發表評論。正如您所說，中西部地區對我們來說仍然是一個絕佳的市場。我們看到這種情況持續到 4 月份，那裡的新租賃利差接近 9%，第一季為 5.8%。加速度如此之大。至於推動那裡活動發展的因素，我們確實認為這是因為那裡的生活品質和市場承受能力。

It's part of the reason why we are there. We just continue to see some migration -- look great going into the Midwest. And I think in addition to the people that are going to that area, we're also saying who just value the AMH platform, they value our quality product, they value the areas that we're in.

這也是我們在那裡的原因之一。我們繼續看到一些移民——向中西部遷移的勢頭看起來很棒。我認為，除了前往該地區的人之外，我們還在說那些重視 AMH 平台、重視我們的優質產品、重視我們所在地區的人。

And so I'll let Brian comment on the portfolio.

因此，我會讓布萊恩對投資組合進行評論。

Jamie, this is Brian. In terms of expansion, a couple of interesting points. One if you noticed, we do have a land pipeline in the Columbus market. We're very excited about getting those lots prepared and developed and into the system. It's been a fantastic market for us. We're looking forward to the results there.

傑米，這是布萊恩。在擴展方面，有幾點有趣的觀點。如果你注意到的話，我們在哥倫布市場確實有一條陸地管道。我們非常高興能夠準備好、開發這些地段並將其納入系統。對我們來說這是一個非常棒的市場。我們期待著那裡的結果。

And then another one of the benefits to the portfolio deal that we did at the end of this year was we got to add to the Indianapolis portfolio and where it's been really difficult through other channels. And so yes, we are actively looking for ways to continue to expand our footprint there that we're doing it responsibly.

我們在今年年底完成的投資組合交易的另一個好處是，我們可以擴大印第安納波利斯的投資組合，而透過其他管道做到這一點非常困難。是的，我們正在積極尋找方法來繼續擴大我們在那裡的影響力，並且我們正在負責任地做這件事。

Okay. And then can you talk about the puts and takes of the heavy presence of public builders in North Florida and Texas? Specifically the increased competition for more build-to-rent supply, also entry-level single-family homes with rate buy-downs? And does this provide an opportunity for external growth or more of a headwind on demand competition?

好的。然後您能談談北佛羅裡達州和德克薩斯州大量公共建築商的得失嗎？具體來說，對於更多「建後出租」供應的競爭是否加劇，以及入門級單戶住宅的利率是否降低？這是否為外部成長提供了機會，還是為需求競爭帶來了阻力？

Yes. There are a number of different things at play there. You can see the effect of some of the build-for-rent supply and some of the for sale supply in the performance of the San Antonio market over the past, call it, a year or so. We're seeing it in Texas there, a little bit in Austin as well. The portfolio is still performing well, but the effect of that additional supply is peaking through.

是的。那裡有許多不同的事情正在發生。您可以從聖安東尼奧市場過去一年左右的表現中看到部分建房出租供應和部分待售供應的影響。我們在德克薩斯州看到了這種情況，在奧斯汀也看到了一點。投資組合仍然表現良好，但額外供應的影響正在達到頂峰。

With regards to Florida, there's been a lot of discussion around Tampa and North Florida and we're seeing pretty good activity there despite the dynamics of the for-sale market and some of the additional eye. We believe that's going to be temporary in nature. There are good indications that build rent supply, you can see it in the improvements in occupancy, not just in the Texas and Florida markets, but in Arizona as well.

關於佛羅裡達州，圍繞坦帕和北佛羅裡達州的討論很多，儘管待售市場動態和一些額外的關注，但我們看到那裡的活動相當不錯。我們相信這只是暫時的。有跡象表明租金供應正在增加，您可以從入住率的提高中看到這一點，不僅在德克薩斯州和佛羅裡達州市場，而且在亞利桑那州也是如此。

Steve Sakwa, Evercore ISI.

史蒂夫‧薩誇 (Steve Sakwa)，Evercore ISI。

Are you doing anything, I guess, proactively to kind of just the leasing strategy at this point realize the uncertainty out there has grown, but the fundamentals on the ground today still seem to be quite strong. So I just wasn't sure if you were kind of redirecting the field to do anything differently or is it pretty much business as usual until you see meaningful changes in leasing dynamics?

我想，您是否正在採取某種積極主動的措施來製定租賃策略，目前意識到外面的不確定性已經增加，但今天的基本面似乎仍然相當強勁。所以我只是不確定您是否要重新引導該領域採取不同的行動，還是在看到租賃動態發生有意義的變化之前，業務基本上照常進行？

Thanks, Steve. This is Bryan. We have made some changes, as I talked about in prepared remarks, and obviously, we didn't anticipate some of the things that are happening in the current environment. But we had a couple of revenue optimization initiatives that are starting to show. Notably, our lease expiration management initiative is an evolution of our revenue management objectives.

謝謝，史蒂夫。這是布萊恩。正如我在準備好的演講中談到的，我們做出了一些改變，顯然，我們沒有預料到當前環境中發生的一些事情。但我們已採取了一些收入優化舉措，並開始取得成效。值得注意的是，我們的租賃到期管理計畫是我們收入管理目標的演變。

And you can see that in the additional move-outs that we saw in this quarter. The strategy there is very simply, one, where we're trying to move expirations into the period of the year that exits higher demand and potential for higher rate growth. So that's been a changeover kind of our approach historically.

您可以從本季我們看到的額外遷出情況中看到這一點。我們的策略非常簡單，首先，我們試著將到期日轉移到一年中需求更高、利率成長潛力更大的時期。從歷史上看，這是我們方法的轉變。

In terms of what's happening today and in reaction to the changes in the current market, we're seeing fantastic demand that has produced really good results, accelerating April and looking great for Q2 and hasn't led us to make any changes on the ground -- incoming applicants and prospects, the quality has been consistent with what we've seen over the past four or five months.

就目前的情況以及對當前市場變化的反應而言，我們看到了巨大的需求，這產生了非常好的結果，4 月份的增長加速，第二季度的前景看好，但這並沒有導致我們在實地做出任何改變——新來的申請人和潛在客戶的質量與過去四五個月看到的一致。

Okay. And then as it relates to development, I can appreciate the fact that most of the pipeline for this year is built out or committed on price. How do you think about the price risk into next year on the Camden call just finished up? They talked about a very de minimis sort of price increase from kind of the tariffs as they sit here today. Is that sort of your expectation if things were to play out as is it cost increases would be, say, sub 5%? Or do you feel like there's more pressure on pricing if tariffs stayed where they are?

好的。然後，就開發而言，我可以理解，今年的大部分管道都已建成或已按價格承諾。您如何看待剛結束的卡姆登通話明年的價格風險？他們今天在這裡討論的是關稅導致的極小程度的價格上漲。如果事情按照現在的發展，您的預期是成本成長會低於 5% 嗎？或者您覺得如果關稅保持不變，定價會面臨更大的壓力？

Yes. Thanks, Steve. We're looking very closely at that. It seems to be changing quite often. But in the event that things are sticky over the long term as they stand now. Based on our discussions with other home builders and AHB and so forth the effect on the tariffs on our development program for particular, we're estimating to be in the 2% to 3% range on our total home to home basis.

是的。謝謝，史蒂夫。我們正在密切關注此事。它似乎經常發生變化。但如果情況按照目前的情況長期來看仍會很棘手。根據我們與其他房屋建築商和 AHB 等的討論，關稅對我們的開發計劃的影響尤其如此，我們估計對我們的整體房屋對房屋的影響將在 2% 到 3% 的範圍內。

So it is small. And that's partly due to the fact that there's a lot of labor and there's a bunch of other components that come in and the materials that are being -- that are subject to tariffs represent a small portion. If they hold, they will have -- the effect won't really be seen until the end of the year. A lot of our pricing is already locked in 2025. So we're working about kind of further down the line and again less clarity into whether these are going to continue to stick.

所以它很小。部分原因是，需要大量的勞動力和大量其他零件，而需要繳納關稅的材料只佔一小部分。如果他們堅持下去，那麼效果要到年底才會真正顯現。我們的許多定價在 2025 年已經確定。因此，我們正在進一步努力，但仍不清楚這些措施是否會繼續堅持下去。

Haendel St. Juste, Mizuho Securities.

Haendel St. Juste、瑞穗證券。

Good to see you. Maybe just a follow-up on the last one from Steve there. Just can you remind us what percentage of your development cost for home labor related. You mentioned that there's more labor availability. Curious if there's a sense that there could be some maybe a benefit on that front?

很高興見到你。也許只是史蒂夫上次所提問題的後續。您能否提醒我們，您的開發成本中有多少比例與家庭勞動力有關？您提到有更多的勞動力可用。好奇是否有人認為這方面可能會有一些好處？

Thanks, Haendel. This is Bryan. It's not an exact estimate, but if you think about the vertical costs, roughly 55% is labor, 45% materials. It varies a little bit here and there, but thinking about it in terms of nearly an even split and that's on vertical, not including land and horizontal costs have a larger labor component as well.

謝謝，亨德爾。這是布萊恩。這不是一個準確的估計，但如果你考慮垂直成本，大約 55％ 是勞動力，45％ 是材料。雖然各處略有不同，但從幾乎均等分割的角度考慮，這是垂直的，不包括土地和水平成本，其中勞動力成分也較大。

That's, I guess, a little monitor how that this solves on the labor front. My other question was tied to the uptick in turnover in the first quarter and normally versus your peers, but again, understanding that you have the strategic initiative that you're employing here. I guess I'm curious if you have a sense of how much turnover maybe would have been without the program? And perhaps help us understand how much longer we could be seeing hired over from this program?

我想，這就是在勞動力方面如何解決這個問題的小監視器。我的另一個問題與第一季營業額的成長有關，通常與同業相比，但再次了解您在這裡採取的策略主動性。我很好奇，您是否知道如果沒有這個計劃，營業額可能會有多少？也許可以幫助我們了解我們還可以從這個項目中僱用多長時間？

Yes. Thanks, and I want to make a distinction between turnover and retention. The turnover -- we have higher turnover in Q1 because of the lease expiration management initiative, but our retention remain consistent, remain the same as what we saw last year and what our expectations were for the year.

是的。謝謝，我想區分一下營業額和保留率。營業額 - 由於租賃到期管理舉措，我們第一季的營業額有所增加，但我們的保留率保持一致，與去年的水平以及我們對今年的預期保持一致。

So it's really a timing issue. You saw it in the first quarter, there'll be a continuation of that to a certain extent in the second quarter as we're pulling that from the ratio of expirations more heavily into the first two quarters to match those demand levels. But yes, the increase in turnover is nearly completely attributable to that initiative.

所以這實際上是一個時間問題。您在第一季就看到了這一點，第二季度這種情況還會在一定程度上延續下去，因為我們將把到期比率更多地拉到前兩個季度，以匹配這些需求水平。但確實，營業額的成長幾乎完全歸功於這項措施。

Eric Wolfe, Citi.

花旗銀行的埃里克·沃爾夫。

It's Nick Joseph here with Eric. I recognize it's early in the year and the macro uncertainty that you're seeing. But just given the results through April on same-store revenue. If you hit the midpoint of guidance, a deceleration of about 100 basis points for the remainder of the year. Is that just conservatism given everything that we've talked about? Or are there headwinds in the back half of the year either on other income or occupancy or other things that we should be mindful of?

我是尼克·約瑟夫，和艾瑞克在一起。我知道現在是年初，而且您也看到了宏觀不確定性。但只是給了截至四月的同店收入結果。如果達到指導的中點，今年剩餘時間內的成長將下降約 100 個基點。鑑於我們所討論的一切，這只是保守主義嗎？或者下半年在其他收入或入住率或其他方面是否有我們應該注意的阻力？

Hi, Nick. Chris here. Look, I think you led kind of part of the answer. Look, no question. We are watching the economic environment extremely closely. But even if you hypothetically held that to the side, I would just remind everyone that it's also still early in the year, right? We very much had a great start and are really encouraged by the activity and the demand we've seen along with our early spring leasing results that Bryan was talking about in prepared remarks that continue to accelerate into the peak of leasing season.

你好，尼克。我是克里斯。瞧，我認為你已經給了部分答案。瞧，毫無疑問。我們正在密切關注經濟環境。但即使你假設這一點放在一邊，我還是要提醒大家，現在還只是年初，對吧？我們有一個非常好的開始，並且對我們看到的活動和需求以及布萊恩在準備好的發言中談到的早春租賃結果感到非常鼓舞，這些結果繼續加速進入租賃季節的高峰。

But that's really the key point, right? Peak leasing season is still ahead of us. And with that in mind, no different than past years. At this point, it's just a little bit too early to be talking about the guide. But with that said, we very much look forward to sharing additional updates as we progress throughout the balance of peak leasing season. and importantly, get to the end of the second quarter.

但這確實是關鍵點，對吧？租賃旺季仍未到來。考慮到這一點，與過去幾年沒有什麼不同。目前，談論指南還為時過早。但話雖如此，我們非常期待在整個租賃旺季的平衡過程中分享更多更新。重要的是，進入第二季末。

Makes sense. And then I know you collect a lot of data. Are you seeing anything from the data you collect a weakening consumer or weakening demand?

有道理。然後我知道你收集了很多數據。從您收集的數據來看，您是否看到了消費者或需求減弱的跡象？

Thanks, Eric. This is Lincoln. We haven't seen any indication so far of a weakening in demand or in consumer behavior. As we go into April, we saw foot traffic increase in our homes from first quarter to April. We saw leasing improve year-over-year. And that's on top of kind of the improved month-over-month rate growth and occupancy that we saw. So we have no concerns so far.

謝謝，埃里克。這是林肯。到目前為止，我們還沒有看到任何需求或消費者行為減弱的跡象。進入四月，我們發現從第一季到四月份，家裡的人潮增加。我們看到租賃情況逐年改善。這是我們觀察到的月度成長率和入住率提高的基礎上的。因此到目前為止我們沒有任何擔憂。

Adam Kramer, Morgan Stanley.

摩根士丹利的亞當·克萊默。

Look, I think the April result kind of showed you were able to push occupancy, build occupancy at the same time as pushing rents. I was wondering as you kind of sit here today, kind of what's the priority here. Is it to kind of further build occupancy? Or do you feel pretty good with where occupancy is today? And you kind of shift to being able to push on the new lease back a little bit more?

聽著，我認為四月份的結果表明，你能夠在提高租金的同時提高入住率、增加入住率。我想知道，今天您坐在這裡，這裡的優先事項是什麼。這是為了進一步提高入住率嗎？或者您對今天的入住率感覺還不錯嗎？您是否能夠稍微延後簽訂新租約？

Adam, this is Brian. It's always a balance in revenue optimization and the timing, the seasonality of the business really plays into that as well. That was really the impetus for our movement with this lease expiration management program. We don't have specific targets for either, but we're looking at the right balance as we get into the spring leasing season.

亞當，這是布萊恩。收入優化和時間安排之間始終存在平衡，業務的季節性也對此產生影響。這確實是我們實施租賃到期管理計畫的動力。我們對這兩者都沒有具體的目標，但隨著春季租賃季節的到來，我們正在尋找適當的平衡。

And then once we enter that season, which we see a peak of re-leasing rate growth and generally a peak in occupancy, we spend the balance of the year trying to preserve those occupancy levels and be really thoughtful about maintaining good strength coming in as we exit the year.

然後，一旦我們進入這個季節，我們就會看到重新租賃率增長達到頂峰，並且入住率通常也會達到頂峰，我們會用一年中的剩餘時間來努力保持這些入住率水平，並在年底時認真考慮如何保持良好的實力。

So the way we're seeing it this year is maybe a little bit of a flattening of the occupancy curves as to what we saw last year. But in the end, net-net, consists of that occupancy with 2024.

因此，我們今年看到的情況是，入住率曲線可能與去年相比有所趨於平緩。但最終，淨淨額包括 2024 年的入住率。

Great. And then maybe just a higher-level question here. Can you think about your BTR portfolio, development portfolio? I think you're over 10,000 homes at this point. Is there any kind of noticeable difference in the demographics between the kind of residents in the development homes versus the kind of scattered site traditional SFR homes, any kind of demographic differences be it age, be it kind of number of people in the household, children, et cetera?

偉大的。這也許只是一個更高層次的問題。您能考慮一下您的 BTR 投資組合、開發投資組合嗎？我認為現在你們已經有超過 10,000 戶家庭了。開發住宅的居民與分散式傳統 SFR 住宅的居民在人口統計資料上是否有明顯差異，例如年齡、家庭人數、子女數量等等？

Yes, this is Bryan. Surprisingly, we've seen a lot of consistency from the incoming affluent profile between build to rent and the scattered side. We haven't seen much of a difference. Obviously, in some cases, the rents are a little bit higher on some of the brand-new product relative to some of the older product in markets like Atlanta. So there'll be a little bit of a difference in income, but the ratios are still very strong.

是的，我是布萊恩。令人驚訝的是，我們發現，新建出租房屋和分散出租房屋的富裕階層的概況有很多一致性。我們沒看到太大的差別。顯然，在某些情況下，亞特蘭大等市場的一些全新產品的租金比一些舊產品的租金要高一些。因此收入會有一點差異，但比率仍然很高。

Our incoming residents, the age, the household mega has been remarkably consistent over the past decade with the changes in income maybe slightly outpacing rent growth. So a little bit of improvement from that side, but everything else has held pretty constant.

過去十年來，我們的新居民的年齡、家庭規模一直非常一致，收入的變化可能略微超過租金的成長。因此從這方面來說，有一點點改善，但其他一切都保持相當穩定。

Jeff Spector, Bank of America.

美國銀行的傑夫·斯佩克特。

Just a follow-up on guidance. April payrolls did come in stronger than expected today. I guess can you talk about the potential or historical lag between the labor market weakening and impact on your business and demand trends?

只是對指導的後續跟進。今天公佈的四月就業數據確實強於預期。我想您能談談勞動力市場疲軟對您的業務和需求趨勢的影響之間的潛在或歷史滯後嗎？

Hi Jeff, this is Brian. The impact on demand trends. We haven't seen that direct of a reaction to any changes in job reports or any kind of immediate effects of macro changes. I think, us, for a couple of reasons. One, you look at our product and the fact that the housing is a fundamental need and we have a supply issue in these good markets that comprise our portfolio on kind of the high end.

你好，傑夫，我是布萊恩。對需求趨勢的影響。我們尚未看到對就業報告變化的直接反應或宏觀變化的任何直接影響。我認為，我們這樣做有幾個原因。首先，看看我們的產品，住房是我們的基本需求，而我們在這些構成我們高端投資組合的良好市場中存在供應問題。

And then finally, as you get down to kind of the street level, the demand back is so strong, we have such a depth of demand. The way that we lease homes is you can think of it in terms of a first in process, but there's a bunch of demand behind that. So we haven't seen any effects of movements in either direction. I think the strength of the labor market may have more of an effect on cost of labor and increases and so forth over the long run, but nothing in the immediate.

最後，當你深入街頭層面時，你會發現需求非常強勁，我們的需求非常深。你可以把我們租賃房屋的方式看作是先行先試，但這背後有大量的需求。因此，我們尚未看到任何方向的變動所產生的影響。我認為從長遠來看，勞動市場的強勁程度可能會對勞動成本、成長等產生更大的影響，但短期內不會產生任何影響。

Sorry, and I mean really just trying to get back to -- like thinking about the historical lag, meaning it's obviously, we're seeing a lot of strength through April. The jobs number came in strong. So as again, we think about the guidance for this year, what could potentially change that or change the trajectory of demand, right? What would be the lag between if we saw a weakening in the labor market and an impact on your business? Is that historically 3 months, 6 months, 12 months?

抱歉，我的意思是，我真的只是想回到——思考歷史滯後，很明顯，我們在四月看到了巨大的力量。就業數據強勁。因此，我們再次思考今年的指導方針，什麼可能會改變這一點或改變需求的軌跡，對嗎？如果我們發現勞動市場疲軟，並且對您的業務產生影響，那麼這中間的延遲會是多長？從歷史上看，這是 3 個月、6 個月還是 12 個月？

It's difficult to put a fine point on it for a bunch of different reasons. I was talking to some of the merits of SFR, but one of the things that we haven't talked about on the call yet is just the difference in the unaffordability of owning a home as one example. That probably has a bigger effect than anything else. Think about the cost of owning similar homes to the ones that we're delivering in the development program. Mortgage rates are extremely high.

由於各種不同的原因，很難對此做出明確的說明。我談到了 SFR 的一些優點，但我們在電話會議上還沒有談到的一件事就是，以擁有一套房子的負擔能力的差異為例。這可能比其他任何事情都更有影響力。想想擁有與我們在開發計劃中交付的房屋類似的房屋的成本。抵押貸款利率極高。

You've got the issue of insurance, which is runaway in places like Florida maintenance, et cetera. So it's very difficult to draw a direct correlation between labor that's any stronger than what you'd see on the affordability measure.

你遇到了保險問題，在佛羅裡達州的維護等地，保險問題已經失控。因此，很難在勞動力之間建立比可負擔性指標更強的直接相關性。

Rich Hightower, Barclays.

巴克萊銀行的里奇‧海托爾 (Rich Hightower)。

I'll take Rich Hightower as my queue here, guys. I just want to talk about CapEx for a second here. So if I go to just recurring CapEx per home, it was up quite a lot year-on-year, but then obviously down quite a lot as we kind of look sequentially over the prior four quarters. So just maybe talk a little bit about the movement maybe the seasonality in those figures? And how -- just looking at the age of the portfolio, how that metric factors into the decision to sell a property?

夥計們，我將選擇 Rich Hightower 作為我的隊列。我只想在這裡談資本支出。因此，如果我只看每個家庭的經常性資本支出，它同比增長了相當多，但當我們連續查看前四個季度時，顯然又下降了相當多。那麼，能否稍微談談這些數字的變動和季節性呢？那麼──僅從投資組合的年資來看，這個指標又如何影響出售房產的決定？

And when you say you're selling at a kind of an implied three-Ish cap rate to an end user, does that factor in the CapEx you're not spending in the way you think about that metric? Just maybe a little more color on that topic.

當您說您以某種隱含的三倍資本化率向最終用戶銷售產品時，這是否會將您在考慮該指標時未支出的資本支出考慮在內？也許只是對這個話題稍微詳細一點。

Yes. Thanks, Rich. This is Lincoln. What you're seeing is a mix of a couple of things. One is we're coming off of a very low comp from first quarter of last year. So that's part of the difference. And then the second part is what Bryan already talked about that exploration management program that we've initiated that is aligning those expirations with our demand curve.

是的。謝謝，里奇。這是林肯。您所看到的是幾件事的混合。一是，自去年第一季以來，我們的業績一直處於非常低的水平。這就是差異的一部分。第二部分是布萊恩已經談到的我們已經啟動的勘探管理計劃，該計劃將這些到期日與我們的需求曲線相結合。

Those incremental move-outs in the quarter drove much of that CapEx. And as we pointed out, we ran consistently long for the last several quarters. And setting aside sitting aside kind of those two issues, we imagine that the run rate is for CapEx to be in line with our near-term.

本季的這些增量搬遷推動了大部分資本支出。正如我們所指出的，過去幾季我們一直表現強勁。撇開這兩個問題不談，我們認為資本支出的運作率將與我們的近期運作率一致。

And Rich, this is Bryan. You're exactly right. There is a very clear correlation between age and the CapEx needs within our portfolio. It's one of the benefits that we've talked about on the new development side, where not only are we bringing new homes into the portfolio to help with the average age, but these are also purpose built for long-term durability with extra investments and just some really kind of expensive kind of heavier CapEx areas surrounding HVAC roofs as an example. So what's coming into the portfolio should have a much better long-term CapEx profile, but certainly a dramatic better in the near term.

里奇，這是布萊恩。你說得完全正確。我們的投資組合中的年齡和資本支出需求之間有非常明顯的相關性。這是我們在新開發方面談到的好處之一，我們不僅將新房納入投資組合以幫助提高平均年齡，而且這些房屋也是專門為長期耐用性而建造的，需要額外的投資，而且只是一些非常昂貴的資本支出較大的區域，例如暖通空調屋頂周圍。因此，進入投資組合的資產應該具有更好的長期資本支出狀況，但短期內肯定會有顯著改善。

And then when you look into the way that we're evaluating homes through asset management evaluate them for disposition, CapEx age is a factor. It's one of the inputs that we do look at. There are a number of different things, locations, probably the top. But getting the noncore assets out, including some homes that are old and might have kind of an expected heavy CapEx burden going forward will be a factor.

然後，當您研究我們透過資產管理評估房屋的方式並評估其處置情況時，資本支出年齡是一個因素。這是我們確實關注的輸入之一。有許多不同的東西、地點，可能是頂部。但剝離非核心資產（包括一些老舊且未來可能承擔沉重資本支出負擔的房屋）將是一個因素。

And then when we talk about the thee CapEx's, we're looking at that from the buyer's perspective. And more importantly, you need to understand who we're selling to, and that's the user. So it's really a difference in use. We're selling good homes into the market. You can see by the disposition prices that we're getting.

然後，當我們談論資本支出時，我們會從買方的角度來看待它。更重要的是，你需要了解我們的銷售對象，那就是使用者。所以在使用上確實存在差異。我們正在向市場銷售優質房屋。您可以透過我們獲得的處置價格看到這一點。

There's not a ton of deferred CapEx in there, but it is a consideration when we're evaluating individual homes.

其中沒有大量的遞延資本支出，但在我們評估個人住宅時，這是一個考慮因素。

That's great. On the rest, I think you guys get every single part of my multipart question there. And then I think just a follow-up in terms of AMH acquiring properties sort of in the open market. I mean, do you guys -- remind me, do you guys buy anything directly from other homebuilders?

那太棒了。至於其餘部分，我想你們已經了解了我提出的多部分問題的每個部分。然後，我認為這只是 AMH 在公開市場上收購房產的後續行動。我的意思是，你們──提醒我一下，你們直接從其他房屋建築商購買東西嗎？

Or is the fact that you have in-house development somehow, is there somehow a gating factor that would prevent that from really sort of an active source of acquisitions for you guys? Just tell me how that works.

或者事實上你們以某種方式擁有內部開發，是否存在某種限制因素，阻止它成為你們真正的積極收購來源？只要告訴我它是如何運作的即可。

Yes. Sure, Rich. Chris here. Over the years, we've developed and cultivate a very large network of relationships with all of the major homebuilders out there. And we very much actively monitor and keep our finger on the pulse of all aspects of the acquisition market.

是的。當然，里奇。我是克里斯。多年來，我們與所有主要的房屋建築商建立並培養了非常龐大的關係網絡。我們非常積極地監控並掌握收購市場各個面向的動態。

To give you a little bit of color on what's going on right now, we have seen a pretty notable uptick in builder inventory opportunities. Just to give you some numbers to illustrate the point this quarter through that network of national builder relationships, we screened plus or minus 25,000 newly constructed national builder properties, pretty considerable increase.

為了讓您對目前的情況有一點了解，我們發現建築商庫存機會出現了相當明顯的上升。僅透過本季透過全國建築商關係網絡給出一些數字來說明這一點，我們篩選了左右 25,000 個新建的全國建築商房產，增幅相當可觀。

Last quarter, I want to say we screened something more like 15,000 opportunities, so a pretty big uptick quarter-over-quarter. But similar to our last update, as we stream into those properties this quarter, we found that over 80% of the more so fell outside of our distant buy box in terms of location, quality and then importantly, single-family detached property type with the render of the homes that did come close to our buy box with yield averaging somewhere in the four's.

上個季度，我想說我們篩選了大約 15,000 個機會，因此與上一季相比有相當大的成長。但與我們上次更新類似，當我們在本季度流入這些房產時，我們發現超過 80% 的房產在位置、質量以及更重要的是單戶獨立房產類型方面都超出了我們的遠距離購買範圍，而那些接近我們購買範圍的房屋的收益率平均在四個左右。

When you use our methodology for writing that we consistently apply to both acquisition opportunities and development, which I think really underscores the importance of the development program, right? The development program provides us the ability to consistently and predictably grow with properties of just unmatched quality and location that you can't buy anywhere else.

當您使用我們的寫作方法時，我們始終將其應用於收購機會和開發，我認為這確實強調了開發計劃的重要性，對嗎？該開發計劃使我們能夠持續、可預測地發展，並擁有在其他地方買不到的、品質無與倫比、地理位置優越的房產。

David Segal, Green Street.

大衛‧西格爾 (David Segal)，《綠街》。

Just following up on that. If pricing for those assets is in the four handle range, how does that compare to nearby suburban and product?

只是跟進一下。如果這些資產的定價在四個手柄範圍內，那麼與附近的郊區和產品相比如何？

David, this is Bryan. I think the -- my understanding of cap rates for suburban multifamily would be consistent in kind of the high four's. But we watch multifamily, but we're not experts in the acquisition markets of that.

大衛，這是布萊恩。我認為－我對郊區多戶住宅資本化率的理解與高四率一致。但我們關注多戶住宅，但我們並不是該領域收購市場的專家。

Great. And just about what you think the kind of fair run rate occupancy is for the SFR business. And prior to the 2020, you're averaging around 95% occupancy. Since then, you've had two years, a 97% or higher. Last year it was low 96% and it sounds like you're expecting similar this year. But what do you think like the long run fair occupancy level is?

偉大的。您認為 SFR 業務的公平運轉率入住率是多少？到 2020 年之前，平均入住率約為 95%。從那時起，你已經有兩年的時間達到或超過 97%。去年這一比例很低，為 96%，聽起來今年的比例也差不多。但是您認為長期的公平入住率是多少？

Dave, that's a really good question. It's something that we're thinking about. And you can see some of the things that we're discussing this quarter like the exploration management initiative, they're kind of addressing that. I've talked on prior calls where you're exactly right, 95% was kind of the norm, call it, pre-COVID. And now our expectations kind of move the bar up into the 96% range.

戴夫，這是一個非常好的問題。這是我們正在思考的事情。您可以看到我們本季正在討論的一些事情，例如勘探管理計劃，他們正在解決這個問題。我在之前的電話會議中談到過，您說得完全正確，在新冠疫情之前，95% 是一種常態。現在我們的預期是將標準提高到 96% 的範圍。

And those are different reasons for that. One, I think there's a greater accretion for single-family rentals, especially those that are professionally managed. So I think there's a recognition from the consumer. And then specific AMH, our platforms improved.

這些都是不同的原因。首先，我認為單戶住宅租賃的成長勢頭會更大，尤其是那些由專業人士管理的住宅。所以我認為消費者已經認可了。然後針對具體的 AMH，我們的平台得到了改進。

And we're starting to see a lot of appreciation for services side of the business the convenience, you can see it in our Google review scores, our customer service scores that I did cited in the prepared remarks, so there are a lot of good things that are working in our favor that would support long-term expectations of the 96% area.

我們開始看到很多人對我們服務方面的便利性表示讚賞，您可以從我們的 Google 評論分數和客戶服務分數中看到這一點，我在準備好的評論中也提到過，所以有很多好事對我們有利，可以支持 96% 區域的長期預期。

Brad Heffern, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的布拉德‧赫弗恩 (Brad Heffern)。

On the leasing spreads to start the year, it's obviously been a number of years since we've seen kind of a typical leasing trajectory. Can you just frame what we've seen so far this year? I'm suspecting you'll say that it's above average. But how does it look compared to -- how you would typically expect to be the normal year?

從年初的租賃利差來看，顯然我們已經好幾年沒有看到典型的租賃軌跡了。您能概括一下我們今年到目前為止所看到的情況嗎？我猜你會說它高於平均水平。但與您通常預期的正常年份相比，情況又如何呢？

Yes, Brad, you're exactly right. The last, call it, six months or so, haven't been typical when you think about the seasonality. COVID wasn't typically there, and there's been a lot of movement around. But it is common to pick up to have rate improvement as you enter the new year, demand picks up strong in January, foot traffic picks up, the activity, applications, leasing, everything as you get into the spring leasing season.

是的，布拉德，你說得完全正確。如果你考慮季節性的話，那麼過去六個月左右的情況並不典型。那裡通常不會出現 COVID，而且周圍有很多活動。但隨著新年的到來，利率上升是很常見的，一月份需求強勁，人流增加，活動、申請、租賃等一切都進入春季租賃季節。

So the normal trajectory of pickup January and to call it may be the major -- the peak potentially April depending on the year we're seeing that. And then it's just a question of how steep that curve is. Last year, we had really nice movement in the beginning of the year and then saw some changes in the back half of the year that were a little bit different than normal expectations. And our expectation this year is to have maybe a little bit of a flatter curve and protect the back half of the year differently.

因此，1 月份的正常回升軌跡可能是主要的——高峰可能出現在 4 月份，具體取決於我們看到的年份。接下來的問題只是曲線有多陡峭。去年，我們在年初取得了非常好的進展，但在下半年卻出現了一些與正常預期略有不同的變化。我們今年的預期是曲線可能會稍微平緩一些，並以不同的方式保護下半年。

Okay. Got it. And then on the development program, you reiterated the 5.5% yield. It does seem pretty tight to acquisition opportunities in kind of the high four's. I guess what's the yield premium that you need over other growth options for that program?

好的。知道了。然後在開發計劃中，您重申了 5.5% 的收益率。看起來，高四級的收購機會確實相當緊張。我猜想對於該計劃而言，您需要相對於其他成長選項的收益溢價是多少？

And then do you see the benefits of the consistency and all the other things that you talked about with that sort of offsetting maybe the normal development math that we would normally think of like 100 or 150 basis point spread?

那麼，您是否看到了一致性的好處以及您談到的所有其他事情的好處，這些事情可能抵消了我們通常會想到的正常發展數學，例如 100 或 150 個基點的利差？

Yes. Thanks, Brad. There are a number of different things. I'm going to start with what we're delivering through our development program and the quality in the locations. These are homes that you just couldn't buy. You certainly couldn't buy the locations and then when you add the fact that these are purpose built to our specifications you're incorporating over a decade of experience from the rental side, a very in-depth analysis into what our residents and consumers are looking for.

是的。謝謝，布拉德。有很多不同的事情。我將首先介紹我們透過開發計劃提供的服務和地點的品質。這些是你根本買不到的房子。這些位置當然是買不到的，而且，這些都是根據我們的規格專門建造的，這就結合了我們在租賃方面十多年的經驗，以及對我們的居民和消費者需求的深入分析。

And we've optimized that delivery not only in the way that it's designed, but in the materials that we're putting in. We saw some great opportunities to come in and put in upgraded materials that are strong from a maintenance and durability perspective and also really appreciated by the residents. So we're building a little bit of a different house.

我們不僅在設計方式上優化了交付，而且在所採用的材料上也進行了優化。我們看到了一些很好的機會，可以採用升級的材料，這些材料從維護和耐用性的角度來看非常堅固，並且也受到居民的讚賞。所以我們正在建造一座略有不同的房子。

And second, we're very focused on single-family detached. I've talked about it in prior calls and a lot of the build to rent, a lot of the other product out there is townhome in nature. If I remember, John Burns estimates that around 20% of build-to-rent deliveries were single-family detached in some of the markets. So what we're delivering is a slightly different product, the locations are outstanding.

其次，我們非常關注獨棟住宅。我在之前的電話會議中已經討論過這個問題，很多建造用於出租的建築，很多其他產品本質上都是聯排別墅。如果我沒記錯的話，約翰‧伯恩斯 (John Burns) 估計，在某些市場中，大約 20% 的建後出租房屋是獨棟住宅。因此，我們交付的是略有不同的產品，其位置非常出色。

It's not the same location or product that's being offered by the national builders. So when you look at the yield premium, if we were to try to go out and buy what we're buying, we get -- we're getting at least 100 basis point premium on top of that. And then we're also talking about the yields going in, the day one yields as those homes are being delivered, in many cases into actively delivering communities and active construction sites.

它與全國建築商提供的地點或產品不同。因此，當您查看收益率溢價時，如果我們嘗試出去購買我們正在購買的東西，我們會得到 - 我們將在此基礎上獲得至少 100 個基點的溢價。然後，我們還討論了收益，即房屋交付後的第一天的收益，在許多情況下，這些房屋會進入正在積極交付的社區和活躍的建築工地。

Brad, it's Chris here. Just to illustrate a few more data points. Probably the better way if we're looking to compare yields between development versus acquisition opportunities is to look at the things and opportunities that we're evaluating in the market right now, right? I already talked about the fact that we screened 25,000 national builder opportunities this quarter. When you look at yields on those using our measuring stick.

布拉德，我是克里斯。只是為了說明更多的數據點。如果我們想要比較開發機會和收購機會之間的收益，那麼更好的方法可能是看看我們現在正在市場上評估的事物和機會，對嗎？我已經談過，本季我們篩選了 25,000 個全國建築商機會。當您使用我們的標準來觀察這些收益時。

Those yields, as I mentioned, are somewhere in the for. Today, we're thinking about new land going into the development program. There's a few places where we're backfilling land into the pipeline to refill projects that are being delivered and new land that we're looking at is into the six area or six-plus area, right? So pretty meaningful difference between the two when you're using a comparable measuring stick on both sides. And then the other thing that I'd just remind you of is that we're thinking about the development program and the sizing of it, it's really important to keep in mind the capital sourcing of it, right?

正如我所提到的，這些收益處於某個水平。今天，我們正在考慮將新土地納入開發計畫。我們正在一些地方將土地回填到管道中，以補充正在交付的項目，而我們正在考慮的新土地是在六個區域或六個以上的區域，對嗎？因此，當您在兩側使用可比較的測量標準時，兩者之間的差異非常顯著。然後我要提醒你的另一件事是，我們正在考慮開發計劃及其規模，牢記其資金來源非常重要，對嗎？

And the fact that I know that we've kind of broken record at this point, but it's a really important one is that we have the program strategically sized such that any given year of development capital needs is fundable through a combination of retained cash flow from the business, recycled capital from dispositions now in this environment, very attractively. And then a modest level of debt capacity that grows each year off of the balance sheet as EBITDA grows.

我知道我們現在已經打破了紀錄，但真正重要的是，我們對該計劃進行了戰略性規模調整，以便任何一年的開發資本需求都可以通過業務留存現金流、目前這種環境下的處置回收資本的組合來融資，這是非常有吸引力的。然後，隨著 EBITDA 的增長，資產負債表上的債務能力每年都會適度增長。

Daniel Tricarico, Scotiabank.

加拿大豐業銀行的 Daniel Tricarico。

Chris, looking for an update on the FFO bridge for Q4 release, the $0.09 headwind financing costs Obviously, there's still some more to do on that front security side. So you're thinking about that today, where you could unsecured. And also, you had the anticipated repayment date in April for the [ 15, 2015-1 ] but let on the line to repay it. So curious if there's anything to read into there?

克里斯，希望了解第四季度發布的 FFO 橋樑的最新消息，0.09 美元的逆風融資成本顯然，在前端安全方面還有一些工作要做。所以你今天正在考慮這個問題，你可能沒有安全感。而且，您預計的還款日期是 4 月份 [ 2015 年 1 月 15 日 ]，但卻拒絕了還款。很好奇那裡有啥可讀的嗎？

Great question. And I would start by saying no real changes from a capital plan perspective or expectations on the year. Recall that the $0.09 that you point out, there's a couple of different pieces there. There's a couple of pennies from just regular way growth in terms of financing cost. There's the incremental cost from the fourth quarter portfolio that we acquired, that's about $0.04 of the $0.09.

好問題。首先我想說的是，從資本計畫的角度或對今年的預期來看，並沒有真正的改變。回想一下，您指出的 0.09 美元，那裡有幾個不同的部分。就融資成本而言，常規方式的成長僅需幾分錢。這是我們收購的第四季度投資組合的增量成本，約為 0.09 美元中的 0.04 美元。

And then I think it was about $0.03 or so that was in there in terms of refinancing of securitizations. You're exactly right. We have two securitizations that we expect to repay over the course of this year. As you pointed one of which we repaid at the end of the first quarter, the second of which we expect to repay in the back half of the year. Importantly, that second securitization for this year is paid off. That's our last one, which means the balance sheet will become 100% unencumbered at that point, a big milestone for us.

然後我認為就證券化再融資而言，這大約是 0.03 美元左右。你說得完全正確。我們有兩項證券，預計今年內償還。正如您所指出的，我們在第一季末償還了其中一筆，預計在第二筆償還時將在今年下半年。重要的是，今年第二次證券化已經還清。這是我們的最後一個，這意味著資產負債表將在那時變得 100% 不受阻礙，這對我們來說是一個重要的里程碑。

And then importantly, over the course of this year as those securitizations are paid off that will free up about 9,000 homes or so it can now be freely reviewed, be reviewed by our asset management and disposition program. So great opportunity there to continue to attractively recycle capital and optimize the folio.

重要的是，在今年內，隨著這些證券化債務的償還，將釋放約 9,000 套住房，現在可以自由審查，並透過我們的資產管理和處置計劃進行審查。因此，這是一個很好的機會，可以繼續以有吸引力的方式回收資本並優化投資組合。

In terms of refinancing of those, the game plan remains the same, refinancing into the unsecured bond market, called one to two trips to the bond market over this year is what we're contemplating. What's factored into the guide and still it's our expectations. As we all know, April had -- was a volatile month in terms of bond market conditions, it does steel like the last week or so has settled down a touch.

就這些資金的再融資而言，計劃保持不變，我們正在考慮將資金再融資到無擔保債券市場，也就是今年進入債券市場一到兩次。指南中考慮的因素仍然是我們的期望。眾所周知，四月債券市場狀況動盪不安，但鋼鐵市場在上週左右有所穩定。

There was a [rich] issuer in the marketplace yesterday. It sounds like that deal went very well and I think that that's a good sign for the market. And we're going to be very prudent and opportunistic as we think of bond market windows over the balance of this year. Today, if we issue in the market, hard to say exactly, but I guesstimate top high five's or centers of new issue 10-year unsecured debt.

昨天市場上有一位[富有的]發行人。聽起來這筆交易進行得很順利，我認為這對市場來說是一個好兆頭。當我們考慮今年剩餘的債券市場窗口時，我們將非常謹慎並抓住機會。今天，如果我們在市場上發行債券，很難確切地說，但我估計新發行的 10 年期無擔保債券將達到最高五位或中心。

Helpful, Chris. And I want to follow up on Steve's from early, Bryan, on the Q1 call, you said half of the vertical and contracted labor for [25%] -- the tariffs. So I'm curious what percentage of the remainder of '25 and '26 of spot today? And then on the 2% to 3% impact you mentioned earlier, can you just more details on the magnitude of increase for the bigger drivers of that?

很有幫助，克里斯。布萊恩，我想跟進史蒂夫早些時候在第一季電話會議上所說的問題，你說一半的垂直和合約勞動力需要支付 [25%] 關稅。所以我很好奇今天剩下的 25 和 26 個現貨佔比是多少？然後，關於您之前提到的 2% 到 3% 的影響，您能否更詳細地說明一下造成這一影響的更大因素的增長幅度？

Sure. Yes. We had a rough estimate on the first call of half and I think it's been kind of pushed back toward the year. It's difficult to pinpoint it with active developments in different stages. But I was thinking that as less than a half year effect and what we're talking about too is the event that [these tariffs stick] as currently planned and shifting and adjusting so frequently, it's difficult to really put a fine point on it.

當然。是的。我們對上半年的第一次通話有一個粗略的估計，我認為它已經有點推遲到今年了。由於活躍的發展處於不同的階段，因此很難準確指出。但我認為，由於影響不到半年，而且我們所談論的也是這些關稅按照目前的計劃維持下去，並且經常變動和調整，因此很難真正準確地指出這一點。

But if I had to I think through I'd probably shift that half to effects maybe being seen towards the end of the third quarter, so quarter plus would be my guess. And then as you get into 2026, it's pretty far out there. So I hesitate to speculate too much on how much of that's going to remain in the next year because there are a ton of other factors at play, too. If there's stickiness in these price increases, does it affect builder appetite, does it affect other aspects of the business. So it starts to get a little bit long on the assumptions side.

但如果必須的話，我可能會考慮將那一半的影響轉移到可能在第三季末才會顯現出來，所以我的猜測是季度加。然後當你進入 2026 年時，它已經相當遙遠了。因此，我不太願意過多猜測明年還會剩下多少，因為還有很多其他因素在起作用。如果這些價格上漲具有黏性，它是否會影響建築商的興趣，是否會影響業務的其他方面。因此，從假設方面來說，它開始變得有點長。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

We talked a little bit earlier about the demographic of [ Bob versus scarce ] but maybe you could talk a little bit about any difference in performance there? And do you see any difference in rent growth and over -- maybe said another way, do people stay longer in a new home?

我們之前談論過 [ Bob 與稀缺 ] 的人口統計，但也許您可以談談那裡的表現有何不同？您是否發現租金成長有任何差異？換句話說，人們在新房子裡住的時間會更長嗎？

This is Bryan. We're taking a look at -- let me start by going back to the development the way we talk about kind of initial yields and then the concept of stabilized communities because I think they're very different. The communities want to stabilize, the construction traffic has gone, the amenity centers are complete and they start to kind of operate as you would expect, longer-term basis without the distraction of a lot of the other things.

這是布萊恩。我們正在研究——首先讓我回顧一下我們談論初始收益的方式，然後討論穩定社區的概念，因為我認為它們非常不同。社區想要穩定下來，施工交通已經消失，便利中心已經建成，它們開始按照你所期望的方式長期運作，而不會受到許多其他事物的干擾。

So if you take a look at those, and those are comprised some of the ones that are in the same home pool for 2025, we're seeing, as expected, a much lower cost to maintain. They're quicker to turn, the rate growth is consistent with the scattered site at this point, but we see the upside on that going forward.

因此，如果你看一下這些，你會發現它們包括 2025 年同一主池中的一些，正如預期的那樣，維護成本要低得多。它們轉向得更快，此時的速度成長與分散站點一致，但我們看到未來的優勢。

And then on the retention side, it's important as they continue to season, we'll see improvements as some of the longer-term tariffs really stay in these communities. So nothing dramatically different there. But early conclusions support our thesis on the cost and the speed to turn side.

然後在保留方面，重要的是隨著它們的繼續生長，我們會看到改善，因為一些長期關稅確實留在這些社區。因此，並沒有什麼顯著的差異。但早期的結論支持了我們關於轉向成本和速度的論點。

Got it. And then just a quick follow up here. You maintained your guidance for same-store revenue and expense, but just wondering if there were any kind of under the hood changes in the buildup or assumptions where there may be some offsetting pieces?

知道了。然後這裡只是快速跟進一下。您維持了對同店收入和支出的指導，但只是想知道是否存在任何內部變化或假設，其中可能存在一些抵消部分？

Michael, Chris here. Not particularly, I would say on both sides, things are going pretty according to plan as we're building into the peak of leasing season in terms of the top line, building blocks, largely still unchanged. Full year outlook, 3.5% at the midpoint. Both Bryan and Lincoln talked a little bit about still expecting occupancy on a full year basis, low 96 %.

麥可，我是克里斯。不是特別，我想說，就雙方而言，事情進展順利，因為我們正在進入租賃旺季，就頂線、建造模組而言，基本上沒有變化。全年預期，中位數為 3.5%。布萊恩和林肯都表示預計全年入住率仍將低於 96%。

That's pretty flat year-over-year. at this point, still see average realized rent growth in the high three's or so into currently bad debt in the low one's on a full year basis. So building blocks largely unchanged there and similar story on the expense side. Full year outlook is still unchanged at 4%. As we know, property taxes are essentially back to long-term average at this point in the 4% to 5% area.

與去年同期相比，這一數字基本持平。目前，全年平均實際租金成長率仍處於前三名左右，而目前的壞帳成長率則處於前三名左右。因此，其建置模組基本上沒有變化，費用方面的情況也類似。全年預期仍維持 4% 不變。我們知道，目前房產稅基本上已經回到了長期平均水平，介於 4% 到 5% 之間。

Obviously, we'll receive more property tax information over the balance of the year. First quarter is a pretty quiet property tax information period. Insurance renewals done at this point, and we see the balance of expenses and controllable still being mid-single digits. So fairly similar to what our expectations were overall and the individual building blocks on a full year basis.

顯然，我們將在今年餘下的時間裡收到更多的房產稅資訊。第一季是房產稅資訊比較平靜的時期。此時保險續保已完成，我們看到費用和可控餘額仍處於中等個位數。因此，這與我們對全年整體情況和各個組成部分的預期非常相似。

Jesse Lederman, Zelman & Associates.

傑西·萊德曼（Jesse Lederman），澤爾曼與合夥人公司。

Questions on the development pipeline, but maybe thinking a little bit further out. So current deliveries have been a little bit heavier in Florida and the Sunbelt, obviously, based on investment decisions and land that was bought several years ago. And as you think several years from now based on land you're acquiring today, where should we expect growth in the portfolio to come from a geographic perspective?

關於開發流程的問題，但也許需要想得更遠一些。因此，顯然，根據投資決策和幾年前購買的土地，目前佛羅裡達州和陽光地帶的交付量略大。而且，根據您今天收購的土地，您設想幾年後，從地理角度來看，我們應該預期投資組合的成長來自哪裡？

Yes. Thanks, Jesse. This is Bryan. It goes back to one of the first questions on the call. There are certain areas that we're focused on. You can see development coming into Columbus further down the pipeline. In terms of specifics, we're constantly evaluating to our asset management program, our landholdings and whether we're matching and allocating to the right areas. I would consider over the long run.

是的。謝謝，傑西。這是布萊恩。這又回到了電話會議中提出的第一個問題之一。我們重點關注某些領域。您可以看到哥倫布市的開發正在進一步推進。具體而言，我們不斷評估我們的資產管理計劃、我們的土地持有情況以及我們是否匹配並分配到正確的區域。我會從長遠考慮。

We're very pleased with the markets that we're delivering in. If there's any change, we could probably see an acceleration into the Carolinas. Midwest is going to be really good going forward. But there's a bunch of different things to balance. We're matching that investment with demand and also with the availability of land and the type of opportunities that we see. We remain very focused on location and a specific buy box. So there's a number of different things at play.

我們對我們所服務的市場感到非常滿意。如果有任何變化，我們可能會看到卡羅來納州的加速發展。中西部地區未來將會發展得非常好。但有很多不同的事情需要平衡。我們正在根據需求、土地供應情況以及我們看到的機會類型來匹配投資。我們仍然非常關注位置和特定的購買框。所以有很多不同的因素在起作用。

But I would expect to see continued investment in the markets that we're investing in now and maybe a little bit of a refocus into Carolinas and potentially a slight uptick in the Midwest.

但我預計我們現在投資的市場將繼續受到投資，也許會稍微重新關注卡羅來納州，中西部地區可能會略有上升。

Okay. That's really helpful. Second question is on the portfolio acquisition from last year. Just curious how that's trending relative to your expectations? I know you're assuming some growth in the yield based on kind of assimilating that into your platform. So just curious on how that's trending thus far, though it's early. Any color there would be great.

好的。這真的很有幫助。第二個問題是關於去年的投資組合收購。只是好奇這與您的預期相比有何趨勢？我知道您認為透過將其融入您的平台，收益會有所增長。所以我只是好奇目前的趨勢如何，儘管現在還太早。任何顏色都很棒。

Yes, sure. Thanks, Jesse. Chris here. Update is fairly similar to last quarter. You're right, it's early, but things are going really well so far. At this point, we're now done with our transition plan, moving properties onto the AMH platform. And we're quickly getting to work, as you point out, bringing performance of those properties up to our standards, where we know there's a lot of opportunity to create value, right?

是的，當然。謝謝，傑西。我是克里斯。更新與上一季非常相似。你說得對，現在還早，但目前為止一切都很順利。至此，我們已完成過渡計劃，將屬性轉移到 AMH 平台。正如您所指出的，我們正在迅速開展工作，將這些物業的性能提升到我們的標準，我們知道有很多機會可以創造價值，對嗎？

As we think about opportunities to improve collections and bad debt, overlay our best-in-class revenue optimization program and then importantly, implement our caliber of cost controls. All of which we see occurring over the course of this calendar year that was the plan at the start with the portfolio really hitting stabilization by the end of this year.

當我們考慮改善收款和壞帳的機會時，我們會採用我們一流的收入優化計劃，然後重要的是，實施我們的成本控制水準。我們看到所有這些都將在今年內發生，這是最初的計劃，投資組合將在今年年底真正達到穩定。

So punchline is going well so far, everything on track.

到目前為止，一切都進展順利，一切正常。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Great, thanks and little out there. Just curious if you guys continue to see an improvement in your cost of equity, if there's any parts of the business that you'd lean into a little more from a capital allocation perspective, acquisitions, obviously, development. And just wondering if the hurdle rate returns have changed at all just taking into account the greater uncertainty in the economic backdrop.

太好了，謝謝，不過沒什麼進展。我只是好奇，如果你們繼續看到股權成本的改善，從資本配置的角度來看，你們是否會更傾向於業務的哪個部分，顯然是收購、開發。我只是想知道，考慮到經濟背景中更大的不確定性，最低收益率是否發生了變化。

Hi, Austin. Chris here. Look, I would start by reiterating what I mentioned a couple of minutes ago. As we think about the core of our growth being the development program, again, reminder, intentionally sized that it does not require equity. So then equity or incremental debt for that matter become opportunistic weapons exactly as you point out as we think about prioritization of incremental capital opportunities, it depends, right? And it's all relative at the time.

你好，奧斯汀。我是克里斯。瞧，我首先要重申幾分鐘前提到的內容。當我們思考成長的核心是發展計畫時，再次提醒，有意設計規模，使其不需要股權。那麼，正如您所指出的，當我們考慮優先考慮增量資本機會時，股權或增量債務就成為機會主義武器，這取決於情況，對嗎？而這一切在當時都是相對的。

But I would say there's opportunity to potentially do more from a development standpoint, national builder opportunities. As I mentioned, we're screening a lot of those. Of course, we continue to keep our finger on the pulse of the MLS. It feels like that's a ways off, but we watch it closely.

但我想說，從發展的角度來看，我們還有機會做更多的事情，為國家建設者提供機會。正如我所提到的，我們正在篩選很多這樣的人。當然，我們會繼續關注 MLS 的動態。感覺這還有很長的路要走，但我們會密切注意。

And then the last point that I would make is the additional portfolio opportunity side of the business, right? We've talked about this before, but we're very optimistic on the number of assembled portfolio opportunities that we know are out there, right?

然後我要說的最後一點是業務的額外投資組合機會方面，對嗎？我們之前已經討論過這個問題，但是我們對已知的組合投資組合機會的數量非常樂觀，對嗎？

And what we especially like about those, like we were talking about on the last question from Jesse is the potential to uniquely unlock value by bringing those types of portfolios onto the AMH platform, right? I think the fourth quarter acquisition is just a perfect example of the value that we can create there.

我們特別喜歡這些，就像我們在 Jesse 的最後一個問題中談到的那樣，透過將這些類型的投資組合引入 AMH 平台，有可能以獨特的方式釋放價值，對嗎？我認為第四季的收購就是我們可以創造的價值的完美例子。

As I say that I probably should remind that we also recognize that there is a variety and quality levels out there in many of the assembled portfolios. And as everyone knows, we are unwavering on our commitment to the AMH buybacks. And we love the idea of those portfolio opportunities down the road when they meet our buybacks and then importantly, at the right pricing levels relative to our then cost of capital.

正如我所說的，我可能應該提醒大家，我們也認識到，許多組合的投資組合都具有多樣性和品質水準。眾所周知，我們堅定不移地致力於 AMH 回購。我們喜歡這些投資組合機會的想法，當它們滿足我們的回購要求時，更重要的是，相對於我們當時的資本成本，它們的定價水準是正確的。

And then just pivoting a little bit to an earlier question about the pricing dynamics going on between Midwest versus Sunbelt. You also had some commentary on affordability gap versus owning a home. I guess how does the affordability stream from just a rent-to-income perspective regionally and in some of your large core markets?

然後稍微轉到之前關於中西部和陽光地帶之間的定價動態的問題。您也對負擔能力與擁有住房之間的差距發表了一些評論。我想，僅從租金收入比的角度來看，在區域和一些大型核心市場中，負擔能力如何？

Yes. Thanks for the question. This is Lincoln. It's interesting how these dynamics work in our portfolio for a majority of the portfolio we're seeing kind of the same dynamics as we have been in the past with continued affordability rent versus buy. One interesting call out and the data that we're seeing is in our Midwest markets as an example, we have the smallest delta.

是的。謝謝你的提問。這是林肯。有趣的是，這些動態在我們的投資組合中是如何運作的，對於大多數投資組合來說，我們看到的動態與我們過去一樣，即租金與購買房屋的承受能力持續上升。一個有趣的呼籲和我們看到的數據是在我們的中西部市場為例，我們有最小的增量。

So it's been interesting to watch and that's just another indication that it's a desirable place to live and there's still opportunity there for families to have quality. Other places where the gaps are biggest is Salt Lake City as an example, is running around 40%. And then rest of the market is kind of averaging to around that 30%, 27% so

所以觀察這件事很有趣，這也表明這是一個理想的居住地，而且那裡仍然有機會為家庭提供高品質的生活。差距最大的其他地方例如鹽湖城，約 40%。其餘市場的平均值約為 30% 或 27% 左右

Overall, we're just pleased with the fact that we continue to see strength despite some of the changes in the dynamics around the available homes. That's been a big question from the home buying side. And we continue to see people just value AMH in our homes and our locations and come into our portfolio, especially during these times, more affordability.

總體而言，儘管可供出售房屋的動態發生了一些變化，但我們仍然看到強勁勢頭，這讓我們感到高興。從購屋者的角度來看，這是一個大問題。我們繼續看到人們重視我們房屋和地點的 AMH，並將其納入我們的投資組合，尤其是在這些時期，價格更實惠。

Linda Tsai, Jefferies.

Linda Tsai，傑富瑞集團。

Any additional color you could share on your lease segment initiative. How much improvement do you foresee and [rate] or any other benefits you could quantify? And how long is the tail for this improvement?

您可以在租賃部分計劃中分享任何其他顏色。您預見並評估會有多少改進，或者您可以量化其他哪些好處？這種改善的持續時間有多長？

Hi, Linda. This is Bryan. The benefits are pretty simple for us. If you want to talk about rate and keep in mind this is part of really a broader revenue optimization focus that we've been talking about for a long time. There is upside to the program.

你好，琳達。這是布萊恩。對我們來說，好處很簡單。如果您想談論利率，請記住這是我們長期以來一直在談論的更廣泛的收入優化重點的一部分。該計劃有其優點。

What we've implemented today really applies to the way we're treating renewals and the timing and length of those renewal options. We will advance that to initial new leases, but this current just focused on the renewal side of the business. We're looking today at balances somewhere in the neighborhood of maybe 60% of the leases expiring in the first half of the year.

我們今天所實施的措施實際上適用於我們處理續約的方式以及這些續約選項的時間和期限。我們將把它推進到最初的新租約，但目前只專注於業務的續約方面。我們今天看到的餘額大約是今年上半年到期的租約的 60% 左右。

And if you look at the re-leasing rate growth between kind of the peak spring leasing season and some of the spring season, you can tuck in to some of the benefits that we would see there. And then when those come due the following year, that does continue to accrue and the event of will move out.

如果您觀察一下春季租賃旺季和春季部分季節之間的重新租賃率增長情況，您會發現我們在那裡看到的一些好處。然後，當這些在第二年到期時，這些金額就會繼續累積，並且事件將會結束。

So there's a bunch of different positives associated with the program. I don't have an exact perfect balance because it's going to be a moving target. But just the starting point of recognizing the seasonality of the business, the difference in pricing power between the months through are our target residents are -- this is a very good start.

因此該計劃具有許多不同的積極意義。我沒有一個完全完美的平衡，因為它會是一個移動的目標。但只是認識到業務的季節性的起點，以及我們目標居民月份之間的定價能力差異——這是一個非常好的開始。

Is it a multiyear improvement where the benefit is larger initially? And then as it grows, it sort of [ 80% ] over time?

這是否是一項多年的改進，並且初期的收益更大？然後隨著它的增長，它會隨著時間的推移而增長 [ 80% ] 嗎？

Yes. Well, again, it's part of our broader initiative. So in the current year, you might carry a little bit of extra vacancy during the period, but you make up for it and better rates. So there are a bunch of kind of counterbalancing factors. But again, part of a broader initiative this matches kind of work and demand and timing.

是的。嗯，再說一次，這是我們更廣泛舉措的一部分。因此，在今年，您可能會在這段期間有一點額外的空置，但您可以彌補它並獲得更好的利率。因此存在一系列平衡因素。但同樣，作為更廣泛舉措的一部分，這需要匹配工作類型、需求和時間。

And the other note that I haven't made yet. This isn't something that we're forcing on our residents. This is something that's very -- residence too. We're giving them choices and they're selecting into this. So it matches their needs as well, which, over the long run, will be a huge benefit, too.

還有另一件事我還沒做。這不是我們強迫居民做的事情。這也是一種非常重要的居住方式。我們給他們選擇，然後他們進行選擇。因此它也符合他們的需求，從長遠來看，這也是一個巨大的優勢。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Most of my questions have been answered, but quick one on repairs and maintanace. Just curious how that -- you expect that to trend in the course of the year, just given some of the concerns about tariffs and potential impact on material costs and things of that nature?

我的大部分問題都已得到解答，但有一個關於維修和保養的問題很快就得到解答。只是好奇——考慮到對關稅和對材料成本的潛在影響等一些性質的擔憂，您預計今年的趨勢會如何？

Yes, sure, Tayo. Chris here. I touched on it a bit when I was covering kind of the full year outlook on expenses. But as we think about controllables overall, look, exactly as you said, we're watching the evolving tariff situation very closely.

是的，當然，Tayo。我是克里斯。當我談到全年支出展望時，我稍微談到了這一點。但當我們從總體上考慮可控因素時，正如您所說，我們正在密切關注不斷變化的關稅情況。

But we remain encouraged by a couple of things. One, just the sheer level of the proportion of work that we are able to perform in-house with our own AMH personnel. And then also, the maturity and versatility of our supply chain that the team has worked really hard to develop and invest into over the years.

但有幾件事仍然令我們感到鼓舞。首先，我們能夠透過自己的 AMH 人員在內部完成的工作量佔了絕對比例。此外，我們的團隊多年來一直努力開發和投資，以確保供應鏈的成熟度和多功能性。

And so at this point, a full year outlook on controllables, still unchanged contemplates mid-single-digit, call it, 4% to 5% overall growth for the full year which would just be one call out that general expectation is that we would see first half of the year running slightly above full year average given the timing, the strategic timing of move-outs from our lease expiration management program. But we'll continue to keep every on dated on tariffs and supply chain over the course of the year as we all have more clarity.

因此，目前，對可控因素的全年展望仍然沒有改變，預計全年總體增長率將達到中等個位數，即 4% 至 5%，這只是一個預示，普遍預期是，考慮到時間安排，考慮到我們租約到期管理計劃搬出的戰略時機，我們會看到上半年的業績略高於全年平均水平。但隨著大家對關稅和供應鏈狀況的了解越來越清楚，我們將繼續在今年內更新所有最新資訊。

That's helpful. And then if I may ask another one, just what is to date, again, they have this proposed new rent control policy, but they kind of included everyone except single family for rent. Just kind of curious whether that was more from a lobbying perspective, where you guys have excluded? Or if you have to talk about why SFR in particular works from that initiative?

這很有幫助。然後，如果我可以再問一個人，那麼到目前為止，他們再次提出了新的租金管制政策，但他們涵蓋了除單戶出租以外的所有人。只是有點好奇，這是否更多是從遊說的角度出發，你們排除了哪些方面？或者您必須談論為什麼 SFR 特別適用於該計劃？

Yes. Thanks for the follow-up question. This is Lincoln. Our government affairs team is constantly watching these developed across the country. And in conjunction with our legal team, we're drafting adaptations to our business to make sure that we can be compliant.

是的。感謝您的後續提問。這是林肯。我們的政府事務團隊隨時關注全國各地事態的發展。我們正在與法律團隊合作起草業務調整方案，以確保我們能夠遵守。

My understanding is that this one hasn't been signed yet, although it has passed both houses. The mechanics of it are essentially rents are capped at the lesser of seven-plus CPI or 10%. And there is a carve-out for newer homes that are built within the last 12 years, which bodes well for our development program.

據我了解，儘管該法案已在兩院獲得通過，但尚未簽署。其機製本質上是租金上限為 7 加 CPI 或 10% 中的較小者。另外，過去 12 年內建造的新住宅也享有豁免，這對我們的開發計畫來說是個好兆頭。

My understanding is that this does apply to our business outside of that. So we're watching it carefully. We have been undeviating in our message that the country needs more housing. AMH where we're proud to be a part of the solution as a provider of rental housing as the nation's 37 largest homebuilder. Despite best intentions, that's another regulations like it are only going to serve to discourage kind of investment in housing of all types.

我的理解是，這確實適用於我們除此之外的業務。因此我們正在密切關注。我們始終堅定地表示，國家需要更多的住房。作為全美第 37 大房屋建築商之一，我們很榮幸能夠作為租賃房屋提供者為 AMH 提供解決方案。儘管出發點是好的，但類似的規定只會阻礙對各類住宅的投資。

And negatively impact affordability, especially for the one third of Americans that choose to rent. So we're going to continue to adapt. And in the meantime, we're going to just be focused on being part of the solution.

並對負擔能力產生負面影響，尤其是對於三分之一選擇租房的美國人來說。因此我們將繼續適應。同時，我們將只專注於成為解決方案的一部分。

Steve Sakwa, Evercore ISI.

史蒂夫‧薩誇 (Steve Sakwa)，Evercore ISI。

Just one quick follow-on if I missed it. I apologize if you guys touched on bad debt. It was up about 18% in the quarter, and it's running maybe close to 1%. I know your peer reported a number that was probably closer to 70 basis points and theirs was down year-over-year. Just anything going on bad debt?

如果我錯過了，請快速跟進。如果你們提到壞賬，我深感抱歉。本季其漲幅約為 18%，目前漲幅可能接近 1%。我知道你的同儕報告的數字可能接近 70 個基點，而且他們的數字比去年同期有所下降。只是壞帳發生了什麼事嗎？

Yes, Steve here. Good question. We actually did not touch on that yet. I would say, as we think about the general collection trends and activities so far in the year, things are feeling good. You're right. First quarter bad debt landed at 1%. Touch above same quarter last year, but keep in mind last year moved around a little bit, 20 basis points down sequentially over the fourth quarter.

是的，我是史蒂夫。好問題。我們實際上還沒有談到這一點。我想說，當我們思考今年迄今為止的整體收藏趨勢和活動時，情況感覺良好。你說得對。第一季壞帳率降至1%。與去年同期相比有所上升，但請記住，去年的漲幅略有下降，比第四季度環比下降了 20 個基點。

The one thing that I would remind us thinking about the year overall, don't forget that collections and bad debt typically have correlation with the seasonal leasing curve quarter is typically one of the lower points for bad debt over the course of the full calendar year.

我想提醒大家的一件事是，在考慮全年情況時，不要忘記收款和壞帳通常與季節性租賃曲線有相關性，而季度通常是全年壞帳較低的點之一。

Zooming out a little bit more, collections feeling good, but we still haven't seen change in the past couple of months with those few remaining municipalities and court systems that we've been talking about that continue to process at lower than typical or slower than typical time lines. So we feel good about the beginning of the year. But at this point, as we think about the full year, our outlook in the low one's still feels about right for now. That's what we have contemplated in the guide, and we'll continue to keep you updated as we progress throughout the second quarter.

再放大一點來看，收集情況感覺不錯，但在過去的幾個月裡，我們仍然沒有看到變化，我們一直在談論的剩下的幾個市政當局和法院系統繼續以低於典型水平或比典型水平更慢的速度處理案件。因此，我們對今年的開始感到很滿意。但此時此刻，當我們考慮全年時，我們對低點的展望目前仍然感覺正確。這就是我們在指南中考慮到的，我們將在第二季繼續向您通報最新進展。

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

目前沒有其他問題。我想將電話轉回給管理階層，以便他們做最後的總結發言。

Yes. Thank you all for your time today. I hope everyone has a good weekend. And I look forward to seeing many of you next month maybe. Thank you.

是的。感謝大家今天的寶貴時間。祝大家週末愉快。我期待下個月能見到你們。謝謝。

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。現在您可以斷開線路。感謝您的參與。