American Homes 4 Rent (AMH) 2025 Q3 法說會逐字稿

Ladies and gentlemen, Greetings, and welcome to the American Homes 4 Rent third quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，大家好，歡迎參加 American Homes 4 Rent 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host for today, Nicholas Fromm, Director, Investor Relations. Please go ahead.

現在，我很高興為大家介紹今天的主持人，投資者關係總監尼古拉斯·弗羅姆。請繼續。

Good morning, and thank you for joining us for our third 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，感謝各位參加我們2025年第三季財報電話會議。今天陪同我出席的有：執行長 Bryan Smith；財務長 Chris Lau；以及首席營運長 Lincoln Palmer。

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

請注意，本次通話可能包含前瞻性陳述。本次電話會議中除歷史事實陳述外的所有陳述均為前瞻性陳述，這些陳述受到許多風險和不確定性的影響，可能導致實際結果與這些陳述中預測的結果有重大差異。這些風險和其他可能對我們的業務和未來業績產生不利影響的因素已在我們的新聞稿和提交給美國證券交易委員會的文件中進行了描述。

All forward-looking statements speak only as of today, October 30, 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. A reconciliation of GAAP to non-GAAP financial measures is included in our earnings press release and supplemental information package.

所有前瞻性陳述僅代表截至 2025 年 10 月 30 日的觀點。除法律要求外，我們不承擔因新資訊、未來事件或其他原因而更新或修改任何前瞻性聲明的義務。我們的獲利新聞稿和補充資訊包中包含了 GAAP 與非 GAAP 財務指標的調整表。

As a note, our operating and financial results, including GAAP and non-GAAP measures, are fully detailed in our earnings release and supplemental information package. You can find these documents as well as SEC reports and the audio webcast replay of this conference call on our website at www.amh.com.

需要說明的是，我們的經營和財務業績（包括 GAAP 和非 GAAP 指標）已在我們的獲利報告和補充資訊包中詳細列出。您可以在我們的網站 www.amh.com 上找到這些文件以及美國證券交易委員會的報告和本次電話會議的音訊網路直播回放。

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

接下來，我將把電話交給我們的執行長布萊恩史密斯。

Welcome, everyone, and thank you for joining us today. 2025 is quickly coming to a close and our industry-leading results continue to reinforce the benefits of the AMH strategy, which is centered around portfolio optimization, operational execution and a prudent approach to capital management.

歡迎各位，感謝各位今天蒞臨。 2025年即將結束，我們領先業界的績效持續鞏固了AMH策略的優勢，該策略的核心是投資組合優化、營運執行和審慎的資本管理方法。

During the third quarter, we saw solid contribution from all areas of the AMH platform, driving core FFO per share growth of 6.2%. Due to our strong third quarter results, an updated outlook on the full year, we increased our core FFO per share guidance by $0.01 to $1.87 at the midpoint, representing growth of 5.6%.

第三季度，AMH 平台的各個領域都做出了穩健的貢獻，推動核心 FFO 每股成長 6.2%。由於我們第三季業績強勁，我們對全年前景進行了更新，因此我們將核心FFO每股預期上調0.01美元至1.87美元（中位數），增幅達5.6%。

In this last stretch of 2025, our focus is on building occupancy and gaining momentum to position the portfolio for strength heading into 2026. Fundamentals in the single-family rental industry continue to benefit from favorable population demographics within the millennial cohort and a growing need for high-quality housing.

在 2025 年的最後階段，我們的重點是提高入住率，並儲蓄力量，為 2026 年的強勁發展奠定基礎。單戶住宅租賃行業的基本面繼續受益於千禧世代人口結構的有利因素以及對高品質住房日益增長的需求。

The AMH portfolio continues to capture this demand, given our portfolio's high-quality assets in superior locations with a focus on highly desirable single-family detached homes. Turning to the third quarter. We delivered solid same-home core revenue growth of 3.8%, driven by same-home average occupied days of 95.9%. And new renewal and blended rental rate spreads of 2.5%, 4% and 3.6%, respectively.

AMH 的投資組合持續滿足這一需求，因為我們的投資組合擁有位於優越地段的高品質資產，尤其專注於備受青睞的獨棟住宅。進入第三節。我們實現了穩健的同店核心收入成長 3.8%，這主要得益於同店平均入住天數達到 95.9%。新的續租租金和綜合租金的利差分別為 2.5%、4% 和 3.6%。

On the expense front, the team's focus on controlling the controllables kept same-home core operating expense growth muted at 2.4%, leading to same-home core NOI growth of 4.6%. As we exited the third quarter, we saw a tapering of activity that drove October same-home average occupied days to 95.1%.

在支出方面，團隊專注於控制可控因素，使同店核心營運支出成長保持在 2.4% 的溫和水平，從而實現了同店核心 NOI 成長 4.6%。第三季末，我們看到市場活動放緩，導致 10 月同屋平均入住天數降至 95.1%。

Preliminary new lease spreads of 0.3% and were balanced by continued strength in renewal rate growth of 4%. Given the heightened focus on monthly updates, it is important to mention that our internal dashboards indicate that we have reached an inflection point in seasonal leasing activity. Leasing velocity has improved over September levels and this, coupled with benefits from our lease expiration management initiative, positions us to close out the year with momentum.

初步數據顯示，新租約利差為 0.3%，但續租率持續強勁成長 4%，抵銷了這一利差。鑑於我們更加重視每月更新，值得一提的是，我們的內部儀表板顯示，季節性租賃活動已經達到了一個轉折點。租賃速度較 9 月有所提高，再加上我們租賃到期管理計畫的好處，使我們能夠以強勁勢頭結束今年。

Turning to our growth programs. We remain focused on portfolio optimization and prudent capital allocation. This year, we are on track to deliver approximately 2,300 homes, of which 1,900 are wholly owned. As a reminder, development is being funded by internally generated cash incremental debt capacity from growing EBITDA and recycled capital from our disposition program.

接下來談談我們的成長計劃。我們將繼續專注於投資組合優化和審慎的資本配置。今年，我們預計將交付約 2300 套住房，其中 1900 套為完全產權所有。再次提醒，開發資金來自不斷增長的 EBITDA 帶來的內部現金增量債務能力以及我們資產處置計劃中回收的資本。

Despite the headlines of a slowdown in MLS activity, we continue to see great success selling nearly 1,200 homes to end-user homebuyers year-to-date. This enables us to accretively deploy disposition proceeds into development, driving residential leading earnings contribution outside of our same-home pool, while also continuing to improve the quality of our portfolio.

儘管有報導稱 MLS 活動放緩，但我們今年迄今仍然取得了巨大的成功，已向最終購房者售出了近 1200 套房屋。這使我們能夠將處置所得收益增值地投入開發，從而推動住宅業務在我們現有住宅池之外實現領先的盈利貢獻，同時繼續提高我們投資組合的品質。

As we begin to shift our focus to 2026, we expect a similar number of deliveries from the development program next year. Maintaining strategic sizing of the program to be funded with internally generated capital and incremental debt capacity.

隨著我們將工作重心轉向 2026 年，我們預計明年該開發案的交付量將與去年持平。維持專案的策略規模，資金來源為內部產生的資本和新增債務能力。

Outside of development, we continue to review thousands of assets each month across all of our markets but bid-ask spreads are still too wide considering the current cost of capital. To close, our strong year-to-date performance is a direct result of the enduring AMH strategy and outstanding execution from our teams. Our industry-leading core FFO growth guidance reflects earnings contribution from all areas of the business and maintains our position at the top of the residential sector.

除了開發之外，我們每個月都會繼續審查我們所有市場上的數千項資產，但考慮到目前的資本成本，買賣價差仍然過大。最後，我們今年迄今的強勁業績，直接得益於 AMH 的長期策略和我們團隊的出色執行。我們業界領先的核心FFO成長預期反映了公司所有業務領域的獲利貢獻，並維持了我們在住宅領域的領先地位。

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

接下來，我將把電話交給克里斯。

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 now fully unencumbered balance sheet, and third, I'll close with commentary around our 2025 guidance, which was increased for a second time this year in yesterday's earnings press release.

謝謝你，布萊恩，大家早安。今天我的評論將涵蓋三個方面。首先，回顧一下我們的季度業績；其次，更新一下我們現在完全無負擔的資產負債表；最後，我將對我們 2025 年的業績指引做一些評論，該指引在昨天的盈利新聞稿中今年第二次上調。

Starting off with our operating results. This quarter was another example of the power of the AMG 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 $99.7 million or $0.27 per diluted share.

首先來看我們的經營績效。本季再次證明了AMG策略的強大力量，以及我們在業務各個領域創造價值和提高獲利的能力。本季度，歸屬於普通股股東的淨利潤為 9,970 萬美元，即每股攤薄收益 0.27 美元。

On an FFO share and unit basis, we generated $0.47 of core FFO, representing 6.2% year-over-year growth and $0.42 of adjusted FFO, representing an impressive 9.1% year-over-year growth. In addition to our strong execution this quarter, we've now received the majority of our final assessed property tax values which have landed favorably compared to our initial expectations in several states, notably Texas.

以 FFO 份額和單位計算，我們產生了 0.47 美元的核心 FFO，年增 6.2%；調整後的 FFO 為 0.42 美元，年增 9.1%，增幅顯著。除了本季強勁的執行力之外，我們現在已經收到了大部分最終評估的房產稅值，其中幾個州的最終結果都比我們最初的預期要好，尤其是德克薩斯州。

Additionally, the team was highly active on the appeals front this year, filing over 24,000 individual appeals with a record level of success. All combined, we now expect full year 2025 property tax growth to be in the high 2% area, which has been positively reflected in our updated full year outlook that I'll talk about shortly.

此外，該團隊今年在申訴方面非常活躍，提交了超過 24,000 份個人申訴，並取得了創紀錄的成功率。綜合來看，我們現在預計 2025 年全年房產稅增長率將達到 2% 以上，這已在我們更新後的全年展望中得到積極體現，我稍後會談到這一點。

Turning to investments. For the third quarter, our AMH Development program delivered a total of 651 homes to our wholly owned and joint venture portfolios. This was on track with our expectations and continues to demonstrate our unique ability to accretively redeploy capital from our disposition program. During the quarter, we sold 395 properties generating approximately $125 million of net proceeds at an average economic disposition yield in the high 3%.

轉向投資。第三季度，我們的 AMH 開發計劃共向我們全資擁有和合資的投資組合交付了 651 套住房。這符合我們的預期，並繼續展現了我們獨特的從資產處置計劃中增值再部署資本的能力。本季度，我們出售了 395 處房產，淨收益約為 1.25 億美元，平均經濟處置收益率在 3% 以上。

Next, I'd like to turn to our balance sheet and recent capital activity. At the end of the quarter, our net debt, including preferred shares to adjusted EBITDA was down to 5.1 times, our $1.25 billion revolving credit facility had a $110 million drawn balance, and we had approximately $50 million of cash available on the balance sheet.

接下來，我想談談我們的資產負債表和近期的資本活動。截至季末，我們的淨負債（包括優先股）與調整後 EBITDA 比率降至 5.1 倍，我們 12.5 億美元的循環信貸額度已提取 1.1 億美元，資產負債表上約有 5,000 萬美元現金可用。

Importantly, as we announced previously, during the quarter, we paid off our final securitization 2015 [SFR2]. Our balance sheet is now 100% unencumbered, marking an exciting milestone in AMH's history. Additionally, all debt other than our credit facility, is fixed rate, and we have zero maturities until 2028.

重要的是，正如我們先前宣布的那樣，在本季度，我們償還了 2015 年的最後一筆證券化債務 [SFR2]。我們的資產負債表現在完全沒有負擔，這標誌著 AMH 歷史上一個令人興奮的里程碑。此外，除我們的信貸額度外，所有債務均為固定利率，且在 2028 年之前沒有到期債務。

And next, I'll cover our updated 2025 earnings guidance. As I mentioned earlier, we now expect full year same-home property tax growth in the high 2% area. And when combined with our team's continued execution, controlling the controllables on expenses, we have lowered our full year same-home core expense growth expectations by 50 basis points to 3.25%.

接下來，我將介紹我們更新後的 2025 年獲利預期。正如我之前提到的，我們現在預計全年同屋房產稅將在2%以上的地區成長。再加上我們團隊持續的執行，以及對可控支出的控制，我們將全年同店核心支出成長預期下調了 50 個基點至 3.25%。

In turn, this translates into a 25 basis points increase to the midpoint of our full year same-home core NOI growth expectations to 4%. And when further combined with our modestly improved outlook on full year net interest costs, we have increased the midpoint of our full year 2025 core FFO per share expectations by $0.01.

反過來，這意味著我們全年同店核心淨營業收入成長預期中位數上調 25 個基點至 4%。再加上我們對全年淨利息成本預期略有改善，我們將 2025 年全年核心 FFO 每股預期中位數提高了 0.01 美元。

Our new midpoint of $1.87 per share now represents a year-over-year growth expectation of 5.6%. And before we open the call to your questions, I'd like to highlight that 2025 is on track to be a perfect demonstration of the strength of the AMH strategy.

我們新的每股中點價為 1.87 美元，這意味著同比增長預期為 5.6%。在正式開始回答各位的問題之前，我想先強調，2025 年可望完美展現 AMH 策略的實力。

Our relentless focus on portfolio optimization and operational excellence is expected to drive an impressive 4% growth in same-home core NOI this year, while notably also expanding core NOI margins. And on top of same home. This year, we expect an incremental 160 basis points of core FFO per share growth contribution driven by our prudent approach to capital management, including the balance sheet, capital recycling and our development program.

我們持續專注於投資組合優化和卓越經營，預計今年將推動同店核心淨營業收入實現令人矚目的 4% 成長，同時大幅擴大核心淨營業收入利潤率。而且就在同一棟房子的頂端。今年，我們預計核心FFO每股成長貢獻將增加160個基點，這得益於我們審慎的資本管理方法，包括資產負債表、資本再利用和我們的發展計畫。

All told, our full year expected core FFO per share growth now leads the residential sector by hundreds of basis points and once again demonstrates the power of the AMH strategy. And with that, we'll now open the call to your questions. We're out of respect for the crowded earnings calendar; we're going to limit the initial queue to only one question. To the extent we have time, please feel free to rejoin the queue for follow-ups. Operator?

總而言之，我們全年預期核心每股 FFO 成長率目前領先住宅產業數百個基點，再次證明了 AMH 策略的強大實力。接下來，我們將開放提問環節。出於對繁忙的財報季的尊重，我們將限制初始排隊人數，每人只能提一個問題。如果時間允許，請隨時重新加入後續後續隊列。操作員？

(Operator Instructions) Juan Sanabria, BMO Capital Markets.

（操作員指示）Juan Sanabria，BMO 資本市場。

Good morning. This is Emily on behalf of Juan. I wanted to ask you following the shift in your lease exploration strategy to front-load the expirations in the first half of the year. How has that changed impacted occupancy and new lease trends in the third quarter? And as we move through the fourth quarter, how should we think about seasonality compared to last year in terms of both the new lease and blended rate growth. Thank you.

早安.我是艾米莉，代表胡安。我想請您根據租賃勘探策略的轉變，將到期日提前到今年上半年。這項變更對第三季的入住率和新租約趨勢產生了哪些影響？隨著我們進入第四季度，與去年相比，我們應該如何看待新租賃和綜合利率成長的季節性因素？謝謝。

Thanks, Emily, for your question. I appreciate it. We've done a lot of work this year on the lease exploration management program, as we mentioned in previous meetings, we spent most of the year making large shifts in expirations from the back half of the year to the first half of the year. It's playing out extremely well and about as we expected, as we moved out of third quarter and into fourth quarter, we're going to start realizing the peak of those benefits with the lowest number of expirations. That should allow us to build a little bit of occupancy into the end of the year and to set ourselves up well for 2026.

謝謝艾米麗的提問。謝謝。今年我們在租賃勘探管理計劃方面做了很多工作，正如我們在先前的會議中提到的，我們今年大部分時間都在將租賃到期日從下半年大幅提前到上半年。事情進展得非常順利，基本上也符合我們的預期。隨著我們從第三季度進入第四季度，我們將開始實現這些收益的峰值，同時到期數量也將最少。這樣一來，我們就能在年底前提高一些入住率，並為 2026 年做好充分準備。

And Emily, Chris here, if you want to see how it's actually translating through in a couple of other places, knock-on benefits to our numbers. You can see that turnover rate was down, comping positively 60 basis points year-over-year in the quarter. That's a function of optimizing of lease expirations.

艾米麗，我是克里斯，如果你想看看它在其他幾個地方的實際效果，以及它對我們數據帶來的連鎖好處。可以看出，人員流動率下降了，與去年同期相比下降了 60 個基點。這是優化租賃到期時間的結果。

And then in turn, that enabled the team to really execute well in terms of controlling the controllables. And as you can probably see from the print, R&M and turn for the quarter grew just a touch over 2%.

反過來，這使得團隊在控制可控因素方面真正做到出色。正如您可能從圖表中看到的那樣，本季度的維修和維護成本和營業額增長略高於 2%。

James Feldman, Wells Fargo.

詹姆斯‧費爾德曼，富國銀行。

Hi, thank you for taking my question. This is [Connor] on with Jamie. The Midwest markets continued to outperform. Do you expect that to be sustained into year-end? And could this outperformance continue into 2026? Or would you expect some reversion between the Sunbelt and Midwest regions.

您好，感謝您回答我的問題。這是康納和傑米的對話。中西部市場持續表現優異。你預計這種情況會持續到年底嗎？這種優異表現能否延續到 2026 年？或者您認為陽光地帶和中西部地區之間會出現某種逆轉現象？

Thanks for the question, Connor. I appreciate having you on. We continue to see great strength in the Midwest. We think it's due to good underlying fundamentals. Midwest has a great quality of life, good cost of living is still growing relatively affordable from a housing standpoint.

謝謝你的提問，康納。非常感謝你的參與。我們持續看到中西部地區展現強大的實力。我們認為這是由於良好的基本面所致。中西部地區生活品質很高，生活成本也相對較低，從住房角度來看仍然相對實惠。

So we think the long-term fundamentals in the Midwest will continue to support the diversified portfolio in a positive way. It's possible that there could be some divergence between the different markets as we continue to resolve some of the issues across the different areas. But so far, we're very happy with the Midwest and has contributed very well to the portfolio, and we don't expect that to change anytime soon.

因此，我們認為中西部地區的長期基本面將繼續對多元化投資組合起到積極作用。當我們繼續解決各個領域的一些問題時，不同市場之間可能會出現一些差異。但到目前為止，我們對中西部地區非常滿意，它為我們的投資組合做出了非常好的貢獻，我們預計這種情況不會很快改變。

Eric Wolfe, Citi.

Eric Wolfe，花旗銀行。

Hi, thanks for taking the question. It's actually Nick Coulter on for Eric this morning. So a question on the same-store revenue growth. If you guys have done 4.2% year-to-date, it seems like you're implying a pretty big deceleration in -- so just wanted to understand what's kind of driving that decel, whether that's or fee income, higher bad debt, just kind of the puts and takes there?

您好，感謝您回答這個問題。今天早上代替艾瑞克主持節目的是尼克庫爾特。那麼，關於同店營收成長的問題是什麼呢？如果你們今年迄今為止的成長率是 4.2%，這似乎意味著成長率大幅放緩——所以我想了解是什麼導致了這種放緩，是手續費收入下降、壞帳增加，還是其他因素？

Sure. Chris here. Look, I think a couple of different thoughts come to mind from a timing perspective. The first of which has to do with the timing of last year's leasing spreads, and in turn, how those are earning into this year. If we all recall, blended spreads in the first nine months of last year, we're running well north of 5% before moderating into the low 3s in the fourth quarter of 2024, which you can then see flowing through into our run rate of revenue growth by quarter this year, that's one.

當然。我是克里斯。從時間安排的角度來看，我想到了一些不同的想法。第一個問題與去年的租賃利差的時間安排有關，進而影響今年的收益狀況。如果我們都記得，去年前九個月的綜合利差遠高於 5%，然後在 2024 年第四季回落到 3% 左右，這隨後會影響到我們今年的季度營收成長率，這是其中之一。

Two is timing of fees like we've been talking about all year. As we know, a good portion of our fees are related to leasing volumes, which we strategically have accelerated into the earlier parts of the year given the lease expiration management initiative, which is great in terms of aligning leasing activity with leasing season, but also means that fourth quarter fees will likely comp a little bit negatively year-over-year.

第二點是費用收取的時間安排，就像我們今年一直在討論的那樣。眾所周知，我們的大部分費用都與租賃量有關，鑑於租賃到期管理計劃，我們已策略性地將租賃活動提前到年初進行，這有利於使租賃活動與租賃旺季保持一致，但也意味著第四季度的費用同比可能會略有下降。

And then finally, look, we are very aware that it's somewhat of a choppy residential environment out there. You can see it across many of the other residential peers reporting this week. And so we also just want to make sure that we remain prudent in the guide. But if we zoom it out and think about the broader context.

最後，我們非常清楚，目前的住宅環境有些動盪不安。本周其他許多住宅類報告也出現了這種情況。因此，我們也希望確保我們在指南中保持謹慎的態度。但如果我們把視角拉遠，從更廣泛的角度來看這個問題。

I'd say that we are extremely proud of our full year top line outlook in the high 3s, [3.75] at the mid, which, as we all know, is head and shoulders above the rest of the residential landscape, and especially impressive when you think about our expense growth in the low 3s, which I would remind us all means that we're expecting to expand NOI margins this year.

我想說，我們對全年營收預期非常自豪，預計營收將達到 3% 以上，中段為 3.75%。眾所周知，這遠高於其他住宅行業，尤其考慮到我們的支出成長僅為 3% 左右，這一點就更加令人印象深刻了。我要提醒大家，這意味著我們預計今年的營業淨收入利潤率將會擴大。

Steve Sakwa, Evercore ISI.

Steve Sakwa，Evercore ISI。

Yeah, thanks, Bryan, I guess I wanted to come back to the comments you made about the fourth quarter. I appreciate the early color on October. But I guess you did make a comment that said you reached the seasonal low. So I guess you're sort of suggesting that November-December trends may be better, like these might mark kind of the worst monthly trends for the quarter. A, is that kind of the case.

是的，謝謝你，布萊恩，我想回到你之前對第四節的評論。我喜歡十月初的色彩。但我猜你確實說過你們已經達到季節性低點了。所以你的意思是說，11月至12月的趨勢可能會好一些，因為這些月份的趨勢可能是本季最糟糕的。A，情況就是這樣嗎？

And then just when you kind of wrap everything together, could you or Chris, just maybe remind us about the puts and takes as we think about next year, either the [one timers] it helps this year or some of the one timers that might have hurt this year that might help growth next year? Thanks.

最後，當你們把所有事情總結起來的時候，你或者克里斯能否提醒我們一下，在考慮明年的時候，哪些投資和投資是值得的，哪些投資在今年可能有所幫助，或者哪些投資在今年可能造成損害，但明年可能有助於成長？謝謝。

Yeah. Thank you, Steve. I was really trying to give commentary to put the performance into context. The -- as we exited the Labor Day period, which is traditionally pretty slow, we normally see a pickup in September, kind of the second half of September. And that pickup was a little bit delayed. This is in terms of foot traffic and the other metrics that we're measuring from a leasing perspective.

是的。謝謝你，史蒂夫。我當時真的很想做一些評論，把這場表演放在適當的背景下解讀。隨著勞動節假期的結束（勞動節假期通常是淡季），我們通常會在9月份看到銷售回暖，尤其是在9月下半月。提貨稍微晚了一點。這是從客流量以及我們從租賃角度衡量的其他指標來看的。

We saw that pick up in October, which gives us confidence in the momentum that we're carrying into November. If you couple that with the strides that we've made on the lease expiration management initiative, where we're going to have our lowest number of move-outs in the month of November. It really screens well for us to pick up occupancy and position the portfolio well as we enter 2026.

我們在 10 月看到了這種回升勢頭，這讓我們對 11 月的良好發展勢頭充滿信心。如果再加上我們在租賃到期管理計畫方面取得的進展，那麼11月的搬離人數將達到歷史最低水準。它確實能很好地幫助我們提高入住率，並在進入 2026 年之際使我們的投資組合處於良好位置。

So I think you're right on in terms of our outlook for November and December having a really positive effect on occupancy with the objective of positioning ourselves well to take advantage of the returning pricing power that we'll see in next year's spring leasing season.

所以我認為你對11月和12月的展望非常準確，這將對入住率產生非常積極的影響，我們的目標是讓自己處於有利地位，以便利用明年春季租賃旺季將出現的定價權回升。

Yeah, and then Steve, Chris here for the second part of your question, I would totally underscore the importance of that momentum that Bryan is talking about carrying into the new year. We joke all the time that spring basically starts now heading into the end of the year. But it's just a couple of directional thoughts as we're all beginning to kind of frame things for 2026.

是的，史蒂夫，我是克里斯，關於你問題的第二部分，我完全要強調布萊恩所說的將這種勢頭延續到新年的重要性。我們常開玩笑說，春天其實從現在就快到年底了。但這只是我們在開始為 2026 年制定計劃時的一些方向性想法。

The building blocks like we've talked about before, if we think about the guide this year and our expectation for blended spreads in the back half of 2025, that would imply '26 burn in somewhere just a touch under 2%. Most likely for next year, we don't expect loss to lease to play a major role in '26 revenue growth. And then the remaining question is market rent growth for next year, where obviously a little bit too early for us to express a view.

就像我們之前討論過的那些基本要素一樣，如果我們考慮今年的指南以及我們對 2025 年下半年混合價差的預期，那就意味著 2026 年的燒錢率將略低於 2%。明年，我們預計租賃損失不會對 2026 年的收入成長起到重要作用。那麼，剩下的問題是明年的市場租金成長情況，顯然現在表達我們的看法還為時過早。

But if you'd like an early read from, say, some of the John Burns data, as an example, he's actually expecting market rent to reaccelerate a touch going into next year -- latest data for 2025 is that he was expecting market rents to grow 75 basis points or so. This year, he sees that going up into the 1.5% to 2% area next year. I just give that as kind of a directional reference point.

但如果你想提前了解約翰·伯恩斯的一些數據，例如，他實際上預計市場租金將在明年略微再次加速增長——他預計 2025 年的最新數據顯示，市場租金將增長 75 個基點左右。他預計今年這一數字將上升到 1.5% 至 2% 的水平。我只是把它當作一個方向性的參考點。

with the reminder that we typically outperform Burns's average estimates within AMH footprint.

需要提醒的是，我們在 AMH 的業務範圍內通常比 Burns 的平均估計值表現更好。

Haendel, Mizuho Securities.

Haendel，瑞穗證券。

Hey there guys. Thanks for taking the question. I guess I'm curious how you're thinking about stock buybacks today versus what you're yielding in the development and the funding capacity on your balance sheet. I guess I'm curious if you're position to perhaps do both. Thanks.

嘿，大家好。感謝您回答這個問題。我很好奇您現在是如何看待股票回購的，以及您在開發方面的收益和資產負債表上的融資能力。我很好奇你是否有能力同時做到這兩件事。謝謝。

Sure. Appreciate it. It's a good question. It's Chris here. Look, stock buybacks are definitely something that we're watching very closely. And we look at them just like any other form of investment as we're ultimately endeavoring to maximize shareholder value over the long term. With that said, we are very mindful that stock buybacks can be a little bit of a double-edged sword as we think about them in terms of increasing leverage and then reducing future capacity to create value through incremental growth.

當然。謝謝。這是個好問題。我是克里斯。你看，股票回購絕對是我們密切關注的議題。我們像看待其他任何形式的投資一樣看待它們，因為我們最終的目標是在長期內實現股東價值最大化。話雖如此，我們也非常清楚股票回購可能是一把雙面刃，因為我們從增加槓桿率的角度來看，它會降低未來透過漸進式成長創造價值的能力。

But look, at the right levels, buybacks can definitely make sense. I would remind you that we have an active share repurchase program already in place. We have been active on it in years past at the right levels. And to your question about capacity, we have close to half a turn of opportunistic leverage capacity on the balance sheet.

但你看，在對的水平上，股票回購絕對是有意義的。我想提醒各位，我們已經實施了積極的股票回購計畫。過去幾年，我們一直積極參與其中，並投入了適當的精力。至於你提出的產能問題，我們的資產負債表上還有接近半輪的機會槓桿產能。

So again, I think the key is at the right price and appropriately sized buybacks could definitely make sense, again, at the right price as a complement to the value that's being created by our development program.

所以，我認為關鍵在於以合適的價格和適當的規模進行回購，這絕對是有意義的，同樣，以合適的價格作為我們開發計劃所創造價值的補充。

Jeffrey Spector, Bank of America.

傑弗裡·斯佩克特，美國銀行。

Great, thank you. Bryan, you talked about portfolio optimization. I know that you've had a number of initiatives underway this year, last year, is there anything new or changing into '26 that we should be aware of that could further help, whether it's grab again market share in terms of searches or AI, anything else that would be new helpful beneficial, I should say, next year. Thanks.

太好了，謝謝。布萊恩，你談到了投資組合優化。我知道你們今年和去年都開展了很多舉措，那麼到 2026 年，有沒有什麼新的或變化的舉措是我們應該注意的，可以進一步幫助我們，無論是重新奪回搜索或人工智能方面的市場份額，還是其他任何新的、有幫助的舉措，我認為明年都會有所裨益。謝謝。

Yeah, thanks, Jeff. You nailed a number of our initiatives. From an asset management perspective, we've become a lot more sophisticated in the way that we're analyzing our existing assets and the type of rigor that we're putting into the areas that we're optimistic about investing into and going into in the future.

謝謝你，傑夫。你出色地完成了我們的多項計劃。從資產管理的角度來看，我們在分析現有資產的方式上變得更加成熟，並且對我們樂觀地認為未來將要投資和進入的領域也更加嚴謹。

So the asset management function has been -- has done a fantastic job of taking assets out into the disposition market and repositioning those into higher yield, higher growth areas. So you got that part of the equation. And then the initiatives that we're in the midst of rolling out some of our -- actually have already have rolled out from an AI perspective are going to further help that operational advantage that we see.

因此，資產管理部門在將資產轉移到處置市場並重新定位到收益更高、成長更快的領域方面做得非常出色。所以你已經得到了等式中的這一部分。然後，我們正在推出的一些舉措——實際上已經從人工智慧的角度推出了一些舉措——將進一步幫助我們獲得我們所看到的營運優勢。

So we started, as I talked about in the past, with a focus on kind of the front end of the resident life cycle, which is the leasing cycle and implemented a really effective AI tool not only is it better -- creates a better experience for the prospects, but it's also a lot more efficient for us internally. It was something that we rolled out customized and we're starting to see the benefits of it from our leasing platform.

正如我之前提到的，我們首先關注的是居民生命週期的前端，也就是租賃週期，並實施了一個非常有效的AI工具，它不僅更好——為潛在客戶創造了更好的體驗，而且對我們內部來說也更有效率。這是我們根據客戶需求量身推出的產品，我們已經開始從租賃平台中看到它帶來的好處。

As we continue to think of other ways that AI can contribute in the near term, we've talked about improvements to the communication platform, which is helpful from a number of different angles, probably will show up most in the way that we renew -- retain our residents.

當我們繼續思考人工智慧在近期內可以做出哪些其他貢獻時，我們討論了改進通訊平台，這在許多不同方面都很有幫助，可能會在我們如何更新——留住居民方面體現得最為明顯。

But the way that we're communicating with them spans the entire spectrum of the way that they order services and submit maintenance requests and really opens up kind of the next level of communication, which is a key preference from their side.

但我們與他們的溝通方式涵蓋了他們訂購服務和提交維護請求的整個過程，真正開啟了更高層次的溝通，這也是他們非常重視的一點。

There are a lot of other smaller initiatives that are coming through. But in terms of what we're going to look into next year, we'll see the full power of the improvements we've made on the leasing side, we've improved our access solution. I think we've become more precise on where we're investing.

還有許多其他規模較小的項目正在籌備中。但就我們明年要研究的內容而言，我們將看到我們在租賃方面所做改進的全部效力，我們已經改進了我們的存取解決方案。我認為我們在投資方向方面變得更加精準了。

This feedback is also supporting the importance of the diversified portfolio footprint and the focus on single-family detached. So there are just a number of good things that are going to continue to play out into 2026 from that perspective.

這項回饋也印證了多元化投資組合佈局的重要性以及對獨棟住宅的關注。所以從這個角度來看，有很多好事將會持續到 2026 年。

Adam Kramer, Morgan Stanley.

亞當‧克雷默，摩根士丹利。

Hey, thanks for the question here. Got question here. I just wanted to ask about what you guys are seeing in terms of supply. And I think there's sort of a few different buckets of it, right, BTR supply versus what's happening in the existing home side, shadow supply. Maybe what's happening with new homes from homebuilders as well. So maybe just what you're seeing in sort of each of those buckets and maybe how does that compare to 6 or 12 months ago?

嘿，謝謝你的提問。我有個問題。我只是想問你們目前看到的供應情況如何。我認為這其中大致可以分為幾個不同的類別，對吧，例如新建房屋供應與現有住宅供應（影子住房供應）之間的差異。或許房屋建築商新建的房屋也存在著同樣的問題。所以，也許你想了解你在每個類別中看到的情況，以及這與 6 個月或 12 個月前相比如何？

Yeah, thanks, Adam. This is Lincoln here. look, we start with supply in the local level. I think it's easy to talk about on a national level, but you get the real picture we have to kind of zoom in a little bit to what's happening in each of the local markets.

謝謝你，亞當。我是林肯。你看，我們先從地方層級的供應開始。我認為在國家層面上談論這個問題很容易，但要了解真實情況，我們必須稍微放大一下每個地方市場正在發生的事情。

And we acknowledge that it's still difficult to find a lot of information that may be more available in other more developed platforms like the multifamily tools. But what we're doing is we're starting with our internal data. We're buying that with some external sources. We've got good information from publicly available stuff like Zillow and Burns and then some other proprietary sources that are flowing into a revenue optimization model.

我們也承認，在其他更成熟的平台（例如多戶住宅工具）上更容易找到的許多信息，仍然很難找到。但我們首先要從內部資料入手。我們正透過一些外部管道採購。我們從 Zillow 和 Burns 等公開管道以及其他一些專有管道獲得了有用的信息，這些信息正被整合到一個收入優化模型中。

There definitely is an impact, I think, from the conversions of four sales to four rent. It's a little bit difficult to nail down exactly what that is. But you can see where that may be impacting our portfolio with a little bit of rate pressure and a little bit of occupancy. But we have a lot of markets that are still running extremely well.

我認為，四套房屋出售轉為四套房屋出租，肯定會產生影響。要準確定義它是什麼，還有些困難。但你可以看出，這可能會對我們的投資組合產生一些影響，例如利率壓力和入住率略有下降。但我們有很多市場仍然運作得非常好。

We talked about the Midwest a little bit earlier some of our Western markets, Salt Lake City, Seattle, some of those are doing extremely well from a supply standpoint. It does seem that BTR and multifamily are off peak deliveries. We'd expect those to continue to improve into 2026. The rate at which that happens probably depends a little bit on the level of demand that's in the marketplace, but we do expect it to get a little bit better.

我們之前稍微談到了中西部地區，我們的一些西部市場，像是鹽湖城、西雅圖，從供應角度來看，這些市場的表現都非常出色。看起來，BTR（租賃住房）和多戶住宅的交付量都處於非高峰期。我們預計這些指標到 2026 年將持續改善。這種情況發生的速度可能在一定程度上取決於市場需求水平，但我們預期情況會有所改善。

David Segall, Green Street.

大衛西格爾，格林街。

Hi, thank you. I was curious if you could provide any insight into the pricing for smaller portfolios in the market and maybe the opportunity set for consolidation in the space.

您好，謝謝。我想請教您，能否就市場上較小規模投資組合的定價，以及該領域整合的機會提供一些見解？

Yeah, thanks David. This is Bryan. The pricing for smaller portfolios is relatively consistent with what we've seen on the MLS side and on the national builder side. I think there's still a little bit of a disconnect with owners expecting to be able to get kind of end-user homeowner pricing in terms of their market value expectations.

謝謝你，大衛。這是布萊恩。較小規模房產組合的定價與我們在 MLS 平台和全國性建築商平台看到的定價基本一致。我認為業主們仍然有些脫節，他們希望能夠以最終用戶房主的價格買到符合市場價值預期的房子。

So we haven't seen a lot of change there what we've looked at is generally characterized by high four caps, maybe five at best. But there's still a little bit of a gap between their pricing and what we would need to be able to do anything in sale.

所以，我們並沒有看到太大的變化，我們所看到的總體特徵是上限為四，最多可能為五。但是他們的定價和我們進行任何銷售活動所需的價格之間仍然存在一些差距。

And David, Chris here. Pricing aside, like we've talked about before. Looking forward, we're very optimistic on the number of those types of portfolio opportunities that are out there. And one of the things that we especially like about them is the ability to uniquely unlock value by bringing them on to the AMH platform, right, which is just what we have done and are doing, creating value in that portfolio we acquired towards the end of 2024.

我是大衛，我是克里斯。拋開價格因素不談，就像我們之前討論過的。展望未來，我們對市場上這類投資組合機會的數量非常樂觀。我們特別喜歡它們的一點是，能夠透過將它們引入 AMH 平台來獨特地釋放價值，對吧？這正是我們已經做和正在做的事情，在我們 2024 年底收購的投資組合中創造價值。

Linda Tsai, Jefferies.

Linda Tsai，傑富瑞集團。

Yes, hi. On the improved NOI margins in '25, how much of this is from lower turn versus operating efficiencies? Like what are you doing to improve upon controlling the controllables. And what does this trajectory look like as you move into '26?

是的，你好。2025 年 NOI 利潤率的提高，有多少是因為週轉率降低，又有多少是因為營運效率提高？例如，你採取了哪些措施來改善對可控因素的控制？那麼，到了 2026 年，你的發展軌跡會是什麼樣的呢？

Sure. Chris here, why don't I start? And then if there's anything else that Lincoln wants to fill in from an operational perspective, you can chime in too. I would say it's a function of a couple of different things. One, of course, it starts with good strength in the top line. Solid and full occupancy in the 96% area this year, good strength in spreads over the course of the year in the high 3s, ultimately translating into the top line growing high fees.

當然。我是克里斯，不如我先開始吧？如果林肯還有什麼想從操作角度補充的，你也可以補充。我認為這取決於幾個不同的因素。首先，當然要從強大的主力陣容開始。今年入住率穩定且滿租，達到 96%，全年價差維持在 3% 以上，最終轉化為收入成長和高額費用。

Beyond that, it is very much a function of just, like you said, controlling the controllables on expenses. The team is doing a great job there, executing over the course of the year. And for this year, we're getting a little help from timing of property taxes as well.

除此之外，正如你所說，這很大程度取決於控制可控的費用因素。該團隊在這一年中表現出色，執行力很強。今年，房產稅繳納時間的調整也對我們有幫助。

So as we think about looking forward, I would say last year 2024 and this year 2025 are both good examples of the opportunity that we've been talking about in terms of longer-term ability to continue to creep and grind margins higher, right? Given the opportunity to continue to maintain strength in the top line, longer term, we view this business as inflationary plus to the top line.

所以，展望未來，我認為去年的 2024 年和今年的 2025 年都是很好的例子，體現了我們一直在談論的長期發展機遇，即持續穩步提高利潤率，對吧？如果能夠持續維持營收的強勁成長，從長遠來看，我們認為這項業務對營收的成長具有通膨促進作用。

And via all of the investments we're making, controlling expenses holding the line on expense growth at inflationary levels, maybe even a touch below as we execute really well, translating into continued opportunity for margin expansion year-over-year going forward. And again, last year and this year, good examples of margins creeping higher by tens of basis points per year.

透過我們所有的投資，控制支出，將支出成長保持在通膨水平，甚至可能略低於通膨水平，因為我們的執行非常出色，這將轉化為未來逐年擴大利潤率的持續機會。去年和今年，利潤率每年都以數十個基點的速度緩慢成長，這是一個很好的例子。

Yeah, thanks, Linda. This is Lincoln. As far as the upside of the business, one of the things we haven't talked about for quite a while is our investments in our resident 360 program. I think what we're seeing now is some returns on those investments that they are continuing to pay dividends.

謝謝你，琳達。這是林肯。就業務發展前景而言，我們已經很久沒有談到我們對駐場360計劃的投資了。我認為我們現在看到的是這些投資的一些回報，它們正在持續支付股息。

As part of that initiative, we realigned our maintenance functions with the local markets where there could be better decision-making more quickly, provide better service to the residents and hold vendors accountable to scope and cost. That seems to be paying some dividends.

作為該措施的一部分，我們調整了維護職能，使其與當地市場更加契合，以便更快地做出更好的決策，為居民提供更好的服務，並讓供應商對範圍和成本負責。看來這確實帶來了一些好處。

And then the other thing that's seems to be working very well as we're finding some synergies between the purchasing skill sets in our new development program and our property management programs that are continuing to keep our costs under control.

此外，我們發現新開發案中的採購技能與物業管理專案之間存在一些協同效應，這似乎也取得了非常好的效果，從而繼續控制著我們的成本。

So overall, we have optimism that as we continue to focus on the business and improve the different areas that we'll continue to see improvements.

所以總的來說，我們樂觀地認為，隨著我們繼續專注於業務並改善各個領域，我們將繼續看到進步。

Jesse Lederman, Zelman & Associates.

傑西·萊德曼，澤爾曼及合夥人公司。

Hi, thanks for taking my question. I want to clarify the comments made earlier about reaching an inflection point recently. Was that for occupancy? I know you reached 95.1% in October. So are you expecting the inflection and improvement through the rest of the year exclusively for occupancy? Or do you expect that to translate through to accelerating rent growth as well, which would, of course, be counter seasonal?

您好，感謝您回答我的問題。我想澄清一下之前關於近期達到轉折點的評論。那是用於入住的嗎？我知道你在十月達到了 95.1% 的完成率。所以您是否預計今年剩餘時間入住率的轉機和改善將完全取決於入住率？或者您預計這種情況也會轉化為租金加速成長，這當然會與季節性因素相反？

And then anything you're doing to spur the inflection such as increased incentives or concession on vacant units? Thanks.

那麼，為了刺激市場出現轉折點，你們採取了哪些措施，例如增加激勵措施或對空置單位進行優惠？謝謝。

Thanks, this is Bryan. Yes, the inflection point commentary really was centered around what we're seeing on our dashboards from leasing activity. It starts with increased inquiries into our website into our system migrates into showings applications and ultimately, leases.

謝謝，我是布萊恩。是的，關於轉折點的評論確實主要圍繞著我們從租賃活動儀錶板上看到的情況。首先是對我們網站的諮詢量增加，然後是對我們系統的諮詢量增加，接著是看房申請，最終是租賃。

The commentary included the commentary that October leasing was better than September. We're going to see those effects in occupancy, especially coupled with, as I mentioned earlier, the lease expiration management initiative. So I would expect to see those benefits on the occupancy side. The rent growth will return in the spring leasing season next year, especially since we're going to be well positioned at that point.

評論中提到，10 月的租賃情況比 9 月好。我們將會在入住率方面看到這些影響，特別是與我之前提到的租賃到期管理計畫結合。因此，我預期入住率方面會取得這些成效。明年春季租賃旺季，租金將會回升，尤其是屆時我們將處於有利地位。

I appreciate you noticing too on the concession side. We've maintained this fantastic momentum on new development communities and getting those leased without the use of concessions. And then with the scattered site same on portfolio, concessions aren't a tool that we've employed. So what you're seeing is the actual pull-through results.

感謝您也注意到讓步方面的問題。我們在新建社區方面保持了良好的發展勢頭，並且在不使用優惠措施的情況下成功完成了租賃。而且由於投資組合中存在分散的網站，我們沒有採取讓步這種手段。所以你現在看到的是實際的拉動結果。

Brad Heffern, RBC Capital Markets.

Brad Heffern，加拿大皇家銀行資本市場。

Yeah, thanks. For the development program, can you talk about what the go-forward yield is today? And how do you see that evolving?

嗯，謝謝。關於研發項目，您能否談談目前的未來預期效益是多少？你認為這種情況會如何發展？

Yeah, thanks, Brad. This is Bryan -- yield for 2025, we talked about that at the beginning of the year, and the expectation was that it was going to accelerate from the low 5s in Q1 into the mid-5s for the year. As we got into the spring leasing season, we're really pleased with the results that we saw and hope that maybe the midsize be maybe even touch better.

是啊，謝謝你，布拉德。這是布萊恩——關於 2025 年的收益率，我們在年初討論過，當時的預期是它會從第一季度的 5% 左右加速到全年的 5% 左右。隨著春季租賃季的到來，我們對所取得的成果感到非常滿意，並希望中型車市場能做得更好。

But in light of the general conditions that we saw kind of exiting September exiting the third quarter, it looks like that mid-5s might be just a touch lower for 2025. It's a function of really just short-term changes in rents on the input side, the team has done a fantastic job of managing costs. So we're delivering these houses of vertical construction costs that are consistently flat over 2024, which is especially impressive in this environment that includes commentary, daily commentary on tariffs and a lot of other moving pieces. So the delivery from the cost perspective has been very successful.

但鑑於我們在9月底第三季末看到的整體情況，2025年5月中旬的目標值可能會略微下降一些。這實際上只是投入方面租金短期變化的結果，團隊在成本控制方面做得非常出色。因此，我們承諾這些房屋的垂直建設成本在 2024 年將保持穩定，這在當前環境下尤其令人印象深刻，因為當前環境包括各種評論、每日關稅評論以及許多其他不確定因素。因此，從成本角度來看，交付非常成功。

We're on track with our number of deliveries that we set at the beginning of the year. So the development team has done a fantastic job executing. What we're seeing on the red side is temporary in nature. As we look forward, we have good visibility in the environment as to what we're delivering in Q4 and into Q1, and I'd expect those yields to kind of be consistent with what we're seeing now as we get in to -- leasing season, hopefully, we'll be able to accelerate those rents.

我們目前的交付量與年初設定的目標基本一致。所以開發團隊的執行工作做得非常好。我們看到的紅色區域的情況是暫時的。展望未來，我們對第四季和第一季的業績有清晰的預期，我預計這些收益率將與我們現在看到的收益率基本一致，隨著租賃季的到來，希望我們能夠加快租金上漲。

Jade Rahmani, KBW.

Jade Rahmani，KBW。

Hi, this is Jason Sabshon on for Jade. So CapEx came in a bit lower versus expectations. So curious what drove that? Was it the level of construction activity in your markets with reduced activity from some of the builders, lower multifamily starts driving better pricing than trade partners, any thoughts there? And if you expect this trend to continue would be helpful. Thanks.

大家好，我是Jason Sabshon，為您帶來Jade的報道。因此，資本支出略低於預期。很好奇是什麼原因促成了這件事？您所在市場的建築活動水準是否受到影響？一些建築商的活動減少，導致多戶住宅開工量下降，從而推高了價格，使其優於貿易夥伴？對此您有什麼看法？如果你預期這種趨勢會持續下去，那就很有幫助了。謝謝。

Yeah, thanks, Jason. I think what you're seeing is a little bit of timing. There are some fewer move-outs in third quarter than they are in the first part of the year. So we need to keep that in mind. But overall, I would account most of the improvement to just continued vigilance in the stabilized portfolio to cost controls, controlling those controllables, which is our mantra in the back half of the year here.

謝謝你，傑森。我認為你看到的只是時機上的些許影響。第三季的搬出人數比上半年少一些。所以我們需要牢記這一點。但總的來說，我認為大部分的改善都歸功於對穩定投資組合成本控制的持續警惕，控制那些可控因素，這也是我們下半年奉行的原則。

As I mentioned earlier, it's those impacts from Resident 360, the intentional focus on maintenance, the cooperation between the different groups and the company and probably a little bit of continued contribution of low-cost purpose-built single-family homes for our new development program that have lower cost profiles. So overall, I would call it intentionality that's driving that CapEx improvement.

正如我之前提到的，正是 Resident 360 的影響、對維護的重視、不同團體和公司之間的合作，以及我們新的開發計劃中低成本專用單戶住宅的持續貢獻（這些住宅的成本較低）。所以總的來說，我認為推動資本支出改善的是一種有意為之的策略。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yeah, good afternoon, everyone. Just curious if you could give us any thoughts on regulatory updates, especially as you're about to kind of go through an election cycle?

是的，大家下午好。我很好奇您是否能就監管方面的最新動態分享一些看法，尤其是在您即將迎來選舉週期之際？

Thanks. This is Bryan. From a regulatory perspective, it's been relatively quiet as it pertains to single-family rentals of late. We've internally taken the opportunity to get out and really tell our story with the local municipalities and government officials. And I think we've done a very good job of showing them what we're delivering into the communities, showing that we're part of the solution from a supply perspective.

謝謝。這是布萊恩。從監管角度來看，近來單戶住宅租賃領域相對平靜。我們內部也抓住了這個機會，走出去，與當地市政當局和政府官員真正地講述了我們的故事。我認為我們做得很好，向他們展示了我們正在為社區提供的服務，表明從供應角度來看，我們是解決方案的一部分。

And then as you get a little bit higher level, there's just a lot of talk about federal government shutdown, immigration policies. From a shutdown perspective, we're really hopeful that our government leaders can find a solution quickly -- in the near term, it hasn't had a lot of effect -- direct impact on AMH. But we do have a couple of cases with some residents that have been affected, and we're working very closely with them to bridge those gaps.

然後，隨著你關注的層面越來越高，你會發現許多關於聯邦政府停擺、移民政策的討論。從停擺的角度來看，我們真心希望政府領導人能夠盡快找到解決方案——在短期內，它還沒有產生太大影響——對AMH的直接影響。但我們確實發現有幾例居民受到影響，我們正在與他們密切合作，以彌補這些差距。

And then from an immigration perspective, we haven't seen any effect on the cost of our development program and the way that we're delivering the vertical construction costs, as I mentioned earlier. But over the long run, it's difficult to really put a finger on whether there's going to be any issues from a demand perspective for housing.

從移民的角度來看，正如我之前提到的，我們還沒有看到移民對我們的發展計畫成本以及我們支付垂直建設成本的方式產生任何影響。但從長遠來看，很難準確判斷住房需求是否會出現任何問題。

So in a nutshell, it's been relatively quiet. We've been proactive in messaging and we're just paying very close attention to what's going on at a macro level.

總之，這段時間相對平靜。我們一直積極主動地發布訊息，並且密切關注宏觀層面正在發生的事情。

Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to the management for the closing comments.

謝謝。女士們、先生們，這是今天的最後一個問題。現在我謹將會議交給管理階層，請他們作總結發言。

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

是的，謝謝你今天抽出時間。我們非常感謝大家對AMH的持續關注，期待下季與您再次交流。

Thank you. Ladies and gentlemen, the conference of American Homes 4 Rent has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。女士們、先生們，美國房屋出租協會的會議已經結束。感謝您的參與。現在您可以斷開線路了。