American Homes 4 Rent (AMH) 2025 Q2 法說會逐字稿

Greetings, and welcome to the AMH second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 AMH 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

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

現在我很高興向你們介紹主持人、投資者關係總監尼古拉斯·弗羅姆 (Nicholas Fromm)。謝謝你，尼克。你可以開始了。

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

早安，感謝您參加我們的 2025 年第二季財報電話會議。今天與我一起的還有執行長 Bryan Smith 和財務長 Chris Lau。

Please be advised that this call may include forward-looking statements. All statements other than statements of historical fact included in this conference call are forward-looking statements that are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected in these statements.

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因素的影響，這些風險和不確定因素可能導致實際結果與這些陳述中預測的結果有重大差異。

These risks and other factors that could adversely affect our business and future results are described in our press releases and in our filings with the SEC.

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美國證券交易委員會提交的文件中進行了描述。

All forward-looking statements speak only as of today, August 1, 2025. 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 2025 年 8 月 1 日有效。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，無論其是由於新資訊、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. We had another great quarter, driven by our continued commitment to the AMH strategy. Our year-to-date results reinforce that we are focused on the right things, adding value and growing earnings across all areas of the business. We do that by focusing on three key areas.

歡迎大家，感謝你們今天的到來。在我們對 AMH 策略的持續承諾的推動下，我們又度過了一個出色的季度。我們今年迄今的業績進一步證明，我們專注於正確的事情，在所有業務領域增加價值並增加收益。我們透過專注於三個關鍵領域來實現這一目標。

First, operational excellence, where we leverage in-house technology to support efficient execution and deliver a superior resident experience; second, portfolio optimization where data drives our asset management and investment decisions on markets, locations, asset type and quality; and third, prudent capital acumen where we prioritize a high-quality investment grade balance sheet that provides flexibility and diverse access to capital as we remain committed to our AMH Development program.

首先，卓越運營，我們利用內部技術支援高效執行並提供卓越的住戶體驗；其次，投資組合優化，數據驅動我們在市場、位置、資產類型和質量方面的資產管理和投資決策；第三，審慎的資本敏銳度，我們優先考慮高質量的投資級資產負債表，以提供靈活性和多樣化的資本獲取渠道，同時我們仍然致力於我們的 AMH 發展計劃。

And our strategy is working. As outlined in last night's press release, we increased our full year core FFO per share guidance by $0.03 to $1.86 at the midpoint, now representing 5.1% growth. This guidance increase once again positions us to the top of the residential sector.

我們的策略正在發揮作用。正如昨晚的新聞稿中所述，我們將全年核心每股 FFO 預期上調 0.03 美元至中點 1.86 美元，目前增長 5.1%。此次指導價的上調再次使我們在住宅領域佔據領先地位。

Demand for high-quality, well-located AMH homes remains strong. In the second quarter, Foot traffic was up more than 5% year-over-year, driving solid leasing and rate growth. With more and more people coming directly to amh.com to start their search for a new home.

對高品質、位置優越的 AMH 住宅的需求仍然強勁。第二季度，客流量年增超過 5%，推動租賃和費率穩健成長。越來越多的人直接造訪 amh.com 開始尋找新家。

This translated into second quarter same-home average occupied days of 96.3% and new renewal and blended rental rate spreads of 4.1%, 4.4% and 4.3%, respectively. Together with better-than-expected collections, same-home core revenue growth was 3.9% for the quarter.

這意味著第二季同屋平均入住率為 96.3%，新續約和混合租金差價分別為 4.1%、4.4% 和 4.3%。加之營業額優於預期，本季同店核心營收成長 3.9%。

These results reflect the strength of our revenue management strategy, which includes our lease expiration management initiative that we discussed last quarter. On the expense front, core operating expense growth was 3.6%, leading the same-home core NOI growth of 4.1% for the quarter.

這些結果反映了我們的收入管理策略的實力，其中包括我們上個季度討論的租賃到期管理計劃。在支出方面，核心營運支出成長 3.6%，帶動本季同店核心 NOI 成長 4.1%。

Overall, the second quarter was a great example of outstanding execution by the teams across all areas of the business. After a successful spring leasing season, our team shifted their focus to managing inventory ahead of the move-out season.

整體而言，第二季是各業務領域團隊優秀執行力的典範。在春季租賃季節取得成功後，我們的團隊將重點轉移到搬出季節之前的庫存管理。

For July, leasing activity remained steady with same-home average occupied days of 96.1% and new renewal and blended spreads up 3.6%, 3.9% and 3.8%, respectively.

7 月份，租賃活動維持穩定，同屋平均入住率為 96.1%，新續租和混合利差分別上漲 3.6%、3.9% 和 3.8%。

Importantly, as we think about the balance of the year, we expect the seasonal curve in 2025 to be flatter than 2024. And as we continue to execute on our revenue optimization objectives. With the flatter seasonal curve, we expect leasing to seasonally moderate less than the third and fourth quarters than they did last year with blended spreads remaining in the high 3% area for the balance of the year. Turning to external growth. We remain committed to our prudent and disciplined approach.

重要的是，當我們考慮全年的平衡時，我們預計 2025 年的季節性曲線將比 2024 年更平坦。我們將繼續執行收入優化目標。由於季節性曲線趨於平緩，我們預計租賃市場的季節性放緩幅度將低於去年第三季和第四季度，而今年剩餘時間的混合利差仍將保持在 3% 的高位區域。轉向外部增長。我們將繼續秉持審慎嚴謹的態度。

AMH Development remains the backbone of our growth programs and is on track to meet this year's delivery expectations with initial yields continuing to improve on newly delivered homes.

AMH Development 仍然是我們成長計畫的支柱，並且有望實現今年的交付預期，新交付房屋的初始收益率將繼續提高。

On the acquisitions front, we review thousands of assets each month across our 30-plus markets. While the vast majority still did not meet our buy box, we are seeing some encouraging signs, including bid-ask spreads beginning to move in the right direction from certain homebuilders.

在收購方面，我們每月審查 30 多個市場的數千項資產。雖然絕大多數仍未滿足我們的購買要求，但我們看到了一些令人鼓舞的跡象，包括某些房屋建築商的買賣價差開始朝著正確的方向發展。

To close, our year-to-date results underscore the enduring success of the AMH strategy, and the team's outstanding execution. And with our continued focus on operational excellence, portfolio optimization and prudent capital acumen, we are well positioned as the market leader in the single-family rental industry.

最後，我們今年迄今的業績凸顯了 AMH 策略的持久成功以及團隊的出色執行。透過持續關注卓越營運、投資組合優化和審慎的資本敏銳度，我們已成為單戶住宅租賃行業的市場領導者。

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

說完這些，我會把電話轉給克里斯。

Thanks, Bryan, and good morning, everyone. Like always, I'll cover three areas in my comments today, first, a review of our solid quarterly results; second, an update on our balance sheet and recent capital activity; and third, I'll close with commentary around our increased 2025 guidance.

謝謝，布萊恩，大家早安。像往常一樣，我今天的評論將涵蓋三個方面：首先，回顧我們穩健的季度業績；其次，更新我們的資產負債表和近期資本活動；第三，最後我將對我們提高的 2025 年指引進行評論。

Starting off with our operating results. This quarter was an excellent example of the power of the AMH strategy and our ability to create value and grow earnings across all areas of the business. For the quarter, we reported net income attributable to common shareholders of $105.6 million or $0.28 per diluted share.

從我們的經營業績開始。本季完美體現了 AMH 策略的強大力量以及我們在所有業務領域創造價值和增加收益的能力。本季度，我們報告的歸屬於普通股股東的淨利潤為 1.056 億美元，即每股攤薄收益 0.28 美元。

On an FFO share and unit basis, we generated $0.47 of core FFO, representing 4.9% year-over-year growth and $0.42 of adjusted FFO, representing 6.3% year-over-year growth. And in addition to our strong execution this quarter, we also received favorable property tax news out of the state of Texas. As many of you recall, the 2022 Texas property tax reform that lowered a portion of the state's property tax rates expired at the beginning of 2025.

以 FFO 份額和單位計算，我們產生了 0.47 美元的核心 FFO，年增 4.9%，調整後的 FFO 為 0.42 美元，年成長 6.3%。除了本季強勁的執行力之外，我們還收到了來自德州的有利的房產稅消息。你們許多人都記得，2022 年德州房產稅改革降低了該州部分房產稅率，該改革於 2025 年初到期。

Since then, after much deliberation, the state recently passed a new round of property tax relief that once again lowers property tax rates for 2025 and 2026 that has been positively reflected in our updated full year outlook that I'll talk about in a few minutes.

從那時起，經過深思熟慮，該州最近通過了新一輪的房產稅減免，再次降低了 2025 年和 2026 年的房產稅率，這在我們更新的全年展望中得到了積極反映，我將在幾分鐘後談到這一點。

Turning to investments. For the second quarter, our AMH Development program delivered a total of 636 homes to our wholly owned and joint venture portfolios. It was right on track with our expectations and continues to demonstrate our unique ability to create value in an otherwise challenging acquisition environment.

談到投資。第二季度，我們的 AMH 開發計劃向我們的全資和合資投資組合共交付了 636 套房屋。它完全符合我們的預期，並繼續展示我們在充滿挑戰的收購環境中創造價值的獨特能力。

To demonstrate this point, during the quarter, our team reviewed tens of thousands of potential acquisition properties. The vast majority of these properties still do not meet our disciplined buy box criteria and we ultimately acquired a total of just five homes during the quarter.

為了證明這一點，在本季度，我們的團隊審查了數以萬計的潛在收購資產。這些房產中的絕大多數仍然不符合我們嚴格的購買標準，最終我們在本季度只收購了五套房屋。

On the other hand, we continue to be active on the portfolio optimization front. Selling 370 properties in the second quarter for approximately $120 million of net proceeds at an average economic disposition yield in the high 3%.

另一方面，我們繼續積極致力於投資組合優化。第二季出售 370 處房產，淨收益約 1.2 億美元，平均經濟處置殖利率高達 3%。

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 5.2 times. Our $1.25 billion revolving credit facility was fully undrawn, and we had $323 million of cash available on the balance sheet, which includes partial proceeds from our second quarter bond offering.

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 比率降至 5.2 倍。我們的 12.5 億美元循環信貸額度尚未全部提取，資產負債表上有 3.23 億美元可用現金，其中包括第二季債券發行的部分收益。

During the month of May, we took advantage of a narrow market opportunity to raise $650 million in a five-year bond offering priced at a coupon of 4.95%, these five-year bonds provide a perfect complement to our existing maturity profile, reflect a better than previously expected coupon and will be used to fund a portion of this year's anticipated securitization repayments.

五月份，我們利用一個狹窄的市場機會，以 4.95% 的票面利率發行了 6.5 億美元的五年期債券，這些五年期債券完美地補充了我們現有的到期狀況，反映了比之前預期更好的票面利率，並將用於支付今年預期的證券化償還的一部分。

And along those lines, after the end of the quarter, we delivered our notice to pay off our final securitization 2015-SFR2. After the payoff, which we expect to close during the third quarter our balance sheet will become 100% unencumbered with zero maturities until 2028.

按照這樣的思路，在本季結束後，我們發出了通知，要求償還我們最後的 2015-SFR2 證券化債務。我們預計在第三季還清債務後，我們的資產負債表將達到 100% 無負擔狀態，且到 2028 年為止沒有到期債務。

And next, I'll cover our updated 2025 earnings guidance, which was positively revised across the board in yesterday's earnings press release. Starting with the same home portfolio, recognizing our strong leasing performance and improved bad debt outlook that we now expect to approximate 100 basis points on a full year basis, we've increased the midpoint of our full year core revenue growth expectation by 25 basis points to 3.75%.

接下來，我將介紹我們更新後的 2025 年獲利預測，該預測在昨天的獲利新聞稿中得到了全面積極修訂。從相同的住宅投資組合開始，認識到我們強勁的租賃業績和改善的壞帳前景，我們現在預計全年將增長約 100 個基點，我們將全年核心收入增長預期中點提高了 25 個基點，達到 3.75%。

And on the expense side, although the majority of Property Tax information is typically received over the course of the third and fourth quarters given the recent favorable taxes update, we've reduced the midpoint of our full year core expense growth expectation by 25 basis points to 3.75%.

在費用方面，儘管考慮到最近的有利稅收更新，大多數財產稅資訊通常在第三季和第四季收到，但我們將全年核心費用成長預期中點降低了 25 個基點，至 3.75%。

The Collectively, this translates into an overall increase of 50 basis points to the midpoint of our full year same-home core NOI growth expectations to 3.75%. Additionally, outside of same home portfolio, our teams have done a great job delivering solid operational execution, highlighted by our new communities across all of our AMH development markets.

總的來說，這意味著全年同屋核心 NOI 成長預期中點整體增加 50 個基點至 3.75%。此外，在同一房屋組合之外，我們的團隊在提供穩健的營運執行方面做得非常出色，我們在所有 AMH 開發市場中的新社區都突顯了這一點。

And other combined with the modest upside from our opportunistically timed and well-executed second quarter bond offering, we have increased the midpoint of our full year 2025 core FFO per share at patients by a total of $0.03. Our new midpoint of $1.86 per share now reflects the high end of our previous range and represents a year-over-year growth expectation of 5.1% and which, as Brian mentioned earlier, once again positions AMH at the top of the residential sector.

除此之外，加上我們時機把握得當、執行良好的第二季度債券發行帶來的適度上漲，我們將2025年全年病患每股核心營運現金流（FFO）中點上調了0.03美元。新的每股1.86美元中點反映了我們先前區間的高端，並代表著5.1%的同比增長預期，正如Brian之前提到的，這再次使AMH在住宅領域佔據領先地位。

And before we open the call to your questions, I'd like to share a little more context on the strength of this quarter. It wasn't just a strong leasing season. This quarter was a reflection of the strength of the AMH strategy and our relentless focus on creating value across all aspects of the business from operational excellence, to portfolio optimization and prudent capital acumen, all of which contributed to the success of this quarter and our meaningfully improved full year earnings outlook.

在我們開始回答你們的問題之前，我想先分享一些有關本季業績的背景資訊。這不僅僅是一個強勁的租賃季節。本季度體現了 AMH 策略的實力以及我們對在業務各個方面創造價值的不懈關注，從卓越運營到投資組合優化和審慎的資本敏銳度，所有這些都促成了本季度的成功以及我們全年盈利前景的顯著改善。

Thank you to the team for making the AMH strategy possible. And now Bryan and I will open the call to your questions. Unfortunately, Lincoln Palmer was briefly called away for a family emergency and won't be able to join us today. We send our thoughts and support his time with his family.

感謝團隊使 AMH 策略成為可能。現在，布萊恩和我將開始回答大家的提問。不幸的是，林肯·帕爾默因家裡有急事暫時離開，今天不能和我們一起參加。我們向他表達慰問並支持他與家人共度美好時光。

And with that, Operator, we're ready to open the line.

接線員，這樣我們就可以開通線路了。

(Operator Instructions)

（操作員指示）

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Good morning, and thanks for the time. Just hoping, Chris, maybe you could expand upon the seasonal changes you're expecting in the second half of this year versus last year and the implications for both rate and blended spreads.

早上好，感謝您抽出時間。只是希望，克里斯，也許您可以詳細說明您預計今年下半年與去年相比的季節性變化以及對利率和混合利差的影響。

Chris here. A good question. I know very topical for a lot of folks. Let me share a couple of thoughts just in general on the curve to come to mind. Let me talk about before, we spent a lot of time analyzing the shape of our seasonal curve in general.

我是克里斯。好問題。我知道這對很多人來說非常具有現實意義。讓我就曲線的整體情況分享幾點想法。讓我先說一下，我們之前花了很多時間來整體分析我們的季節性曲線的形狀。

And in particular, we've really been focusing on what our curve has looked like on a long-term basis versus more COVID and kind of COVID recovery time frame. And what we found is that with all things COVID related, turns really got distorted and we saw an atypical elongating of our seasonal curve over the last couple of years.

特別是，我們一直在真正關注我們的曲線在長期內相對於 COVID 和 COVID 恢復時間框架的表現。我們發現，由於所有與 COVID 相關的因素，轉變確實發生了扭曲，並且在過去幾年中，我們看到季節性曲線出現了非典型延長。

By contrast, if you look at our stabilized business prior to COVID, we really saw that the seasonal curve tended to peak out kind of late May, early June, and that's exactly what we saw this year. And then on top of that, as we've been talking about, one of our key objectives for this year was to help flatten the shape of the seasonal curve. So that we can avoid the type of steep leasing deceleration we saw in the back of 2024.

相較之下，如果你看看我們在 COVID 之前穩定的業務，我們確實看到季節性曲線往往在 5 月底、6 月初達到峰值，而這正是我們今年所看到的。除此之外，正如我們一直在談論的，我們今年的主要目標之一是幫助拉平季節性曲線。這樣我們就可以避免 2024 年後期出現的租賃急劇減速現象。

And we've been really successful accomplishing that this year through the lease expiration management initiative. Where we've shifted expirations from what was called 50-50 before first half, second half of the year to what is more now 60% in the first half of the year, 40% in the back half of the year.

今年，我們透過租賃到期管理計劃成功實現了這一目標。我們已經將到期日從上半年和下半年之前的 50-50 調整為現在上半年 60%，下半年 40%。

And what that's done for us is it's really enabled us to capture more new leasing opportunities during prime leasing season. And importantly, it has shifted move-outs away from the third and fourth quarters, which we expect to translate into less leasing deceleration this year, as you pointed out.

這對我們來說確實使我們能夠在黃金租賃季節中抓住更多新的租賃機會。重要的是，它已將搬出時間從第三季和第四季轉移，正如您所指出的，我們預計這將導致今年的租賃減速減少。

And if you want to illustrate that with some numbers, if we look at new lease spreads from, call, let's say, the middle of the year to the end of the year, in 2024, we saw over 600 basis points of new lease deceleration from middle of the year to end of the year. By contrast, this year, we're expecting to only see about 150 basis points of seasonal deceleration, which puts us in a really great spot and makes us opportunistic as we head into the back of the year.

如果你想用一些數字來說明這一點，如果我們看一下從年中到年末的新租賃利差，那麼在 2024 年，從年中到年末，我們會看到新租賃利差下降了 600 個基點以上。相較之下，我們預計今年的季節性減速僅約為 150 個基點，這使我們處於非常有利的位置，並使我們在進入年底時抓住機會。

That's fantastic. And then just as my follow-up, hoping you could talk a little bit more about the acquisition environment. It seems like the beta spread is closing some of the homebuilders. But just curious if you could expand on that and then talk a little bit about aforementioned in prior calls, bulk or portfolio acquisition opportunities with the kind of existing stable homes.

太棒了。然後作為我的後續問題，希望您能多談談收購環境。看起來，貝塔利差正在讓一些房屋建築商倒閉。但我只是好奇您是否可以詳細說明一下，然後談談之前電話中提到的批量或投資組合收購機會以及現有的穩定房屋。

Yeah. Thanks, Juan. This is Bryan. In my prepared remarks, I talked a little bit about what we're seeing on the ground from a national builder opportunity perspective. And I think it's been four or five quarters in a row where we've seen a lot of volume of deals come across our desk, but really not much change in willingness to negotiate on price and a lot of those deals didn't meet our buy box, and we've talked about how kind of wide we were on price to make it fit our yield objectives.

是的。謝謝，胡安。這是布萊恩。在我準備好的發言中，我從國家建築商機會的角度談了一下我們所看到的情況。我認為我們已經連續四到五個季度看到大量交易湧入我們的辦公桌，但在價格談判意願方面並沒有太大變化，而且很多交易都不符合我們的購買要求，我們已經討論了價格的幅度，以使其符合我們的收益目標。

We see a little bit of a change of late. And it's not completely across the board, but from some of the large national builders and some of the markets that have maybe a little bit of extra supply, we're seeing an expanded willingness to negotiate on price. And it gives us a lot of optimism as we get into the back half of the year on that particular acquisition channels potential. But I wanted to make sure that we highlighted the fact that we are sensing a meaningful change.

最近我們看到了一些改變。雖然這並不是全面性的，但從一些大型全國性建築商和一些可能有少量額外供應的市場來看，我們看到了談判價格的意願有所增強。當我們進入下半年時，這讓我們對該特定收購管道的潛力充滿信心。但我想確保我們強調了我們正在感受到有意義的變化。

Jamie Feldman, Wells Fargo.

富國銀行的傑米·費爾德曼。

Great, thank you. I guess just thinking about the change in the outlook for core revenue growth. Can you just talk about any other pieces? I know you talked about blends fixing the seasonal curve. Any other -- any other pieces of that calculation that have moved? And anything you can address in terms of how market conditions have changed across your markets better or worse?

太好了，謝謝。我想只是考慮核心收入成長前景的變化。能談談其他部分嗎？我知道您談到了混合物如何修復季節曲線。還有其他 — — 該計算的任何其他部分發生變化了嗎？您能談談您所在市場的市場狀況發生了哪些變化，是變好了還是變壞了？

Yeah. Sure, Jamie, Chris here. I can start overall and then if Bryan wants to fill in anything else at the market level. Just as a reminder, overall revenue outlook increased 25 basis points at the mid to $375 million with the real driver being improved full year bad debt outlook, like I mentioned in the prepared remarks that we now expect to approximate 1% or so on a full year basis that's further supported by the really strong year-to-date leasing activity we've seen, where we still expect to see full year average monthly realized rent growth and call it the high 3s.

是的。當然，我是傑米，克里斯。我可以從總體開始，然後如果布萊恩想在市場層面填補任何其他內容。提醒一下，整體收入前景在中期增加了 25 個基點，達到 3.75 億美元，真正的驅動力是全年壞賬前景的改善，就像我在準備好的評論中提到的那樣，我們現在預計全年收入約為 1% 左右，這進一步得到了年初至今非常強勁的租賃活動的支持，我們仍然預計全年平均每月實現租金增長並將達到 3% 的高位租金。

And then our unchanged full year occupancy outlook in the low 96s, which like we've been talking about, reflects less deceleration in the back half of the year compared to 2024 as we see the benefits of our lease expiration management program. And all those pieces will get you back to the increased outlook of $3.75 of the mid.

然後，我們對全年入住率的預期保持不變，為 96% 以下，正如我們一直在談論的那樣，這反映出與 2024 年相比，下半年的減速幅度較小，因為我們看到了租約到期管理計劃的好處。所有這些因素都會使您重新回到中間價 3.75 美元的上升前景。

And then, Jamie, this is Bryan. From a market perspective, we're really pleased with what we're seeing in our Florida markets as an example. It's been well documented that there's some supply pressures there, but our Florida portfolio is holding up really well. It really gives us additional confidence on the flattening of that curve to see occupancy in Q2 in excess of 90% in that region and really good demand. So we're optimistic about the back half on some of our major markets.

然後，傑米，這是布萊恩。從市場角度來看，我們對佛羅裡達市場的表現感到非常滿意。有充分的證據表明那裡存在一些供應壓力，但我們在佛羅裡達的投資組合表現得非常好。看到該地區第二季的入住率超過 90% 且需求旺盛，這確實讓我們對曲線趨於平緩更有信心。因此，我們對下半年一些主要市場的表現持樂觀態度。

Okay. It actually leads to the second question, which is you had very strong results in the Midwest. Seattle, but you look at where you're acquiring more and it is some of those Florida markets and some of the heavier homebuilder markets.

好的。這實際上引出了第二個問題，你們在中西部取得了非常強勁的業績。西雅圖，但你看看你在哪裡收購更多，它是佛羅裡達州的一些市場和一些較大的房屋建築商市場。

Can you just talk about that strategy? And do you think over time, the Midwest markets weaken and those other markets get stronger, just in general, why be growing in markets that do have more supply risk.

您能談談這個策略嗎？您是否認為隨著時間的推移，中西部市場會走弱，而其他市場會變得更強，總的來說，為什麼在供應風險更大的市場中會成長？

Yeah. I mean, commentary specifically on the Midwest. We've really enjoyed strong performance in our Midwestern markets for a long time. You're looking at a snapshot of today, they're still characterized by very low supply, especially supply of the quality of home and the quality of location that we have in our portfolio. And we don't see that stopping anytime soon.

是的。我的意思是，專門針對中西部的評論。長期以來，我們在中西部市場一直表現強勁。您正在看今天的快照，它們仍然以供應量非常低為特點，尤其是我們投資組合中優質住宅和優質地段的供應量。我們認為這種情況不會很快停止。

If you look at the relative affordability across different markets in the United States, the Midwestern markets are comfortably within the top 10. So people are still able to move there and have a high quality of life. And our specific portfolio there, as I mentioned, is extremely well located, good school districts, homes with yards, single-family detached close to the commercial centers, our scattered set portfolio there has performed extremely well, and I expect that to continue.

如果看一下美國不同市場的相對負擔能力，中西部市場穩居前十名。因此人們仍然能夠搬到那裡並過著高品質的生活。正如我所提到的，我們在那裡的特定投資組合地理位置極佳，有良好的學區、帶院子的房屋、靠近商業中心的獨棟住宅，我們在那裡的分散投資組合表現非常好，我希望這種情況能夠繼續下去。

It's a similar commentary on Seattle. Seattle has a couple of different characteristics in the Midwest. Again, very low supply, especially at the entry level and the pricing levels that we're leasing our homes at Seattle though, on contrast to the Midwest is really expensive to own a home. It's about twice as expensive to own versus rent comparable products.

這是對西雅圖的類似評論。西雅圖與中西部地區相比有幾個不同的特徵。再次，供應量非常低，特別是入門級和我們在西雅圖租賃房屋的價格水平，與中西部相比，擁有一棟房子真的很貴。擁有同類產品的成本約為租賃同類產品的兩倍。

And our development program continues to deliver nicely into that marketplace. So we expect a long-term continued success there just with the economic engine. And we expect the Midwest to continue to produce certainly through any sort of future that we can see.

我們的開發計劃繼續在該市場上順利推行。因此，我們預計僅憑經濟引擎就能取得長期持續的成功。我們預計，無論未來情況如何，中西部地區都將繼續生產。

Steve Sakwa, Evercore ISI.

史蒂夫‧薩誇 (Steve Sakwa)，Evercore ISI。

Yeah, thanks, good morning, Bryan, you talked about kind of the homebuilders willing to negotiate on price. Can you -- but I don't think you've really kind of done much yet. But like where do you see that spread for the deals you're looking at with them against your development pipeline? And I guess at what point would the development pipeline perhaps slow down if you could buy more kind of new products from the homebuilders?

是的，謝謝，早上好，布萊恩，你談到了願意就價格進行談判的房屋建築商。你能嗎——但我認為你還沒有做太多。但是，您認為您與他們正在考慮的交易與您的開發管道之間的差距有多大？我想，如果可以從房屋建築商那裡購買更多類型的新產品，那麼開發流程什麼時候可能會放緩呢？

Yeah. Thanks, Steve. That's a great question. It's interesting, the price changes that we've seen are generally characterized by being in markets where we're not developing, we don't have the AMH development program. But in the markets where we do have those programs, it's critical to make sure that we're comparing apples-to-apples.

是的。謝謝，史蒂夫。這是一個很好的問題。有趣的是，我們看到的價格變化通常發生在我們尚未開發的市場，我們沒有 AMH 開發計劃。但在我們確實有這些項目的市場中，確保我們進行同類比較至關重要。

So the inventory that we're seeing in our development markets is not as well located, and it's not as high of a quality of build. And in many cases, it's characterized by being attached or townhomes. So it's a different product in our 15 development markets. But it's one of the benefits of having a diversified portfolio footprint and that we can look at opportunities across all 30-plus markets.

因此，我們在開發市場中看到的庫存位置不太好，而且建築品質也不高。在許多情況下，它的特點是附屬住宅或聯排別墅。因此，它是我們 15 個開發市場中的不同產品。但這是擁有多元化投資組合的好處之一，我們可以在所有 30 多個市場中尋找機會。

And we're seeing the price movement in our nondevelopment markets. In terms of how far it needs to move before we do anything meaningful, our calculation -- yield calculations on the ask prices today aren't that different than what we talked about last quarter. thinking about yields in the high 4s, and we need to see a meaningful move off of that to be able to do anything of volume, maybe somewhere in the neighborhood of approaching 20%.

我們看到非開發市場的價格變動。至於在我們採取任何有意義的行動之前它需要移動多遠，我們的計算——今天賣價的收益率計算與我們上個季度討論的並沒有太大不同。考慮到 4% 以上的收益率，我們需要看到一個有意義的走勢，才能採取任何規模的行動，可能在接近 20% 的附近。

Right, that's it for me. Thank you.

好的，對我來說就是這樣。謝謝。

Thanks, Steve.

謝謝，史蒂夫。

Eric Wolfe, Citibank.

花旗銀行的埃里克·沃爾夫。

Hey, thanks. Apologies if I missed this, but could you talk about where occupancy was in July and you mentioned that you expected a flatter seasonal curve than normal in the back half on blended lease rates and how that might also translate into the sort of a lower occupancy change as well. I think last year, your occupancy was down like 120 bps from top to bottom. So I was just curious what that might look like this year.

嘿，謝謝。如果我遺漏了這一點，請原諒，但您能否談談 7 月份的入住率情況，並且您提到您預計下半年混合租賃率的季節性曲線將比正常情況更平緩，以及這也可能轉化為入住率變化較低。我認為去年您的入住率從上到下下降了 120 個基點。所以我只是好奇今年會是什麼樣子。

Yeah. Thanks, Eric. Chris detailed some specifics on the curve expectations for the year, really as they pertain to rate. I think the key point as it pertains to occupancy and our outlook for the balance of the year, is really centered around our lease expiration management program and the benefits that we're expecting to see with dramatic reduction in lease expirations and therefore, move outs. That gives us more power, not only on the pricing side, but to be able to preserve occupancy and maybe a slightly slower demand environment due to seasonality.

是的。謝謝，埃里克。克里斯詳細介紹了今年曲線預期的一些細節，實際上它們與利率有關。我認為，就入住率和我們對今年剩餘時間的展望而言，關鍵點實際上集中在我們的租約到期管理計劃以及我們預計將看到的租約到期大幅減少和因此而帶來的搬出效益上。這不僅讓我們在定價方面擁有更大的權力，而且能夠保持入住率，並且可能由於季節性而稍微減緩需求環境。

And Eric, you're right, less -- this is Chris here. less deceleration on the occupancy side as well. As you probably saw, first half of the year, same-home occupancy was 96.2% the guide contemplates full year same-home occupancy in the low 96%.

艾瑞克，你說得對，這是克里斯，佔用率的減速也較小。您可能已經看到，今年上半年，同屋入住率為 96.2%，指南預計全年同屋入住率將在 96% 以下。

As you can see, we're expecting a little bit of seasonal moderation in the back half of the year but not a ton. By contrast, if you look at same time last year, call it, June-ish through end of the year, we saw about 100 basis points of occupancy moderation. So much flatter as we see the benefits of lease expiration management.

正如您所看到的，我們預計今年下半年會出現一些季節性的緩和，但不會太多。相較之下，如果你看看去年同期，也就是從 6 月左右到年底，我們發現入住率下降了約 100 個基點。當我們看到租賃到期管理的好處時，情況就更加平坦了。

Got it. In July, I guess was consistent with that sort of a low 96% range?

知道了。我猜 7 月的漲幅與 96% 的低位範圍一致吧？

Yeah, July was 96.1%, holding strong.

是的，7 月是 96.1%，保持強勁。

July was, yeah, July was 961, holding strong.

7 月是，是的，7 月是 961，保持強勁。

Haendel St. Juste, Mizuho Securities.

Haendel St. Juste、瑞穗證券。

Hey, good morning out there. So I guess, Bryan, there's been, I guess, lots of concern, let's call, about the development platform with lower yields versus last year, some concerns about tariffs and higher input costs. But you guys have been able to raise the guide partially this year because of some better outcomes in development pipeline.

嘿，大家早安。所以我想，布萊恩，我想，有很多人擔心，可以說，開發平台的收益率與去年相比有所下降，還有一些人擔心關稅和投入成本上升。但由於開發流程中取得了一些更好的成果，你們今年已經能夠部分提升指南。

And you mentioned yields, I think, were up a little bit. So I guess, I was hoping you could talk a little bit more on how you've been able to achieve that? Is it better lease up? Is it less cost inflation in here? And then maybe, what are your expectations for development yields over the near term?

您提到收益率，我認為略有上升。所以我想，我希望您能再多談談您是如何實現這一目標的？租賃更好嗎？這裡的成本通膨是否較低？那麼，您對近期的發展收益有何預期？

Thanks.

謝謝。

Yeah. Thanks, Haendel. I think you covered a lot of it. I'll break it down a little bit. First of all, the change in our expectations on the contribution of development outside the same home was really due to outstanding execution by the team and quick lease up.

是的。謝謝，亨德爾。我認為您已經涵蓋了很多內容。我會稍微分解一下。首先，我們對同一家公司之外的發展貢獻的期望的改變確實是由於團隊出色的執行力和快速的租賃。

There are a lot of different factors at play here. We've put some new initiatives in that are starting to take hold on the pre-leasing side, and premarketing. We saw some of that benefit early on. And importantly, we were able to lease through a little bit of backlog carried over from last year, quickly in delivering communities, so we could maintain pricing power, matching deliveries with demand.

這裡有很多不同的因素在起作用。我們已採取一些新舉措，開始在預租賃和預行銷方面發揮作用。我們很早就看到了其中的一些好處。重要的是，我們能夠快速租賃去年積壓的少量貨物到交付社區，這樣我們就可以保持定價能力，使交付量與需求相匹配。

So it's been a very important move strategically for us as well. In relation to yield expectations for this year, as I said in my prepared remarks, we're on track for what we expected initially of the mid-five yields for '25 deliveries starting in the low 5s and kind of progressing nicely through the year. There are a couple of things that we see there.

所以這對我們來說也是一個非常重要的策略舉措。關於今年的殖利率預期，正如我在準備好的發言中所說，我們最初的預期是 25 年交付的債券殖利率中期在 5% 出頭，並且全年進展順利。我們在那裡看到了一些東西。

On the cost side, the team has done an outstanding job of managing costs. We've been looking at this implication of potential tariffs. It's been a hot topic for a long period of time. And any increases that we may have seen or will see from tariffs are being more than offset by improvements in the labor market due to kind of decreased activity, plus some efficiencies that our teams are gaining as they become more established in a particular marketplace or through value engineering and architecture.

在成本方面，該團隊在成本管理方面做得非常出色。我們一直在研究潛在關稅的影響。這一直是一個長期的熱門話題。而且，由於活動減少，勞動力市場改善，加上我們的團隊在特定市場或透過價值工程和架構變得更加成熟，效率也得到了提高，我們可能已經看到或將會看到關稅的任何增加，都被抵消了。

There's a lot of good things going into play. And you're putting all these things together, and we're controlling our vertical costs very well. In fact, our vertical costs for construction on the new development arm are flat year-over-year. And we're expecting that flat -- no change in that as we exit '25 and begin 2026. So it's really coming in and working out as planned, and it gives us a lot of confidence going into next year.

有很多好事正在發生。將所有這些東西放在一起，我們就能很好地控制垂直成本。事實上，我們新開發部門的垂直建設成本與去年同期持平。我們預計，從 2025 年到 2026 年，這一數字將保持平穩，不會有任何變化。所以一切確實都在按計劃進行，這讓我們對明年充滿信心。

Appreciate. That's great color. Chris, maybe one for you just on the property tax side. You mentioned the nice boost from lower the Texas initiatives. I guess, I know we're still waiting a bit from -- for other states, key states like Florida and Georgia.

欣賞。顏色真棒。克里斯，也許你只需要回答一個關於房產稅的問題。您提到了降低德州措施帶來的巨大推動作用。我想，我知道我們還在等待其他州，例如佛羅裡達州和喬治亞州等關鍵州。

So I guess I'm curious what you are expecting or kind of embedded in the guide for that? And then what do you guys see as maybe a long-term run rate for real estate taxes?

所以我很好奇您對此有何期待或在指南中嵌入了什麼內容？那麼你們認為房地產稅的長期運作率可能是多少？

Yeah. Good questions. And I think you said it exactly right in part of your question in that a reminder for everyone, we're still really only halfway through the property tax year. At this point, we've received initial assessed values for really only a little over half of the portfolio or so. As I'm sure everyone recalls that really then starts the beginning of the appeals process. That runs over the course of summer and then into the early fall.

是的。好問題。我認為您在問題中提到的部分內容非常正確，這提醒大家，我們實際上只是經歷了房產稅年度的一半。目前，我們收到的初步評估價值實際上只佔投資組合的一半多一點。我相信每個人都記得，這才是上訴程序真正開始的。這個過程持續整個夏季，然後進入初秋。

And then a reminder that we still receive the remainder of our values over the course of the third quarter and then the majority of tax rates aren't received until the fourth quarter.

然後提醒一下，我們仍然會在第三季收到剩餘的價值，而大多數稅率直到第四季才會收到。

So we're still early with the exception of the favorable Texas news, which I mentioned, and you just pointed out, that really was the driver of the revision to our full year property tax outlook at this point, which, as a reminder, is in the high 3s, 375 or so.

因此，除了我提到過的、你剛才指出的有利的德克薩斯州消息外，我們還處於早期階段，這確實是我們目前修改全年房產稅前景的驅動因素，提醒一下，全年房產稅前景在 3% 以上，即 375 左右。

And then the only other color that I can add at this point is that it's still very early. But based on some of the earliest rounds of initial assessed values that we've seen, we see a little bit of reason for optimism that there's a chance values could trend a touch better than we are expecting this year. But I caveat that by saying it's early, and we'll have to give you another update on this front next quarter.

現在我唯一能補充的是，現在還為時過早。但根據我們所看到的一些最早幾輪的初步評估價值，我們看到了一些樂觀的理由，今年的價值趨勢有可能比我們預期的要好一些。但我要聲明，現在還為時過早，我們必須在下個季度就此問題再次向您提供更新資訊。

And then to your point, in terms of longer-term run rate, like we've talked about several times, long-term average property tax growth for us is 4% to 5%. And in the high 3s, but we're kind of on the lower edge of long-term average. And as we think forward, tough to predict '26 or beyond at this point, but we do know that rate of home price appreciation continues to moderate. And we see that as being a potentially favorable setup to property taxes looking forward.

然後回到您的觀點，就長期運行率而言，就像我們多次討論過的，我們的長期平均房產稅增長率為 4% 至 5%。雖然處於 3% 的高位，但我們處於長期平均的低端。當我們展望未來時，目前很難預測 26 年或以後的情況，但我們確實知道房價上漲的速度將繼續放緩。我們認為這對於未來的房地產稅來說是一個潛在的有利因素。

Adam Kramer, Morgan Stanley.

摩根士丹利的亞當·克萊默。

Great. Chris, you guys have had a (inaudible) strategy around disposing of all homes that is really low cap rates. Wondering now with sort of getting to the end of the secured debt sort of coming off and sort of that freeing up homes to dispose. Wondering sort of how many homes you guys think you have left here to potentially still sell. And sort of what the longer term, I guess, sort of outlook is for that disposition strategy that you guys have employed?

偉大的。克里斯，你們有一個（聽不清楚）處理所有房屋的策略，那就是資本化率真的很低。現在想知道如何償還擔保債務，從而騰出一些房屋進行處置。想知道你們認為這裡還剩下多少房子可能還能賣出去。我想，你們所採用的處置策略的長期前景如何？

And I guess along similar lines, net debt to EBITDA, I think, is 5.2% in the quarter. I would imagine it's below the midpoint of your sort of target range. So how you're sort of thinking about managing the net debt-to-EBITDA sort of managing the balance sheet in terms of trade-off of these dispositions.

我想，類似地，我認為本季淨債務與 EBITDA 比率為 5.2%。我猜想它低於你的目標範圍的中點。那麼，您如何考慮管理淨債務與 EBITDA 的比率，如何從這些處置的權衡角度管理資產負債表。

Yeah. Great questions. I can start with the first piece of it in terms of what we see for opportunity going forward, especially as we are releasing previously collateralized homes out of the securitizations. A couple of reminders, last year 2024, we paid off two securitizations that freed up about 9,000 homes that had been encumbered for about the past 10 years or so. This year, through our two securitization payoffs, we'll be freeing up another 9,000 homes or so.

是的。很好的問題。我可以從第一部分開始，談談我們看到的未來​​機遇，特別是當我們將以前抵押的房屋從證券化中釋放出來時。需要提醒的是，去年 2024 年，我們還清了兩筆證券化債務，釋放了過去 10 年左右被抵押的約 9,000 套房屋。今年，透過兩次證券化償還，我們將釋放另外約 9,000 套住房。

So 18,000 homes we've -- our hands have been somewhat tied from an asset management perspective for the last 10 years or so. A lot of observations we've made in there from an asset management perspective that we'll be able to execute on going forward. I think we've maybe shared this before.

因此，從資產管理的角度來看，過去 10 年左右，我們管理的 18,000 套房屋一直受到一定限制。我們從資產管理的角度提出了許多觀察，並將能夠在未來付諸實行。我想我們之前可能有分享過這個。

Best guess at this point, there could be 10, maybe 10% to 15% of those homes that may ultimately become very attractive disposition candidates over the next couple of years. They're not going to work through the disposition system immediately.

目前最好的猜測是，未來幾年內，這些房屋中可能有 10%、大概 10% 到 15% 最終成為非常有吸引力的處置候選房屋。他們不會立即透過處置系統開展工作。

As everyone knows, these homes are being sold via the MLS, which means we let leases roll, residents move out, those homes going to the MLS, which naturally creates a little bit of a runway ahead of us. creating great capital recycling opportunity for the next several years as we think about recycling into the development program and otherwise.

眾所周知，這些房屋是透過 MLS 出售的，這意味著我們讓租約滾動，居民搬出，這些房屋進入 MLS，這自然會為我們創造一點跑道。當我們考慮將回收利用到開發計劃和其他方面時，這將為未來幾年創造巨大的資本回收機會。

And then to your point on leverage, you're right. leverage continues to tick down low 5 today. We're generally comfortable with and targeting net debt-to-EBITDA somewhere in the 5s which means we've got great capacity on the balance sheet to take advantage of incremental growth opportunities that we're watching very, very closely.

然後關於您提到的槓桿率，您是對的。槓桿率今天繼續下降至 5 以下。我們總體上對淨債務與 EBITDA 比率的目標感到滿意，目標是達到 5% 左右，這意味著我們在資產負債表上擁有強大的能力來利用我們正在密切關注的增量成長機會。

And that could be in the form of incremental development. We're watching all things from an acquisition perspective very closely. But Bryan talked about what we're seeing in terms of the dialogue with our national builder relationships. And then as everyone knows, we're very bullish on and watch the portfolio consolidation market very play.

這可以採取漸進式發展的形式。我們從收購的角度密切關注著一切。但布萊恩談到了我們在與國家建築商關係對話方面所看到的情況。眾所周知，我們非常看好並關注投資組合整合市場的發揮。

Great, that's really helpful. Thank you, Chris. And just maybe sort of the lease exploration initiative, I think you gave a helpful update on that earlier. Just wondering, is that process sort of done? Or is there more to go with that initiative?

太好了，這真的很有幫助。謝謝你，克里斯。也許只是某種租賃勘探計劃，我認為您之前對此給出了有益的更新。只是想知道，這個過程完成了嗎？或者說這項措施還有更多的進展嗎？

Yeah, Thanks, Adam. It's -- we're really pleased with the results that we've seen with that initiative, but it's really just starting. And it's going to be extended into other areas of the business. For example, right now, it's just focused on renewals and making some movements between the different months. But ultimately, it will be extended into optimizing initial leases.

是的，謝謝，亞當。我們對該計劃所取得的成果感到非常滿意，但它才剛剛開始。並且它將擴展到其他業務領域。例如，現在，它只是專注於更新和在不同月份之間進行一些調整。但最終，它將擴展到優化初始租約。

And I think it will be a powerful tool as well as we manage communities. They have some slightly different dynamics where you have couple of hundred homes in a single community, the expirations and timing is going to be really important.

我認為它將成為我們管理社群的有力工具。它們有一些略微不同的動態，如果一個社區有數百個家庭，那麼到期日和時間就非常重要。

So there's optimization opportunities there as well. And then as we get better and better at this to the exploration management isn't just about moving things into the right season, but it's about moving expirations into the right weeks into the right days in individual markets. So there's a lot of additional sophistication that we expect to put into the program over time.

因此那裡也存在優化機會。然後，隨著我們在這方面做得越來越好，探索管理不僅僅是將事物轉移到正確的季節，而且還將到期日轉移到各個市場的正確星期和正確的日子。因此，隨著時間的推移，我們期望將許多額外的複雜功能添加到該計劃中。

Jeff Spector, Bank of America.

美國銀行的傑夫·斯佩克特。

Great. In your opening remarks, you touched on several times the operational excellence, and we saw you in March and (inaudible) I know you talked a lot about your company-specific initiatives with AI advancing rapidly here, I'm just curious how these advances are helping you with those operating initiatives.

偉大的。在您的開場白中，您多次提到了卓越運營，我們在三月份見過您，（聽不清）我知道您談了很多關於貴公司的具體舉措，人工智能在這裡發展迅速，我只是好奇這些進步如何幫助您實現這些運營舉措。

Yeah. Thanks, Jeff. It's a -- great question, and it's really nice insight into some of the success we've had on the leasing side as an example. We talked in the past about our focus on technology and giving new technology tools to our teams to not only improve the resident experience, but accelerate leasing and there's benefits across the board. Our initial foray into how we're leveraging AI is starting on the leasing front. And we fully implemented a front-end system that is a fantastic thing for the residents.

是的。謝謝，傑夫。這是一個很好的問題，它很好地洞察了我們在租賃方面取得的一些成功。我們過去曾談到我們對科技的關注，並為我們的團隊提供新的技術工具，不僅可以改善居民體驗，還可以加速租賃並帶來全面的好處。我們最初嘗試利用人工智慧是從租賃方面開始的。我們全面實施了前端系統，這對居民來說是件好事。

It's allowed us to provide answers to any prospects question, 24/7, managing huge volumes. And what it's done is it's freed up our license leasing professionals to be able to spend more time with the residents incoming residents, making sure that they're solving for their housing needs rather than just allowing them to what's available. So there's a lot of good benefits that you're seeing there. I talked a little bit earlier, too, about our pre-leasing initiative. AI is empowering that as well.

它使我們能夠全天候地解答任何潛在客戶的問題，並管理大量資料。它的作用是讓我們的執照租賃專業人員能夠花更多的時間與即將入住的居民相處，確保他們解決住房需求，而不是僅僅讓他們使用現有的住房。因此，您會看到很多好處。我之前也談到了我們的預租賃計劃。人工智慧也正在賦予這項能力。

And you can see some of the success we've had in the lease-up of the new development homes and just to put it in the proper context, that lease-up has occurred with this better engine without the use of concessions and some markets that have supply and where concessions are common, so there are a lot of good things.

您可以看到我們在新開發住宅租賃方面取得了一些成功，從適當的角度來說，這種租賃是使用這種更好的引擎進行的，無需使用優惠政策，而且在一些供應充足、優惠政策普遍的市場中，有很多好事。

The AI benefits will be seen on the leasing side first. In the future, we're optimistic about applications into improvements in the communication platform with our residents. There's some really good things that are in the work. We haven't completed the rollout there yet. And then ultimately, I think the AI improvements and the new tools that we're able to put in the hands of our field teams will make the maintenance experience not only much better, but much more efficient.

人工智慧帶來的好處將首先體現在租賃方面。未來，我們對與居民溝通平台的改善應用充滿信心。這項工作確實取得了一些好成績。我們尚未完成那裡的推廣。最終，我認為人工智慧的改進和我們能夠提供給現場團隊的新工具不僅會讓維護體驗變得更好，而且會更有效率。

So we're very excited about the possibilities to come on that side.

因此，我們對未來的可能性感到非常興奮。

Okay, thank you. And then in terms of your company just getting more aggressive in leveraging these initiatives, the platform, your team, what you're learning from your developments I continue to read about more and more money, lower cost capital looking to invest in single-family rentals. And I know you've discussed you decided to stop the third-party management.

好的，謝謝。然後，就貴公司在利用這些舉措、平台、團隊以及從開發項目中學到的東西方面變得更加積極而言，我不斷讀到有關越來越多的資金、更低成本的資本尋求投資單戶住宅租賃的信息。我知道你們已經討論過決定停止第三方管理。

Just curious with the changes in your cost of capital, any reconsideration there to for this way, your company gets even more aggressive in a smart way, but more aggressive leveraging this lower cost of capital out there in your platform? Thank you.

我只是好奇你們的資本成本發生了怎樣的變化，有沒有重新考慮這種方式，讓你們的公司以一種更聰明的方式變得更加積極，但更積極地利用你們平台上較低的資本成本？謝謝。

Yeah, Jeff, I think we've talked in the past about how we tested a third-party property management initiatives and some potential benefits there. We spent a couple of years managing exactly the type of homes that we thought fit well into that model.

是的，傑夫，我想我們過去曾討論過如何測試第三方物業管理計劃以及其中的一些潛在好處。我們花了幾年時間管理我們認為適合該模式的房屋類型。

And our conclusion was pretty simple. We have such opportunity within our development program with optimizing the way we manage communities with improvements that we can make in our services platform that we felt that the best thing to do strategically was to focus on those opportunities in the near term. Over the long run, it's definitely possible that we would be able to leverage our platform in other ways. But as we sit here today, the opportunities are just too great internally in front of us to focus on anything else.

我們的結論非常簡單。在我們的開發計劃中，我們有這樣的機會來優化我們管理社區的方式，並在我們的服務平台上做出改進，我們認為最好的策略做法是在短期內關注這些機會。從長遠來看，我們絕對有可能以其他方式利用我們的平台。但今天我們坐在這裡，我們面前有太多內在的機遇，我們無法專注於其他任何事情。

Julien Blouin, Goldman Sachs.

高盛的朱利安布魯因 (Julien Blouin)。

Yeah. Thank you for taking my question. So I just wanted to touch on the new lease side. So it looks like trends into July are holding up a lot better than last year, and it sounds like you're expecting a lot less seasonal decel into the back half of the year. How much of that is driven by the lease expiration management that you're doing versus how much of that is maybe seeing signs of better pricing power as maybe some of the competitive supply pressures are starting to ease?

是的。感謝您回答我的問題。所以我只想談談新租賃方面。因此看起來七月的趨勢比去年要好得多，而且聽起來您預計今年下半年的季節性衰退會少得多。其中有多少是由您正在進行的租賃到期管理所推動的，又有多少可能是由於一些競爭供應壓力開始緩解而看到了更好的定價能力的跡象？

Yeah. Thanks, Julien. It's a combination of a number of different things. The lease expiration management where we have relief from move-outs hasn't really started yet, so it hasn't shown up in any of our pricing power. But it is a factor into our confidence for the back half of the year.

是的。謝謝，朱利安。它是多種不同事物的組合。我們免於搬離的租約到期管理尚未真正開始，因此它尚未體現在我們的任何定價能力中。但它卻是影響我們下半年信心的因素。

We're seeing some really good pricing power in some of our markets. You look at the outstanding performance. We talked about it on the call earlier of Seattle, Midwest has been fantastic. It's a testament to our diversified portfolio footprint. There are some markets that are pressured, but it represents a very small proportion of our portfolio.

我們發現有些市場確實擁有良好的定價能力。您看一下出色的表現。我們之前在西雅圖的電話會議上談到了這一點，中西部地區的情況非常棒。這是我們多元化投資組合的證明。有些市場確實面臨壓力，但這只占我們投資組合的一小部分。

So we're doing good things on the management side. I think our revenue optimization has matured at lately price homes, marketing is a little bit better. So a lot of good things at play. And then I would expect to see the benefits from the lease expiration management program later on in the year.

所以我們在管理方面做得很好。我認為我們的收入優化在最近的價格房屋中已經成熟，行銷也更好一些。因此有很多好事在發生。然後我希望在今年稍後看到租賃到期管理計劃帶來的好處。

Got it. That's helpful. And Bryan, we've seen your main SFR peers and some of the apartments run up pretty wide gaps between new and renewal rates versus those metrics that stayed a lot closer together in your portfolio. I wanted to check if that feels like a bit of a strategic choice on your end.

知道了。這很有幫助。布萊恩，我們發現您的主要 SFR 同行和一些公寓的新建率和續訂率與您的投資組合中保持更接近的指標之間存在相當大的差距。我想檢查一下這對你來說是否是一個戰略選擇。

Does it feel like maybe you're holding back a bit on renewals because you don't feel like it's healthy to have those wide gaps? Or is there maybe an impact to renewal rates from your lease expiration management strategy?

您是否覺得您在續約方面有所保留，因為您認為如此大的差距並不健康？或者您的租約到期管理策略是否會對續約率產生影響？

I think that's a great question. And it goes to the core of our strategy, especially as the way we manage renewals and how we think about them, we want to make sure that our residents are getting great value and that they know that they're getting great value.

我認為這是一個很好的問題。這是我們策略的核心，特別是我們管理續約的方式以及我們對續約的看法，我們希望確保我們的居民獲得巨大的價值，並讓他們知道他們獲得了巨大的價值。

So those renewal rates have to be tied into current market rates, adjusting for any sort of kind of delay in terms of sending those out 60 or 90 days before they need to be executed. There's some seasonal effects. But we want to make sure that any offer we make to our residents is a very good value to them and holds up from a market rent perspective.

因此，這些續約率必須與當前市場率掛鉤，並根據執行前 60 或 90 天發出的任何延遲進行調整。有一些季節性的影響。但我們希望確保我們向居民提供的任何優惠對他們來說都是非常有價值的，並且從市場租金的角度來看是合理的。

And as such, you're seeing the sophistication that we have on pricing is another contributor to those type bands. But we've improved the way we communicate with our residents and quite often, through a dialogue with them on a renewal offer, it's a very easy explanation as to why this is a good thing to renew, and you're getting good value.

因此，您會看到，我們在定價方面的複雜性是這些類型帶的另一個貢獻因素。但我們已經改進了與居民溝通的方式，而且很多時候，透過與他們就續約事宜進行對話，我們可以輕鬆地解釋為什麼續約是一件好事，而且您可以獲得良好的價值。

David Segall, Green Street.

大衛‧西格爾 (David Segall)，綠街。

Thank you. When you did your analysis of historical leasing trends, I'm curious what you thought about how the history of turnover rates used to be a higher level of turnover than what you've seen since 2020? And how does that inform your views of what turnover should look like going forward?

謝謝。當您分析歷史租賃趨勢時，我很好奇，您如何看待歷史上的周轉率高於 2020 年以來的周轉率水平？這如何影響您對未來營業額的看法？

Yeah, I appreciate the question, David. Chris here and then Brian can add in, if you like, too. I think ultimately, what you're seeing in the first half of this year is really timing associated with lease expiration management, right? As we know, we've been shifting strategically shifting expirations from the back half of the year to the front half of the year to align with leasing season.

是的，我很感謝你提出這個問題，大衛。我是克里斯，如果你願意的話，布萊恩也可以加入。我認為最終，您在今年上半年看到的實際上是與租賃到期管理相關的時間，對嗎？眾所周知，我們一直在策略性地將到期時間從下半年轉移到上半年，以配合租賃季節。

But as we look at the data on a quarter-by-quarter basis, the actual retention rate, the percentage of residents choosing to stay with us has remained relatively consistent. So it's really timing related in terms of shifting of overall expirations and then in turn move outs.

但當我們逐季度查看數據時，實際保留率，即選擇留在我們這裡的居民百分比保持相對穩定。因此，這實際上與整體到期日的轉變以及隨後的轉出時間有關。

And we would expect that to moderate down in the back half of the year. And on a full year basis, our view around turnover rate is pretty similar to last year. and turnover days, days to re-resident as well. And you can see that reflected in the fact that our view on occupancy on a full year basis is relatively flat year-over-year.

我們預計今年下半年這一趨勢將會緩和下來。從全年來看，我們對週轉率的看法與去年非常相似，週轉天數、重新入住天數也是如此。您可以看到，我們對全年入住率的看法與去年同期相比相對持平。

Great, thank you. And it looks like fee income has been growing at a double-digit percentage in the first half. I'm curious what specific aspects of fees are driving that? And how sustainable is that into the back half of the year?

太好了，謝謝。看起來上半年的費用收入一直以兩位數的百分比成長。我很好奇費用的哪些具體方面導致了這種情況？那麼這種趨勢在下半年能持續多久呢？

Yeah. That's really timing related as well. As you know, fee line typically correlates with leasing volume and as we've seen a greater proportion of leasing volume in the first half of the year, given shifting an optimization from these exploration management we've seen fees shift accordingly.

是的。這確實也跟時間有關。如您所知，費用線通常與租賃量相關，由於我們看到上半年租賃量的比例較大，考慮到從這些勘探管理中轉移優化，我們看到費用也隨之變化。

As we get into the back half of the year, we'd expect that to moderate back down. And generally speaking, in the guide, we're contemplating fees to run relatively similar to growth in rents.

隨著我們進入下半年，我們預計這一趨勢將會回落。一般來說，在指南中，我們考慮將費用的運作與租金的成長相對相似。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Good morning. Thanks a lot for taking my questions. Maybe I can place to start is just can you provide an updated assessment of remaining supply impact across the portfolio? Thanks.

早安.非常感謝您回答我的問題。也許我可以開始的是，您能否提供整個投資組合剩餘供應影響的最新評估？謝謝。

Yeah. Thanks, Michael. If you look across our 30-plus markets, we're seeing very limited supply in the vast majority. I talked a little bit earlier about a couple of markets that had outstanding performance in the Midwest. Seattle, where there's just a clear shortage of quality housing, certainly housing that's comparable to what we're offering on the rental side.

是的。謝謝，麥可。如果你看看我們的 30 多個市場，你會發現絕大多數市場的供應都非常有限。我之前談到了中西部地區表現出色的幾個市場。西雅圖明顯缺乏優質住房，當然也缺乏與我們租賃房屋相當的住房。

And then if you flip it to the markets that have been widely discussed where there has been some additional supply pressure, thinking about Phoenix, thinking about Texas, thinking about some of the markets in Florida, we're performing very well in those markets.

然後，如果你把它轉向那些被廣泛討論的市場，那裡存在一些額外的供應壓力，想想鳳凰城，想想德克薩斯，想想佛羅裡達的一些市場，我們在這些市場的表現非常好。

The additional supply in Florida hasn't had much of effect of us from an occupancy perspective, maybe a little bit in rate but our performance there has been outstanding. And even in Phoenix, where there's a lot of supply pressure, again, we'll document and we're still in excess of 95% occupancy.

從入住率的角度來看，佛羅裡達州的額外供應對我們並沒有太大的影響，也許在入住率方面有一點影響，但我們在那裡的表現非常出色。即使在供應壓力很大的鳳凰城，我們也會記錄下來，入住率仍然超過 95％。

And it's just a matter of time until that gets absorbed. One of the key factors that we have not only the benefits of the diversified geographical footprint, but it has to do with our product type and location within these markets. And that's why you're seeing really the durability of our portfolio where others might be pressured. Thanks

而它的吸收只是時間問題。我們擁有的關鍵因素之一不僅是多元化地理覆蓋的優勢，還與我們的產品類型和在這些市場中的位置有關。這就是為什麼您真正看到我們的投資組合具有耐久性，而其他投資組合可能會面臨壓力。謝謝

Got it. Thanks for that. And as a follow-up, occupancy remains above the pre covered levels. Is there an ideal occupancy level for the portfolio if we do see a stronger housing market, could occupancy tick back down as move out to buy a home rise and turnover increases.

知道了。謝謝。並且作為後續行動，入住率仍然高於預先覆蓋的水平。如果我們確實看到房地產市場走強，那麼投資組合中是否存在理想的入住率水準？隨著購屋人數的增加和周轉率的提高，入住率是否會回落？

Yeah, I think the way we're looking at it pre-COVID kind of the expectation was 95% range, and we've talked about it since the end of the pandemic that those new expectations have been increased to 96% range. There are a number of different factors that support that.

是的，我認為我們在疫情之前的預期是 95% 左右，而自疫情結束以來我們就一直在討論，新的預期已經提高到 96% 左右。有許多不同的因素支持這一點。

We're doing a better job of execution. I think the value proposition is being more appreciated the difference in cost of owning versus renting is one of the contributing factors. Over time, we would expect to be able to maintain that.

我們的執行工作做得更好了。我認為價值主張越來越受到重視，擁有和租賃的成本差異是其中一個因素。隨著時間的推移，我們希望能夠維持這種狀態。

That's kind of our long-term goal. And if you look at the way that the first half of the year played out or alluded a bunch of additional expirations into the first half and add incremental move-outs, we were still able to maintain a very high level of occupancy which is a testament to a couple of different things, the demand; and second, our team's ability to execute turn these homes quickly and get them back up and leased up in the marketplace.

這是我們的長期目標。如果你看一下今年上半年的表現，或者暗示上半年有很多額外的到期房源，並增加了增量搬出量，我們仍然能夠保持非常高的入住率，這證明了幾個不同因素，首先是需求；其次，我們的團隊有能力快速將這些房屋轉售，並將它們重新出租到市場上。

So in the event of some changes in the for-sale marketplace, we would expect to be able to adjust to any impact, and I would expect us to be able to preserve occupancy as well.

因此，如果待售市場發生一些變化，我們希望能夠適應任何影響，並且我希望我們也能夠保持入住率。

Linda Tsai, Jefferies.

Linda Tsai，傑富瑞集團。

Hi, thanks for taking my questions. Could you give us an update on resident income to rent ratios? Are you seeing resident incomes trend higher in your portfolio for new residents?

你好，謝謝你回答我的問題。您能否向我們介紹一下居民收入與租金比率的最新情況？在您的投資組合中，新居民的收入是否呈現上升趨勢？

Yeah. Thank you, Linda. We're really pleased with what we're seeing from our incoming residents. It seems to tick up a little bit each month or each quarter, I guess, but our ratios are still very strong income to rent in excess of -- and we've seen stated household income for move-ins in Q2 accelerate past the $150,000 household mark that we talked about last quarter. And at the same time, credit scores are still remaining strong. So we're very pleased with the level of income and the strength of the incoming residents.

是的。謝謝你，琳達。我們對新居民的所見所聞感到非常高興。我想，這個數字似乎每個月或每季都會略有上升，但我們的收入與租金之比仍然非常強勁——而且我們已經看到第二季度入住的家庭收入加速超過了我們上個季度談到的 15 萬美元的家庭收入大關。同時，信用評分仍然保持強勁。因此，我們對新居民的收入水準和實力感到非常滿意。

Thanks. And then I think you referenced this a little earlier, but more explicitly, what's your view on the ability for home sales to recover more meaningfully in 2016? And what would be the potential impacts on AMH's portfolio?

謝謝。然後我想您之前提到過這一點，但更明確地說，您認為 2016 年房屋銷售是否有能力更有意義地復甦？這會對 AMH 的投資組合產生什麼潛在影響？

Yeah. In terms of predicting the likelihood that's a difficult one, but in the event that it does or when it does, I think it's good for everything. I think a healthy housing market is positive across the board. It's positive to the economy. Specific to our business.

是的。預測可能性是困難的，但如果真的發生或發生時，我認為這對一切都有好處。我認為健康的房地產市場對各方面都有好處。這對經濟有正面作用。具體到我們的業務。

I think you'd probably see a change in some of the homes that are currently being offered to for rent, some of the shadow supply that has peaked in some of the Texas markets as an example. So there are some benefits from that side. Increased activity is good, our ability to process move-outs and re-lease these homes into a very deep level of demand gives us confidence that we can preserve the occupancy, and we expect with the affordability gap to, to be able to continue to have pricing power.

我認為您可能會看到一些目前正在出租的房屋發生變化，例如德克薩斯州一些市場的影子供應已經達到頂峰。因此從這方面來說還是有一些好處的。活動增加是好事，我們有能力處理搬出並將這些房屋重新出租給需求量很大的人，這使我們有信心保持入住率，並且我們預計，在可負擔能力差距的情況下，我們能夠繼續擁有定價權。

Thank you.

謝謝。

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)。

Yeah, everybody, thanks. On the acquisition front, you talked about homebuilders already, but I was wondering if you could talk through what you're seeing either on portfolio deals or first scattered side as well.

是的，謝謝大家。在收購方面，您已經談到了房屋建築商，但我想知道您是否可以談談您在投資組合交易或第一分散方面看到的情況。

Yeah, sure. Brad. Chris here. Look, on the portfolio side, for starters, not a lot to talk about on the scattered site side. But on portfolios, definitely something that we watch very closely.

是的，當然。布拉德。我是克里斯。首先，從投資組合方面來看，在分散站點方面沒有太多可談的。但對於投資組合，我們肯定會密切關注。

We're very optimistic on the number of assembled portfolios that we know are out there. And no different than we've talked about before. What we especially like about those opportunities is the potential to uniquely unlock value by bringing those portfolios onto our platform, just like we're currently doing with the portfolio we acquired in the fourth quarter.

我們對目前已形成的投資組合的數量非常樂觀。與我們之前談論的沒有什麼不同。我們特別喜歡這些機會，因為透過將這些投資組合納入我們的平台，有可能以獨特的方式釋放價值，就像我們目前對第四季收購的投資組合所做的那樣。

In terms of activity out there, I think we shared this before, there's a number of discussions and dialogues more broadly going on out there in the market kind of '24 heading into '25. It does feel like a number of those have kind of slowed down just given some of the uncertainty in the environment.

就目前的活動而言，我想我們之前已經分享過，在 2024 年至 2025 年期間，市場上正在進行一系列更廣泛的討論和對話。由於環境存在一些不確定性，確實感覺到其中一些已經放緩。

But we know that those assembled portfolios are out there. Ultimately, they're going to need exit and us and our platform provide a very valuable solution for them. We can cast a nice broad net, given the diversification of our portfolio.

但我們知道那些組裝好的投資組合就在那裡。最終，他們需要退出，而我們和我們的平台為他們提供了非常有價值的解決方案。鑑於我們投資組合的多樣化，我們可以撒下一張大網。

And like we talked about a couple of questions ago, great capacity off of the balance sheet in terms of leverage capacity. And I think we're very optimistic on those types of opportunities, but I would remind everyone that we are also very disciplined on the buy box but for the right opportunities, we're very bullish on them.

正如我們之前討論的幾個問題一樣，就槓桿能力而言，資產負債表上存在巨大的容量。我認為我們對這些類型的機會非常樂觀，但我要提醒大家，我們對購買框也非常自律，但對於正確的機會，我們非常看好它們。

Okay. Got it. And then I was wondering if you could talk about what you're seeing on the land side. the lots under control seem to go down every quarter. So I'm wondering, is that just a reflection of land pricing being unattractive? Or are you trying to resize the book there?

好的。知道了。然後我想知道您是否可以談談您在土地方面看到的情況。控制下的地塊似乎每季都在減少。所以我想知道，這是否僅僅反映土地定價缺乏吸引力？或是您想調整書的大小嗎？

Yeah. Thanks, Brad. On the land side, what you're seeing with the decrease in the pipeline is really by design a few years ago, we had a very robust pipeline. We felt it was a great luxury coming into all the different changes that we're seeing in the marketplace. But the size of it today is more appropriate for our expectations on kind of delivery pace of the 2,300 or so per year.

是的。謝謝，布拉德。在陸地方面，你所看到的管道減少實際上是幾年前的設計，我們有一個非常強大的管道。我們覺得，在市場上看到各種不同的變化時，這是一種極大的奢侈。但今天的規模更符合我們對每年約 2,300 輛的交付速度的預期。

There's been some optimization of that pipeline but it sits at a healthy level today. In terms of what the land market looks like, it's been surprisingly resilient from a pricing perspective, but some observations on the ground for us are we're seeing more deals of the higher-quality land opportunities.

該管道已經進行了一些優化，但目前仍處於健康水平。就土地市場而言，從定價角度來看，它表現出令人驚訝的彈性，但我們根據實地觀察發現，我們看到了更多高品質土地交易機會。

Before last few quarters, I would say, could be characterized by maybe tertiary locations, slightly inferior. We're starting to see better quality. And we're also seeing an increased willingness from the sellers on flexibility for stage of delivery. And what I mean by that is what stage in terms of horizontal development that these lots are going to be delivered to us. So there's been some change on that side, which we're happy about.

我想說，在過去幾季之前，其特點可能是第三級位置，略遜一籌。我們開始看到更好的品質。我們也看到賣家對交貨階段彈性的意願有所增強。我的意思是，從橫向發展的角度看，這些地塊將在哪個階段交付給我們。所以這方面發生了一些變化，我們對此感到高興。

Going forward, at this point, in the near term, we're going to be replenishing based on deliveries to kind of maintain that healthy level where it sits now.

展望未來，就目前而言，在短期內，我們將根據交付情況進行補貨，以維持目前的健康水準。

Jesse Lederman, Zelman & Associates.

傑西·萊德曼（Jesse Lederman），澤爾曼與合夥人公司。

Hey, thanks for taking the question. Another question on the land market. Obviously, homebuilders of late have been focused on tying up land via option. Curious what your appetite for that would be, for example, I guess, on deals that you've tied up over the last few years with the for-sale market slowing presumably, if you had them tied up via option, you'd have the ability to go back and renegotiate which could be a solid tailwind relative to your underwriting at that time. So curious your thoughts on that vis-a-vis buying them out right.

嘿，謝謝你回答這個問題。另一個關於土地市場的問題。顯然，房屋建築商最近一直專注於透過選擇權來捆綁土地。我很好奇你對此的興趣是什麼，例如，我猜，對於過去幾年來你所達成的交易，隨著銷售市場可能放緩，如果你通過期權將它們捆綁在一起，你就有能力回去重新談判，這對你當時的承保來說可能是一個堅實的順風。我很好奇你對於收購它們的看法。

Yeah. Thanks, Jesse. We're flexible across really all options in terms of how we take down land. We have agreements where we have flexibility. We have some, as I said earlier in my previous remarks, it may be more developed finished lots are coming back to the marketplace that something we haven't seen in a long time.

是的。謝謝，傑西。在如何佔領土地方面，我們實際上對所有選擇都採取了靈活的方式。我們簽訂了具有靈活性的協議。正如我之前所說，我們有一些更成熟的成品正在重返市場，這是我們很久沒有見過的。

We're very flexible in on for really trying to find the best way to get the best real estate, the best land as quickly as we can into vertical and ultimately producing homes. So our team is very creative. We've talked about it in the past, the team has a very extensive public one building experience and expertise on exactly how to structure these land deals and they're doing a very good job of that.

我們非常靈活，真正試圖找到最好的方式，盡快獲得最好的房地產、最好的土地，並最終將其投入垂直建設，建造住宅。所以我們的團隊非常有創造力。我們過去曾討論過這個問題，該團隊擁有非常豐富的公共建築經驗和專業知識，知道如何建造這些土地交易，而且他們在這方面做得非常好。

One other interesting point on the land side that we're seeing a slight change in is we have been in discussions for finished lot takedowns from some of the homeowners and some of the land developers. And those opportunities didn't exist two or three quarters ago. So anyway, all options are in play, but it's one of the benefits of controlling the entire department, the full vertical, and we look forward to optimizing that, too.

在土地方面，我們看到的另一個有趣的現像是，我們一直在與一些房主和一些土地開發商討論拆除已完成的土地。而這些機會在兩三個季度前並不存在。所以無論如何，所有選擇都在發揮作用，但這是控制整個部門、整個垂直部門的好處之一，我們也期待對其進行最佳化。

And Jesse, you may recall, we've been active on the optioning front over the past couple of years. We've had 1,000, 2,000 lots or so option over the last couple of years. definitely a valuable tool that we've used, also, as I'm sure you know, option in capital is expensive, right?

傑西，你可能還記得，過去幾年我們一直活躍在選擇權領域。在過去的幾年裡，我們有 1,000 到 2,000 手左右的選擇權。這絕對是我們使用過的一個有價值的工具，而且，我相信你知道，資本選擇權很昂貴，對吧？

Average optioning capital is double digits plus these days. So as Brian's point is we're looking at everything that's out there, commonly that the math can skew in favor of the balance sheet, just given relative cost of capital delta, but it's definitely something that we've used in the past and continue to watch very closely.

目前，平均選擇權資本是兩位數以上。因此，正如布萊恩的觀點，我們正在研究現有的一切，通常情況下，只要考慮到相對資本成本增量，數學計算可能會偏向資產負債表，但這絕對是我們過去使用過的東西，並且會繼續密切關注。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yeah, good afternoon everyone, and congrats on a solid quarter. I just wanted to ask on the regulatory front, whether at the federal state or local level anything that's kind of doubling up that you guys are watching and that maybe investors should be aware of?

是的，大家下午好，恭喜本季業績穩健。我只是想問監管方面，無論是在聯邦、州還是地方層面，你們正在關注哪些雙重監管現象，投資者是否應該注意？

Thanks, Tayo. It's -- we're paying very close attention to what's happening at the local, state and federal level. We don't have anything really new to report. There's been some favorable developments. We talked about them in the past.

謝謝，Tayo。我們正密切關注地方、州和聯邦層級發生的事情。我們沒有什麼新消息可以報告。已經取得了一些有利的進展。我們過去曾談論過它們。

Last year, there were some very favorable antitrust passer legislation that was passed. And on the flip side, I think everyone is aware of some of the changes in Washington State that we talked about on our last call. But since then, nothing really new to note other than the fact that internally, we're very invested in our government affairs program and our strategy of making sure we get the word out that AMH in particular, is part of the housing solution. we're bringing new supply into the marketplace that helps to address this housing shortage. And I think we're doing a better job of getting the word out, but we still have a long way to go.

去年，一些非常有利的反壟斷法案獲得通過。另一方面，我想大家都知道我們在上次電話會議上談到的華盛頓州的一些變化。但從那時起，除了我們內部非常投入政府事務計劃和我們的策略，確保我們宣傳 AMH 是住房解決方案的一部分之外，沒有什麼真正值得注意的新事情。我們正在向市場引入新的供應，以幫助解決住房短缺問題。我認為我們在傳播訊息方面做得更好了，但我們還有很長的路要走。

Great. Thank you.

偉大的。謝謝。

Jade Rahmani, KBW.

傑德·拉赫馬尼（Jade Rahmani），KBW。

This is Jason Sabshon for Jade. I'd be curious to hear your thoughts around seniors housing in the active adult segment. Are you interested in targeting any acquisitions there or developing active adult communities within your built-to-rent strategy? And also, if you have any data on what share of your renters belong to this segment, that would also be helpful. Thanks.

我是 Jason Sabshon，為 Jade 服務。我很想聽聽您對活躍成年人群體老年人住房的看法。您是否有興趣在那裡進行收購或在您的建造出租策略中發展活躍的成人社區？此外，如果您有任何關於有多少租戶屬於這一群體的數據，那也會很有幫助。謝謝。

Jason, senior housing is something that we've talked about from time to time over the last decade, there's a couple of points that I think are important. As I mentioned earlier on the call, we have so much opportunity with what we're doing, just staying close to the core AMH strategy.

傑森，過去十年來我們時常談論老年人住房問題，我認為有幾點很重要。正如我之前在電話中提到的，只要緊跟核心 AMH 策略，我們所做的事情就有很多機會。

And although senior housing might be something that we look at in the future, there's nothing kind of in the near term that we're going to be acting on that side. In terms of the data, the demographic data of our resident base, we haven't looked at the exact breakdown by different age cohort. The interesting part that we track those from the incoming residents, the average age of those households is 38, and it's been relatively consistent for a long period of time. So there might be -- might be a gap between that and the senior housing question.

儘管我們將來可能會考慮老年住房，但短期內我們不會採取任何行動。就數據而言，我們還沒有查看居民群的人口統計數據，以及不同年齡層的具體細分情況。有趣的是，我們追蹤了這些新居民的情況，發現這些家庭的平均年齡為 38 歲，並且在很長一段時間內保持相對穩定。因此，這與老年人住房問題之間可能存在差距。

Got it. And then separately, do you see the company holding a similar amount of land under development as a percentage of assets over the long term as to what's currently on the balance sheet?

知道了。然後另外，您是否認為該公司長期持有的開發中土地佔資產的比例與目前資產負債表上的持股比例相似？

Yeah. This is Chris. We're in the right area. As Brian mentioned, the land pipeline in general, has matured very nicely. And as we think about that as a percentage of the balance sheet, we've been very vocal from the start that we are committed to maintaining all things development, land and in-process construction to a single-digit percentage of the balance sheet, which I do not expect to see changing going forward.

是的。這是克里斯。我們是在正確的區域。正如 Brian 所提到的，陸地管道總體上已經非常成熟。當我們將其視為資產負債表的百分比時，我們從一開始就明確表示，我們致力於將所有開發、土地和在建工程的佔資產負債表的百分比保持在個位數，我預計未來不會發生變化。

Great, thanks.

太好了，謝謝。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Great, thanks. On the lease exploration optimization, what do you think the free cash flow benefit from your recent efforts are and what that value creation potential looks like. And while you guys have spent a lot of time discussing the seasonal impact in the back half of the year, I guess how should we think about then the seasonal ramp into the spring and early summer versus what that's looked like historically?

太好了，謝謝。關於租賃勘探優化，您認為您最近的努力帶來的自由現金流收益是什麼，以及價值創造潛力是什麼樣的。雖然你們花了很多時間討論下半年的季節性影響，但我想我們應該如何看待春季和初夏的季節性增長與歷史上的情況？

Yeah. Thanks, Austin. From a high-level perspective, the lease expiration management initiative is really wrapped into the way that we're optimizing revenue as a company. We see benefits on the occupancy side, clearly on the rate side because of taking homes out into better pricing environments it's really an example of a lot of the things that we're doing to optimize the entire revenue line. In terms of putting an exact figure on in quantifying the current benefit that would be difficult to do, but it's wrapped into a larger initiative that is going to give us really good momentum for years to come.

是的。謝謝，奧斯汀。從高層次的角度來看，租賃到期管理計畫實際上與我們作為一家公司優化收入的方式息息相關。我們在入住率方面看到了好處，顯然在房價方面也有好處，因為將房屋搬到了更好的定價環境中，這實際上是我們為優化整個收入線所做的許多事情的一個例子。就量化當前收益的確切數字而言，這將是困難的，但它被納入一項更大的計劃中，這將為我們未來幾年帶來良好的動力。

Yeah. A couple of other nice benefits just so you're aware. As you think about the shifting of leasing to the front half of the year. One, it gives us increased visibility to Leasing's present activity earlier in the year; two, it increases the proportion of new leasing opportunities we can capture in the strength of spring. And then three, it minimizes or it lessens the proportion of new leases being captured in the slower back half of the year which will favorably translate into earn-in effect into the following year as well. So holistically, great win-win program all the way around.

是的。還有一些其他的好處供您了解。當您考慮將租賃轉移到上半年。一是，它使我們對今年早些時候的租賃活動有了更多的了解；二是，它增加了我們在春季可以抓住的新租賃機會的比例。第三，它最大限度地減少了或減少了在下半年較慢的時期獲得的新租賃的比例，這也將有利於轉化為下一年的盈利效果。所以從整體來看，這是一個雙贏的偉大計劃。

Yeah, no, makes a lot of sense. I guess do you think while it hasn't necessarily translated into improving retention, does it drive down that days to re-resident because of the traffic that you see during that window early in the year?

是的，不，很有道理。我想您是否認為，雖然這並不一定會提高留存率，但由於您在年初的那個時間段內看到的流量，它是否會減少重新入住的天數？

Over time, that's definitely part of the expectation, right? We're taking back vacant units during the strength of the spring leasing season, which, over time, our expectation is that should, on the margin, be benefiting days to re-resident.

隨著時間的推移，這肯定是期望的一部分，對嗎？我們將在春季租賃旺季期間收回空置單元，隨著時間的推移，我們預計這將在一定程度上為重新入住的人帶來好處。

Can you just remind us what that days [dore] residence for you guys as it currently stands, so we can think about it over time?

您能否提醒我們那幾天 [dore] 的住所目前是什麼樣的，以便我們可以隨著時間的推移考慮它？

Yeah, sure. It varies over the course of the year. If you want to think about the second quarter, it's in the low 40s or so days to re-resident, which is fairly similar year-over-year.

是的，當然。它會隨著一年的時間而改變。如果你考慮第二季的情況，那麼重新居住的時間大約是 40 多天，與去年同期相比相當相似。

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

謝謝。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。

Thank you for your time today. We really appreciate the continued interest in AMH and look forward to speaking with you next quarter.

感謝您今天抽出時間。我們非常感謝您對 AMH 的持續關注，並期待下個季度與您交談。

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

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。