American Homes 4 Rent (AMH) 2026 Q1 法說會逐字稿

Greetings, and welcome to the AMH first quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 AMH 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

I would now like to turn the conference over to your host, Nick Fromm, Vice President of Investor Relations. Thank you. Please begin.

現在我想把會議交給本次會議主持人、投資人關係副總裁 Nick Fromm。謝謝。請開始。

Good morning, and thank you for joining us for our first quarter 2026 earnings conference call. With me today are Bryan Smith, Chief Executive Officer; Chris Lau, Chief Financial Officer; and Lincoln Palmer, Chief Operating Officer.

各位早安，感謝各位參加我們 2026 年第一季財報電話會議。今天與我一同出席的有執行長 Bryan Smith、財務長 Chris Lau，以及營運長 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.

請注意，本次電話會議可能包含前瞻性陳述。除歷史事實陳述外，本次財報電話會議所包含的所有陳述均屬前瞻性陳述，並受多項風險與不確定性影響，可能導致實際結果與這些陳述所預期者出現重大差異。

These risks and other factors that could adversely affect our business and future results are described in our press releases and in our filings with the SEC. All forward-looking statements speak only as of today, May 7, 2026. 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.

這些風險及其他可能對我們的業務與未來業績造成不利影響的因素，已在我們的新聞稿以及向美國證券交易委員會（SEC）提交的文件中說明。所有前瞻性陳述僅截至今日（2026 年 5 月 7 日）為準。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訂任何前瞻性陳述的義務。

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.

GAAP 與非 GAAP 財務衡量指標之調節表已包含於我們的財報新聞稿及補充資訊資料包中。另請注意，我們的營運與財務結果（包括 GAAP 與非 GAAP 指標）已在財報新聞稿及補充資訊資料包中完整揭露。您可於我們的網站 www.amh.com 查閱上述文件、SEC 報告以及本次電話會議的音訊網路重播。

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

接下來，我將把電話會議交給我們的執行長 Bryan Smith。

Welcome, everyone, and thank you for joining us today. 2026 is off to a good start. Our strong first quarter was characterized by solid seasonal demand and excellent execution by our field and asset management teams. Against the backdrop of political and economic uncertainty, our results demonstrate the resiliency of single-family rentals and the strength of the AMH platform.

各位好，感謝今天加入我們。2026 年開局良好。我們第一季表現強勁，主要受惠於穩健的季節性需求，以及我們前線與資產管理團隊的出色執行。在政治與經濟不確定性的背景下，我們的結果展現了單戶住宅租賃的韌性，以及 AMH 平台的實力。

Seasonal demand picked up as expected in the back half of the first quarter despite a slightly later start this year. This resulted in record leasing volumes for March and continued momentum through April. The recent occupancy and new lease spread trajectories put us in a good position as we move through the remainder of peak leasing season. The teams did a great job in meeting the accelerating demand by efficiently turning homes in a period of heightened lease expirations. And their ability to control the controllables drove an impressive reduction in same-home core operating expenses year-over-year.

儘管今年起步稍晚，季節性需求仍如預期在第一季後半段回升。這使得 3 月的租賃量創下紀錄，並在 4 月持續保持動能。近期的入住率與新租約租金價差走勢，讓我們在接下來的租賃旺季中處於有利位置。團隊在租約到期量增加的期間，透過高效率完成房屋整備，成功因應加速的需求。而他們對可控因素的有效管理，推動同屋核心營運費用較去年同期顯著下降。

This resulted in strong same-home core NOI growth of 3.7% for the quarter. For April, the leasing momentum from March continued, further improving new lease spreads to 1.2% and same-home average occupied days to 95.6%, representing a 30 basis point sequential improvement.

因此，本季同屋核心 NOI 強勁成長 3.7%。就 4 月而言，3 月的租賃動能延續，進一步將新租約租金價差提升至 1.2%，同屋平均已入住天數提升至 95.6%，較前一季改善 30 個基點。

On the investment front, we continue to execute on our 2026 capital plan. During the quarter, we delivered over 500 high-quality purpose-built AMH development homes at a 5.3% average initial yield. As a reminder, this year's moderated on-balance sheet development activity will be match funded with proceeds from our disposition program. Our asset management team did a great job identifying noncore assets and recycling capital in the first quarter, selling over 700 homes for approximately $200 million of net proceeds. Importantly, we continue to see strong MLS demand across all of our markets, demonstrating the resilient value of single-family housing to end-user homebuyers.

在投資方面，我們持續執行 2026 年資本計畫。本季我們交付超過 500 戶高品質、專為 AMH 打造的開發住宅，平均初始收益率為 5.3%。提醒各位，今年較為溫和的表內開發活動，將以我們處分計畫的收益進行對應資金配置（match funded）。我們的資產管理團隊在第一季有效辨識非核心資產並進行資本再循環，出售超過 700 戶住宅，取得約 2 億美元的淨收益。重要的是，我們持續在所有市場看到強勁的 MLS 需求，顯示單戶住宅對終端自住買家的價值具備韌性。

And finally, we continue to remain active on share repurchases, taking a thoughtful and strategic approach to capital deployment. Over the past 6 months, we have repurchased approximately $360 million of common stock, which represents roughly 3% of total shares and units outstanding.

最後，我們仍積極進行庫藏股回購，並以審慎且具策略性的方式部署資本。過去 6 個月，我們已回購約 3.6 億美元普通股，約占流通在外股份與單位總數的 3%。

Before I close, I would like to provide a brief legislative update. The discussions in Washington around the 21st Century ROAD Act are continuing as we speak. Our focus remains on ensuring that the role of single-family rental housing is well understood and appropriately represented. We are actively engaged alongside industry partners to support policies that encourage housing supply. We will keep you informed as developments unfold.

在結束前，我想提供一則簡要的立法最新進展。華盛頓方面就《21 世紀 ROAD 法案》的討論仍在進行中。我們的重點仍是確保單戶住宅租賃住房的角色能被充分理解並獲得適當代表。我們正與產業夥伴積極合作，支持鼓勵增加住房供給的政策。隨著後續發展，我們將持續向各位更新。

Most importantly, millions of Americans call single-family rentals home and our focus on providing quality housing with an exceptional resident experience is unwavering. With our leading operating platform and vertically integrated development program, AMH is well positioned as an industry leader to adapt and respond effectively in all environments.

最重要的是，數以百萬計的美國人以單戶住宅租賃為家，而我們提供優質住房並打造卓越住戶體驗的承諾始終不變。憑藉領先的營運平台與垂直整合的開發計畫，AMH 作為產業領導者，已具備在各種環境下有效調整並回應的良好定位。

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

接下來，我把電話會議交給 Chris。

Thanks, Bryan, and good morning, everyone. Like usual, I'll cover three areas in my comments today. First, a review of our quarterly results. Second, an update on our balance sheet and recent capital activity. And third, I'll close with a few thoughts around our unchanged 2026 guidance.

謝謝你，Bryan，各位早安。如同以往，我今天的說明將涵蓋三個面向。第一，回顧本季業績。第二，更新我們的資產負債表與近期資本活動。第三，最後分享幾點關於我們維持不變的 2026 年財測指引的看法。

Starting off with our operating results. The team has delivered a good quarter with solid execution across the board, generating net income attributable to common shareholders of $128 million or $0.35 per diluted share. On an FFO share and unit basis, we generated $0.48 of core FFO, representing 4.6% year-over-year growth and $0.45 of adjusted FFO, representing 8% year-over-year growth.

先從營運結果開始。團隊本季整體執行到位，交出不錯的成績，歸屬於普通股股東的淨利為 1.28 億美元，稀釋後每股盈餘為 0.35 美元。以每股與每單位 FFO 計算，我們的核心 FFO 為 0.48 美元，年增 4.6%；調整後 FFO 為 0.45 美元，年增 8%。

From an investment perspective, we continued executing on our moderated 2026 development plan, delivering a total of 539 homes to our wholly owned and joint venture portfolios during the quarter. Specifically, for our wholly owned portfolio, we delivered 457 homes for a total investment cost of approximately $187 million. Additionally, we saw another quarter of robust disposition activity, generating total net proceeds of nearly $200 million at an average economic disposition yield in the 4% area.

從投資角度來看，我們持續執行較為溫和的 2026 年開發計畫，本季共向全資與合資投資組合交付 539 戶住宅。具體而言，就全資投資組合而言，我們交付 457 戶住宅，總投資成本約 1.87 億美元。此外，我們又迎來一季強勁的處分活動，總淨收益接近 2 億美元，平均經濟處分收益率約在 4% 左右。

Next, I'd like to quickly 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 5.3 times. We had approximately $63 million of cash available on the balance sheet, and we had a $390 million drawn balance on our $1.25 billion revolving credit facility. Additionally, during the quarter, we repurchased 3.7 million common shares for a total of $115 million at an average price of $31.49 per share. And subsequent to quarter end, we repurchased an additional 3.2 million common shares for a total of $94 million at an average price of $29.37 per share.

接著，我想快速談談我們的資產負債表與近期資本活動。截至季末，我們的淨負債（含特別股）對調整後 EBITDA 倍數為 5.3 倍。資產負債表上約有 6,300 萬美元可用現金，且我們在 12.5 億美元循環信用額度項下的已動用餘額為 3.9 億美元。另外，本季我們以平均每股 31.49 美元的價格回購 370 萬股普通股，總金額 1.15 億美元。而在季後，我們又以平均每股 29.37 美元的價格額外回購 320 萬股普通股，總金額 9,400 萬美元。

Over the past 6 months, we have repurchased a total of $360 million of common shares representing approximately 3% of total shares and units outstanding and continue to have over $400 million remaining on our existing share repurchase authorization.

過去 6 個月，我們合計回購 3.6 億美元普通股，約占流通在外股份與單位總數的 3%；且在現有的股份回購授權額度下，仍有超過 4 億美元可供回購。

Lastly, before we open the call to your questions, I wanted to briefly touch on our 2026 outlook. As contemplated in our guidance, after a slower start to January and February, leasing season is now fully underway with healthy demand and strong activity. Additionally, as we saw in the first quarter, the team is doing an excellent job controlling the controllables on expenditures.

最後，在我們開放各位提問之前，我想簡要談一下我們對 2026 年的展望。如同我們在指引中所述，在 1 月與 2 月開局較慢之後，租賃旺季目前已全面展開，需求健康、活動強勁。此外，正如我們在第一季所見，團隊在可控的支出項目上做得非常出色。

As a reminder, however, it is still early in the year with the majority of spring leasing activity and move-out season still ahead of us. And with that in mind, we've left our 2026 guidance unchanged and continue to remain optimistic on our position moving forward.

不過提醒一下，目前仍是年初，春季大部分租賃活動以及搬出季仍在前方。基於此，我們維持 2026 年指引不變，並持續對未來的發展態勢保持樂觀。

As demonstrated by this quarter's results, our operating platform is clearly firing on all cylinders. The positive inflection in April new leasing spreads is a great reminder of the resilient demand for single-family rentals and our prudent approach to capital management continues to create value into the balance of 2026 and beyond.

從本季的結果可見，我們的營運平台顯然火力全開、全面運轉。4 月新租約租金價差的正向轉折，再次印證獨棟住宅出租（single-family rentals）需求的韌性；而我們審慎的資本管理方式，將持續在 2026 年剩餘期間及更長遠的未來創造價值。

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

那麼，再次感謝各位撥冗參與，我們現在開放提問。接線員？

(Operator Instructions)

(接線員指示)

Jamie Feldman, Wells Fargo.

Jamie Feldman，富國銀行（Wells Fargo）。

Hi, this This is Conor on for Jamie. New leases experienced a solid 200 bps acceleration versus 1Q. Can you unpack what drove that inflection? How would you describe the spring leasing season versus typical seasonality? Are there certain markets that are key drivers?

嗨，我是 Conor，代 Jamie 發問。新租約相較於第一季加速了 200 個基點。能否說明是什麼因素帶動了這個轉折？你們會如何形容今年春季租賃旺季相較於典型季節性的表現？是否有某些市場是主要驅動因素？

And how are May trends comparing so far?

另外，截至目前 5 月的趨勢比較如何？

Conor, Lincoln here. I appreciate the comments on new leases. We're as Chris mentioned in his prepared remarks, we're pleased with the way that the season has kicked off here. What you're seeing in new leases is driven primarily by a balanced approach to our revenue management strategy. We have -- we've seen great activity at the beginning of the year and that's driven both improvements in occupancy and rate.

Conor，我是 Lincoln。謝謝你對新租約的評論。正如 Chris 在事先準備的發言中提到的，我們對本季開局的表現感到滿意。你在新租約上看到的表現，主要是由我們在收益管理策略上採取均衡做法所驅動。我們——我們在年初就看到很好的活動量，這同時帶動了入住率與租金的改善。

As we mentioned before, it got off to a little bit slower start, but the May and April results saw great leasing activity. We think of that in terms of 15% incremental over last year. As we've talked about before on the seasonality piece, we expect to continue to build rate and occupancy into the season here. We're right in the thick of it. And we can expect on May and June to build some occupancy incrementally.

如同先前提到的，一開始確實稍微慢了一點，但 4 月與 5 月的結果顯示租賃活動非常強勁。我們認為這相當於較去年增加約 15% 的增量。關於季節性部分，如同我們先前談過的，我們預期在本季期間將持續推升租金與入住率。我們正處於旺季的核心階段。而在 5 月與 6 月，我們預期入住率會逐步增加。

Rate will follow.

租金會隨後跟上。

Again, our objective is to maximize that top line. We'll take this first half of the year to capture as much rate and occupancy as we can. And then as we talked about in the past, we will control the controllables and hold as much of that occupancy as possible. May is feeling really good so far. No change in the great activities that we've seen for the first of the year.

再次強調，我們的目標是最大化營收（top line）。我們會利用上半年盡可能取得更多租金與入住率。接著如同過去所談，我們會控制可控項目，並盡可能維持這些入住率。截至目前 5 月的感覺非常好。我們年初以來看到的強勁活動沒有任何改變。

So we're encouraged by the season.

因此，我們對本季表現感到鼓舞。

Eric Wolfe, Citi.

Eric Wolfe，花旗（Citi）。

You mentioned a second ago that you expect occupancy to continue to build into the future months here. I guess with occupancy coming up so much, are you starting to be a little bit more aggressive on the renewal side? Or are you going to sort of expect to kind of stay around this sort of 3% level and build occupancy? Just curious how you're thinking about sort of pricing going forward versus trying to build more occupancy into the back half of the year.

你剛才提到，你預期入住率在接下來幾個月會持續上升。我想問的是，既然入住率提升這麼多，你們在續約端是否開始更積極一些？還是你們會預期大致維持在約 3% 的水準，同時提升入住率？想了解你們如何看待未來的定價策略，相較於在下半年進一步拉高入住率。

Yeah. Thanks, Eric. What we're seeing on the renewals so far this year is just part of this consistent and balanced approach to our revenue plan. You can see the results of that in the top line. We've had great retention this year relative to renewal offers that we've sent out.

是的。謝謝你，Eric。我們今年截至目前在續約方面看到的情況，正是我們收益計畫一貫且均衡做法的一部分。你可以在營收端看到這樣做法的成果。相較於我們發出的續約報價，今年的續租率表現非常好。

As a reminder, full year, we've contemplated in our guide in the 3% area for renewals. First quarter landed at 3.2%. Notably, we're seeing pickups into May and June on renewal rates. So Q2 should land very similar to Q1. And then we're mailing into Q3 now in the mid-3s.

提醒一下，全年而言，我們在指引中對續約租金成長的假設約在 3% 左右。第一季落在 3.2%。值得注意的是，我們看到 5 月與 6 月的續約租金成長率有所回升。因此第二季應會與第一季非常接近。而我們目前寄發到第三季的續約報價，則在 3% 中段（mid-3s）。

So we're comfortable with the way that's moving. We'll continue to find additional opportunity in the back months of the year as that's available to us.

所以我們對這樣的走勢感到安心。我們也會在今年後續月份，視情況持續尋找更多可把握的機會。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場（BMO Capital Markets）。

This is Robin Haneland filling in for Juan. I was just curious on the latest on the regulatory front and the probability of stripping out build-for-rent hindrances?

我是 Robin Haneland，代 Juan 發問。我想了解監管面最新進展，以及移除「為出租而建」（build-for-rent）障礙的可能性有多大？

Yes. Thanks, Robin. This is Bryan. The latest and greatest on the regulatory front, just the update to the minute is that the House is working on a response to the Senate Housing Bill, which specifically addressed build-to-rent and had some restrictions. So that remains in discussion today.

好的。謝謝你，Robin。我是 Bryan。監管面最新、最即時的更新是：眾議院正在研擬對參議院《住房法案》的回應；該法案特別針對「建造後出租」（build-to-rent）並包含一些限制。因此目前仍在討論中。

It's difficult to predict the timing or the exact outcome. But it's important to note that everybody's objective is the same, the policymakers, ours, the industry, and that's addressing housing affordability. The initial bill that was passed by the House, the 21st Century Act, did just that by facilitating the development process, making it a little bit more efficient. And then some of the other additions from the Senate have caused some public concerns, not only just from single-family rentals, but across the homebuilder space and a lot of headlines against that.

很難預測時程或最終的確切結果。但重要的是，各方目標一致——政策制定者、我們、以及整個產業——都是為了解決住房可負擔性問題。眾議院通過的最初法案《21 世紀法案》（21st Century Act）正是透過促進開發流程、讓流程更有效率來達成這一點。而參議院後續加入的一些條款，引發了社會大眾的疑慮，不僅是針對獨棟住宅出租領域，也波及整個住宅建商產業，並出現許多不利的新聞標題。

And so the House has taken that into consideration. It remains to be seen on timing. It remains to be seen on the outcome. But what's important to note, from AMH's perspective, this regulatory attention has really highlighted the importance of having a scalable operating platform and a development platform that we believe can create some additional opportunities for AMH going forward. So we think we're in a pretty good place, but the outcome remains to be seen.

因此眾議院已將這些因素納入考量。至於時程仍有待觀察。結果也仍有待觀察。但從 AMH 的角度來看，這波監管關注反而凸顯了擁有可擴展的營運平台與開發平台的重要性；我們相信這能在未來為 AMH 創造更多機會。所以我們認為自身處於相當有利的位置，但最終結果仍需拭目以待。

Steve Sakwa, Evercore ISI.

Steve Sakwa，Evercore ISI。

This is Manus on for Steve. Just wondering if you could touch on how you feel today on additional buybacks, which you obviously were active on kind of G&A versus development starts. So just curious on your kind of capital allocation front, how you kind of sit currently and what do you expect for the next month?

我是 Manus，代 Steve 發問。想請你談談目前對於進一步股票回購的看法；你們顯然在某種程度上在一般及行政費用（G&A）與開發動工之間做取捨。因此想了解你們目前在資本配置方面的立場，以及你們對未來一個月的預期。

Sure, Manus. It's Chris here. Look, as we're thinking about buybacks more broadly, the right place to start is, as you hear from us all the time, we very much believe in the business, and we believe in the stock. And you can see that clearly demonstrated by the fact that we've been active consistently repurchasing stock over the past, call it, 6 months at this point. We were active during the fourth quarter, active during the first quarter and now into the beginning of the second quarter as well, like we mentioned in the prepared remarks.

當然可以，Manus。我是 Chris。你看，當我們更廣泛地思考回購時，最適合的起點是——正如你們經常聽到我們說的——我們非常相信這門生意，也相信這檔股票。而這點也清楚反映在我們過去大約 6 個月持續積極回購股票的行動上。我們在第四季有回購、第一季也有回購，現在第二季初也仍在進行，正如我們在事先準備的發言中提到的。

At this point, cumulatively, we've repurchased about 3% of total shares and units outstanding.

截至目前，累計而言，我們已回購約占已發行在外總股份與單位的 3%。

And then to your point, looking forward, on top of that, we continue to have over $400 million remaining on our existing repurchase authorization. Like we talked about at the start of the year, we came into 2026 with our capital plan contemplating a couple of hundred million dollars of incremental capital capacity for additional repurchases. That's without taking leverage above the mid-5s. And not all of that has been deployed yet.

再回到您提到的重點，展望未來，除此之外，我們在既有的回購授權下仍有超過 4 億美元的額度尚未使用。如同我們在年初談到的，我們在進入 2026 年時的資本規劃，已納入額外數億美元的增量資本能力，用於進一步回購。這是在槓桿不高於 5 倍中段的前提下。而且其中並非全部都已部署。

And then more broadly, we were talking about this last quarter, we continue to have a great opportunity as we think about leaning into dispositions, just like we did in 2025, to potentially free up additional layers of capital as we think about evaluating further repurchases to complement the strategic and long-term value being created by our development program.

更廣泛來看，我們上季也談到過，當我們考慮加大處分力度時（就像我們在 2025 年所做的），我們仍然有很好的機會，可能釋放出額外層次的資本；在評估進一步回購、以補充我們開發計畫所創造的策略性與長期價值時，這將有所助益。

Haendel St. Juste, Mizuho Securities.

Haendel St. Juste，瑞穗證券。

This is Mike on with Haendel at Mizuho. Our question is, how are concessions trending by market and in particular, Arizona, Texas, Florida? And what is the current level of concessions in terms of weeks in those markets being offered?

我是瑞穗的 Mike，與 Haendel 一起提問。我們的問題是，各市場的讓利（concessions）趨勢如何，特別是亞利桑那、德州、佛羅里達？以及目前在這些市場提供的讓利水準，以「幾週」來衡量大概是多少？

Thanks, Mike. I appreciate the question. As we said in the past, in general, we don't offer concessions on the rent side. We haven't been doing that for quite some time. Especially in our new development communities, we have the ability to match our deliveries with the demand, and so we never build inventory and cause issues where we would need to use those.

謝謝你，Mike。感謝這個問題。如同我們過去所說，一般而言，我們在租金端不提供讓利。我們已經有相當長一段時間沒有這麼做了。尤其是在我們的新開發社區，我們有能力讓交付節奏與需求相匹配，因此我們從不堆積庫存、造成需要使用讓利的問題。

We do watch carefully concessions in the marketplace that may be competitive with ours. There has been a lot of that. But our product is moving very well and seems to be positioned well in the marketplace. So we're not going to use those.

我們確實會密切關注市場上可能與我們競爭的讓利情況。這類情況一直很多。但我們的產品去化得非常好，且在市場上的定位似乎也很到位。因此我們不會採用那些讓利。

Jana Galan, Bank of America.

Jana Galan，美國銀行。

Congrats on a nice start to spring leasing. I was curious if there's any changes in the move-outs to buy, whether increasing or decreasing, in any of your markets?

恭喜春季租賃有個很好的開局。我想了解，在你們任何市場中，「搬出改買房」（move-outs to buy）的情況是否有變化——不論是增加或減少？

Jana, I appreciate the comments. Move-out to buy has remained really consistent where it's been for the last several quarters, just sub-30%. As a reminder, that's essentially where it's been for most of our history. We've seen it come down slightly from the low 30s as homeownership has changed a little bit for Americans. But it seems like for the most part, it continues to be one of our largest reasons for moving out and no anticipated changes to that in the near future.

Jana，感謝你的評論。「搬出改買房」的比例一直非常穩定，與過去幾季大致相同，略低於 30%。提醒一下，這基本上也是我們大部分歷史期間的水準。隨著美國人的自有住宅情況出現一些變化，我們看到該比例從 30% 出頭略微下降。但整體而言，這仍然是我們住戶搬出的最大原因之一，且短期內預期不會有變化。

John Pawlowski, Green Street.

John Pawlowski，Green Street。

I have a few questions just to better understand the quality of the dispositions in the last few quarters. I won't ask for precise figures, but can you give us a sense, directional sense on square footage per home, average age of home, the rent versus -- average rent, again, relative to the rest of the portfolio, so we understand how low quality homes these have been in the last couple of quarters?

我有幾個問題，想更了解過去幾季處分資產的品質。我不會要求精確數字，但你們能否給我們一個方向性的概念：每戶的平方英尺、房屋平均屋齡、以及租金——也就是平均租金——相對於整體投資組合的水準，讓我們了解過去幾季處分的房屋品質有多低？

John, this is Bryan. I don't have the exact numbers in front of me, but for the dispositions in Q1, generally characterized by slightly smaller square footage than the rest of the portfolio. Age, generally for our -- the dispositions, they're older homes, especially when you consider that we're maintaining a pretty good hold on average age because we're delivering brand-new houses into the portfolio. And then it could be characterized by slightly lower rent, too. I think the key factor is that in the vast majority of the cases, these are noncore assets with noncore due to location or maybe some demand characteristics at a minimum.

John，我是 Bryan。我手邊沒有精確數字，但就第一季的處分而言，一般可描述為每戶坪數略小於投資組合其他資產。屋齡方面，這些處分資產通常是較老的房屋，尤其考量到我們持續把全新交付的房屋納入投資組合，使平均屋齡維持在相當不錯的水準。此外，租金也可說是略低一些。我認為關鍵因素在於，絕大多數情況下，這些都是非核心資產；之所以非核心，至少是因為地點，或可能是某些需求特性。

And I also wanted to remind everyone that we had a number of houses freed up last year when we paid off the securitizations that we haven't had access to in a while with maybe a little bit higher proportion or higher weight in the Texas markets. And so you're seeing some of those kind of lower-end homes work through the system.

我也想提醒大家，去年我們在償還證券化融資後，釋放出一批我們有一段時間無法動用的房屋，其中在德州市場的占比或權重可能略高。因此你們會看到其中一些較低端的房屋逐步在系統中處理掉。

Yes. John, Chris here. Just to point out one number that I think you may have noticed, but a lot of what Bryan was talking about, you can see that translating into the average net proceeds per property we sold in the quarter, which was plus or minus $200,000 per door, reflective of some of the attributes that Bryan was talking about.

是的。John，我是 Chris。我想指出一個數字，你可能已注意到：Bryan 所談的許多內容，都反映在本季我們每處分一戶房產的平均淨收益上，約為每戶正負 20 萬美元，這也反映了 Bryan 提到的一些特徵。

Importantly, those homes still generated an average disposition yield in the 4% area, representing a really attractive form of recycled capital. But equally, if not, in certain instances, more important than just the attractive capital recycling is the opportunity like Bryan was talking about to really asset manage, make some really smart decisions and optimize the portfolio at a super granular unit-by-unit level.

重要的是，這些房屋仍帶來約 4% 左右的平均處分收益率（disposition yield），代表一種非常具吸引力的資本再循環方式。但同樣重要——某些情況下甚至更重要——的不僅是具吸引力的資本再循環，而是如 Bryan 所說，能在非常細緻、逐戶（unit-by-unit）的層級進行資產管理、做出非常明智的決策並優化投資組合的機會。

Rich Hightower, Barclays.

Rich Hightower，巴克萊。

So I guess a multipart on development really quickly. So just with, obviously, the price of certain commodities going up quite a lot recently. I'm curious for your estimate of the interplay between that and sort of prospective development yields on the pipeline in place. And then help us understand maybe the pace of development kind of going forward, just given the cloud of uncertainty that currently exists. We'll see how the legislation front turns out.

我想就開發業務快速問一個多段式問題。近期某些大宗商品價格明顯上漲。我想了解你們對此與既有開發管線之預期開發收益率之間相互影響的估計。另外，考量目前存在的不確定性陰霾，請協助我們理解未來開發節奏可能會如何推進。我們也會看看法規／立法面最終會如何發展。

But just give us a sense of how you're thinking about all that right now.

但請先給我們一個你們目前如何思考這些事情的概念。

Yes. Thanks, Rich. This is Bryan. I'll start with the inflationary effects that are starting to creep into the marketplace. We're obviously watching it very closely.

是的。謝謝你，Rich。我是 Bryan。我先從開始滲入市場的通膨影響談起。我們當然正非常密切地關注。

And the good news for us is on the current developments, we're pretty well locked in on price. And to put it in perspective, our expectation for our vertical costs of the deliveries this year is really right on top, if not slightly down from last year. So the team has done a great job of controlling those costs.

對我們而言的好消息是，就目前的開發案來看，我們在價格上已相當程度鎖定。從角度來看，我們對今年交付案的建造成本（vertical costs）的預期，幾乎與去年持平，甚至略低。因此團隊在控管成本方面做得非常好。

We well-publicized what's going on globally, supply chain, et cetera. And it's very difficult to predict what effect that's going to have. I know that lumber has gone up in the near term. If we do see an effect on that, it will be later in the year, but there may be counterbalancing effects as well. It just really remains to be seen how things get worked out.

我們也已廣泛談到全球供應鏈等情況。而這將帶來什麼影響非常難以預測。我知道木材價格短期內已上漲。若我們確實看到其影響，可能會在今年稍晚才顯現，但也可能同時存在一些相互抵銷的因素。最終仍要看事情如何被解決。

We're likening a little bit to the way we handled, at least within our internal development program, the tariffs of last year. So there was a tariff effect that was counterbalanced by some reduced activity from some of the homebuilders that had some downward pressure on cost of labor. So there are a lot of moving parts. In the event that it persists, we probably wouldn't see that play out in costs until the end of '26 or into '27. We'll be in a much better position to talk about that on the next call.

我們有點把它類比為去年我們處理關稅的方式——至少在我們內部的開發計畫中是如此。當時關稅效應被一些因素所抵銷，例如部分建商活動減少，對勞動力成本形成一些下行壓力。因此變動因素很多。如果這種情況持續，我們可能要到 2026 年底或進入 2027 年才會看到成本端的反映。我們在下一次電話會議時，將能以更好的狀態來談這件事。

And then relative to our development plans and our capital allocation strategy this year, if you notice, we have anticipated reduced number of deliveries in 2026 relative to 2025. That's one of the benefits of owning a mass development program, you have the flexibility to flex up or flex down in response to current market conditions. In this case, some of the regulatory uncertainty and cost of capital considerations have driven us to that particular output expectation for '26.

接著就我們今年的開發計畫與資本配置策略而言，如果你有注意到，我們已預期 2026 年的交付量將較 2025 年減少。擁有一個大規模開發計畫的好處之一，就是你可以依據當前市場狀況，彈性地提高或降低規模。在此情況下，部分監管不確定性以及資金成本的考量，促使我們對 2026 年形成這樣的產出預期。

As we go through and things get worked out in Washington, depending on the outcome, there may be really nice opportunities that could provide a catalyst for the development program. But again, having that flexibility by owning that full stack in-house is really important at this time.

隨著我們持續推進、華盛頓那邊的事情逐步釐清，視結果而定，可能會出現非常好的機會，為開發計畫提供催化劑。但同樣地，在此時此刻，透過擁有完整的內部全栈能力而具備這種彈性，確實非常重要。

Adam Kramer, Morgan Stanley.

Adam Kramer，摩根士丹利。

I just wanted to ask about same-store expense growth. I think it decreased modestly in the quarter. Just wondering sort of what the drivers of that were, if any of that was maybe onetime in nature or sort of expenses shifting to another part of the year. And then maybe just generally update on insurance. I assume it's a little bit too early in the year to start talking about taxes, but to the extent that there's any incremental data or nuggets on property taxes, that would be great to hear.

我想詢問同店費用成長的情況。我認為本季它小幅下降。想了解其背後的驅動因素是什麼；是否有任何屬於一次性因素，或是費用只是移轉到年度的其他期間。另外也想請你們整體更新一下保險的狀況。我猜現在談稅可能還太早，但若有任何關於不動產稅的新增資料或重點資訊，也很希望能聽到。

Yes. Adam, Chris here. Yes, sure. I can just run down the list. Property taxes, the summary is, in general, no major updates.

是的。Adam，我是 Chris。好的，當然。我可以把幾項逐一說明。不動產稅的總結是：整體而言，沒有重大更新。

As everyone probably recalls, first quarter is a pretty quiet time of year for new property tax information. So full year outlook still unchanged in the 3% area. A reminder that the bulk of assessed values come back over the summer months. Tax rates are typically released much later in the year, late third quarter into the fourth quarter.

大家應該都記得，第一季通常是一年中不動產稅新資訊相對安靜的時期。因此全年展望仍維持不變，約在 3% 左右。提醒一下，大部分的評估價值會在夏季月份陸續回來。稅率通常要到更晚才會公布，約在第三季末到第四季。

On insurance, you may recall that our insurance renewal is done at this point. It's actually completed at the end of February. So we knew about it at the time of the guide, so contemplated in our full year outlook. The feedback that we heard is that the market has continued to recognize the outperformance of our program, and you can see that reflected in the success of this year's renewal, where we saw our 2026 insurance rates decrease by about 10%. So good renewal there reflected into the outlook.

關於保險，你可能記得我們的保險續保在此時點已完成。實際上是在二月底完成。所以在提供指引時我們就已掌握，並已納入全年展望。我們收到的回饋是，市場持續認可我們方案的優異表現，你也能在今年續保的成果中看到反映：我們 2026 年的保險費率下降約 10%。因此這次續保表現不錯，也已反映在展望中。

And then on controllable expenses in the quarter, I would say we've got a couple of different things going on, a little bit of a combo, in part, a little bit of timing just in terms of year-over-year comps. But then also, probably more importantly, just really great execution from the teams like Lincoln was talking about.

至於本季可控費用，我會說有幾個不同因素同時發生，某種程度上是組合效應；其中一部分是時點因素，主要是年對年比較的時間差。但更重要的可能是，正如 Lincoln 所提到的，團隊執行得非常出色。

And just to underscore that a little bit more, it's especially notable when you consider the increased level of scheduled expirations we had on deck this quarter given the ongoing maturity in the lease expiration management program. That translated into a slightly higher level of move-outs this quarter. You can probably see that in quarterly turnover rate on the same-store page. And the team was able to do a really good job processing that volume quickly and very efficiently, still delivering a year-over-year decrease in controllable expenses even with an uptick in year-over-year move-outs.

再更強調一點，特別值得注意的是：考量到我們的租約到期管理計畫持續成熟，本季我們原本就排定了較高水準的到期量。這使得本季搬出量略高。你大概可以在同店頁面的季度周轉率中看到。而團隊能夠非常迅速且高效率地處理這樣的量，即使年對年搬出增加，仍交出可控費用年對年下降的成果。

Jesse Lederman, Zelman & Associates.

Jesse Lederman，Zelman & Associates。

So your guidance implies an occupancy lift through the end of the year. Just looking historically, the only year occupancy didn't moderate from 2Q to 4Q was in 2020. Obviously, you had the kind of post-COVID demand lift. And it seems like you still do have some wood to chop on the new move-in pricing to get to flat for the year based on where you are through April. So just curious if you're still expecting new move-in pricing to be flat and what gives you confidence you can achieve a stronger-than-seasonal occupancy and new move-ins in the back half of the year.

所以你們的指引意味著入住率會在今年底前提升。從歷史來看，唯一一個入住率沒有從第二季到第四季走弱的年份是 2020 年。顯然那時有疫情後需求回升的帶動。而且看起來，依你們截至四月的表現，新的入住定價要達到全年持平仍有一些工作要做。因此想請教，你們是否仍預期新的入住定價全年持平？以及是什麼讓你們有信心在下半年能達成強於季節性的入住率與新入住表現？

Jesse, thanks for the question. Yes, you're correct to notice the slight differences this year and the way that we're thinking about seasonality in the curve. Again, front half, build occupancy and rate; back half, hold as much as we can.

Jesse，謝謝你的問題。是的，你觀察得沒錯，今年我們對季節性曲線的看法確實有些微差異。同樣地，上半年：拉升入住率與租金；下半年：盡可能維持。

There are a few notable differences about this season. Number one, we're contemplating flattish new lease rate growth for the year, and that's in support of this overall optimized revenue strategy, which is intended to support occupancy. The second piece that's very important is that our lease expiration profile in the back half of the year is extremely low compared to where it's been in the past. So we think that will help as well. And then we're hoping for a slightly improving supply picture, but we're watching that carefully as well.

這一季節有幾個顯著不同之處。第一，我們預期全年新租約租金成長大致持平，這是為了支持整體最佳化的營收策略，其目的在於支撐入住率。第二個非常重要的是，我們下半年的租約到期結構相較過去極低。因此我們認為這也會有所幫助。另外，我們也希望供給面能略有改善，但我們也會密切觀察。

So there are a lot of different things going on this year that are different than previous years. And we think that we have a good plan.

所以今年有很多不同於以往年度的因素同時在發生。我們認為我們有一個不錯的計畫。

And Jesse, Chris here. You made a comment about the shape of new leases, just to make sure we're on the same page. I would say, as Lincoln was talking about new leases very much tracking according to plan, just to make sure we understand kind of the shape and expectations over the course of the year. As we know, we are building occupancy in the first quarter, modestly negative new leases, translating and inflecting positively in the second quarter that Lincoln was talking about, that we expect to build a touch more on into May.

Jesse，我是 Chris。你提到新租約走勢的形狀，我想確認我們理解一致。我會說，正如 Lincoln 所談到的，新租約非常符合計畫；我只是想確保我們對全年過程中的走勢形狀與預期有共同認知。如我們所知，我們在第一季拉升入住率，新租約小幅為負；到了 Lincoln 提到的第二季轉為正向並出現拐點，我們預期這個趨勢在五月還會再多建立一點。

But as we get into the back part of the year, like we talked about last quarter when we were initiating the guide, we still are expecting new leases to naturally reflect the typical seasonal curvature in the business, and it would be natural to expect some level of moderation in new leases as we get into the third and fourth quarter.

但進入下半年時，正如我們上季在啟動指引時所談到的，我們仍預期新租約會自然呈現這個業務典型的季節性曲線；因此當進入第三與第四季時，合理預期新租約會出現某種程度的降溫。

Ami Probandt, UBS.

Ami Probandt，瑞銀。

You mentioned the initial yield on the developments of 5.3%. What's the stabilized yield? And what are you targeting in terms of a spread for your developments versus your cost of capital?

你提到開發案的初始收益率為 5.3%。那穩定後的收益率是多少？另外，你們對於開發案相對於資金成本的利差目標是多少？

Ami, this is Bryan. Yes, the 5.3% yield that I cited in my prepared remarks is the going-in yield that's upon delivery and actively delivering communities, active construction sites. I think it gives a good indication of the level of demand for our houses and our product. Earlier in the call, Lincoln was asked about whether we were offering concessions, and we're unique in the marketplace and that we don't. We don't need to.

Ami，我是 Bryan。是的，我在事先準備的發言中提到的 5.3% 收益率，是指交付時的進場收益率，適用於正在交付社區以及在建工地。我認為這能很好地反映市場對我們房屋與產品的需求水準。稍早在電話會議中，Lincoln 被問到我們是否提供讓利（concessions）；我們在市場上很獨特，因為我們不提供。我們不需要。

In fact, one of the interesting things that we've leaned into this year that's new is our pre-leasing efforts. And we're -- we've designed our program now to offer these houses well in advance of the certificate of occupancy. And the uptake on that has been fantastic. If I remember correctly, the statistics, even though this program is still in its infancy, we leased over half of our new deliveries before they were ready. So pre-leased over half of our new deliveries for the month of March.

事實上，今年我們加大投入的一個有趣新作法是預租（pre-leasing）工作。我們——現在已設計出一套方案，在取得入住許可證（certificate of occupancy）之前很早就把這些房屋推出。市場反應非常好。如果我沒記錯數據，儘管這個方案仍在起步階段，我們在房屋尚未準備就緒前就租出了超過一半的新交付量。也就是說，三月份我們的新交付量有超過一半是預租出去的。

So anyway, there's great demand, but I want to make sure that we look at this from the perspective of the going-in yield. And then upon stabilization, which we've defined in the past as completely completed community, maybe been through 1 turn cycle, we've seen yield improvement.

總之，需求非常強勁，但我想確保我們是從初始收益率（going-in yield）的角度來看這件事。接著在穩定後——我們過去將其定義為社區已完全完工，且可能已經歷過一次周轉週期——我們看到收益率有所改善。

The best way that I could think about it in terms of that momentum that we've given is to put it into the context against the scattered site and what we're seeing in the same-home pool. And the behavior of the new development communities relative to the scattered site portfolio is right on top of each other in terms of occupancy as we sit today. The rate growth is similar.

我能想到用來理解我們所帶來的那股動能的最佳方式，是把它放在分散式（scattered site）以及我們在同宅（same-home）組合中看到的情況的對照脈絡下。就我們今天所處的入住率而言，新開發社區相對於分散式資產組合的表現幾乎完全重疊。租金成長也相近。

So from the revenue side, it's pretty similar. But the stark contrast is the difference in the total cost to maintain that we see. Total cost to maintain, meaning the maintenance costs, the turn costs and CapEx. And we're operating these new development homes at a fraction of what it costs to operate the scattered site homes. And you can see the effect of that as more and more of those come into the same-home pool with the idea that our total cost to maintain has gone down by 5% since 2023.

所以從營收端來看，兩者相當類似。但鮮明的對比在於我們看到的總維護成本差異。所謂總維護成本，指的是維修成本、換租整備（turn）成本以及資本支出（CapEx）。而我們營運這些新開發住宅的成本，只是營運分散式住宅成本的一小部分。隨著越來越多這類住宅納入同宅組合，你也能看到其影響：自2023年以來，我們的總維護成本已下降5%。

So although we're not in a position to give exact yields with a lot of the moving pieces, they're performing as we expected, and we look forward to many more good things to come.

因此，雖然由於許多變動因素我們目前無法提供精確的收益率，但它們的表現符合我們的預期，我們也期待未來還會有更多好消息。

Brad Heffern, RBC Capital Markets.

Brad Heffern，RBC Capital Markets。

It feels like the regulatory uncertainty is having an impact on future supply. When do you think we'll start to notice that in the fundamentals? And then do you think that, that's something that's likely to stick around sort of regardless of what the regulatory outcome is?

感覺監管不確定性正在影響未來供給。你認為我們何時會開始在基本面上注意到這點？另外你是否認為，不論最終監管結果如何，這種情況都可能會持續存在？

Yes. Thanks, Brad. It definitely has affected supply. It's been widely discussed as the effect of the headlines that we've seen this year on capital coming into the space. So I think it will have probably a more immediate effect on the build-to-rent projects.

是的。謝謝，Brad。它確實影響了供給。今年我們看到的新聞標題對資金流入這個領域的影響，已被廣泛討論。所以我認為它可能會對「建造後出租」（build-to-rent）專案產生較為即時的影響。

I believe a lot of them that were in flight will get completed, but it's changed people's outlook.

我相信許多已在進行中的專案會完工，但它已改變了人們的看法。

It goes back to something that I said earlier, too, it highlighted the importance of scale and the importance of having the operating platform that can be nimble and adjust to any sort of regulatory changes. We don't expect to immediately see the effect on supply. But depending on what gets passed, as I spoke of earlier, anything that restricts supply is going to be bad for housing affordability. The existing rental units that we have maybe been looked at with a premium. We're optimistic though that, that won't be the final outcome.

這也回到我先前提到的一點：它凸顯了規模的重要性，以及擁有能夠靈活應對、並可因應任何監管變化而調整的營運平台的重要性。我們不預期會立刻看到對供給的影響。但如我先前所說，任何限制供給的措施都會不利於住房可負擔性。我們現有的出租單位可能因此被賦予溢價來看待。不過我們仍樂觀認為，那不會是最終結果。

Anyway, in a nutshell, we've seen an effect today. We don't know how long-lasting it's going to be. But putting that into the context of an already improving supply profile puts us in a good position as we get through this year and the next.

總之，我們今天已經看到影響。我們不知道它會持續多久。但把這點放在供給結構已在改善的背景下，將使我們在度過今年與明年時處於有利位置。

Peter Abramowitz, Deutsche Bank.

Peter Abramowitz，Deutsche Bank。

Yes. Most of my questions have been answered, but I just wanted to follow up. I think you had a comment earlier that the seasonality and the rate of expirations is a little bit lower in the fourth quarter this year. Just kind of curious what's the dynamic that caused that shift? And I guess now that, that's how the lease book looks, is that something that you expect will happen kind of regularly in future years going forward?

是的。我的大多數問題都已得到回答，但我想再追問一下。我記得你先前提到，今年第四季的季節性以及到期（expirations）速度稍微低一些。我有點好奇，是什麼動態造成了這個轉變？另外，既然目前租約到期結構（lease book）是這樣，你是否預期未來年度也會經常出現這種情況？

Yes. Thanks, Peter. What you're seeing is the result of our intentional alignment of our lease expiration schedule. We've talked about that in the past as shifting expirations from the back half of the year to the front half, where we have more opportunity to lease to gain occupancy and to build rate.

是的。謝謝，Peter。你看到的是我們刻意調整租約到期排程的結果。我們過去談過這點：把到期日從下半年移到上半年，因為上半年我們有更多機會透過出租來提升入住率並推升租金。

We've done the broad lifting on that side. Think of the balance between the first half and the second now is two-third in the first half and maybe one-third in the second half. Again, that's been very intentional just relative to what we know about seasonality and the activity that we see in the back half of the year.

在這方面我們已完成主要調整。可以把現在上半年與下半年的平衡想成：大約三分之二在上半年，可能三分之一在下半年。同樣地，這是非常刻意的安排，主要是基於我們對季節性的了解，以及我們在下半年看到的市場活動狀況。

So that will continue. We'll continue to make refinements to that as we lean into lease expiration management and communities and get a little bit more precise on months, days and weeks of expiration. So very much intentional and we'll continue that effort.

所以這會持續下去。隨著我們更深入進行租約到期管理與社區管理，我們也會持續微調，並在到期的月份、日期與週次上更精準。因此這是非常刻意的策略，我們也會持續推動這項工作。

Jade Rahmani, KBW.

Jade Rahmani，KBW。

This is Jason Sabshon on for Jade. I was just curious if you've seen any movement in pricing from sellers or in development yields based on any of the uncertainty that we've been seeing from regulation or the rate environment.

我是代替Jade的Jason Sabshon。我想請教，基於我們看到的監管或利率環境不確定性，你們是否觀察到賣方定價或開發收益率有任何變動？

Jason, this is Bryan. I think some of the uncertainty that we've seen this year has really put a pause on a lot of the transaction market. What we have seen though is more of a willingness from some of the midsized operators to discuss ways that they could partner with us. Nothing has happened because of this kind of overhang, but we do believe that it creates some opportunity going forward.

Jason，我是Bryan。我認為今年我們看到的一些不確定性，確實讓許多交易市場按下暫停鍵。不過我們確實看到，一些中型營運商更願意與我們討論可以如何合作。由於這種不確定性的壓力（overhang），目前尚未有實際進展，但我們相信這會在未來創造一些機會。

Again, it goes back to my comment about the value of having the operating platform and in our case, too, the development platform. So things might be a little bit on pause in the transaction market, but we're optimistic that, that will change eventually.

同樣地，這也回到我先前對擁有營運平台價值的評論，而在我們的情況下，還包括開發平台。所以交易市場可能暫時偏向停滯，但我們樂觀認為，最終會有所改變。

John Pawlowski, Green Street.

John Pawlowski，Green Street。

Chris, there's been a lot of churn in the same-store from dispositions and then homes getting added to the held-for-sale bucket. Can you give me a sense just how much lift to full year '26 expected same-store revenue growth, the disposition and held-for-sale activity has had?

Chris，同店（same-store）中因處分（dispositions）以及住宅被納入待售（held-for-sale）類別而出現了很多變動。你能否說明一下，處分與待售活動對2026年全年預期同店營收成長帶來了多少提升（lift）？

You're right. At the start of any year, we are resetting of the pool. This year, the pool grew by about 1,500 units, which is largely newly constructed homes, delivered over the last couple of years and have now stabilized and matured their way into the same-home pool. Also each and every quarter as homes vacate, we can inspect them and finalize the decision as to whether or not they are appropriate disposition and capital recycling candidates.

你說得沒錯。每年年初，我們都會重新設定同店組合。今年該組合增加了約1,500個單位，主要是過去幾年交付的新建住宅，現在已穩定並成熟，因而納入同宅（same-home）組合。此外，每一季當住宅退租時，我們都可以進行檢查，並最終決定它們是否適合成為處分與資本回收（capital recycling）的標的。

But to your point in terms of same-store revenue growth, keep in mind that when we reset the pool, we're obviously -- statement of the obvious here, we're resetting both current and prior year pool. So any changes, whether it is new homes coming in when we are resetting the pool annually or identifying homes for disposition, they're coming out of both periods, current and prior period.

但就你提到的同店營收成長而言，請記住，當我們重設組合時——這是顯而易見的——我們同時重設當期與前期的組合。因此任何變動，不論是每年重設組合時納入新住宅，或是辨識出要處分的住宅，都是同時從兩個期間（當期與前期）進出。

Also keep in mind that if there is a home that is an appropriate disposition candidate, more likely than not, it would have been occupied in the prior period, right? So it is apples-to-apples by the time you reset the pool and have the same composition of properties in both the current period and prior period for comparison.

另外也請記住，如果某間住宅適合處分，那它在前一期很可能是有入住的，對吧？因此當你重設組合後，當期與前期用於比較的資產組成相同，這就形成了可比的「同類比較」（apples-to-apples）。

Ami Probandt with UBS.

UBS 的 Ami Probandt。

I was wondering what do you think led to the slightly later than normal start to the peak leasing season? Is this weather or just general lumpiness? Or is there something a factor that you could point to that may be driving the trend?

我想請教您，您認為是什麼原因導致租賃旺季的高峰期開始時間比往常稍晚一些？這是天氣因素，還是只是整體上的波動性？或者是否有什麼您可以指出、可能正在推動這個趨勢的因素？

Yes. Thanks for the follow-up, Ami. Look, the shape of every year is a little bit different, and there are a lot of different factors that go into that. You mentioned one, weather can definitely play a part on that. There was some weather this year with the abnormally cold season across many parts of the country where we operate.

是的。謝謝你的追問，Ami。你看，每一年的走勢形狀都會有些不同，影響因素也很多。你提到其中一個，天氣確實可能在其中扮演角色。今年我們營運的全國多個地區出現異常寒冷的季節性天氣。

Some of that can be uncertainty, whether that's on the regulatory front. There's a lot of things going on in the world right now or just financial uncertainty.

其中一部分也可能來自不確定性，不論是監管層面的。目前世界上有很多事情正在發生，或是單純的金融不確定性。

We're not sure exactly what drives that from period to period. We're encouraged that despite the late start, we're seeing excellent activity this time of year, and we expect that, that will continue throughout the season here. So regardless of what happens from period to period, we're prepared to respond to those with the appropriate operational adjustments.

我們不確定究竟是什麼在不同期間驅動這些變化。令人鼓舞的是，儘管起步較晚，我們在一年中的這個時點仍看到非常出色的活動量，而且我們預期這種情況會在本季持續。因此，不管各期間發生什麼，我們都已準備好透過適當的營運調整來因應。

Jesse Lederman with Zelman & Associates.

Zelman & Associates 的 Jesse Lederman。

Just wanted to dig in a little bit more. I know there was a comment on the supply profile already improving. Would love any color you can provide, whether that's in the more supply-burdened markets, in particular. Any color on supply potentially clearing up here would be awesome.

我想再深入一點。我知道先前已提到供給結構正在改善。很希望您能提供一些補充說明，特別是在供給壓力較大的市場。若能談談供給可能在此逐步消化的情況就太好了。

Yes. Thanks for the follow-up, Jesse. Yes, we do see supply generally improving across most of our markets. We're encouraged today, especially with the amount of demand that's in the marketplace this time of the year during leasing season that can help us to consume through some of that.

是的。謝謝你的追問，Jesse。是的，我們確實看到大多數市場的供給整體正在改善。我們今天感到鼓舞，尤其是在租賃季這個時點，市場上的需求量很大，有助於我們消化其中一部分供給。

We've also talked a lot about moderation in starts and deliveries. I think most people can see in the data that's coming across. Burns, as an example, released his outlook on apartment deliveries for '26, which shows a 40% reduction year-over-year. That's encouraging. Same type of trend is happening on the BTR side, especially with some of the regulatory uncertainty and maybe cost of capital environment.

我們也多次談到新開工與交付量正在趨於溫和。我想大多數人從目前出來的數據都看得出來。例如 Burns 發布了他對 2026 年公寓交付量的展望，顯示年對年將減少 40%。這令人鼓舞。在 BTR（建後出租）領域也出現同樣的趨勢，特別是在一些監管不確定性以及可能的資本成本環境影響下。

So in general, we think that there are some things that are happening that are very good.

因此整體而言，我們認為有一些正在發生的事情是非常正面的。

On the other hand, there's still some standing inventory in some parts of the country that needs to be consumed. And the rate at which that gets consumed is going to vary market by market, depending on how much is there and what the demand profile for those particular areas look like. We still see heavy inventory in Arizona and Texas, and it's going to take a little bit longer probably to work through some of the things there. But we're also seeing great signs of life in many of our markets. You can see that in some of the improvement this season.

另一方面，全國某些地區仍有一些既有庫存需要被消化。而消化速度會因市場而異，取決於庫存量有多少，以及那些特定區域的需求結構如何。我們仍看到亞利桑那州與德州的庫存偏高，可能需要更長一點時間來消化那裡的一些狀況。但我們也在許多市場看到很好的復甦跡象。你可以從本季的一些改善中看得出來。

All of our markets currently are running -- almost all the markets are running north of 95% with continued incremental improvements into the season.

我們目前所有市場——幾乎所有市場的入住率都在 95% 以上，並且在本季持續逐步改善。

So as we move forward, we'll see how that turns out in each of the markets, but encouraged that we're seeing signs of life in some places and know that we still have some work to do in a couple of markets.

因此，隨著我們往前走，我們會觀察各市場最終的表現，但我們對於在某些地方看到復甦跡象感到鼓舞，也知道在少數幾個市場我們仍有一些工作要做。

Austin Wurschmidt with KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Austin Wurschmidt。

I was just curious, kind of piggybacking off the last question a little bit. So with supply potentially starting to improve in some of these markets, would you expect the spread between your Midwest markets to start to converge with some of the Sunbelt markets over the next 12 to 18 months, call it?

我只是好奇，算是延續上一題。如果這些市場的供給可能開始改善，您是否預期在未來 12 到 18 個月左右，您在中西部市場與部分陽光地帶（Sunbelt）市場之間的差距會開始收斂？

Yes. Thanks for the question, Austin. I think what happens on the convergence of those spreads probably has more to do with what happens in the Sunbelt and what happens in the Midwest. The performance in the Midwest is projected to be very strong for the next several years. Rate growth, as an example, migration and supply all seem to have great profiles for several years now.

是的。謝謝你的問題，Austin。我認為這些差距是否收斂，可能更多取決於陽光地帶的情況以及中西部的情況。中西部的表現預期在未來幾年會非常強勁。例如租金成長、人口遷移與供給面，未來幾年看起來都有很好的結構。

As the other markets improve, I'm sure that we'll see some convergence of those, but it probably has more to do with what's happening outside of the Midwest, which continues to be very strong.

隨著其他市場改善，我相信我們會看到某種程度的收斂，但這可能更多與中西部以外地區正在發生的事情有關；中西部本身仍然非常強勁。

Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to management for any final comments.

各位女士、先生，我們的問答環節到此結束。我將把時間交還給管理層作最後的補充。

I want to thank you for your time today. I hope everyone has a good weekend, and we look forward to seeing many of you at NAREIT next month. Bye.

感謝各位今天撥冗參與。祝大家週末愉快，我們期待下個月在 NAREIT 與各位中的許多人見面。再見。

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

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。