Centerspace (CSR) 2025 Q3 法說會逐字稿

Hello, everyone, and welcome to the Centerspace Q3 2025 earnings call. My name is Ezra, and I will be your coordinator today. (Operator Instructions)

大家好，歡迎參加 Centerspace 2025 年第三季財報電話會議。我叫伊茲拉，今天我將擔任你們的協調員。（操作說明）

I will now hand over the call to Jose Klaetsch from Centerspace to begin.

現在我將把電話交給 Centerspace 的 Jose Klaetsch，由他開始通話。

Good morning, everyone. Centerspace Form 10-Q for the quarter ended September 30, 2025, was filed with the SEC yesterday after the market closed. Additionally, our earnings release and supplemental disclosure package have been posted to our website at centerspacehomes.com and filed on Form 8-K.

各位早安。Centerspace 截至 2025 年 9 月 30 日的季度 10-Q 表格已於昨日股市收盤後提交給美國證券交易委員會。此外，我們的收益報告和補充揭露文件已發佈在我們的網站 centerspacehomes.com 上，並以 8-K 表格的形式提交。

It's important to note that today's remarks will include statements about our business outlook and other forward-looking statements that are based on management's current views and assumptions. These statements are subject to risks and uncertainties discussed in our filings under the section titled Risk Factors and in our other filings with the SEC.

值得注意的是，今天的演講將包括關於我們業務前景的聲明以及其他基於管理層當前觀點和假設的前瞻性聲明。這些聲明受到風險和不確定性的影響，這些風險和不確定性已在題為「風險因素」的文件中以及我們向美國證券交易委員會提交的其他文件中進行了討論。

We cannot guarantee that any forward-looking statements will materialize, and you are cautioned not to place undue reliance on these forward-looking statements. Please refer to our earnings release for reconciliations of any non-GAAP information, which may be discussed on today's call.

我們無法保證任何前瞻性陳述都會實現，請您不要過度依賴這些前瞻性陳述。有關任何非GAAP資訊的調節情況，請參閱我們的獲利報告，這些資訊可能會在今天的電話會議上討論。

I'll now turn it over to Centerspace's President and CEO, Anne Olson, for the company's prepared remarks.

現在我將把發言權交給 Centerspace 的總裁兼執行長 Anne Olson，請她發表公司事先準備好的演講。

Thank you for joining us today. I'm here with our SVP of Investments and Capital Markets, Grant Campbell, who will provide some comments on the transaction market and our CFO, Bhairav Patel, who will discuss our guidance and balance sheet. Centerspace's third quarter and year-to-date results are a testament to the health of our smaller regional markets, our operating platform, which helped us drive exceptional expense control and the strength of our team, which has remained focused, even in light of the significant sale and acquisition activity that we have undertaken.

感謝您今天蒞臨。我今天和我們的投資和資本市場高級副總裁格蘭特·坎貝爾一起，他將對交易市場發表一些評論；還有我們的首席財務官拜拉夫·帕特爾，他將討論我們的業績指引和資產負債表。Centerspace 第三季和年初至今的表現證明了我們較小區域市場的健康狀況、我們的營運平台（幫助我們實現了卓越的成本控制）以及我們團隊的實力（即使在我們進行了大量的出售和收購活動的情況下，我們的團隊也始終保持專注）。

For the third quarter, we reported 4.5% year-over-year growth in NOI within our same-store portfolio. This is being driven by solid increases in revenue, coupled with excellent execution on expenses. That said, due to timing adjustments related to our planned strategic transactions and associated G&A costs, we are lowering the midpoint of our core FFO guidance by $0.02 to $4.92.

第三季度，我們的同店銷售額年增 4.5%。這主要得益於收入的穩定成長，以及支出控制的優異執行。儘管如此，由於與我們計劃的策略交易及相關一般及行政費用相關的時效調整，我們將核心 FFO 指引的中點下調 0.02 美元至 4.92 美元。

Rob will further discuss the impact of our capital recycling activities when he speaks to our outlook. In June, we announced strategic initiatives that included acquisitions in both Colorado and Utah, and dispositions that reduced our portfolio concentration in Minnesota. We expect to close on the sale of seven communities in the Minneapolis area yet this month, at which time we will have recycled approximately $212 million of capital and increase the quality and efficiency of our portfolio.

羅布將在談到公司前景時進一步討論我們的資本循環利用活動的影響。6 月，我們宣布了一系列策略舉措，其中包括在科羅拉多州和猶他州的收購，以及降低我們在明尼蘇達州投資組合集中度的資產處置。我們預計本月即可完成明尼阿波利斯地區七個社區的出售，屆時我們將回收約 2.12 億美元的資金，並提高我們投資組合的品質和效率。

While our current cost of capital has impeded our ability to execute on external growth opportunities, we are committed to enhancing our market position and value for our shareholders. We have many levers we can use to do that, and we will remain disciplined and flexible.

儘管我們目前的資本成本阻礙了我們掌握外部成長機會的能力，但我們致力於提升我們的市場地位，並為股東創造價值。我們有很多方法可以實現這一目標，我們將保持自律和靈活。

Operationally, our portfolio continues to benefit from the stability of our Midwest markets. Like in 2024, these rates peaked in mid Q2 and remained positive for us, up 1.3% on a blended basis in the quarter and 1.6% year-to-date. Retention has exceeded our initial expectations hitting 60% in both of our peak leasing quarters.

從營運角度來看，我們的投資組合繼續受益於中西部市場的穩定性。與 2024 年一樣，這些利率在第二季中期達到峰值，並對我們保持正收益，該季度綜合上漲 1.3%，年初至今上漲 1.6%。續租率超出了我們最初的預期，在兩個租賃高峰季度均達到了 60%。

In our largest market of Minneapolis, results benefited from the dual tailwinds of improved occupancy and increasing rental rates where we saw improvement in both new and renewal leases in the quarter, leading to blended increases of 2.1%. In our other markets, North Dakota continues to be a standout with portfolio-leading blended increases of 5.2% in the quarter. Our Denver portfolio has been challenged by supply pressures and Q3 blended lease rates were down 3.5%.

在我們最大的市場明尼阿波利斯，業績受益於入住率提高和租金上漲的雙重利好因素，本季度新租約和續約均有所改善，綜合增長了 2.1%。在我們其他市場中，北達科他州繼續表現突出，本季綜合成長率達到 5.2%，在投資組合中領先。我們的丹佛物業組合受到供應壓力的挑戰，第三季綜合租賃率下降了 3.5%。

Digging more into Denver, we believe our experience there is truly the result of supply based on absorption data, 2025 has been Denver's second best year ever. In our portfolio, we are seeing higher quoting of leads with our Q3 lead the lease of 275 basis points year-over-year and higher tenant incomes, which are up 7% versus last year as well as a 70 basis points improvement in our occupancy over Q2. Some of that occupancy was driven by our decision to offer concessions in this market. We anticipate Denver will return to a more normal environment as we move through 2026, and we remain optimistic.

在深入研究丹佛的情況後，我們認為我們在那裡的經驗確實是基於吸收數據的供應結果，2025 年是丹佛有史以來第二好的年份。在我們的投資組合中，我們看到潛在客戶的報價更高，第三季的租賃報價同比增長了 275 個基點，租戶收入也更高，比去年增長了 7%，入住率比第二季度提高了 70 個基點。部分入住率的提升得益於我們決定在這個市場提供優惠政策。我們預計隨著2026年的到來，丹佛將恢復到更正常的狀態，我們對此保持樂觀。

I'll ask Grant to comment on the state of the transaction market.

我會請格蘭特就交易市場的現況發表評論。

Thanks, Anne, and good morning, everyone. On a macro level, while we do not expect transaction volumes to return to 2021 and 2022 levels in the near term, this year has produced more transaction activity compared to the last two years. We are seeing investors display conviction in placing capital, and this dynamic should drive value for our shareholders. Our recent transaction initiatives position the portfolio well for continued long-term growth.

謝謝你，安妮，大家早安。從宏觀層面來看，雖然我們預計短期內交易量不會恢復到 2021 年和 2022 年的水平，但今年的交易活動比過去兩年要多。我們看到投資者對投入資金充滿信心，這種趨勢應該會為我們的股東創造價值。我們近期採取的交易措施使投資組合能夠更好地實現長期持續成長。

In May, we closed the acquisition of Sugar mount in Salt Lake City. And in July, we expanded our Fort Collins presence with the acquisition of Railway Flats in Loveland, Colorado, both of which were discussed in detail on last quarter's call. In the case of Railway Flash, Fort Collins has been a target geography for us as evidenced by two of our recent investments occurring there. This market has displayed outperformance in annual rent growth, absorption and vacancy when compared to Metro Denver.

五月份，我們完成了對鹽湖城 Sugar Mount 的收購。7 月，我們收購了位於科羅拉多州洛夫蘭的 Railway Flats 公司，進一步擴大了我們在科林斯堡的業務。這兩件事都在上個季度的電話會議上進行了詳細討論。就 Railway Flash 而言，科林斯堡一直是我們的重點投資地區，我們最近在那裡的兩項投資就證明了這一點。與丹佛都會區相比，該市場在年度租金成長、吸收率和空置率方面均表現出色。

Within our portfolio, for Collins retention is 800 basis points ahead of Denver in the quarter and Fort Collins occupancy is our strongest year-over-year increase across our portfolio markets. To fund these acquisitions, we completed the sale of our St. Cloud, Minnesota portfolio in September for $124 million, exiting us from that market. Investor reception was strong with buyer interest ranging from individual community offers to portfolio offers.

在我們的投資組合中，科林斯的留存率比丹佛高出 800 個基點，而科林斯堡的入住率是我們投資組合市場中同比增幅最大的。為了籌集資金進行這些收購，我們在 9 月以 1.24 億美元的價格完成了明尼蘇達州聖克勞德資產組合的出售，從而退出了該市場。投資者反應熱烈，買家興趣廣泛，從單一社群的購買到投資組合的購買都有。

This portfolio transaction of lower growth prospect communities priced at a mid-6% cap rate well inside of the mid-7% implied portfolio cap rate our stock trades at today. In addition, this week, we anticipate closing the sale of seven communities in Minneapolis for $88.1 million. These seven assets are smaller communities, totaling 679 homes. This transaction will price at a high 5% cap rate, again, well inside the implied portfolio cap rate we trade at today.

這項投資組合交易涉及成長前景較差的社區，定價資本化率約為 6%，遠低於我們股票目前交易的隱含投資組合資本化率 7%。此外，本週我們預計將完成明尼阿波利斯七個社區的出售，總價為 8810 萬美元。這七個資產均為較小的社區，總共有 679 間住宅。此交易的定價將達到 5% 的高資本化率，再次遠低於我們目前交易的隱含投資組合資本化率。

Upon completion of this sale, our remaining Minneapolis portfolio will be higher quality, increasingly suburban with 87% of NOI located in suburban submarkets and operationally more efficient with NOI margin for the Minneapolis portfolio increasing approximately 90 basis points as a result of the impending seven community sale.

此次出售完成後，我們剩餘的明尼阿波利斯投資組合品質將更高，郊區化程度將更高，87% 的 NOI 位於郊區子市場，營運效率也將更高，由於即將出售的七個社區，明尼阿波利斯投資組合的 NOI 利潤率將提高約 90 個基點。

Recent comparable trades support low 5% to 5.75% cap rates for our remaining Minneapolis portfolio. Lastly, on the capital allocation front, we repurchased 63,000 shares in the quarter at an average price of $54.86 per share, driven by the current disconnect between public and private market valuation. I'll now turn it over to Bhairav to discuss our financial results and guidance.

近期可比較交易支持我們剩餘的明尼阿波利斯投資組合實現 5% 至 5.75% 的較低資本化率。最後，在資本配置方面，由於目前公開市場和私募市場估值之間存在脫節，我們在本季以每股 54.86 美元的平均價格回購了 63,000 股股票。現在我將把發言權交給 Bhairav，讓他來討論我們的財務表現和未來展望。

Thanks, Grant, and hello, everyone. Last night, we reported third quarter core FFO of $1.19 per diluted share driven by a 4.5% year-over-year increase in same-store NOI. This NOI growth was driven by a 2.4% increase in same-store revenues with revenue growth composed of a 20 basis points increase in occupancy and a 2.2% increase in average monthly revenue per occupied home.

謝謝格蘭特，大家好。昨晚，我們公佈了第三季核心FFO為每股攤薄收益1.19美元，這主要得益於同店NOI年增4.5%。淨營業收入成長主要得益於同店營收成長 2.4%，其中營收成長包括入住率提高 20 個基點，以及每戶平均每月收入成長 2.2%。

On the same-store expense side, Q3 numbers were down 80 basis points year-over-year with controllable expenses up 3.4% and noncontrollables down 7.6% due to favorability in both property taxes and insurance. Specifically on property taxes, we trued up our accrual based on recently received assessments of value for Colorado which were much lower than initially anticipated.

在同店支出方面，第三季年減 80 個基點，其中可控支出成長 3.4%，不可控支出下降 7.6%，主要得益於房產稅和保險方面的利多因素。具體來說，關於房產稅，我們根據最近收到的科羅拉多州的估值調整了應計稅額，這些估值遠低於最初的預期。

Turning to guidance. We now anticipate full year core FFO per diluted share of $4.88 to $4.96 per share with expectations for 2025 same-store NOI growth of 3% to 3.5%. Within NOI, we expect same-store revenues to grow by 2% to 2.5% for the year. This reduction is driven mainly by the impact of concessionary activity in Denver. As a reminder, concessions are amortized over the lease term, and as such, a portion of the noncash amortization will be realized in the fourth quarter and in 2026.

尋求指導。我們現在預計全年核心 FFO 每股攤薄收益為 4.88 美元至 4.96 美元，預計 2025 年同店 NOI 將成長 3% 至 3.5%。在營業淨收入方面，我們預計今年同店收入將成長 2% 至 2.5%。這一減少主要是由於丹佛特許經營活動的影響。提醒一下，優惠款項將在租賃期間內攤銷，因此，部分非現金攤銷款項將在第四季和 2026 年實現。

Positive results and expenses are more than offsetting this with same-store expenses not expected to only increase by 75 basis points. Core FFO guidance is lower at the midpoint by $0.02 per share due to higher expectations for G&A and interest expense, offset by higher NOI with the timing of our dispositions putting a significant role in those differences. On our balance sheet, our recent acquisition of Railway flats, which included the assumption of $76 million of long-dated low-rate debt at 3.26%, as well as the completed same cloud and planned Minneapolis dispositions has improved our debt profile.

正面的業績和支出足以抵消這一影響，預計同店支出不會只增加 75 個基點。由於對一般及行政費用和利息支出的預期較高，核心 FFO 指引中位數下調 0.02 美元/股，但淨營業收入 (NOI) 的增加抵消了這一影響，而資產處置的時間安排在這些差異中發揮了重要作用。從資產負債表來看，我們最近收購了 Railway flats，其中包括承擔了 7,600 萬美元的長期低利率債務（利率為 3.26%），以及完成了 same cloud 和計劃中的明尼阿波利斯資產處置，這改善了我們的債務狀況。

As these transactions conclude, we expect our net debt to EBITDA to move into a low 7 times level by year-end with a pro forma debt profile with an average rate of 3.6% and average time to maturity of 7.2 years. To conclude, this was a good quarter for Centerspace with our results demonstrating our commitments to both operational excellence and financial discipline and setting us up for the fourth quarter and into 2026.

隨著這些交易的完成，我們預計到年底，我們的淨債務與 EBITDA 比率將降至 7 倍的低水平，備考債務狀況的平均利率為 3.6%，平均到期時間為 7.2 年。總而言之，對於 Centerspace 而言，這是一個不錯的季度，我們的業績證明了我們對卓越營運和財務紀律的承諾，並為第四季度以及 2026 年奠定了基礎。

The Operator, please open the line for questions.

接線員，請接通提問線路。

(Operator Instructions)

（操作說明）

Brad Heffern, RBC Capital Markets.

Brad Heffern，加拿大皇家銀行資本市場。

Yeah, morning everyone. Thanks. On the repurchase, obviously, a very attractive use of capital right now, just given where the stock is trading, but it does compete against your goals of reducing leverage and increasing the float. So I'm just wondering how you think about the balance.

是的，大家早安。謝謝。顯然，就目前的股票交易價格而言，回購股票是非常有吸引力的資金用途，但這與你降低槓桿率和增加流通股的目標相衝突。所以我想知道你對這種平衡有什麼看法。

Yeah, good morning, Brad, and thanks for the question. That's something we think about every day when we have the opportunity to buy back. And I think as you'll see in this quarter, it was a very small use of proceeds, just a few million dollars. Really, we outperformed on the St. Cloud sales from where we thought that, that would trade having gross purchase price of $124 million.

是的，早安，布拉德，謝謝你的提問。這是我們每天有機會回購時都會考慮的事情。正如您將在本季度看到的那樣，這筆資金的使用量非常小，只有幾百萬美元。事實上，我們在聖克勞德的銷售中表現出色，我們原本預計該物業的總收購價格將達到 1.24 億美元。

And so when we look at the allocation of capital there, we took some of those excess proceeds. We agree that this is a good use of capital and really sends another signal about where we think the value of the company is. And our conviction about what we think it's worth.

因此，當我們審視那裡的資本配置時，我們利用了其中的一些超額收益。我們認為這是對資金的合理利用，也再次顯示了我們對公司價值的看法。以及我們對它價值的判斷。

Okay. Got it. And then for Minneapolis, you gave some numbers in the prepared comments seems like the market is showing some pretty strong signs of recovery. Can you just talk about your expectations going forward? Is that sort of a return to normalcy over the next couple of years? Or would you expect to see a period of above-average performance as sort of a catch-up?

好的。知道了。至於明尼阿波利斯，您在準備好的評論中給出了一些數據，看起來市場正在顯現出相當強勁的復甦跡象。您能談談您對未來的期望嗎？未來幾年內，情況會逐漸恢復正常嗎？或者您預期會看到一段高於平均的表現，作為一種追趕手段？

I think we're seeing right now a return to normalcy in Minneapolis. And as we look towards next year, we are expecting that it's going to outperform its historical -- it hit its peak deliveries. We've had excellent absorption. And if we look at third-party data, CoStar, RealPage, Other, Minneapolis is really to be in that kind of top five of US markets for rent growth headed into 2026.

我認為我們現在正在看到明尼阿波利斯逐漸恢復正常。展望明年，我們預計其表現將超過歷史水準——它已經達到了交付量高峰。吸收效果非常好。如果我們查看第三方數據，例如 CoStar、RealPage 等，就會發現明尼阿波利斯預計在 2026 年成為美國租金成長排名前五的市場之一。

So we are expecting a little bit of outperformance there next year. We're optimistic that we're going to be able to capture that strong rent growth and pulled our expenses in line to drive good NOI out of Minneapolis.

所以我們預計明年這方面會有略微超出預期的表現。我們樂觀地認為，我們將能夠抓住強勁的租金成長機遇，並控制支出，從而在明尼阿波利斯獲得良好的營業淨收入。

Okay, thank you.

好的，謝謝。

John Kim, BMO Capital Markets.

John Kim，BMO資本市場。

This is Robin Haneland sitting in for John. It sounds like FEMSA revenue was mostly cap driven by Denver weakness. Could you maybe update us on what you're expecting for the earn-in for '26?

這是羅賓·哈內蘭德代替約翰出場。聽起來 FEMSA 的收入主要受丹佛表現疲軟的影響，而這又與收入上限掛鉤。您能否告知我們您對 2026 年收益的預期？

Yes, sure. From an earn-in perspective, we're sitting just a share above at the moment. And as you said, Robin, it captures some of the weakness in Denver, where we're seeing some heavy concessions. So at the moment, about 1%, maybe slightly above.

當然可以。從獲利角度來看，我們目前只比目標價高出一股。正如你所說，羅賓，這反映了丹佛的一些弱點，我們看到那裡做出了一些重大讓步。所以目前來看，大約是 1%，可能略高一些。

Got it. And then specifically on Denver, could you just elaborate on the concession levels and how long you expect them to persist?

知道了。那麼具體到丹佛，您能否詳細說明一下讓步的幅度以及您預計這些讓步會持續多久？

Yes, certainly. So I'd say concession levels in Denver within our portfolio range from no concessions at a couple of our properties, where we have still seen strong occupancy and good absorption demand there. To six weeks free, maybe some waiving of application fees. On the market as a whole, it varies pretty widely.

當然可以。因此，我認為我們在丹佛的投資組合中的優惠程度各不相同，有的物業沒有提供任何優惠，但我們仍然看到入住率很高，市場需求也很好。免費六週，或許還會免除一些申請費用。從整個市場來看，差異相當大。

We're seeing up to two months free, eight weeks free, 10 in some pretty isolated instances. But I'd say with respect to our portfolio's concession relative to the market, we're either at or a little bit under what market concessions are.

我們看到最長可享受兩個月免費、八週免費，在一些非常特殊的情況下甚至可享受十個月免費。但就我們投資組合相對於市場的讓步幅度而言，我認為我們目前的讓步幅度與市場讓步幅度持平或略低於市場讓步幅度。

So the portfolio is taking a little bit of doing quite a little bit of recycling for callings Loveland seems to be targeted markets today. Can you just maybe give us how new leads performed in those 2 markets and how they differ from Denver fundamentals?

所以，該投資組合正在進行一些再投資，以尋找 Loveland 目前的目標市場。您能否簡要介紹一下這兩個市場的新客戶開發情況，以及它們與丹佛基本面的差異？

Yes. So we are looking at four columns, as you said, that is a target market for us. And what we're thinking about there is really just trying to get a little bit of scale in that market. We now have two assets in the Fort Collins area. And I'd say when we look at outperformance there relative to the Denver submarket, great commented a little on that, and I'm going to have him just take that and give you some stats on what the difference is there between Fort Collins and Denver.

是的。所以，正如你所說，我們正在關註四大類產品，這是我們的目標市場。我們現在考慮的其實就是想在這個市場擴大一些規模。我們現在在科林斯堡地區擁有兩處資產。我想說，當我們觀察該地區相對於丹佛子市場的表現時，正如格雷特所評論的那樣，我將讓他根據這些評論，給出一些關於柯林斯堡和丹佛之間差異的統計數據。

Yes. I think that outperformance is a result of the supply dynamic deliveries peaked there in 2024 really concentrated in the second and third quarter. In terms of the total number of units delivered at the peak, it was measured at about 7% to 8% of total inventory.

是的。我認為這種優異表現是由於供應動態造成的，交付量在 2024 年達到頂峰，並且真正集中在第二季和第三季。高峰期交付的單位總數約佔總庫存的 7% 至 8%。

So a more overall more muted supply profile. And then when you look at really any time period kind of over the last three years, you'll see rent growth that has outpaced Denver to the tune of about 450 basis points. And then also absorption or demand as a percent of inventory has been pretty robust as well, outperforming to the tune of 600 to 700 basis points compared to Denver over that same time period.

因此，整體供應情況將更加穩定。然後，如果你看一下過去三年中的任何時間段，你會發現租金增長速度比丹佛快了大約 450 個基點。此外，庫存吸收率或需求佔庫存的百分比也相當強勁，與同期丹佛相比，表現高出 600 至 700 個基點。

And lastly for me, how are you thinking about recycling the $88 million of sales expected across repurchases, acquisitions and debt.

最後，我想問的是，您打算如何透過股票回購、收購和債務融資來回收預計 8,800 萬美元的銷售額？

Yes. Sorry, Robin, was that question about recycling with respect to the sales that are pending here in Minneapolis.

是的。抱歉，羅賓，我剛剛問的是關於明尼阿波利斯待售商品的回收問題。

Yes.

是的。

So that we have already acquired that has already -- those proceeds have already been spoken for. And so that is part of the acquisitions that we did in Salt Lake City and Fort Collins. So these proceeds will be used solely to pay down the debt that we incurred to -- when we undertook those transactions.

所以我們已經獲得了那些資金——那些收益已經安排好了。所以，這是我們在鹽湖城和柯林斯堡進行的部分收購。因此，這些收益將全部用於償還我們在進行這些交易時所欠下的債務。

Got it, thank you.

明白了，謝謝。

Jamie Feldman, Wells Fargo.

傑米·費爾德曼，富國銀行。

Great, thank you for taking the question. So can you talk about your blended lease growth expectations for the fourth quarter? Where are you sending out new and renewal leases and then also just as we think about we're in the slowest time of the year, what do you think January, February could look like before we get back to spring leasing season?

太好了，謝謝你回答這個問題。那麼，您能否談談您對第四季綜合租賃成長的預期？你們在哪裡發出新的和續約的租賃合約？另外，考慮到我們現在正處於一年中最淡的時期，您認為在春季租賃旺季到來之前，一月和二月的情況會如何？

Yes. So for the fourth quarter, renewals are out for the rest of the year. October renewals still in the high 2% to low 3% range. So that's pretty strong. But the new lease trade-outs remain negative. So there's no real material change in trend relative to Q3 that we've seen so far. But from an occupancy standpoint, it remains stable and the exposure is trending in the right direction. Overall, for the portfolio, we're showing exposure in the low 5% range because it's a good place to be.

是的。因此，第四季剩餘時間的續約事宜已經結束。10月的續約率仍在2%到3%之間。所以這相當厲害。但新的租賃交易仍不利。因此，到目前為止，我們還沒有看到與第三季相比有任何實質的趨勢變化。但從入住率來看，入住率保持穩定，且市場前景正朝著正確的方向發展。總體而言，就投資組合而言，我們將其敞口控制在 5% 左右，因為這是一個比較理想的水平。

As we think about Jan and Feb, it's hard to say. We still need to make it through the next couple of months from a concession standpoint in Denver. And if we see some reversal in concessions and stabilization in occupancy, which we are seeing, that will give us a better indication of where next year may start.

展望一月和二月，很難說。從丹佛的特許經營角度來看，我們仍然需要撐過接下來的幾個月。如果我們看到優惠政策有所逆轉，入住率趨於穩定（而我們目前正看到這種情況），這將讓我們更了解明年的開局情況。

Okay. And then can you talk on the expense side, can you talk about the drivers of the higher G&A expense for the year and then also, just as we think about modeling '26, any specific line items that you think could be materially savings year-over-year or growth year-over-year? I know you mentioned the Colorado taxes? Just any onetime items we should be thinking about that could help or hurt?

好的。那麼，您能否談談費用方面，談談導致本年度一般及行政費用增加的因素？另外，正如我們在考慮對 2026 年進行建模時，您認為有哪些具體的項目可以實現同比大幅節省或同比增長？我知道你提到了科羅拉多州的稅務問題？有沒有什麼一次性用品是我們應該考慮的，可能會有幫助也可能有害？

Yes. So I'll take the G&A question first. There were some additional fees and legal expenses that we incurred in the quarter plus some true-ups, which had an impact on the Q3 numbers. More importantly, none of these are run rate items. So from a run rate perspective, our run rate remains in the $28 million range, in line with what we have previously disclosed.

是的。那我先回答管理費用方面的問題。本季我們產生了一些額外的費用和法律支出，以及一些調整，這對第三季的業績產生了影響。更重要的是，這些都不是運行率項目。因此，從運行率的角度來看，我們的運行率仍然在 2800 萬美元左右，這與我們之前披露的數據一致。

With respect to Q3, there was a true-up in taxes, specifically in Colorado, which drove the reduction in expense there. We still expect some true-ups in Q4 in other jurisdictions. But overall, that should just bring taxes in about range growth year-over-year, which is pretty normalized. When we think about 2026, there aren't really particularly onetime items that come to mind. One of the expense items that in recent years has driven some volatility in insurance, we should be renewing it in the next couple of weeks.

關於第三季度，稅收方面進行了調整，特別是科羅拉多州的稅收，這導致了該地區支出的減少。我們預計其他地區在第四季仍會有一些調整。但總體而言，這應該只會帶來與往年大致相同的稅收成長，這已經相當正常了。當我們展望 2026 年時，並沒有什麼特別一次性的事情會立刻浮現在腦海中。近年來，保險業的一項支出項目導致了一定的波動，我們應該會在接下來的幾週內續保。

And at this point, we don't really anticipate a big increase, which is a good outcome just given the 12% reduction we experienced last year. That has typically driven some volatility in year-over-year expense growth over the past couple of years, but that is expected to be a nonfactor when it comes to 2026. So there's no real particular items that come to mind with these updates to taxes. It just seems like taxes would be in a normalized year-over-year pattern.

目前來看，我們預計不會大幅成長，考慮到去年我們經歷了 12% 的降幅，這已經是一個不錯的結果了。過去幾年，這通常會導致年度支出成長出現一些波動，但預計到 2026 年，這將不再是一個因素。所以，就這些稅收政策的更新而言，並沒有特別具體的項目值得一提。看起來稅收應該會呈現正常的逐年波動模式。

Okay. And since you mentioned insurance, are you able to ballpark or just give us a range on how they may look across the industry next year? I know you probably don't want to talk about your specifically at?

好的。既然你提到了保險業，你能否大致估算一下或給我們一個範圍，說說明年整個產業的保險業前景？我知道你可能不想具體談論你的情況？

Yes. No, I mean I think a lot of it depends on when your renewal cycle falls. I mean we are in the process of having those discussions. And -- over the past couple of months, we've had several discussions with the hope that it remains in the low single digits, and that's where it's trending.

是的。不，我的意思是，我認為這很大程度上取決於你的續約週期是什麼時候。我的意思是，我們正在進行這些討論。在過去的幾個月裡，我們進行了多次討論，希望它能保持在個位數低位，而目前的發展趨勢也是如此。

It might be a little bit favorable, but too early to tell even though it's just a couple of weeks away. But I think overall, it's a huge factor. The renewal cycle with us being at the fag end of the at the year, there might be some activity that drives losses, which we haven't really seen this year. So we're expecting a favorable outcome this year, which, as I said, is a good follow-up to last year's 12% reduction.

雖然還有幾週時間，但現在下結論還為時過早，或許會有一些有利因素。但我認為總體而言，這是一個非常重要的因素。由於我們已接近年底，續約週期可能會出現一些導致虧損的活動，而這種情況今年還沒有真正發生過。因此，我們預計今年會取得令人滿意的結果，正如我所說，這是對去年12%降幅的良好延續。

Okay, thank you.

好的，謝謝。

Connor Mitchell, Piper Sandler.

康納米切爾，派珀桑德勒。

Hey, thanks for taking my question. And you mentioned -- you had some okay commentary on Denver and the supply drag and then grant on some of your kind of focus on the Boulder and Fort Collins and how that's kind of comparing in better rent growth to Denver. I guess just kind of drilling down on both of those. Can you guys maybe just give us an idea of when you really see Denver, like turning the corner for supply, whether it's earlier in the year or later in the year, it seems like there's kind of more of a drag than we had expected earlier this year into '26.

嘿，謝謝你回答我的問題。你提到——你對丹佛的供應拖累發表了一些不錯的評論，然後你又重點關注了博爾德和柯林斯堡，並比較了這兩個城市在租金增長方面如何比丹佛更好。我想就是深入研究這兩方面。你們能不能給我們透露一下，你們認為丹佛的供應何時才能真正好轉，例如是在今年早些時候還是晚些時候？感覺今年年初到 2026 年，供應放緩的程度比我們預期的還要大。

And then the demand around that as well, it sounds like the income is still growing for Denver and the Colorado market, but maybe any other influences or factors that are really giving you guys some good conviction on Denver and then also the comparison to how you guys want to keep scaling up in Boulder and how you kind of compare those two markets within the same state.

此外，關於這方面的需求，聽起來丹佛和科羅拉多州市場的收入仍在增長，但還有其他影響因素或因素讓你們對丹佛充滿信心嗎？還有，你們打算如何在博爾德繼續擴大規模，以及你們如何比較同一州內的這兩個市場？

Yes. Connor, on the supply front in Denver, obviously, it experienced its peak delivery levels later in the cycle relative to many institutional markets. We look ahead, we really think demand will start to outpace supply in the back half of 2026, and that will certainly carry forward into 2027. So late '26 into is when we expect demand to start to exceed supply. From a scaling perspective, obviously, Boulder Fort Collins, that is a smaller geographic market relative to the size of Denver.

是的。康納，就丹佛的供應方面而言，顯然，相對於許多機構市場，丹佛的交付高峰出現在週期的後期。展望未來，我們認為需求將在 2026 年下半年開始超過供應，而且這種情況肯定會延續到 2027 年。因此，我們預計到 2026 年末，需求將開始超過供應。從規模角度來看，博爾德和柯林斯堡顯然是一個比丹佛小得多的地理市場。

We really like our position in that market with three assets now totaling about 980 homes. We do think there could be additional opportunity there, but we're going to be selective and we're going to be targeted in our approach. As it relates to that market. We do have desires to scale other regions within the portfolio, including Salt Lake City, which is a new market for us.

我們非常滿意我們在該市場的地位，目前我們擁有三處資產，總共約有 980 套房屋。我們認為那裡可能還有其他機會，但我們會謹慎選擇，採取有針對性的方法。就該市場而言。我們確實希望擴大投資組合中的其他地區規模，包括鹽湖城，這對我們來說是一個新市場。

So for Collins, certainly happy with the performance. We'll continue to look at opportunities there, but we'll be targeted in that approach. And then supply in Fort Collins, as I touched on earlier, certainly a more muted supply profile, peak in second and third quarter of 2024. That continued demand and absorption that I alluded to earlier is really creating a strong backdrop for fundamentals right now.

所以對柯林斯來說，他肯定對自己的表現很滿意。我們將繼續關注那裡的機會，但我們將採取更有針對性的方法。至於科林斯堡的供應，正如我之前提到的，供應情況肯定會更加溫和，預計在 2024 年第二季和第三季達到高峰。我之前提到的持續需求和吸收，確實為目前的基本面創造了強勁的背景。

Okay. And then maybe just following that line of thinking as well. You guys entered Salt Lake and you're scaling up in Fort Collins, Boulder and Loveland. And then I know that you guys have mentioned just sinking of other markets for new entries as well. Maybe if you could just stack rank that as those three options for the capital recycling program and then thinking of expanding presence in the current market, what's that you're expanding it for College Boulder and then or even entering a new market that's been discussed.

好的。然後或許也可以順著這個思路繼續思考。你們已經進入鹽湖城市場，現在正在科林斯堡、博爾德和洛夫蘭擴大規模。我知道你們也提到其他市場的新進者也會面臨萎縮。也許你可以把這三個選項按優先順序排序，作為資本回收計劃，然後考慮擴大在當前市場的影響力，例如擴大到博爾德學院，甚至進入一個討論過的新市場。

Our priority in that ranking, if you will, would be Salt Lake City. We do desire to scale that market. That is important to us, and we're highly focused on that. So that would be at the top of the list with the caveat that it has to be the right opportunity. We're not going to buy a product there just to fill out the pie chart, if you will, it has to make sense, be the right opportunity, and we're going to continue to seek those.

如果要說排名的話，鹽湖城應該是我們的首要考慮因素。我們確實希望擴大這個市場規模。這對我們來說很重要，我們高度重視這一點。所以，這應該是首要考慮的因素，但前提是必須有合適的機會。我們不會為了湊數而購買那裡的產品，它必須是有意義的，是合適的機遇，我們將繼續尋找這樣的機會。

In terms of new markets, we're always thinking about markets internally. We're always having those discussions we'll continue to do that and more to come from our perspective there.

就新市場而言，我們始終在內部考慮市場問題。我們一直在進行這些討論，我們會繼續這樣做，並且未來將從我們的角度進行更多討論。

Okay. I appreciate that. And then maybe just turning to the expense side. I think you guys are pretty well set up on Rob. You've gone through that the past couple of years. And then just kind of following the line of question earlier.

好的。我很感激。然後或許可以轉到費用方面來看。我覺得你們對羅布的安排已經相當不錯了。過去幾年你都經歷過這些。然後就順著之前的問題思路繼續問下去。

Is there anything else that needs to be done in setting up rubs or any other expenses as we kind of head into winter? Or should we be thinking about with the winter months coming up.

隨著冬季臨近，在設置按摩浴缸或其他方面是否還有其他需要做的準備工作或其他需要支付的費用？或者我們應該考慮即將到來的冬季月份。

Yes. I think we are really well set up. As you said, we had deployed rugs across the portfolio that's fully deployed -- all of our assets are on rubs to the extent they can. One thing to be thinking about, which isn't unique to us, but as an industry is that there has been some legislation in Colorado that will limit our ability to pass on RUB that will take effect January 1.

是的。我認為我們已經做好了充分的準備。正如您所說，我們已經在整個投資組合中部署了地毯，並且已經完全部署——我們所有的資產都在盡可能地進行摩擦。有一件事值得我們思考，這並非我們獨有的問題，而是整個行業都面臨的問題，那就是科羅拉多州的一些立法將限制我們通過 RUB 的能力，該立法將於 1 月 1 日生效。

And so that will have some negative impact, and we are working right now on what the steps we're going to take so that we can make sure that those are built directly to tenants rather than through rub. So there may be some disruption there. I think that will be market-wide in Denver as we look towards 2026.

因此，這將產生一些負面影響，我們目前正在研究我們將採取哪些措施，以確保這些措施直接面向租戶，而不是透過其他途徑。所以可能會出現一些混亂。我認為展望 2026 年，這種情況將在丹佛市場普遍存在。

Okay, interesting. I appreciate all the colors. Thank you, guys.

好的，有意思。我喜歡所有這些顏色。謝謝大家。

Robert Stevenson, Janney.

羅伯特史蒂文森，詹尼。

Good morning. You guys lowered the value-add expenditure guidance by $2 million at the midpoint -- was that due to the Minnesota sales? Or did you pull back on redevelopment within the core portfolio?

早安.你們將增值支出預期中位數下調了 200 萬美元——這是因為明尼蘇達州的銷售額嗎？或者，您縮減了核心投資組合內的重建項目？

Rob. No, I think that was more timing driven than anything else. It wasn't really truly driven by the Minneapolis portfolio because we haven't really earmarked much capital to be deployed at those assets, knowing that we were going to dispose them. So it was -- it's more timing driven than anything else that's thematic.

搶。不，我認為這更多是時機使然。這並非真正由明尼阿波利斯投資組合驅動，因為我們並沒有真正撥出太多資金用於這些資產，因為我們知道我們將要處置它們。確實如此——這更多是時機使然，而非其他任何主題因素。

Okay. How aggressive are you in starting new projects today given the status of your various markets operationally?

好的。鑑於您各個市場的營運狀況，您目前在啟動新專案方面有多積極？

I'd say right now, we're very focused on things that can enhance the portfolio overall. So broad-based ways to save water, electricity, value-add enhancements that can drive operating expense reductions, such as our smart rent implementation, where we installed leak detectors and keyless entries. But we're really trying to be mindful of our cost of capital that is driving up the return that we need to see on investments.

我認為目前我們非常關注那些能夠提升整體投資組合的事情。因此，我們可以採取廣泛的節水、節電方式，以及能夠降低營運成本的增值改進措施，例如我們實施的智慧租金計劃，該計劃安裝了洩漏偵測器和無鑰匙門禁系統。但我們確實在努力關注推高投資報酬率的資本成本。

And then also with the softer market, we really wanted to have conviction around getting the premiums that we need in order to get to the hurdles that we want to see given our cost of capital and the return expected. So we pulled back a little bit on things like unit renovations and common area renovations, but we are still looking at broader portfolio-wide initiatives that can drive in particular operating expense reduction.

此外，由於市場疲軟，我們非常希望能夠獲得所需的保費，以達到我們想要達到的目標，考慮到我們的資本成本和預期回報。因此，我們在單元翻新和公共區域翻新等方面有所縮減，但我們仍在尋求更廣泛的投資組合範圍內的舉措，以推動營運費用的降低。

Okay. And then last one for me. Bhairav, when does the $93 million of secured debt mature in 2026? Is that early in the year, late in the year?

好的。最後，也是我最後一個問題。Bhairav，2026 年到期的 9,300 萬美元擔保債務何時到期？是年初還是年末？

I think it's in the first half, some in the first quarter and some in the second quarter. So it's all done in the first half or by June.

我認為一部分在上半場，一部分在第一節，一部分在第二節。所以所有工作都將在上半年或六月完成。

Okay. And what is your best option for debt today to refinance? And where is that pricing?

好的。那麼，目前您最佳的債務再融資方案是什麼？價格表在哪裡？

Yes. I mean what's maturing is secured debt, that's available in the low 5% range can be driven a little bit lower based on leverage. So that's an option. The other option we have is following the pay down in the line of credit. Once we close the dispositions, we'll have a lot of capacity on the line of credit.

是的。我的意思是，即將到期的是有擔保債務，利率在 5% 左右，可以透過槓桿作用進一步降低。所以這也是一種選擇。我們也可以選擇以信用額度償還欠款。一旦完成資產處置，我們的信貸額度將有很大的可用空間。

One of the reasons we expanded the line of credit was to give us flexibility just given the disconnect between short-term rates and long-term rates. So that's another source of potential funding that allows us to keep the spread low and also pick up maybe a few basis points on the spread between short-term rates and long-term rates. Overall, the availability of debt capital.It's a pretty favorable environment from a debt capital standpoint for the sector. So there's multiple sources of debt, including bank debt if needed. So we have a range of options that we can utilize to refinance the upcoming maturities.

我們擴大信貸額度的原因之一是為了增加彈性，因為短期利率和長期利率之間存在脫節。所以這是另一個潛在的資金來源，使我們能夠保持較低的利差，並且還可以提高短期利率和長期利率之間的利差幾個基點。整體而言，債務資本的可取得性。從債務資本的角度來看，這對該行業來說是一個相當有利的環境。因此，債務來源多種多樣，必要時還可以包括銀行貸款。因此，我們可以利用一系列方案來為即將到期的債務進行再融資。

Okay, thanks guys. I appreciate the time this morning.

好的，謝謝大家。感謝您今天上午抽出時間。

Ami Probandt, UBS.

Ami Probandt，瑞銀集團。

Hi, thanks. The revenue growth leaders have been Omaha and North Dakota. And while those remained strong in the quarter, the same-store revenue growth is decelerating. So I'm wondering if there's anything to point to there that's leading to a bit lower growth.

您好，謝謝。營收成長領先的是奧馬哈和北達科他州。雖然這些指標在本季依然保持強勁，但同店營收成長正在放緩。所以我想知道是否有任何因素導致了成長速度略有放緩。

Yes, Amy, it's really Denver. It's really the offset from Denver having still decelerating a little bit. and having negative new lease growth. So as strong as North Dakota and Omaha, they're smaller portions of our portfolio and really that deceleration overall in projected revenue growth for the year is because of Denver.

是的，艾米，這裡確實是丹佛。這實際上是由於丹佛經濟成長仍然略有放緩，以及新租約成長為負所抵消的。儘管北達科他州和奧馬哈表現強勁，但它們在我們投資組合中所佔比例較小，而今年預計營收成長整體放緩的真正原因是丹佛。

Okay. And is there anything to call out for Omaha or North Dakota specifically that they're also decelerating?

好的。那麼，奧馬哈或北達科他州的情況是否也出現了特別的放緩？

No, I think just see seasonality. We're getting into the winter months. We have fewer expirations. There is less demand as we move through the quarter. And we did see that peak leasing has really moved from what was the end of June, July historically into May. So that seasonality comes down a little bit faster during the year. We see really strong renewals in both of those regions. So that is great to see and will help keep that revenue boosted.

不，我覺得應該看季節性因素。我們即將進入冬季。我們的過期產品較少。隨著季度推進，需求逐漸減少。我們發現，租賃高峰期已經從以往的 6 月底、7 月提前到了 5 月。因此，季節性因素在一年中會更快地消退一些。我們看到這兩個地區都出現了非常強勁的復甦。這真是個好消息，有助於維持收入成長。

Got it. And then I guess on that note, are you doing any lease expiration management to try to shift more of your leases towards more of that May peak leasing season, especially as opposed to the winter where there's not a ton of demand in those upper Midwest markets?

知道了。那麼，我想就此而言，您是否採取了租賃到期管理措施，試圖將更多租賃合約轉移到五月份的租賃旺季，尤其是與冬季相比，因為冬季中西部地區的市場需求並不大？

Yes, always. So we are constantly watching that lease expiration profile. It's a very large part of our revenue management as we look to see what the most attractive lease term for us is as well as where we can drive pricing those lease terms. So we have been consciously working on maintaining that -- you may recall, Amy, several years ago, we kind of completely redid the lease expiration profile after not having managed it to match the demand cycle, and that's been a constant focus for us these past few years.

是的，一直都是。因此，我們一直在密切關注租賃到期情況。這是我們收入管理中非常重要的一部分，因為我們需要了解對我們來說最有吸引力的租賃期限是什麼，以及我們可以在哪些方面推動這些租賃期限的價格上漲。因此，我們一直在有意識地努力維持這一點——艾米，你可能還記得，幾年前，由於未能使其與需求週期相匹配，我們徹底重新制定了租賃到期計劃，而這在過去幾年裡一直是我們的重點。

Got it. And then last one for me. You've seen a pretty consistent trend of same-store revenue per home growth being above same-store rent growth. Is that mainly driven by -- or is there something else that's causing that spread to remain elevated? And do you think it's sustainable?

知道了。最後，也是我最後一個問題。你會發現，同店每戶收入成長一直高於同店租金成長，這是相當穩定的趨勢。這主要是由什麼原因造成的？還是有其他因素導致傳播率居高不下？你認為這種模式可持續嗎？

Yes. It is mostly driven by Rob. We also have things like pet rents -- and that is sustainable. That has grown over time, where we see more and more people having that ancillary items on their lease? And then Bhairav, do you want to comment on that as well?

是的。這主要由羅布推動。我們還有寵物租金之類的東西——而且這是可持續的。隨著時間的推移，這種情況越來越普遍，我們看到越來越多的人在租賃合約中包含這些附屬項目？那麼，Bhairav，你對此也想發表一下看法嗎？

Yes. And when you kind of think about it specifically on a quarter-to-quarter basis, there can be some timing volatility. But overall, as Anne mentioned, it's really some of the other line items from a revenue standpoint.

是的。如果具體地按季度來考慮，就會發現時間上可能會有一些波動。但總的來說，正如安妮所提到的，從收入的角度來看，真正起作用的是其他一些項目。

Got it. Thank you.

知道了。謝謝。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

Hey, thanks, good morning. Just a couple of really quick modeling questions first. So NAREIT FFO went up $0.02. Core FFO went down $0.02. Can you just -- what's the $0.04 swing factor in the normalized lines?

嘿，謝謝，早安。先問幾個非常簡單的建模問題。所以NAREIT FFO上漲了0.02美元，核心FFO下降了0.02美元。請問－標準化後的各項數據中，0.04美元的波動係數是多少？

Yes. I mean I can look into it further. But overall, from a core FFO standpoint, the key driver is really the G&A spike that we saw in Q3 that kind of stays with us in Q4. So that's really what's driving the core FFO and I can look into it further and tell you what the difference is between the two.

是的。我的意思是，我可以進一步調查一下。但總體而言，從核心 FFO 的角度來看，關鍵驅動因素實際上是我們在第三季度看到的 G&A 激增，這種情況一直持續到第四季度。所以這才是真正驅動核心 FFO 的因素，我可以進一步研究，告訴你這兩者之間的差異。

Okay. And then in terms of expense growth, you talked a lot about tax true-ups and whatnot. But if I'm doing this right, the 4Q number is sort of very impressive from a year-over-year basis, something like 4% reduction in same-store expenses. Is that in the ballpark that what you're seeing? Or are we doing something wrong here?

好的。然後，在支出成長方面，你談到了很多關於稅收調整等等的問題。但如果我沒理解錯的話，第四季的數據與去年同期相比非常亮眼，同店支出減少了約 4%。你看到的景像大致就是這樣嗎？或者我們哪裡做錯了？

Yes. So that's in the ballpark. One of the reasons is it's a favorable comp for us this quarter because we had some R&M expenses last year. that were pushed into Q4 and some -- so that was really driving the R&M expense higher last year. So it is a favorable comp.

是的。所以差不多就是這個意思。其中一個原因是本季對我們來說比較有利，因為我們去年有一些研發和維護費用被推遲到了第四季度，所以去年的研發和維護費用確實很高。所以這是一個有利的比較。

There is some benefit from the valuations that we received in Colorado, plus we expect some additional benefit in some of the other jurisdictions. So when you kind of put it all together, -- that is what's creating that year-over-year number that you're seeing is in the ballpark that we have as well.

我們在科羅拉多州獲得的估值帶來了一些好處，此外，我們預計在其他一些地區也將獲得一些額外的好處。所以當你把所有因素綜合起來考慮時，——這就是你看到的同比數字與我們目前的水平大致相同的原因。

Okay. Great. All right. Now some real questions. So you've had some success in St. Cloud, as you mentioned, and you did better than you thought. -- still the negative spread between sales and purchases some 150, 200 basis points. Now as you look ahead into 2026 you're not going to give me guidance, I don't think, but do you think that, that spread will hold as you continue to pursue this trade strategy? Or is there something about the environment or where you might sell and where you might buy where that spread between buys and sells might change in one direction or another?

好的。偉大的。好的。現在問幾個真正的問題。正如你所說，你在聖克勞德取得了一些成功，而且比你預想的還要好。 ——儘管如此，銷售額和採購額之間的負價差仍高達150到200個基點。展望2026年，我想你不會給我指導，但你認為，隨著你繼續推行這種交易策略，這種價差會維持不變嗎？或者，是否存在某些環境因素，或者您在何處出售和購買，導致買賣價差朝某個方向變化？

Yes, I'll start, and then I'll ask Grant to comment on where you think cap rates are and going into 2026 for the markets that we're targeting. I don't think there's going to be a big change. We haven't seen much volatility in cap rates overall, either in the regional markets where we may look to sell or the markets that we're buying in. \

好的，我先開始，然後我會請格蘭特談談你認為我們目標市場的資本化率在 2026 年會如何變化。我認為不會有太大的改變。總體而言，無論是在我們可能考慮出售的區域市場，還是我們正在購買的市場，我們都沒有看到資本化率有太大的波動。\

With respect to the current portfolio and where we might target sales, where we may see some difference is if we do have the experience, particularly in Minneapolis, that we're projecting into 2026 where they're well into the recovery demand and absorption has been really strong, and we're expecting strong rent growth.

就目前的投資組合以及我們可能瞄準的銷售目標而言，我們可能會看到一些不同之處，尤其是在明尼阿波利斯，我們預計到 2026 年，那裡已經進入復甦階段，需求和吸收率非常強勁，我們預計租金將強勁增長。

We could see the cap rates on the sales on any sales in Minneapolis and even places like North Dakota, where we have had a really good experience, and they've now had several years of very strong growth. We could see those come in a little bit. And then Grant, what do you think about any movements on target market cap rates?

我們可以看到明尼阿波利斯甚至北達科他州等地的任何銷售的資本化率，我們在這些地方的銷售經驗非常好，而且這些地方已經連續幾年實現了強勁增長。我們可能會看到它們陸續到來。那麼格蘭特，你對目標市值比率的任何變動有何看法？

Yes. Target market cap rates have been pretty constant here recently, well-located core communities in Denver, pricing in the high 4s, Salt Lake City, mid- to high 4s. Core communities in Minneapolis pricing in the low 5s. And then when you slide into the Class B space, well located, Minneapolis or Denver B is generally, call it, 5.5 to 5 in three quarters. We don't see -- as we sit today, any significant change to that profile.

是的。最近，目標市場資本化率相當穩定，丹佛市中心地段優越的社區，價格在 4 倍以上，鹽湖城，價格在 4 倍中段到高段。明尼阿波利斯核心社區的房價在 5 美元出頭。然後，當你進入 B 級市場時，地理位置優越的明尼阿波利斯或丹佛的 B 級市場，通常來說，四分之三的市場規模在 5.5 到 5 之間。就目前來看，我們認為這種情況不會有任何重大變化。

I think one theme that we have seen as we've explored sales in markets like St. Cloud or talk to others is there really is a deep bid right now for the secondary and tertiary market products. So there's a lot of capital desiring to be in those locations. They can obtain financing that is attractive to them. So we've really seen a strong bid and strong pricing in those markets. That's something we are monitoring as we think about our future actions where were those cap rates settle.

我認為，我們在探索聖克勞德等市場的銷售情況或與其他人交談時發現的一個主題是，目前對二級和三級市場產品的需求非常旺盛。因此，許多資本都渴望投資這些地區。他們可以獲得對他們有吸引力的融資。因此，我們已經看到這些市場出現了強勁的競價和定價。這是我們在考慮未來行動時會密切關注的因素，我們會關注這些資本化率最終穩定在什麼水準。

We're clearly focused on what's that differential and what does it do to our earnings and the immediate future of our earnings. But we're really trying to balance that with what is the best growth profile for the company longer term and what provides us with the liquidity we need that's demanded by public market investors and where we can take the company from a growth perspective over a longer period of time.

我們非常關注這種差異是什麼，以及它會對我們的收益和近期收益產生什麼影響。但我們真正想要平衡的是，從長遠來看，公司的最佳成長前景是什麼？如何為我們提供公開市場投資者所需的流動性？以及從成長的角度來看，我們能夠帶領公司走向何方？

Great. Okay. And then on Denver, you mentioned maybe fortunate to start to turn in 2027. It is a big market for you, of course. Have you given any thought to moving around within Denver? Or do you think that the exposure to Denver will change as your -- as the world around it changes? And the reason I ask is you could probably get some decent cap rates there if you were to sell some assets and reduce your exposure to Denver, I don't know that, that's your plan.

偉大的。好的。然後，關於丹佛，你提到或許很幸運能在 2027 年開始轉型。這當然是你們的大市場。你有沒有考慮過在丹佛市內搬家？或者你認為隨著你周圍的世界發生變化，你對丹佛的了解也會改變嗎？我這麼問的原因是，如果你賣掉一些資產，減少在丹佛的投資，你可能會獲得一些不錯的資本化率，我不知道，那是你的計畫。

But I'm just wondering if you're having any change of thought about your exposure to Denver and if there might be any transaction activity buys or cells, maybe you get in front of what will be a recovery eventually. I'm just curing if you have any change of heart around Denver and your process in the transaction market.

但我只是想知道您對丹佛的投資是否有任何新的想法，以及是否會有任何交易活動買入或持有，也許您可以搶佔先機，最終獲得復甦的機會。我只是想了解一下，您在丹佛及交易市場方面是否有任何想法改變。

We like our position in Denver. We like how our portfolio lays out geographically as well as the different product type offerings that we have within our portfolio. So I would say no concrete plans to significantly change that composition via transactions. With that said, we always pick up the phone if people reach out and have an idea or a thought and we'll continue to do that.

我們很喜歡我們在丹佛的地理位置。我們喜歡我們產品組合在地理上的佈局，以及我們產品組合中提供的不同產品類型。因此，我認為目前還沒有透過交易大幅改變這種構成的具體計畫。也就是說，如果有人聯絡我們並提出想法或建議，我們總是會接聽電話，我們也會繼續這樣做。

So if somebody reaches out regarding one of our Denver communities, we will listen to them. But overall, we like our position. I think more so the exposure level that Denver provides within our portfolio will change as the world around it, as you alluded to, pages here over the course of 2026 and 2027.

所以，如果有人就我​​們丹佛的某個社區與我們聯繫，我們會認真聽取他們的意見。但總的來說，我們對目前的處境感到滿意。我認為，正如您所提到的，丹佛在我們投資組合中的地位將隨著世界局勢的變化而變化，正如您在 2026 年和 2027 年期間這裡提到的那樣。

Great. And last for me, leverage ticks down to low 7s after you're done with everything that's on the plate right now. Do you foresee a 6 handle at some point in your future in 2026? Or should we be assuming kind of a 7-ish type of leverage number for you guys -- for the foreseeable future?

偉大的。最後，對我來說，在你完成當前所有事情之後，槓桿率會降至 7 左右。你預計在2026年的某個時候會用到6柄手柄嗎？或者我們應該假設你們的槓桿率在 7 左右——在可預見的未來？

Yes. I mean the 6 comes through some natural deleveraging as earnings grow. Obviously, as you know, there's some portfolio repositioning that we've been doing. So things may be volatile for a while, as you saw this year. But from our perspective, the focus always remains on managing it at -- in the low 7s at the moment and then learning a tick down with some natural deleveraging to earnings.

是的。我的意思是，隨著獲利成長，自然而然地去槓桿化會導致 6 倍的成長。顯然，正如您所知，我們一直在進行一些投資組合調整。所以，正如你今年所看到的，局勢可能會在一段時間內保持動盪。但從我們的角度來看，重點始終是將其控制在目前的 7 左右，然後透過一些自然的去槓桿化措施來逐步降低收益。

Okay, great. That's all I have. Thank you.

好的，太好了。這就是我全部的資料了。謝謝。

Mason Guell, Baird.

梅森·古埃爾，貝爾德。

Hey, good morning everyone. Which of your smaller markets do you expect to outperform next year? And then when do you expect your larger markets to take lead in the portfolio over your smaller markets?

嘿，大家早安。您預計明年哪些規模較小的市場表現會優於其他市場？那麼，您預計何時規模較大的市場會在投資組合中佔據主導地位，而規模較小的市場則會被邊緣化？

Yes. I think we really have a lot of confidence that North Dakota is going to continue to perform. It's been outperforming our other markets. We see that continuing into 2026. I think Minneapolis is going to be close on its tail next year with some really good tailwinds we have here, particularly with respect to how much demand we've seen in this market.

是的。我認為我們非常有信心北達科他州會繼續保持良好的表現。它的表現一直優於我們其他市場。我們認為這種情況會持續到2026年。我認為明年明尼阿波利斯將緊隨其後，這要歸功於我們這裡一些非常好的順風，特別是考慮到我們在這個市場看到的巨大需求。

And then I think it's 2027, as Graham kind of alluded to before, we're really seeing the dearth of new supply coming online that can impact growth rates overall. So next year, I keep a close eye on North Dakota again. And then into 2027, we might see Denver and Minneapolis really start to outpace that.

然後我認為到了 2027 年，正如格雷厄姆之前所暗示的那樣，我們將真正看到新增供應短缺，這可能會影響整體成長率。所以明年，我會再次密切關注北達科他州的情況。到 2027 年，我們可能會看到丹佛和明尼阿波利斯真正開始超越這個數字。

Great. And can you talk about what drove the (inaudible) guidance?

偉大的。您能否談談促成（聽不清楚）指導意見的原因？

I'm sorry, Mason. Can you repeat that question?

對不起，梅森。你能再說一次這個問題嗎？

Yes. Just could you talk about what drove the lower disposition proceeds guidance?

是的。您能否談談是什麼原因導致了較低的處置收益預期？

Yes. Mason, from overall, the disposition proceeds when you compare it for all the assets were in line. We outperformed in St. Cloud a little bit. Minneapolis came in a little bit below what we had initially expected. That is mostly driven by the fact that the portfolio in Minneapolis is a little disparate. It's a collection of different kind of assets.

是的。Mason，從整體來看，當你比較所有資產時，處置結果都是合理的，所有資產都符合規定。我們在聖克勞德的表現略勝一籌。明尼阿波利斯的成績比我們最初的預期略低。這主要是因為明尼亞波利斯的投資組合有點分散。它是一系列不同類型的資產。

And we were prioritizing execution there. through the sale to a single bidder, which helps us from a 1031 standpoint, which was an integral part of this overall recycling. -- transaction. So a bunch of different factors led us to prioritize execution we're just optimizing the proceeds given everything that was incorporated within the transaction.

我們優先考慮的是執行，透過出售給單一競標者，這有助於我們從 1031 條款的角度進行交易，而 1031 條款是整個回收交易不可或缺的一部分。因此，多種因素促使我們優先考慮執行，我們只是在交易中包含的所有因素的基礎上優化收益。

Great thank you.

非常感謝。

(Operator Instructions)

（操作說明）

Buck Horne, Raymond James.

巴克·霍恩，雷蒙德·詹姆斯。

Hey, thanks. Good morning. Just a couple of quick ones for me. it sounds like you're doing a great job on resident retention in this environment and managing through the supply and sounds like there's not a lot of movement from existing tenants. I'm just wondering though, to what extent -- I mean, there's been a lot of talk about the weakening of the job market, particularly for young adults, recent college graduates just kind of financial pressures that are building on kind of the younger cohort.

嘿，謝謝。早安.我這裡就問幾個簡單的問題。聽起來你們在當前環境下，在住戶留存和供應管理方面做得非常出色，而且現有租戶的搬遷情況似乎不多。我只是想知道，這種情況在多大程度上會發生——我的意思是，人們一直在談論就業市場疲軟，特別是對於年輕人、應屆大學畢業生來說，經濟壓力正不斷增加，尤其是在年輕一代身上。

Are you seeing any signs of that in your recent new lease traffic? Or any thought -- is there any degradation in the renter tenant profiles? Or what are you kind of seeing in terms of front door leasing demand?

您最近的新租屋業務量是否出現了任何這種跡象？或者大家有什麼想法──租戶的素質是否有下降？或者說，您觀察到的臨街商店租賃需求如何？

Yes. This is a great question. We haven't seen anything now. It's a little hard to bifurcate. So a couple of things that we have seen -- that we mentioned. -- incomes continue to rise. So -- and rent-to-income ratios are staying pretty steady. I think we're at 22%. So the -- our bad debt has held really low, which is great.

是的。這是一個很好的問題。我們現在什麼也沒看到。有點難以區分。所以我們看到了一些現象——也提到了——收入持續成長。所以——租金收入比保持相當穩定。我認為我們達到了 22%。所以——我們的壞帳一直保持在很低的水平，這很好。

So we feel great about the health of the renter. Retention is higher, as you mentioned, the average age of our resident has ticked up. And also the average amount of time that their tenure with us overall is ticking up.

所以我們對租客的健康狀況感到非常放心。正如您所提到的，我們的住戶平均年齡有所上升，因此住戶留存率更高。此外，他們在我們公司的平均工作年資也不斷增加。

So it's hard to say if you look at that age is going up. Is that an indication that we're not seeing as many younger renters coming to the market? Maybe it could also just be a factor of the not as many people able to buy homes at the same age as they historically have. But we're not seeing any degradation in traffic overall other than just in Denver, the market the traffic has been a little softer in the market.

所以很難說，從整體來看，年齡是不是在增加。這是否意味著市場上年輕租屋者的數量減少？或許這也跟如今能在這個年齡層買房的人不如以往那麼多有關。但除了丹佛市場外，我們並未看到整體交通流量有任何下降，丹佛市場的交通流量略顯疲軟。

But it has no indication that we're -- there hasn't been a big spike in age of resonance showing that we are getting that younger, younger renters still in -- we haven't seen a change in the average residents per household either. So there's really no evidence that people are starting to double up. If anything, buck, it may bode well for us if they're moving home for their parents, that will create future demand for us.

但沒有任何跡象表明——共鳴年齡沒有出現大幅增長，表明我們仍然有很多更年輕的租屋者——我們也沒有看到每戶居民的平均人數發生變化。所以，目前並沒有證據顯示人們開始合租房子了。巴克，說不定這對我們來說是個好兆頭，如果他們搬回家給父母，將為我們創造未來的需求。

Right.Right. No, I appreciate the color there. That's very helpful. And just last one, following up the value-add CapEx shift. I mean, would that -- it sounds like the hurdle rate is getting a little higher, would you consider diverting some of those previously budgeted proceeds to share repurchases in the year-end?

對，對，不，我很喜歡那裡的顏色。那很有幫助。最後一點，跟增值資本支出轉變有關。我的意思是，如果——聽起來門檻收益率似乎要提高一些——您是否考慮將先前預算中的部分收益用於年底的股票回購？

Yes. I think when I -- the levers that we have to pull would be not only share repurchases, but debt reduction. So we're looking at every option. It's too small amount to really allocate in a meaningful way to new acquisitions, but definitely look at debt reduction and share repurchases as alternative uses of that capital.

是的。我認為，當我們——我們必須採取的措施不僅是股票回購，還有減少債務。所以我們正在考慮所有方案。這筆金額太小，不足以真正有意義地用於新的收購，但絕對可以考慮將這筆資金用於減少債務和回購股票。

Perfect. Thanks guys. Good luck.

完美的。謝謝各位。祝你好運。

Thank you very much. We currently have no further questions, so I'll hand back over to Anne for any closing remarks.

非常感謝。目前我們沒有其他問題，所以我會把發言權交還給安妮，請她做總結發言。

Yes. Thanks, everyone, for joining us today. We'd be remiss if we didn't acknowledge again our team who did such a great job this quarter and we are going to continue into 2026. Given the environment, we think we're putting up great results for our shareholders, and we're going to keep that at the forefront of everything we do. Have a great day.

是的。感謝各位今天蒞臨。如果我們不再次表揚我們團隊在本季度取得的出色成績，那就太失職了，我們將繼續努力，直到 2026 年。鑑於當前的環境，我們認為我們正在為股東創造良好的業績，我們將繼續把這一點放在我們一切工作的首位。祝你有美好的一天。

Thank you very much, Anne thank you, everyone, for joining. That concludes today's call. You may now disconnect your lines.

非常感謝安妮，也感謝大家的參與。今天的電話會議到此結束。現在您可以斷開線路了。