Camden Property Trust (CPT) 2026 Q1 法說會逐字稿

Good morning, and welcome to Camden Property Trust first quarter 2026 earnings conference call. I'm Kim Callahan, Senior Vice President of Investor Relations. Joining me today for our prepared remarks are Rick Campo, Camden's Executive Chairman; Alex Jessett, Chief Executive Officer; Laurie Baker, President and Chief Operating Officer; and Ben Fraker, Chief Financial Officer; Keith Oden, Executive Vice Chairman; and Stanley Jones, Senior Vice President of Real Estate Investments, will also be available for the Q&A portion of our call.

早安，歡迎參加 Camden Property Trust 2026 年第一季財報電話會議。我是投資人關係資深副總裁 Kim Callahan。今天與我一同進行事先準備發言的有 Camden 執行董事長 Rick Campo；執行長 Alex Jessett；總裁兼營運長 Laurie Baker；以及財務長 Ben Fraker；執行副董事長 Keith Oden；以及不動產投資資深副總裁 Stanley Jones 也將在問答環節提供回應。

Today's event is being webcast through the Investors section of our website at camdenliving.com, and a replay will be available shortly after the call ends. And please note, this event is being recorded.

今天的活動將透過我們網站 camdenliving.com「投資人」專區進行網路直播，電話會議結束後不久也將提供重播。並請注意，本活動將被錄音。

Before we begin our prepared remarks, I would like to advise everyone that we will be making forward-looking statements based on our current expectations and beliefs. These statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from expectations.

在開始我們的事先準備發言之前，我想提醒各位，我們將基於目前的預期與信念發表前瞻性陳述。這些陳述並非對未來績效的保證，且涉及可能導致實際結果與預期有重大差異的風險與不確定性。

Further information about these risks can be around in our filings with the SEC, and we encourage you to review them. Any forward-looking statements made on today's call represent management's current opinions, and the company assumes no obligation to update or supplement these statements because of subsequent events.

關於這些風險的更多資訊可在我們向 SEC 提交的文件中查閱，我們也鼓勵各位加以審閱。今天電話會議中所作的任何前瞻性陳述均代表管理層目前的觀點，公司不因後續事件而承擔更新或補充這些陳述的義務。

As a reminder, Camden's complete first quarter 2026 earnings release is available in the Investors section of our website at camdenliving.com, and it includes reconciliations to non-GAAP financial measures we will be discussed on the call.

提醒各位，Camden 2026 年第一季完整財報新聞稿已公布於我們網站 camdenliving.com 的「投資人」專區，其中包含我們在本次電話會議中將討論之非 GAAP 財務衡量指標的調節表。

We would like to respect everyone's time and complete our call within one hour, so please limit your initial question to one, then rejoin the queue if you have a follow-up question or additional items to discuss. If we are unable to speak with everyone in the queue today, we'd be happy to respond to additional questions by phone or e-mail after the call concludes.

我們希望尊重大家的時間，並在一小時內結束本次電話會議，因此請將您的第一個問題限制為一題；若有追問或其他議題，請重新排隊。若今天無法與隊列中的每位來電者對話，我們也很樂意在會後透過電話或電子郵件回覆其他問題。

At this time, I'll turn the call over to Ric Campo.

現在，我把電話交給 Ric Campo。

Good morning. Our theme for today's precall music has changed. We recently announced some important changes to Camden's executive team with the promotions of Alex Jessett, Laurie Baker, and Ben Fraker, we continued our long-standing commitment to succession planning featuring Camden's home-grown talent.

早安。我們今天會前音樂的主題已經改變。我們近期宣布 Camden 高階管理團隊的一些重要變動，包含晉升 Alex Jessett、Laurie Baker 與 Ben Fraker，延續我們長期以來對接班規劃的承諾，並以 Camden 自家培養的人才為核心。

This will ensure the continuity of Camden's family values, institutional knowledge and unique culture Alex, Laurie and Ben each brings 25-plus years of tenure at Camden to their new leadership roles. And in the words of REO Speedwagon, I'll be here when you're ready to roll with the changes. These promotions will ensure that Camden would be ready to roll with the changes in the years ahead.

這將確保 Camden 的家庭價值、制度性知識與獨特文化得以延續；Alex、Laurie 與 Ben 各自都在 Camden 任職超過 25 年，並在新的領導職務中發揮所長。用 REO Speedwagon 的歌詞來說：當你準備好迎接改變時，我會在這裡。這些晉升將確保 Camden 在未來幾年也能準備好迎接改變。

But one thing that never changes is Camden's commitment to workplace excellence which was recently reinforced by our place on the Fortune Best Place to Work list in America for the 19th consecutive year, ranking number 13 this year. 96% of our employees say Camden is a great place to work, which has led to the highest customer sentiment scores that we've ever seen.

但有一件事永遠不變，那就是 Camden 對卓越職場的承諾；這點近期再次獲得肯定——我們連續第 19 年入選《Fortune》全美最佳雇主榜，今年排名第 13。96% 的員工表示 Camden 是很棒的工作場所，這也帶動我們看到史上最高的客戶情緒（滿意度）分數。

The macro case for improving apartment fundamentals continue to be strong. New supply has peaked and has been cut in half in most of our markets. First quarter apartment net absorption was one of the best since 2016 despite slow job growth and tepid consumer sentiment.

公寓基本面改善的總體論點仍然強勁。新供給已達高峰，且在我們多數市場已減半。儘管就業成長放緩、消費者信心偏弱，第一季公寓淨吸納量仍是自 2016 年以來表現最佳的季度之一。

Apartments provide consumers with a compelling low housing cost alternative to owning a home. I want to give a big shout out to Camden team members for continuing to prove the lives of our teammates, our residents and our stakeholders when experienced at a time.

相較於購屋，公寓為消費者提供了具吸引力、住房成本更低的替代方案。我也要大力感謝 Camden 的團隊成員，持續以一次一個體驗的方式，改善我們同仁、住戶與利害關係人的生活。

Next up is no stranger to you, but our new CEO, Alex Jessett.

接下來登場的是各位並不陌生、但現在是我們新任執行長的 Alex Jessett。

Thanks, Rick, and good morning. As Ben will cover in detail, we had a strong first quarter. Much of the outperformance was timing related, and we are looking forward to seeing how our peak leasing season unfolds throughout the remainder of this quarter and next.

謝謝你，Rick，早安。如 Ben 稍後將詳細說明，我們第一季表現強勁。這次超出預期的表現多與時點因素相關，我們也期待觀察本季剩餘時間以及下一季的租賃旺季將如何展開。

In the first quarter, we recorded our lowest bad debt level since the onset of COVID-19 at less than 40 basis points. We attribute this in part to outsized income tax refunds received by many of our residents, combined with their continual financial strength and the impact of our enhanced resident credit screening.

第一季，我們錄得自 COVID-19 爆發以來最低的呆帳水準，低於 40 個基點。我們認為部分原因在於許多住戶收到較高的所得稅退稅，加上其持續的財務韌性，以及我們強化住戶信用審查所帶來的影響。

For middle and higher income earners, 2026 tax refunds were up approximately 10% over last year created an enhanced spending power. Despite headline reports of declining consumer sentiment, the data illustrates the financial health of our target demographic remains strong, with spending up 3% year-over-year primarily on services and retail.

對於中高所得族群而言，2026 年退稅金額較去年約增加 10%，帶來更強的消費能力。儘管媒體頭條報導消費者信心下滑，數據顯示我們目標客群的財務健康仍然穩健，年增 3% 的支出主要來自服務與零售。

Our renters pay alone 19% of their income towards rent, allowing them additional discretionary funds often not seen in the more expensive coastal markets. On the demand side, our markets remain strong. CBRE's latest headquarter relocation study, which covers 725 public announcements between 2018 and 2025 and shows activity accelerating in 2025 and concentrating on a short list of metros.

我們的租戶僅將其收入的 19% 用於支付房租，使他們擁有更多可支配資金，這在成本更高的沿海市場往往不常見。在需求面，我們的市場仍然強勁。CBRE 最新的總部遷移研究涵蓋 2018 至 2025 年間 725 項公開公告，顯示 2025 年活動加速，並集中於少數幾個都會區。

Dallas-Fort Worth remains a top destination with more than 100 headquarter relocations since 2018. In 2025 alone, the metro added another 11 interstate or international headquarters from higher cost markets, including Los Angeles, the Bay Area, New York and Chicago.

達拉斯—沃斯堡仍是首選目的地之一，自 2018 年以來已有超過 100 起總部遷移。僅在 2025 年，該都會區就新增 11 家跨州或跨國總部，來源多為高成本市場，包括洛杉磯、灣區、紐約與芝加哥。

Additionally, for the 12 months ended January of this year, Dallas led the nation in absolute job growth, followed by Houston in number 2, and Austin at number 4. On a percentage basis, Austin led the nation with most of our markets in the top 30. The Houston metro area led the nation last year in population growth with just under 127,000 new residents added in the 12-month period ending July 1, of 2025.

此外，截至今年 1 月止的 12 個月內，達拉斯在絕對就業成長方面領先全美，其次為休士頓排名第 2，奧斯汀排名第 4。以成長百分比計，奧斯汀領先全美，而我們多數市場位居前 30 名。休士頓都會區在去年的人口成長領先全美，在截至 2025 年 7 月 1 日的 12 個月期間新增接近 127,000 名居民。

That equates to one new resident every 4.1 minutes or 347 new residents each day. Among the top 10 metros with the largest population games, only the Dallas Fort Worth metro came close with roughly 124,000 new residents. No other metro added even half as many. This disparity highlights Texas appeal to workers and families supported by relatively strong job markets, lower cost of living and the absence of a state income tax.

這相當於每 4.1 分鐘新增 1 位居民，或每天新增 347 位居民。在新增人口最多的前 10 大都會區中，只有達拉斯—沃斯堡都會區接近，約新增 124,000 名居民。其他都會區甚至沒有任何一個新增達到其一半。這種差距凸顯德州對勞工與家庭的吸引力，背後支撐因素包括相對強勁的就業市場、較低的生活成本，以及沒有州所得稅。

Beyond Dallas Fort Worth, the CBRE relocation study showed a group of Sunbelt and growth markets emerging as consistent headquarter winners. It highlighted Miami, Austin, Charlotte, Nashville, Phoenix, Tampa, Atlanta and Raleigh Durham as rising contenders with a pro-business climate, including tax advantages, labor availability and lower costs. The decades-long trend of domestic migration to the Sunbelt normalized in 2025, not disappeared.

除達拉斯—沃斯堡之外，CBRE 的遷移研究也顯示，一批陽光帶與成長型市場正成為穩定的總部遷入贏家。研究點名邁阿密、奧斯汀、夏洛特、納什維爾、鳳凰城、坦帕、亞特蘭大與羅利—達勒姆等新興競爭者，具備親商環境，包括稅務優勢、勞動力供給與較低成本。長達數十年的國內人口向陽光帶遷移趨勢在 2025 年回歸常態，但並未消失。

In fact, Wind's migration tracker shows domestic migration reaccelerating in 2026 and as compared to 2025 in most of our markets with sequential annual increases over 10% in Austin, Dallas, Houston, Orlando, Phoenix and Tampa Camden is in the right high-demand markets ready for the upcoming lower supply environment.

事實上，Wind 的遷移追蹤指標顯示，2026 年相較 2025 年，我們多數市場的國內遷移再度加速；奧斯汀、達拉斯、休士頓、奧蘭多、鳳凰城與坦帕的年度增幅按序均超過 10%。Camden 佈局於正確的高需求市場，已為即將到來的低供給環境做好準備。

Turning to the real estate front. Our California sales process is progressing on schedule. As we shared previously, we've had strong interest with over 230 companies signing confidentiality agreements. We are currently in the diligence process with one buyer for the entire portfolio with an anticipated close date at the end of June or early July. If it does not work out with this buyer, there are other strong buyers who could step in, although with a later closing date.

接著談到房地產方面。我們在加州的出售流程正按計畫推進。如同先前分享的，我們已獲得強勁興趣，超過230家公司簽署了保密協議。目前我們正與一位買方就整體投資組合進行盡職調查，預計於6月底或7月初完成交割。若與該買方未能成案，仍有其他實力強勁的買方可接手，但交割日期可能較晚。

At this point, we're not going to comment further on the potential buyer or the sales price other than to say it is in line with expectations. We continue to assume approximately 60% of the sales proceeds will be reinvested through 1031 exchanges into our existing high-demand, high growth Sunbelt markets. The remainder of the proceeds model at $650 million has been used for share repurchases in late 2025 and year-to-date 2026.

在此階段，除非說明其符合我們的預期，否則我們不會就潛在買方或出售價格進一步評論。我們仍假設約60%的出售所得將透過1031換置再投資於我們既有的高需求、高成長的陽光帶市場。其餘以6.5億美元為模型假設的所得，已用於2025年末及2026年迄今的庫藏股回購。

During the first quarter, we disposed of a high CapEx 4-year-old community in Dallas for $77 million, generating an approximate 12% unlevered IRR over an almost 30-year hold period. After quarter end, we acquired Camden Alpharetta, a 269 home apartment community in the Atlanta, Georgia Metro area and Camden at Lake Nona, a 288 home apartment community in the Orlando, Florida Metro area for a combined $170 million.

第一季期間，我們以7,700萬美元出售了達拉斯一個資本支出（CapEx）較高、屋齡4年的社區，在近30年的持有期間內產生約12%的未槓桿IRR。季後，我們以合計1.7億美元收購了Camden Alpharetta（位於喬治亞州亞特蘭大都會區、269戶的公寓社區）以及Camden at Lake Nona（位於佛羅里達州奧蘭多都會區、288戶的公寓社區）。

We are actively underwriting several other acquisition opportunities and remain confident we can effectively deploy the 1031 proceeds from the California sale. However, as I previously noted, the timing of the exchanges can add considerable variability to our 2026 earnings as we do not receive the sales proceeds until we complete the exchanges.

我們正積極評估數個其他收購機會，並仍有信心能有效部署加州出售案的1031換置資金。然而，如我先前所提，換置的時點可能使我們2026年的盈餘出現相當大的波動，因為在完成換置之前我們不會收到出售所得。

I will now turn the call over to Laurie Baker, our President and Chief Operating Officer.

接下來我把電話會議交給我們的總裁兼營運長Laurie Baker。

Thanks, Alex. Camden's operating performance to date is generally in line with our expectations. While our first quarter results were slightly ahead of budget, the outperformance was mainly driven by timing-related items.

謝謝你，Alex。截至目前，Camden的營運表現大致符合我們的預期。雖然第一季結果略優於預算，但超出部分主要是由時點相關項目所帶動。

Overall, and as expected, we saw a slow but steady improvements across our portfolio as we move through the first quarter and into the beginning of peak leasing season. Our preliminary results for April are on track and indicate modest improvements in both occupancy and blended lease rate growth compared to the first quarter.

整體而言，且如預期，我們在第一季期間並進入租賃旺季初期時，看到整體投資組合呈現緩慢但穩定的改善。我們4月的初步結果符合進度，並顯示相較第一季，入住率與綜合租約租金成長均有溫和改善。

Turnover remains exceptionally low, and our first quarter 2026 annualized net turnover rate of 30% was one of the lowest in our company's history. This is in part due to minimal move-outs related to home purchases, which accounted for 9.2% of our total move-outs this quarter.

住戶流動率仍異常偏低，我們2026年第一季年化淨流動率為30%，為公司歷史最低水準之一。部分原因是與購屋相關的搬出極少，本季此類搬出占我們總搬出的9.2%。

But it also reflects record levels of resident retention, which are a testament to Camden's unwavering focus on customer service and providing living excellence to our residents. We will continue to focus on renewals and retention going forward, helping us protect and maintain occupancy and to mitigate expenses related to unit turnover.

但這也反映住戶續住率創新高，證明Camden對客戶服務以及為住戶提供卓越居住體驗的堅定投入。未來我們將持續聚焦續約與留住住戶，協助我們保護並維持入住率，並降低因單位周轉所產生的費用。

Renewal offers for May, June and July were sent out with an average increase in the mid-3% range. Our team at Camden remains committed to this year's rallying cry of smarter, faster, better, which means smarter and leveraging data, insights and AI to drive better outcomes, remove repetitive tasks and improve our margins.

我們已發出5月、6月與7月的續約報價，平均調幅約在3%中段區間。Camden團隊仍致力於今年的口號「更聰明、更快速、更好」，也就是更聰明地運用數據、洞察與AI以帶來更佳成果、移除重複性工作並提升我們的利潤率。

Faster with AI to enable quicker, more efficient service for our customers and teams and better by amplifying our people and improving the customer experience as reflected in our highest customer sentiment score to date in the first quarter.

以AI實現更快速，讓我們能為客戶與團隊提供更迅速、更有效率的服務；並透過放大我們的人才與改善客戶體驗來做到更好，這也反映在我們第一季迄今最高的客戶情緒分數上。

I will now turn over the call to Ben Fraker, Camden's Chief Financial Officer.

接下來我把電話會議交給Camden的財務長Ben Fraker。

Thanks, Laurie, and good morning, everyone. I'll begin with our capital markets activity from the quarter, followed by a review of our first quarter results and our outlook for the second quarter and remainder of the year. During the first quarter, we continue to take disciplined actions to further strengthen our balance sheet and enhance our long-term financial flexibility.

謝謝你，Laurie，各位早安。我將先說明本季的資本市場活動，接著回顧第一季結果，以及我們對第二季與今年剩餘期間的展望。第一季期間，我們持續採取審慎行動，進一步強化資產負債表並提升長期財務彈性。

We proactively recast our $1.2 billion unsecured revolving line of credit extending its maturity for years while preserving attractive covenant terms and lowering all-in pricing by 15 basis points. The recast enhances our liquidity position and reflects the continued support we receive from our bank partners.

我們主動對12億美元的無擔保循環信用額度進行重訂（recast），將到期日延長四年，同時保留具吸引力的財務契約條款，並將整體定價下調15個基點。此次重訂提升了我們的流動性部位，也反映我們持續獲得銀行夥伴的支持。

During the quarter, we also issued $600 million of 10-year unsecured bonds at an all-in effective rate of 5%. This issuance allowed us to lock in long-term fixed rate financing, extend our weighted average debt maturity and reduce near-term refinancing risk. As Alex previously mentioned, we were active with our share repurchases during and subsequent to the quarter with share repurchases of $423 million at an average price of $104.08 per share.

本季我們亦發行6億美元、10年期無擔保公司債，整體有效利率為5%。此發行使我們得以鎖定長期固定利率融資、延長加權平均債務到期年限，並降低短期再融資風險。如Alex先前提到，我們在本季及季後積極進行庫藏股回購，回購金額為4.23億美元，平均每股價格為104.08美元。

These repurchases along with $271 million in repurchases completed in 2025 and reflect our disciplined and opportunistic capital allocation approach as our shares trade at a significant discount to NAV. While we will continue to monitor our share price performance, our updated full year 2026 guidance assumes no other share repurchases. As a result of these actions, we ended the quarter with strong liquidity, well laddered maturities and leverage metrics that remain comfortably within our long-term targeted ranges.

這些回購，加上2025年完成的2.71億美元回購，反映我們在股價相對NAV存在顯著折價時，採取審慎且把握機會的資本配置策略。雖然我們將持續關注股價表現，但我們更新後的2026年全年指引假設不再進行其他庫藏股回購。在這些行動之後，我們於季末擁有強勁流動性、到期結構分散良好，且槓桿指標仍舒適地落在我們長期目標區間內。

Turning to our first quarter results. We delivered a solid start to the year. For the first quarter, core FFO was $1.70 per share, which exceeded the midpoint of our guidance by $0.04 per share, which we can attribute to the following items.

接著談第一季業績。我們為今年打下穩健的開局。第一季核心FFO為每股1.70美元，較指引中位數高出每股0.04美元，主要可歸因於以下項目。

The outperformance compared to guidance was driven by $0.01 from higher revenues from our operating properties, primarily attributable to lower-than-anticipated bad debt and higher collections on delinquent rent. Another $0.02 resulted from property expense savings, which were largely timing related and not indicative of a change to our full year expense outlook.

相較指引的超出表現，其中每股0.01美元來自營運物業收入較高，主要歸因於壞帳低於預期以及對逾期租金的收款較佳。另有每股0.02美元來自物業費用節省，這多半與時點有關，並不代表我們對全年費用展望有所改變。

The remaining $0.01 of the beat was due to the timing of third-party construction fee income, which we had previously expected to earn later in 2026. Operating conditions during the quarter tracked our expectations for lease trade-out and occupancy.

其餘每股0.01美元的超出，來自第三方建造費收入的認列時點，我們先前預期會在2026年較晚時點取得。本季營運狀況在租約換約（trade-out）與入住率方面符合我們的預期。

Additionally, outside of our core operating results, we recorded $58.2 million of non-core FFO charges most of which were related to the previously disclosed $53 million class action lawsuit settlement detailed in the 8-K furnished on April 9. The remaining charges were primarily due to $4.9 million of anticipated investment losses from two climate technology funds.

此外，除核心營運結果之外，我們認列了5,820萬美元的非核心FFO費用，其中大部分與先前揭露的5,300萬美元集體訴訟和解有關，相關內容已於4月9日提交的8-K中說明。其餘費用主要來自兩檔氣候科技基金預期的投資損失490萬美元。

Turning to full year 2026 same-store guidance. While we experienced better-than-expected bad debt and delinquency results during the first quarter, we believe it is premature to extrapolate one quarter's performance into a full year trend, particularly given market variability.

接著談2026年全年同店指引。雖然第一季壞帳與逾期情況優於預期，但我們認為將單一季度的表現外推為全年趨勢仍為時過早，特別是在市場存在變動性的情況下。

As a result, we are reaffirming the midpoint of our full year same-store revenue guidance at 0.75%. Similarly, the first quarter expense outperformance was largely timing related. So we are reaffirming the midpoint of our same-store expense guidance at 3%.

因此，我們重申全年同店營收指引中點為 0.75%。同樣地，第一季費用優於預期主要與時點因素有關。因此，我們重申同店費用指引中點為 3%。

With the midpoints of both revenue and expense guidance unchanged, the midpoint of our same-store NOI guidance remains unchanged at negative 0.5%. Our same-store guidance continues to assume improving lease trade-out fundamentals as we enter peak leasing season, along with moderation in new supply pressure as the year progresses.

在營收與費用指引中點皆未變動的情況下，我們同店 NOI 指引中點仍維持不變，為負 0.5%。我們的同店指引仍假設：隨著我們進入租賃旺季，換約（lease trade-out）基本面將改善，同時隨著年度推進，新供給壓力將趨於緩和。

With no change in our expected same-store results, and transaction volume and timing and range of our original plan, we are keeping the midpoint of our full year core FFO per share guidance of $6.75. We also provided earnings guidance for the second quarter of 2026.

在我們對同店結果的預期不變，且交易量與時點仍落在原先計畫的範圍內的情況下，我們維持全年核心 FFO 每股指引中點為 6.75 美元不變。我們也提供了 2026 年第二季的盈餘指引。

We expect core FFO per share for the second quarter to be within the range of $1.65 to $1.69, representing a $0.03 per share sequential decline from the first quarter at the midpoint. This anticipated decline is driven by a $0.04 sequential decrease in same-store NOI and as higher expected revenues during our second quarter are offset by the seasonality and timing of certain repair and maintenance expenses and the timing of our annual merit increases.

我們預期 2026 年第二季核心 FFO 每股將落在 1.65 至 1.69 美元區間，中點較第一季呈現每股 0.03 美元的季減。這項預期下滑主要來自同店 NOI 季減 0.04 美元；此外，第二季較高的預期營收，將被部分維修與保養費用的季節性與入帳時點，以及年度績效調薪（merit increases）的時點所抵銷。

This $0.04 same-store NOI decrease is partially offset by $0.01 of additional non-same-store NOI from our completed and projected net acquisitions. In closing, Camden remains in a strong financial position our balance sheet strength, ample liquidity and disciplined capital allocation provide us with meaningful flexibility as operating conditions evolve.

這 0.04 美元的同店 NOI 下滑，部分由我們已完成及預計的淨收購所帶來的額外非同店 NOI 0.01 美元所抵銷。最後，Camden 仍維持強勁的財務狀況；我們資產負債表的強度、充足的流動性以及嚴謹的資本配置，使我們在營運環境變化時具備相當的彈性。

At this point, we will open up the call for questions.

接下來，我們將開放提問。

(Operator Instructions) Eric Wolfe, Citi.

(接線員指示) Eric Wolfe，花旗。

Hey, thanks, and good morning. I think you said that April blends were modestly better than the first quarter, which came in at, I think, around negative 1.4%. But you also said that April was generally in line with your expectations and what you had in guidance thus far.

嗨，謝謝，早安。我想你提到 4 月的綜合（blended）表現比第一季略好，而第一季我記得大約是負 1.4%。但你也說 4 月大致符合你們的預期，以及目前指引所反映的情況。

Could you maybe just talk about sort of the ramp that you expect for the rest of the year? I guess it would seem like based on your guidance that you expect a pretty big ramp so I was just curious when you expect to see that? And if you see any early signs of that increase in spreads based on your forward data?

你能否談談你們對今年剩餘時間的走勢（ramp）的預期？我想從你們的指引來看，似乎預期會有相當明顯的回升，所以我想了解你們預計何時會看到？以及從你們的前瞻數據來看，是否已看到租金價差（spreads）擴大的任何早期跡象？

Thanks.

謝謝。

Yeah, absolutely. So let's sort of frame it. Let's first talk about occupancy. So April occupancy is right around 95.4%. Now that compares to 95.1% in the first quarter. So that's a pretty considerable increase. And then when you look at blended rates for us in April, and I'm certainly not giving interim data because I don't want our peers to smack me. But we are seeing blended rates up about 100 basis points in April as compared to what we saw in the first quarter.

好的，當然。我們先把框架建立起來。先談入住率。4 月入住率大約在 95.4%。相較之下，第一季是 95.1%。所以這是相當明顯的提升。再看我們 4 月的綜合租金（blended rates），我當然不會提供期中數據，因為我不想讓同業來「修理」我。但我們看到 4 月的綜合租金相較第一季大約上升了 100 個基點。

So all of that is in trend and absolutely positive. If you look at how we're thinking this is going to lay out for the rest of the year, what we're anticipating is a pretty strong third quarter. And with the hope that at that point in time, we've got enough of the new supply absorbed and then that leads into sort of an atypical better fourth quarter than what you'd normally see because you've got supply coming down so dramatically.

所以這些趨勢都符合預期，而且絕對是正面的。如果看我們對今年剩餘時間的布局，我們預期第三季會相當強勁。並希望到那個時點，新供給已被吸收得差不多，進而帶來一個相對不典型、比一般情況更好的第四季，因為供給會大幅下降。

So that's what's built into our number. I will tell you, at this point in time, we are feeling pretty good about how April is shaping out. And we're certainly seeing several of our markets that I would classify as showing green shoots. Markets that are jumping out to me would be Atlanta Dallas, Orlando, Nashville, Raleigh and Southeast Florida. And we think those are going to be the markets that are going to really lead us in the sort of return to normalcy all the supply is absorbed.

這就是我們數字中所反映的假設。我可以告訴你，就目前而言，我們對 4 月的走勢感覺相當不錯。而且我們確實看到幾個市場出現我會稱之為「萌芽」的跡象。特別引起我注意的市場包括亞特蘭大、達拉斯、奧蘭多、納什維爾、羅利以及佛羅里達東南部。我們認為這些市場將在供給被吸收、回歸常態的過程中真正帶頭領先。

Jamie Feldman, Wells Fargo.

Jamie Feldman，富國銀行。

Great. First, congratulations to everyone on all the changes. Excited to see what comes next. I guess as we think about -- going back to those comments, can you talk about concessions? How have they been trending?

很好。首先，恭喜大家完成所有變動。很期待接下來會如何發展。回到剛才那些評論，能否談談優惠（concessions）？它們的趨勢如何？

And then as you think about the ramp, we expect to see for the rest of the year, what's your expectations for concessions coming in and how that helps?

另外，當你們思考今年剩餘時間預期的回升（ramp）時，你們對優惠的預期是什麼？以及這會如何帶來幫助？

Yeah. I mean, as you know, we don't offer concessions. And so what we're doing is we have to look and see what's out there in the marketplace. And the good news is that we are seeing concessions come down fairly meaningful in most of our markets. And once again, that's really tied to supply.

好的。如你所知，我們不提供優惠。因此我們要做的是觀察市場上其他業者的情況。好消息是，我們看到在大多數市場，優惠正相當明顯地下滑。而且再一次，這真的與供給有關。

If you look at the vast majority of our markets, new supply is down 50% from its peak. And because of that, you're no longer in a situation where you've got a lot of developers that are trying to go from 0% occupied to 95% occupied and offering every single concession possible to get you there.

如果看我們絕大多數市場，新供給已較高峰下滑 50%。因此，你不再會看到許多開發商試圖把入住率從 0% 拉到 95%，並為了達成目標而提供各種可能的優惠。

So we are seeing concessions come down, as I said, pretty considerably in most of our markets. And really, the easiest way and the best comp that I have for that is the one asset that we got in development, which is our Village District community in Raleigh, and that particular community, remember that we always assume that you're going to give 1 month three in a new lease-up.

所以如我所說，我們確實看到在大多數市場，優惠相當程度地下滑。而最簡單、也是我能提供的最佳對照案例，是我們唯一一個在開發中的資產，也就是位於羅利的 Village District 社區；對那個社區而言，請記得我們一向假設在新案招租（lease-up）時會提供 1 個月的優惠。

And that's to compensate for the fact that there's construction activity, et cetera, going on. And we are all a concession there, but it's not much over that 1 month. And so what that really does tell you is that concessions are starting to get into check in our markets.

這是為了補償仍有施工活動等因素。我們在那裡確實有提供優惠，但並沒有比 1 個月多太多。因此，這其實告訴你，在我們的市場中，優惠正開始受到控制、回到合理範圍。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc Capital Markets。

Yeah. Laurie, I think you indicated asking rates on renewal leases are going out in the mid-3% range. I think last quarter, you were sending out around 3% to 3.5% achieved closer to or just below, I think 3% with the number. Just curious kind of what the take rate has been from the asking versus achieved? And if you think that starts to narrow a little bit as you get into the peakly season as it sounds like things have picked up a bit?

是的。Laurie，我想你提到續租合約的要價租金（asking rates）大約在 3% 的中段區間。我記得上季你們發出的要價大約在 3% 到 3.5%，而實際達成（achieved）更接近或略低於 3%。想請教一下，從要價到實際達成的接受率（take rate）大概如何？以及當你們進入租賃旺季時，若如你所說情況已有所回升，你是否認為要價與實際達成之間的差距會開始縮小一些？

Yeah. So we saw that in the first quarter, we were going out with the range in the mid-3s. And I think we reported that last quarter. And what we saw is just a little bit of price sensitivity in the first few months of the year, but we're now starting to see in our May, June, July lease renewals that are going out that we're able to get a little bit more of an increase in those numbers. And with our renewals being so high, we're feeling pretty good about kind of landing right around the same range of usually 50 bps on where people sign.

是的。所以我們看到在第一季，我們對外提出的區間大約在3%中段。我想我們在上一季也有報告過。我們看到的是，今年前幾個月確實有一點價格敏感度，但我們現在開始在5月、6月、7月到期續租的案子上看到，我們能把這些數字再往上拉一點。而且由於我們的續租率非常高，我們對於最後大概落在相同區間、通常在簽約時約50個基點（bps）的水準，感覺相當不錯。

And so as we have the opportunity to push in markets where we're getting a little more pricing power, we'll continue to do so in the markets where there's more concessions in supply. We may not be able to get to those top line numbers that we're going out at.

因此，當我們有機會在定價能力較強的市場推升價格時，我們會持續這麼做；而在供給端讓利（concessions）較多的市場，我們可能就無法達到我們對外提出的那些最高的表面（top line）數字。

But we feel pretty good about the conversations we're having out there. And just it has a lot to do with how well we take care of our residents and explaining to them the costs that are associated with moving and the product we provide and the service level we provide those conversations typically go pretty well.

但我們對於目前在外面的溝通狀況感覺相當不錯。而這很大一部分取決於我們把住戶照顧得多好，並向他們說明搬家的相關成本、我們提供的產品，以及我們提供的服務水準；這些對話通常都進行得很順利。

So we're feeling good. Our teams are very focused on explaining what the concession market is and how our net pricing equates to that. So I think we're feeling good about, as we said earlier, going out with the mid-3s and a little higher as we get into our peak summer.

所以我們感覺良好。我們的團隊非常專注於向住戶解釋什麼是讓利市場（concession market），以及我們的淨定價如何與之對應。因此我想我們對於——如同先前所說——對外提出3%中段、並在進入夏季旺季時略高一些的水準，感覺相當不錯。

Steve Sakwa, Evercore ISI.

Steve Sakwa，Evercore ISI。

Yeah, thanks. I guess I wanted to ask maybe kind of a size portfolio question. Obviously, there's been some stories about industry consolidation. And I'm just wondering at your portfolio size, as you sort of think about the data you gather from your existing assets, do you think that data would be better if you were 2 times, 3 times, 4 times bigger? And how are you using other data sources to kind of think about pricing today?

是的，謝謝。我想我想問一個可能偏投資組合規模的問題。顯然，市場上有一些關於產業整併的說法。我只是想知道，以你們目前的投資組合規模，當你們從既有資產蒐集資料時，你們是否認為如果規模變成現在的2倍、3倍、4倍，資料會更好？以及你們目前如何運用其他資料來源來思考今天的定價？

Yeah. So the first thing I'll tell you is we try not to comment on rumors about mergers and acquisitions that are out there. So that's point number one. Point number two, we're very fortunate and the investor community is very fortunate that, that leadership at all these companies are really good.

是的。首先我要告訴你的是，我們盡量不評論外界關於併購（M&A）的傳聞。這是第一點。第二點，我們非常幸運，而投資人社群也非常幸運，因為這些公司的管理層都非常優秀。

And so whatever decision other companies make, we've got to believe is right for them. For us, the way we sort of think about this is that bigger is not better, better is better. And if you look at a long-term trends, there's absolutely no correlation between size of the company and total share of return.

因此，不論其他公司做出什麼決定，我們都必須相信那對他們而言是正確的。對我們來說，我們看待這件事的方式是：大不一定更好，做得更好才是更好。而且如果你看長期趨勢，公司規模與總股東報酬（total share of return）之間完全沒有相關性。

So that's the big picture way of looking at it. And then when you look at data, here's what I'll tell you, with the scale we have, we've got enough information. We've got enough data to make the appropriate decisions across every aspect of our business.

這是從大方向來看。再談到資料，我要告訴你的是，以我們目前的規模，我們已經有足夠的資訊。我們有足夠的資料，能在業務的各個面向做出適當的決策。

And I do not think that if we were in a situation where all of a sudden, we were 2 times or 3 times the size we are, that we would see any type of significant increase in our ability to collect data, analyze data and utilize data. I think we are -- this is a world where we've got perfect clarity into all of our information.

而且我不認為如果我們突然變成現在的2倍或3倍規模，我們在蒐集資料、分析資料與運用資料的能力上，會有任何顯著提升。我認為我們——在這個世界裡，我們對所有資訊都有非常清晰、完整的掌握。

And remember that we're a pretty good-sized company. And we've got a lot of units that we can look at and we can see how those units are behaving, and we can see how our consumers are behaving. And so I'm not really sure that there's any real significant improvements on the data side to come from being considerably bigger.

而且請記得，我們本來就是一家規模相當不小的公司。我們有很多單位（units）可以觀察，我們可以看到這些單位的表現方式，也能看到我們消費者的行為。因此我不太確定，單就資料面而言，規模大幅變大能帶來任何真正顯著的改善。

Jana Gallen, Bank of America.

Jana Gallen，美國銀行（Bank of America）。

Thank you. Maybe a question on acquisitions as you prepare to deploy the disposition proceeds, can you talk about cap rates in the Sunbelt markets, how you typically underwrite year one rent growth? And if you're seeing more opportunity in kind of core product? Or are you looking at maybe unstabilized or lease-up?

謝謝。或許問一個關於收購（acquisitions）的问题：當你們準備運用處分（disposition）所得款項時，能否談談太陽帶（Sunbelt）市場的資本化率（cap rates）、你們通常如何承作（underwrite）第一年的租金成長？以及你們是否在較核心（core）的產品上看到更多機會？或者你們也在看可能尚未穩定（unstabilized）或正在招租／出租爬坡（lease-up）的資產？

Sorry, could you repeat your question? You kind of cut out in the middle, and I missed a few -- the first part of your question.

抱歉，你可以重複一下你的問題嗎？你中間有點斷訊，我漏掉了幾個——你問題的前半段。

Sure. Sorry about that. So just on acquisitions, curious how you what cap rates you're seeing out there, how you think about underwriting year 1 rent growth? And in terms of what's out there, is it kind of more opportunity in core assets or in unstabilized or lease-up assets?

當然。抱歉。就是關於收購：想了解你們目前看到的資本化率大概是多少、你們如何看待第一年租金成長的承作假設？以及就市場上供給而言，機會比較多的是核心資產，還是尚未穩定或正在lease-up的資產？

Sure. So obviously, transaction volumes are still clearly below sort of pre-COVID levels. but today are trending in line with where we were in 2025. And we are evaluating a number of opportunities as we look to redeploy the proceeds from our California transaction. Not seeing a lot in terms of lease-up acquisition opportunities this year.

好的。很明顯，交易量仍然低於COVID之前的水準，但目前的趨勢大致與我們在2025年的水準一致。隨著我們尋求重新部署加州交易的所得款項，我們正在評估多個機會。今年在lease-up收購機會方面，並沒有看到很多。

Those types of opportunities. I think sellers who have properties and lease up are really trying to get them to a point of stabilization before they go to the market to create as much liquidity for that asset as they possibly can.

這類型的機會。我認為，擁有正在lease-up物件的賣方，會盡力把它們先推到穩定（stabilization）的狀態再拿到市場上出售，以便盡可能為該資產創造最大的流動性。

And that's -- and then from a pricing standpoint, cap rates have really been stable over probably the last 18 months, and I'll tell you that the trades for newer, well-located properties in the Sun Belt, those cap rates are in the 4.5% to 5% range and have been for some time. And that's certainly what we're seeing.

而且——從定價角度來看，資本化率在過去大約18個月其實相當穩定。我可以告訴你，在太陽帶，較新且地點良好的物件成交資本化率大約在4.5%到5%的區間，而且已經維持一段時間了。這也確實是我們目前看到的情況。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

Thanks. Good morning and Congrats to everyone for all the moves, very exciting. So my question is on sort of the cadence of the recovery from here. I think if we were sitting here at this time last year, we probably would have thought by now we would be seeing more in the way of real CPI plus lease type growth and particularly out of the new lease category. It seems like that, that got delayed a year given the tail of supply.

謝謝。早安，也恭喜大家完成這些調整，真的很令人振奮。所以我的問題是關於接下來復甦的節奏。我想如果我們在去年這個時間坐在這裡，我們可能會以為到現在應該會看到更多「實質CPI加上租約型」的成長，尤其是在新租（new lease）這一類。看起來因為供給尾端的影響，這件事被延後了一年。

But I'm curious if you could comment about what you think the cadence of the growth recovery will be as we get into 2027. Is it more of like a hockey stick like we saw in 2022? I would hope not, or more of a gradual improvement based on whatever forces are at work as supply burns off. I'm just curious how you envision sort of the cadence from that third quarter strength that you talked about in onward?

但我想請你評論一下，當我們進入2027年時，你認為成長復甦的節奏會是什麼樣子。會更像2022年那種「曲棍球棒式」的跳升嗎？我希望不要；還是會是隨著供給逐步消化、在各種力量作用下的漸進式改善？我只是好奇，你如何想像從你提到的第三季強勢開始、往後延伸的整體節奏？

Yeah, absolutely. So the first thing I'll tell you is if you go back and you look at 2025, if you remember, we had a little bit of a head fake because in 2025, April looked fantastic. And then all of a sudden things just stopped pretty quickly. And a lot of that was tied to the factors that we know, liberation day, et cetera. If you look at what we are assuming, we are assuming that this recovery could look a lot like what we saw coming out of the GFC.

是的，完全同意。所以我首先要告訴你的是，如果你回頭去看 2025 年，你如果還記得，我們當時有一點「假動作」，因為 2025 年 4 月看起來非常亮眼。然後突然之間，事情很快就停了下來。而其中很大一部分與我們所知道的那些因素有關，像是「解放日」等等。如果你看我們的假設，我們假設這次復甦可能會很像我們在全球金融危機（GFC）之後看到的情況。

And if you look at what we saw coming out of the GFC, we saw several years of just really, really considerable growth you look at 2011, I think our NOI was up about 7% in 2012, it was up 9% in 2013, it was up 6%. So you could see something similar to that.

如果你看我們在 GFC 之後看到的情況，我們看到的是連續好幾年非常、非常可觀的成長；你看 2011 年，我想我們的 NOI 大約成長了 7%，2012 年成長 9%，2013 年成長 6%。所以你可能會看到類似的情況。

Now if you look at the cadence, we certainly are, and I know you said you hope it's not a hockey stick. We are anticipating sort of a hockey stick in the latter part of 2026 as we get through this absorption. Then when you get into 2027 at that point in time, clearly not going to give any guidance, but I would anticipate, if you just look back at what we saw coming out of the GFC, then it becomes a steady but strong growth on a go-forward basis.

現在如果你看節奏，我們確實是——而且我知道你說你希望不要是「曲棍球棒」型。我們預期在 2026 年後半段，隨著我們度過這段去化（absorption）期，會出現某種「曲棍球棒」型的走勢。接著進入 2027 年時點，當然我們不會提供任何指引，但如果你回頭看 GFC 之後的情況，我會預期之後會進入一個穩健但強勁的持續成長。

So, Rich, I would just add to that some numbers around the completions in Camden's markets, the cadence looks like in 2025, we had 200,000 completions that drops to about 150 this year. That drops to $135 million in 2027 and down to $120 million in 2028. And the thing that's important about that is it's very hard to change the trajectory of that completion number because if it's not already under construction, it's not coming by 2027.

所以，Rich，我再補充一些關於 Camden 市場完工量的數字：節奏看起來是 2025 年我們有 200,000 戶完工量，今年降到大約 150。2027 年降到 1.35 億美元，2028 年降到 1.20 億美元。而重要的是，這個完工量的軌跡很難改變，因為如果現在還沒有在施工，到 2027 年就不會交付。

Brad Heffern, RBC Capital Markets.

Brad Heffern，RBC Capital Markets。

Yeah. Thanks, [Herve]. Congratulations on all the promotions. Glad to see the music is sticking around amid all the changes. Going back to the 1Q blends, typically, we see a jump sequentially in the first quarter. Your peers have generally reported that last year was 100 basis points higher or so in the first quarter. It sounds like that was already assumed in guidance, but I'm just wondering if you can talk through why you didn't expect or see that sort of normal seasonal pattern.

是的。謝謝，[Herve]。恭喜各位升遷。很高興看到在這麼多變動之中，音樂仍然保留下來。回到第一季的 blends，通常我們會在第一季看到季比的跳升。同業一般都表示去年第一季大概高了 100 個基點左右。聽起來這已經被納入指引，但我想請你談談，為什麼你們沒有預期或沒有看到那種正常的季節性型態。

So the first thing is music is not going anywhere. We love our music and expect to see that for to the point whenever I'm handing it over to somebody else, that music will continue. So if you think about the first quarter, what we were doing in the first quarter was making sure that we were setting ourselves up appropriately for the rest of the year. And we feel good about the way our first quarter unfolded. It was in line with our expectations.

所以第一點是，音樂不會消失。我們很愛我們的音樂，也預期會一直保留；甚至到我把棒子交給別人的那一天，那個音樂也會繼續。所以如果你想第一季，我們在第一季做的事情，是確保我們為今年剩下的時間做好適當的布局。而我們對第一季的發展感到滿意。它符合我們的預期。

It was in line with our guidance. It's interesting because there's obviously going to be a lot of comparison between the multi-families and we can fully understand that. We are all in different markets. If you look at the markets in which we overlap with our competitors, and in particular, one of our competitors, we outperformed in most of those markets.

它也符合我們的指引。有趣的是，顯然大家會把多戶住宅（multi-family）拿來做很多比較，我們完全理解。我們都在不同的市場。如果你看我們與競爭對手重疊的市場，特別是其中一位競爭對手，我們在多數那些市場的表現都更好。

And so however you get there on the revenue side, our revenue results, we feel really good about, and we feel that we're doing the right thing to set ourselves up for a successful second, third and fourth quarter of this year. And when we look at our April results, our April results are doing very well, as we just talked about. And so we feel very good about how our trend is looking.

所以不管你在營收端是怎麼做到的，我們對我們的營收結果感到非常滿意，也覺得我們正在做正確的事，讓自己在今年第二、第三與第四季能夠成功。而當我們看 4 月的結果，正如我們剛才談到的，4 月表現非常好。因此我們對目前的趨勢走向感到非常有信心。

Haendel St. Juste, Mizuho.

Haendel St. Juste，Mizuho。

Hey, guys. Congrats on the promotions. My question is on the buybacks capital deployment. As you said, you repurchased [$150 million] that you outlined on prior calls. We have another couple of hundred million of still capacity in the buyback. Can you talk about more kind of capital allocation from here, your level of interest in maybe more buybacks?

嗨，各位。恭喜升遷。我的問題是關於回購與資本部署。如你所說，你們回購了先前電話會議中提到的 [$150 million]。我們還有另外幾億的回購額度容量。你能談談接下來的資本配置嗎？你們對可能進一步回購的興趣程度如何？

Are they more dependent on incremental dispositions beyond the SoCal portfolio sale? Could you shift a bit of capital from maybe acquisitions to more buybacks. So some thoughts here on capital deployment, the options on the table and then remind us the tax limitations regarding kind of 1031?

這是否更取決於在 SoCal 投資組合出售之外的額外處分？你們是否可以把部分資金從可能的收購轉向更多回購？所以想請你分享一下資本部署的想法、目前桌面上的選項，另外也請提醒我們關於 1031 之類的稅務限制。

Sure. So between 2025 and '26, we bought back $693 million in advance of our California sales at an average price of $105 and change. That represents a 6.4% FFO yield. So that's been an excellent source and allocation of our capital. Like I said in my prepared remarks, we're going to continue to monitor our share price performance.

當然。所以在 2025 年到 2026 年之間，我們在加州出售案之前，以平均價格 105 美元多一點回購了 6.93 億美元。這相當於 6.4% 的 FFO 殖利率。所以這一直是我們資本非常好的來源與配置。就像我在事先準備的發言中說的，我們會持續關注我們股價的表現。

But as of now for our transaction plan, we have no additional share repurchases in our 2026 guidance. And as far as taxable room, we have planned for $1 billion in acquisitions, which is about the amount we need to maximize the use of proceeds to offset any additional special distributions we would need to make.

但就目前我們的交易計畫而言，我們在 2026 年指引中沒有納入額外的股票回購。至於應稅空間（taxable room），我們規劃了 10 億美元的收購，這大約是我們為了最大化運用出售所得、以抵銷我們可能需要額外發放的特別股利所需的金額。

But I will point out, just because we do not have any other share repurchases in our guidance, that does not mean that we will not do any additional share repurchases. We have plenty of capacity in our balance sheet, plenty of capacity with our leverage once the California transaction closes that we can absolutely do more share repurchases. And so that is absolutely something that is up there for opportunities for us as we go forward.

但我要指出的是，即使我們的指引中沒有其他回購，也不代表我們不會再做額外回購。我們的資產負債表有充足的容量，而且在加州交易完成後，我們的槓桿也有很大的空間，絕對可以進一步回購。因此，這確實是我們未來前進時可把握的機會之一。

John Kim, BMO Capital Markets.

John Kim，BMO Capital Markets。

Thank you. On the Southern California portfolio sale, I know you don't want to get into the details of it. But I wanted to ask about the rationale of selling to one buyer for the entire portfolio rather than splitting up the portfolio where you might have gotten better pricing. And given the amount of interest that you've gotten on the sale why not more actively pursue acquisitions ahead of closing of it?

謝謝。關於南加州投資組合出售，我知道你不想談太多細節。但我想問的是，為什麼選擇把整個投資組合賣給單一買家，而不是拆分投資組合（你們可能會拿到更好的價格）？另外，考量你們在這次出售上獲得的興趣程度，為什麼不在交割前更積極地進行收購？

Yeah. We had a lot of interest, and we had a lot of interest on both the portfolio side, individual asset side and then sub-portfolio sides. We believe at this point, what we have done, we picking the one bar that we have picked is we have limited our execution risk while maximizing proceeds.

是的。我們收到很多興趣，而且不論是整體投資組合、單一資產，或是子投資組合層級，都有很多興趣。我們相信就目前而言，我們所做的——我們選擇的這個「門檻」——是在最大化出售所得的同時，把執行風險降到最低。

Now it is important to note that there were a lot of buyers clustered together. And so we did make a choice going with a particular buyer because of the strength of that buyer. But to your point, whether we could maximize proceeds by splitting it up, maybe we could have gone a little bit more, but it would have introduced additional risk that we didn't think made sense to us.

現在重要的是要注意，當時有很多買方聚集在一起。因此，我們確實做出選擇，決定與某一位特定買方合作，因為該買方實力雄厚。但就你提到的點而言，是否能透過拆分來最大化出售所得，也許我們可以再多一些，但那會引入額外風險，我們認為對我們而言並不合理。

And then as I did point out in the prepared remarks, even though we have picked a buyer and we're still in the diligence process, the good news is that there were several buyers and there are several buyers that are around. I think there are several buyers really hoping that our current buyer sort of falls out, but we don't think that's going to happen.

然後如我在事先準備的發言中指出的，即使我們已選定一位買方且仍在盡職調查流程中，好消息是當時有好幾位買方，而且目前也仍有多位買方在場。我想有幾位買方其實很希望我們目前的買方「掉隊」，但我們不認為那會發生。

But -- and then when it comes to opportunities for more acquisitions, we are really active right now. Since in the last couple of weeks, we've actually been awarded another $250 million worth of acquisitions. So that gets us up to pretty close to halfway towards our $1 billion goal. There is a lot out there.

不過——談到更多併購機會，我們現在非常積極。在過去幾週內，我們實際上又獲得了另外2.5億美元的併購標的。因此，這讓我們距離10億美元目標已經接近完成一半。市場上機會很多。

And I will tell you right now, we are the prettiest buyer in the market. Everybody is coming to us, everybody is showing us opportunities because they know that we have the capacity to close and they know that we are for real. And so I'm expecting that we're going to come out with a really, really great additional portfolio to enhance what we have today from this process.

我現在就告訴你，我們是市場上最具吸引力的買方。大家都來找我們、都把機會拿給我們看，因為他們知道我們有完成交易的能力，也知道我們是玩真的。因此我預期，透過這個流程，我們將會再拿出一個非常、非常出色的新增投資組合，來強化我們目前的資產。

So feeling really good about the acquisition opportunities, feeling really good about the California process and how it's progressing.

所以我們對併購機會感到非常樂觀，也對加州流程及其進展感到非常有信心。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

Hey, good morning down there, and congrats all around Alex, Laurie and Ben. I guess you guys will have to lead the Camden Company's skids at those offsites. So a question for you about the demand and supply, you and a number of the other Sunbelt players have all commented that certain markets are rebounding and showing strength.

嘿，早安，恭喜Alex、Laurie和Ben各位。我想你們得在那些外部會議上帶頭把Camden公司的「煞車」踩住。我有個關於需求與供給的問題：你們以及其他一些Sunbelt業者都提到，某些市場正在反彈並展現強勢。

But overall, as you outlined, it's still going to be a tough market until later in the year. Is this a matter of there were a lot of projects from last year that just had slow lease-ups? Is this stuff that leaked into this year? Or is it that you need faster jobs? Basically, what I'm asking is -- is this a jobs issue? Or this is a supply issue? And if it's a supply, was this just projects that got delayed from last year or slower lease-up? Or just trying to better understand the dynamics here?

但整體而言，如你所說，要到今年稍晚才會是比較艱難的市場。這是因為去年有很多專案只是出租去化很慢嗎？是這些狀況延續到今年嗎？還是你需要更快的就業成長？基本上我想問的是——這是就業問題嗎？還是供給問題？如果是供給問題，是因為去年專案延後，或是出租去化較慢？我只是想更了解這裡面的動態。

Alex, I'm going to hit the most important point first. Ric and Keith are not going to be let out of skids. I fully anticipate seeing them and seeing them dressed up on a continual basis. This is entirely a supply story. Demand in our markets are incredibly strong.

Alex，我先講最重要的一點。Ric和Keith不會被放過、不用「下場」。我完全預期會持續看到他們，而且會看到他們一直盛裝打扮出現。這完全是供給面的故事。我們市場的需求非常強勁。

As I laid out in the prepared remarks, you can look at domestic in migration, you can look at job creation. You can look at corporate headquarter relocation -- all of those favor our markets over the coast. This is merely a matter of absorbing the existing supply that's out there. And that is why we feel very good about how the latter part of 2026 should sort of end up because you will have that excess supply being absorbed to a point that was made earlier.

如我在事先準備的發言中所說，你可以看國內人口淨遷入、你可以看就業創造。你也可以看企業總部遷移——這些都讓我們的市場相較於沿海地區更具優勢。這純粹只是把現有供給去化吸收的問題。這也是為什麼我們對2026年下半年最終的走勢感到非常樂觀，因為多餘供給會被吸收到先前提到的那個程度。

If you look at our markets, our market supply is down 50% over its peak. If you look at most of our markets and you just look at a year-over-year basis, you've got supply just on a year-over-year basis, down anywhere between 20% to 60%. What that tells you is once that supply is absorbed, we are going to have very, very healthy revenue growth.

如果你看我們的市場，我們的供給量相較於高峰已下降50%。如果你看我們大多數市場、以年對年來看，供給年對年下降約20%到60%不等。這告訴你，一旦供給被吸收，我們將會有非常、非常健康的營收成長。

Adam Kramer, Morgan Stanley.

Adam Kramer，Morgan Stanley。

Good morning. This is Derek Metzler with Adam Kramer. My question is about the difference in Class A versus Class B or affordable by comparison product and urban versus suburban product. And as supply comes down, and obviously, it's mostly Class A high-quality product supply that's coming down.

早安。我是Derek Metzler，與Adam Kramer一起。我的問題是關於A級（Class A）與B級（Class B）或相對更可負擔產品之間的差異，以及都會型與郊區型產品的差異。而隨著供給下降，顯然主要是A級高品質產品的供給在下降。

How do you see the outlook for the Class A versus Class B and other products in your portfolio and across your markets performing over the next few quarters or years in the kind of better supply environment?

在接下來幾季或幾年、在供給環境改善的情況下，你如何看待你們投資組合以及各市場中A級相對於B級與其他產品的表現前景？

Yeah. So -- As versus Bs for us right now is pretty flat. Where we're seeing the delta is suburban versus urban. And if you look at on the revenue side, and you just look at last quarter, our urban assets actually were 70 basis points better than our suburban assets. Once again, and to the earlier question, this is entirely a supply story.

是的。所以——就我們目前而言，A級相對於B級其實相當持平。我們看到差異的是郊區相對於都會區。如果你看營收面、只看上一季，我們的都會資產其實比郊區資產高出70個基點。再次呼應前面那個問題，這完全是供給面的故事。

If you look at our markets, apartment supply is falling fastest in urban areas. And because of that, that is where we're seeing the additional pricing power in statistics like that, that make us feel very good about our ability to get positive rent growth as we move through the year because we do know that once you get past the supply falling in the urban areas, it's falling -- it's going to fall in the urban areas as well. We'll get it all absorbed, and that is what should lead to continued strength as we go throughout the year.

如果你看我們的市場，公寓供給在都會區下降得最快。也因此，我們在這類數據上看到額外的定價能力，讓我們對於隨著今年推進、我們有能力取得正向租金成長感到非常有信心，因為我們確實知道，一旦都會區供給下降的階段過去，它也會——它也將在都會區持續下降。我們會把供給全部去化吸收，而這應該會帶動我們在今年持續走強。

Michael Goldsmith, UBS.

Michael Goldsmith，UBS。

This is Ami on with Michael. We wanted to touch on Houston where occupancy was down pretty materially year-over-year in the quarter. So wondering what the outlook is for that market? And if you think that the recent higher gas prices have any positive impact there.

我是Ami，代Michael提問。我們想談談休士頓，因為本季入住率年對年下滑相當明顯。想請問你對該市場的展望如何？以及你是否認為近期較高的天然氣價格會對那裡帶來任何正面影響。

For Houston, Houston is a really interesting market because if you look at all of the fundamentals in Houston, they are fantastic. When you actually look at the results, though, they're not as great. And there are some really interesting data around the consumer sentiment that seems particular to Houston Houston's consumer sentiment has fallen pretty dramatically in '26 as compared to '25.

至於休士頓，這是一個非常有意思的市場，因為如果你看休士頓所有基本面，它們都非常出色。但當你實際看結果時，卻沒有那麼好。而且有一些很有趣的數據與消費者信心有關，似乎是休士頓特有的——休士頓的消費者信心在2026年相較於2025年大幅下滑。

I think a lot of that is around just some of the effects of immigration, which does have a huge impact to Houston. And I think that, that negative customer sentiment is having an impact in the way the Houston consumer spends their money. And obviously, that's impacting rent. But if you get past the sentiment issue, and what we know about sentiment is humans are incredibly resilient and they have an ability to return to the positive really fast.

我認為其中很大一部分與移民的一些影響有關，而這對休士頓的影響非常大。我也認為，這種負面的消費者信心正在影響休士頓消費者花錢的方式。而這顯然正在影響租金。但如果你先撇開信心問題不談，我們對信心的理解是：人類非常有韌性，而且能夠很快回到正向。

And once they get past that sentiment issue, they're very strong. In Houston, in particular, we've got a lot of job creation. We've got a lot of population growth. We know our consumer is doing really well. In fact, our rent to income in Houston is 16%.

而且一旦他們跨過那個情緒面的問題，他們就會非常強勁。尤其是在休士頓，我們有大量的就業創造。我們有人口大幅成長。我們知道我們的消費者表現得非常好。事實上，我們在休士頓的租金占收入比是16%。

It's one of the lowest in our entire portfolio. So the consumer is there, the consumer has the ability to spend more money. Supply has come down pretty dramatically, Houston will get better. It's just a sentiment issue.

這是我們整個投資組合中最低的之一。所以消費者在那裡，消費者也有能力花更多錢。供給已經相當明顯地下滑，休士頓會變得更好。這只是情緒面的問題。

Let me add to that a little bit. When you think about consumers today, and Houston is a great example of that, and I echo Alex's issue about immigration because immigration is a big issue, and it's definitely stressing a lot of folks out, especially since Houston is the most diverse city in America with our -- we have a minority majority of Hispanic people that live here and 25% of our population is foreign born in Houston.

我再補充一點。當你想到今天的消費者，而休士頓就是一個很好的例子，我也呼應Alex提到的移民議題，因為移民是一個重大議題，而且確實讓很多人感到壓力，特別是因為休士頓是美國最多元的城市——我們這裡西語裔人口是少數中的多數，而且休士頓有25%的人口是外國出生。

But consumer in general is interesting. When you think about the consumer sentiment generally across the country, it's not great. And -- but if you look at job growth, you look at wage growth, you look at consumer spending is good. So the consumer is kind of stressed about a lot of things. And the things that they're stressed about our number one, inflation continues to be an issue.

但整體而言，消費者很有意思。當你看全國整體的消費者信心，其實不太好。但是——如果你看就業成長、看薪資成長、看消費支出，其實都不錯。所以消費者對很多事情感到壓力。而他們最在意、壓力最大的第一件事，就是通膨仍然是個問題。

And when you think about inflation in housing, so in Houston, for example, housing prices have gone up 60% since the pandemic. In Houston, Texas, and people go, it used to be affordable here and that's bothering consumers. But if you look at it nationwide, it's the same issue. Housing costs are up. Apartment rents, of course, have been flat for 36 months, but housing prices continue to be up, interest rates were up.

而當你想到住房的通膨，例如在休士頓，房價自疫情以來上漲了60%。在德州休士頓，人們會說，以前這裡很負擔得起，這讓消費者很困擾。但如果你看全國，其實是同樣的問題。住房成本上升。公寓租金當然已經持平36個月，但房價仍在上升，利率也曾上升。

So all those things have kind of created this. And this uncertainty by the way, politically has created this tension in the consumer. The interesting part is the consumer is actually doing really well. And so the feeling they have is bad.

所以所有這些因素共同造成了這種情況。順帶一提，政治上的不確定性也在消費者之中造成了這種緊張感。有趣的是，消費者其實表現得非常好。但他們的感受卻很糟。

The underlying consumer strength is good, but to Alex's point, that tension or that stress or that feeling of uncertainty in bad that the consumer has is making them slower to make or is causing them slower to make housing decisions and to move around, so you have less moving around than you would normally have.

消費者的基本面強勁是好的，但如Alex所說，那種緊張、壓力或不確定且不好的感受，讓消費者在做住房決策與搬遷時變得更慢，因此你會看到比正常情況更少的流動。

The other thing I think that's really interesting is that the -- when you look at what's happened to college people have graduated from college this year and last year is that there's been sort of a failure for launch for about 10% or 12% of those graduates.

我覺得另一個非常有意思的是——當你看今年和去年大學畢業的人，約有10%到12%的畢業生出現某種「無法順利起步」的情況。

If you look at stats on people living at home that we're not living at home before pre-COVID, we have about a $900,000 increase in 20- to 25-year olds that are living at home or room made today. So it's a really interesting kind of weird place even though the world is good. From a consumer perspective, they're fairly uncertain.

如果你看疫情前（COVID之前）原本不住在家裡、但現在住在家裡的人的統計，我們大約增加了90萬名20到25歲的年輕人如今住在家裡或與人合租。所以這是一個非常有趣、也有點奇怪的狀態，即使整體世界看起來不錯。從消費者角度來看，他們相當不確定。

Rich Hightower, Barclays.

Rich Hightower，巴克萊。

Hey, good morning, guys. I guess I want to combine two categories and the one question for a second. So if I think about the earlier question about sort of the benefits of scale and data and how that informs revenue management and then, of course, the fact that you and several of your peers have sort of put the RealPage lawsuit stuff in the rearview mirror at this point.

嗨，早安，各位。我想把兩個類別先合併成一個問題。所以如果我回想先前那個關於規模與數據帶來的效益、以及它如何影響收益管理的問題，然後當然還有你們以及幾位同業在此時此刻似乎已經把RealPage訴訟相關的事情放到後照鏡裡了。

And I know that revenue management around that topic has already sort of changed throughout the industry. But just maybe help us understand when you combine those two threads, what has changed about the way units get priced, how you use information, how the marketplace, the competitive marketplace uses information in a different way? And has anything really changed fundamentally on the ground since then.

我知道圍繞那個議題的收益管理在整個產業中也已經有所改變。但也許請你們幫我們理解，當你把這兩條線索結合起來，單位是如何定價的、你們如何使用資訊、以及市場（競爭市場）如何以不同方式使用資訊，究竟有哪些改變？而且自那之後，第一線實務上是否真的有任何根本性的改變？

So if you look at -- we'll hit RealPage first of all, all of that litigation, we did come to an agreement terms, but it's not in the rearview mirror yet. We've got a little ways to go. And so hopefully, we can stop talking about that in the next couple of quarters completely.

如果你看——我們先談RealPage，首先，關於那起訴訟，我們確實就條款達成了協議，但它還沒有完全成為過去式。我們還有一段路要走。所以希望接下來幾個季度之內，我們就能完全不再談這件事。

If you look at the way revenue management works, revenue management really does rely a lot on your existing data on your existing units the amount of tours you give, how long that particular unit has been on the market, the occupancy of your particular community. And so fundamentally, sure, there's been some changes in the way revenue management works, but we do not think that any of those changes will have any negative impact on us whatsoever.

如果你看收益管理的運作方式，收益管理確實非常依賴你既有的數據：你現有的單位、你帶看的次數、該特定單位在市場上掛牌多久、以及你那個社區的入住率。所以從根本上說，當然，收益管理的運作方式有一些改變，但我們不認為這些改變會對我們造成任何負面影響。

The other thing that's really important is if you look at the way we do it is we have a full-time department called the revenue management department that does nothing but all day long, but price or individual units, revenue management, the software is a tool. It is a tool that our human use. And so our humans are constantly going through repricing every single day, looking at recommendations, et cetera.

另一個非常重要的是，如果你看我們的做法，我們有一個全職部門叫做收益管理部門，他們整天唯一做的事就是為個別單位定價、做收益管理；軟體是一個工具。它是我們的人在使用的工具。因此我們的人每天都在不斷重新定價，查看建議等等。

One of the things that we used to say 5-, 10-years ago was whenever we bought an existing community that was using Yield Star or some other revenue management software but only just had it turned on without any additional human interaction.

我們在5到10年前常說的一件事是，每當我們收購一個既有社區，而那個社區使用Yield Star或其他收益管理軟體，但只是把它打開運行、沒有任何額外的人為介入。

We used to say we love to buy those because we knew we could come in and we could absolutely use our talents, use our resources, use our institutional knowledge and use our data and make it better, make it perform far better than revenue management software on its own. So do not think there's going to be any delta, any differential here whatsoever.

我們以前會說我們很喜歡買這種，因為我們知道我們可以進去，絕對能運用我們的才能、資源、機構知識與數據，把它做得更好，讓表現遠遠優於單靠收益管理軟體本身。所以我們不認為這裡會有任何差異、任何落差。

And the reality is that we've all been using a compliant software now for quite some time. And so feel good about the resources we have and feel good about the way we will price our real estate and do not expect to see any negative impact whatsoever.

而現實是，我們大家使用合規軟體已經有相當一段時間了。因此我們對我們擁有的資源很有信心，也對我們為不動產定價的方式很有信心，並不預期會看到任何負面影響。

Yeah. And I would just add that the benefit we have today is the fact that there are new operating models. There are new tools. We have AI. We have a BI team that is continuing to work our on site teams and that revenue team to provide data via our dashboards and gain more insights that we've just never even had the ability to make in the moment real-time decisions about what's happening in the field.

是的。我也想補充，我們今天擁有的優勢在於，現在有新的營運模式。有新的工具。我們有AI。我們有一個BI團隊，持續與我們的現場團隊以及收益團隊合作，透過儀表板提供數據並獲得更多洞察，讓我們能夠以前所未有的方式，在當下做出即時的現場決策。

And so by the nature of how we've evolved as an organization and our revenue team who's been involved since the very beginning, they have such good insight into what's happening with all of our properties and getting the weekly daily information that allows us now to even price better with that information in those tools.

因此，隨著我們作為一個組織的演進，以及我們從一開始就參與其中的收益團隊，他們對我們所有物業正在發生的事情有非常好的洞察，並取得每週、每日的資訊，讓我們現在能用那些資訊與工具把定價做得更好。

But as Alex shared, this has always been based on what we do internally with our strategy and our strategies change. And sometimes what's happening in a submarket, what's happening in -- at a local community is driven by some of the outside circumstances, but it's our on-site teams and the data we have about our occupancy and our traffic and our leasing velocity that dictate how we price and how we look at our renewals.

但正如 Alex 所分享的，這一直都是基於我們內部的策略作法，而我們的策略會改變。而且有時候，某個次級市場正在發生的事、或某個在地社區正在發生的事，會受到一些外部情勢所驅動；但真正決定我們如何訂價、以及如何看待續約的，是我們現場團隊，以及我們掌握的入住率、來客量與租賃去化速度等數據。

David Julian, Goldman Sachs

David Julian，高盛

Yeah. I just wanted to go back to the tax refund benefit. Do you think that's been a big driver of the April sequential improvement in blends just because up until this point, it doesn't sound like we were seeing the typical seasonal uplift we would usually expect and how do you think about the duration of that benefit into future months?

是的。我只是想回到退稅帶來的效益。你認為這是否是 4 月 blended（綜合）數據月比改善的一個重要推動因素？因為截至目前為止，聽起來我們並沒有看到通常會預期的季節性上升；你又如何看待這項效益在未來幾個月的持續時間？

It's really interesting when you look at the data. So you saw this large increase in tax refunds. And what happened was folks spent it on a couple of things. One of them, which is to quote somebody else here -- somebody else that is really an American is that they use it to pay down debt. And so that's sort of a onetime benefit and then they used it for a lot of discretionary spend.

當你看數據時，真的很有意思。你確實看到退稅大幅增加。而發生的情況是，人們把這筆錢花在幾件事上。其中之一——借用這裡另一位的說法——另一位非常「美國」的人說，他們用來償還債務。所以那算是一種一次性的好處，然後他們也把它用在很多可自由支配的消費上。

I think going to restaurants, I think retail shopping. So they're absolutely spending the money I don't think that, that's the driver of what you're seeing in the April uptick. I think the driver of what you're seeing in the April uptick is us hitting the typical leasing season. and the continued absorption of supply. So I don't think that's the factor whatsoever. But I do -- I clearly do think it was a large component of our bad debt, significant outperformance in the first quarter.

我想像是外出用餐，我想像是零售購物。所以他們確實在花這筆錢；但我不認為那是你在 4 月看到上升的驅動因素。我認為 4 月上升的驅動因素，是我們進入典型的租賃旺季，以及供給持續被吸收（去化）。所以我完全不認為那是因素。但我確實——很清楚地——認為這是我們第一季壞帳表現顯著優於預期的一個很大組成部分。

Alex Kim, Zelman & Associates.

Alex Kim，Zelman & Associates。

Hi. Congrats to everyone for the respective moves. I wanted to ask a little about the development environment today and some of the economics that you're seeing, particularly in relation to kind of your capital allocation strategy.

嗨。恭喜大家各自的人事異動。我想請教一下目前的開發環境，以及你們看到的一些經濟性（回報/成本）狀況，特別是與你們的資本配置策略相關的部分。

Where does development fit in relative to acquisitions and then potentially looking at share repurchases. And then just a bit more specifically on [Kim and Baker] given that Denver seems to be a bit slower in the time line for its recovery in revenue and in operating fundamentals.

在收購（acquisitions）以及可能進行庫藏股回購（share repurchases）之間，開發（development）扮演什麼角色？另外更具體一點，關於 [Kim and Baker]，鑑於丹佛在營收與營運基本面復甦的時間軸上似乎比較慢。

If you look at the best uses of our capital today, number 1, is share repurchases. Obviously, we're limited on how much we can buy back if we're using dispositions to fund that. Once you get past that, developments and acquisitions are sort of a toss up. At one point, I would have said development, absolutely. 3 years ago, development is absolutely better than acquisitions.

如果你看我們目前資本的最佳用途，第一名是庫藏股回購。顯然，如果我們是用資產處分（dispositions）來提供資金，我們能回購的量會受到限制。在那之後，開發與收購大致上是不相上下。在某個時間點，我會說開發絕對更好；三年前，開發絕對比收購更好。

Today, what we're seeing is that you can buy real estate at a discount to replacement costs almost everywhere. And so what that means is that acquisitions becomes an incremental better cost of capital if you're just looking at it -- excuse me, better use of capital, if you're just looking at it from 10,000 feet, then when you start to dial it back and you start to really dig into the numbers, there are certain environments in certain locations where developments make more sense.

但今天，我們看到的是：幾乎到處都可以用低於重置成本（replacement costs）的折價買到不動產。這代表如果你只是從高層次來看——不好意思——收購會成為更好的資本使用方式（而非成本資本），也就是更好的資本運用。

And so we certainly are continuing to do our developments. We'll talk about Baker in a second, but we do have other land sites that we control. At this point in time, we control three additional land sites that we have not purchased those three additional land sites we intend to buy this year, and those will be developments that we believe are going to create pretty significant value for our shareholders.

因此我們當然會持續進行我們的開發案。我們等一下會談 Baker，但我們也確實掌握其他我們控制的土地據點。就目前而言，我們另外控制三個土地據點；我們尚未買下那三個土地據點，但我們打算在今年買下來，而那些將會是我們相信能為股東創造相當可觀價值的開發案。

But keep in mind that we're talking about development land sites versus buying $1 billion of stabilized assets. So that should answer the question right there about what do we think is a better use in a broad stroke. When you look at Baker, Baker has been sitting there on our development pipeline for quite some time. And the reason why it's been sitting there and not started is, at this point in time, the math isn't that great.

但請記住，我們談的是開發用地據點，對比的是買進 10 億美元的穩定型資產（stabilized assets）。所以就「大方向上哪個更好」這個問題，答案其實就在那裡。至於 Baker，Baker 在我們的開發管線裡已經放了相當一段時間。之所以一直放著、沒有啟動，是因為以目前來看，數學（經濟性）並不太好。

And we are in no hurry to go start something that we do not believe is the right thing to do for our shareholders. So we'll continue to evaluate Baker. Baker is in the sort of central business district of or central business area of Denver. As everybody knows, that area is really soft right now. So we need to see some improvements in that area.

而且我們不急著去啟動一個我們不認為對股東是正確的案子。所以我們會持續評估 Baker。Baker 位於丹佛的中央商業區（CBD）或中央商業核心地帶。如大家所知，那個區域現在非常疲弱。所以我們需要看到那個區域有一些改善。

And if we see improvements in that area, we will start that development. And if we don't, we won't. We are committed to doing what is right for our shareholders and making sure that we use our capital to create the best investments.

如果我們看到那個區域有所改善，我們就會啟動該開發案。如果沒有，我們就不會。我們承諾會做對股東最有利的事，並確保我們運用資本來創造最佳的投資。

This concludes our question-and-answer session. I would like to turn the conference back over to Ric Campo for any closing remarks.

問答環節到此結束。我想把電話會議交回給 Ric Campo，請他做結語。

Thank you for joining us today and look forward to seeing all of you really soon. Hope everybody has a great weekend. Take care.

感謝各位今天加入我們，期待很快能再見到各位。希望大家週末愉快。保重。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議已結束。感謝各位出席今天的簡報。您現在可以掛線。