住宅地產 (EQR) 2025 Q2 法說會逐字稿

Good day, and welcome to the Equity Residential 2Q 2025 earnings conference call and webcast. Today's conference is being recorded.

大家好，歡迎參加 Equity Residential 2025 年第二季財報電話會議和網路廣播。今天的會議正在錄製中。

At this time, I'd like to turn the conference over to Mr. Marty McKenna. Please go ahead.

現在，我想將會議交給 Marty McKenna 先生。請繼續。

Good morning, and thanks for joining us to discuss Equity Residential's second quarter 2025 results. Our featured speakers today are Mark Parrell, our President and CEO; Michael Manelis, our Chief Operating Officer; and Bob Garechana, our Chief Financial Officer. Alec Brackenridge, our Chief Investment Officer, is here with us as well for the Q&A.

早安，感謝您加入我們討論 Equity Residential 2025 年第二季的業績。我們今天的特邀演講嘉賓是我們的總裁兼執行長 Mark Parrell、我們的營運長 Michael Manelis 和我們的財務長 Bob Garechana。我們的首席投資官亞歷克·布雷肯里奇 (Alec Brackenridge) 也來參加我們的問答環節。

Our earnings release is posted in the Investors section of equityapartments.com. Please be advised that certain matters discussed during this conference call may constitute forward-looking statements within the meaning of the Federal securities laws. These forward-looking statements are subject to certain economic risks and uncertainties. The company assumes no obligation to update or supplement these statements that become untrue because of subsequent events.

我們的收益報告發佈於 equityapartments.com 的「投資者」板塊。請注意，本次電話會議中討論的某些事項可能構成聯邦證券法所定義的前瞻性陳述。這些前瞻性陳述受到某些經濟風險和不確定性的影響。本公司不承擔更新或補充因後續事件而變得不真實的這些陳述的義務。

Now I will turn the call over to Mark Parrell.

現在我將電話轉給馬克·帕雷爾。

Thank you, Marty. Good morning, and thanks for joining us today. I will lead us off with some top-of-the-house commentary, then Michael Manelis, our Chief Operating Officer, will provide color on our second-quarter performance as well as what he is seeing in the markets today and an update on some of the initiatives we have going on. He will then turn the call over to Bob Garechana in his last call as our CFO before he takes over as our Chief Investment Officer. And Bob will provide some color on our guidance changes, and then we'll go ahead and take your questions. Alec Brackenridge, our soon to retire CIO, is here with us for the Q&A.

謝謝你，馬蒂。早安，感謝您今天加入我們。我將首先發表一些高層評論，然後我們的營運長 Michael Manelis 將介紹我們第二季的業績以及他目前在市場上看到的情況，並介紹我們正在進行的一些舉措的最新情況。然後，他將把電話轉交給 Bob Garechana，這是他接任首席投資長之前的最後一次通話，也是我們財務長職務。鮑伯將對我們的指導變更進行一些說明，然後我們將繼續回答您的問題。我們即將退休的資訊長 Alec Brackenridge 將與我們一起參加問答環節。

Our second-quarter results and guidance continue to reflect the sustained demand and excellent resident retention that we are seeing across our markets. We see this demand is being supported by nearly full employment in the country as a whole, with the overall unemployment rate being only 4.2%, though the pace of job growth is certainly slowing. The unemployment rate for our key demographic, the college educated, remains even lower at 2.7%. We're also seeing continued high retention rates as more residents choose to renew with us. Fewer and fewer residents are moving out to buy homes, and as we and other operators often prioritize occupancy and renewal rate management over new lease growth in a world that is more uncertain than usual for residents and landlords.

我們第二季的業績和指引繼續反映出我們在整個市場看到的持續需求和出色的居民保留率。我們看到，這項需求得到了全國幾乎充分就業的支持，整體失業率僅為4.2%，儘管就業成長速度肯定在放緩。我們的主要人口群體，即受過大學教育的人群，失業率仍然較低，為 2.7%。隨著越來越多的居民選擇與我們續約，我們也看到持續的高留存率。越來越少的居民搬出去買房，我們和其他業者往往優先考慮入住率和續約率管理，而不是新的租賃成長，因為這個世界對居民和房東來說比以往更加不確定。

Also, we continue to see the forward setup for our business is outstanding and see above-trend revenue growth in future years as likely, given the large apartment supply decline, the expensive and unavailable single-family-owned housing market, and societal trends favoring rentership. As we talked about at our Investor Day earlier this year, our shareholders benefit from our unique and diversified portfolio. We have a differentiated exposure from our competitors that includes a collection of assets across the urban centers of many coastal markets that gives us a distinct opportunity to outperform as improving conditions, particularly continuing declines in new supply and improvements in quality of life in these urban centers drive faster cash flow growth.

此外，考慮到公寓供應量大幅下降、獨棟住宅市場價格昂貴且難以獲得以及有利於租房的社會趨勢，我們繼續看到我們業務的前瞻性設置非常出色，並且未來幾年的收入增長很可能高於趨勢。正如我們在今年早些時候的投資者日上所討論的那樣，我們的股東受益於我們獨特而多樣化的投資組合。我們與競爭對手具有差異化的優勢，包括在許多沿海市場的城市中心擁有一系列資產，這為我們提供了獨特的機會，因為不斷改善的條件，特別是新增供應的持續下降和這些城市中心生活品質的改善推動了更快的現金流成長。

To illustrate that further, we are already seeing strong revenue results in places like New York City and downtown San Francisco, where supply has already abated. And with more supply declines on the way, we are optimistic our results can continue to be above trend in these areas. Across our markets, we look for a balance of both urban and suburban assets that capture the changing needs of our primary renter demographic. Putting this portfolio on top of the most efficient overall operating platform in the space when you take into account overhead, capital expenditures, and operating expenses, and you have a vehicle that should outperform in the near term and over the long term because of its focus on higher earning renters across a broad array of markets.

為了進一步說明這一點，我們已經看到紐約市和舊金山市中心等地的強勁收入業績，這些地方的供應已經減少。隨著供應量進一步下降，我們樂觀地認為，這些地區的業績將繼續高於趨勢水準。在我們的市場中，我們尋求城市和郊區資產的平衡，以滿足主要租屋者群體不斷變化的需求。當您考慮到管理費用、資本支出和營運費用時，將此投資組合置於該領域最高效的整體營運平台之上，您將擁有一款在短期和長期內表現優異的工具，因為它專注於廣泛市場的高收入租屋者。

Finally, while good job growth is important to all apartment markets, it is especially important to drive absorption in oversupplied markets. So we expect our portfolio with its tilt towards lower supply markets in some markets and relatively modest amount of development properties and lease-up to exhibit more resilience if job growth continues to wane.

最後，雖然良好的就業成長對所有公寓市場都很重要，但對於推動供過於求的市場的吸收尤其重要。因此，我們預計，如果就業成長持續減弱，我們的投資組合將表現出更強的彈性，因為在某些市場中，我們的投資組合傾向於供應較少的市場，而且開發物業和租賃量相對較少。

On the transactions front, in the quarter, we continued to build out our presence in Atlanta, with the acquisition of an eight-property portfolio in suburban submarkets. This is a market we have been favoring in our recent acquisition activity as we expect supply here to decline more quickly than in other Sunbelt markets. We now have 22 properties spread through our targeted submarkets within the Atlanta metro area. These eight new store properties plus seven assets that were acquired last year, complement and round out our current six property same-store portfolio that is focused more midtown and in closer in submarkets.

在交易方面，本季度，我們繼續擴大在亞特蘭大的業務，收購了郊區子市場的八處房產組合。這是我們最近的收購活動中一直青睞的市場，因為我們預計這裡的供應量將比其他陽光地帶市場下降得更快。目前，我們在亞特蘭大都會區的目標子市場中擁有 22 處房產。這八家新店加上去年收購的七家資產補充並完善了我們目前的六家同店物業組合，該組合更側重於中城區和更靠近子市場的地區。

We have also gained powerful economies of scale in Atlanta, where we can efficiently share personnel across a broad portfolio and take advantage of our new scale and contracting for local services like landscaping as we do in other markets where we have a large number of properties. While we continue to look for opportunities to add to our portfolios in our expansion markets and certain suburban submarkets of our established markets, the transaction market is not as active as we had hoped it would be at the beginning of the year. As a result, pricing has become very competitive with cap rates for desirable assets we wish to acquire, often in the high 4% range, significantly lower than the cost of debt even for us with our highly rated balance sheet.

我們還在亞特蘭大獲得了強大的規模經濟，在這裡我們可以有效地在廣泛的投資組合中共享人員，並利用我們的新規模和承包本地服務（如園林綠化），就像我們在擁有大量房產的其他市場一樣。雖然我們繼續尋找機會在我們的擴張市場和成熟市場的某些郊區子市場中擴大我們的投資組合，但交易市場並不像我們年初希望的那樣活躍。因此，對於我們希望收購的理想資產，其定價變得非常具有競爭力，其資本化率通常在 4% 的高位，即使對於我們這樣擁有高評級資產負債表的投資者來說，也遠低於債務成本。

As you saw in our release, we have lowered our acquisition expectations for the full year to $1 billion from $1.5 billion and expect to match sales and acquisitions this year. Nonetheless, we certainly have the ability to accelerate our acquisitions should attractively priced opportunities arrive.

正如您在我們的新聞稿中看到的，我們已將全年收購預期從 15 億美元下調至 10 億美元，並預計今年的銷售額和收購額將持平。儘管如此，如果有價格誘人的機會出現，我們當然有能力加快收購。

Before I turn it over to Michael, I want to thank Alec Brackenridge for his leadership, for his friendship, for all his hard work over the years, creating value for our shareholders. Alec will work with us assisting in the transition as we finish out the year. We're also excited for Bob and know he will thrive in his new Chief Investment Officer role. And finally, I want to welcome Brett McLeod to Equity Residential. Brett will take over as our CFO in a few days, and we are very excited to add his deep financial experience and new perspectives to our team.

在將權力移交給邁克爾之前，我想感謝亞歷克·布雷肯里奇的領導、友誼以及他多年來的辛勤工作，為我們的股東創造價值。亞歷克 (Alec) 將與我們一起協助完成今年的過渡。我們也為鮑伯感到高興，並相信他將在新的首席投資長職位上茁壯成長。最後，我歡迎 Brett McLeod 加入 Equity Residential。布雷特將在幾天後接任我們的財務官，我們非常高興能為我們的團隊增添他豐富的財務經驗和新的視角。

And with that, I'll turn the call over to Michael Manelis.

說完這些，我將把電話轉給 Michael Manelis。

Thanks, Mark, and thanks to all of you for joining us today. Our second-quarter results exceeded our expectations from the beginning of the year, and we're about in line with our expectations going into the leasing season. The financial health of our residents remains strong. The average household income of our residents who moved in with us in the second quarter is up 8.5% from the same quarter last year and rent as a percent of income remains low at 20%.

謝謝，馬克，也謝謝大家今天的參與。我們第二季的業績超出了年初的預期，並且進入租賃季節後，我們的業績也基本符合預期。我們居民的財務狀況依然良好。第二季入住我們公寓的居民的平均家庭收入比去年同期增加了 8.5%，租金佔收入的比例仍維持在 20% 的低點。

In addition, as Mark mentioned, we are not losing residents to home purchase. And in fact, that number sat at 7.2% in the quarter, which is among the lowest levels we have seen.

此外，正如馬克所提到的，我們並沒有因為購屋而失去居民。事實上，本季這一數字為 7.2%，這是我們見過的最低水準之一。

Our blended rate growth of 3% was about where we thought it would be, driven by strong renewal rate of 5.2%, with 60% of the residents renewing in the quarter. Our intense focus on customer satisfaction and stronger-than-expected results from our centralized renewal process have driven this performance.

我們的混合利率成長率為 3%，與我們的預期大致相同，這得益於 5.2% 的強勁續約率，其中本季有 60% 的居民進行了續約。我們對客戶滿意度的高度關注以及集中更新流程所取得的超出預期的結果推動了這一業績。

Our physical occupancy was very good at 96.6%. New lease rate was slightly negative in the quarter, which reflects that while there is good demand, it is a bit price sensitive and concession use continues in a number of our markets, particularly those with heavy supply. As we look to the markets, New York continues to benefit from high occupancy, actually the highest in our portfolio, and very little competitive new supply, leading to some of the best blended rate growth in our portfolio.

我們的實體入住率非常好，達到了 96.6%。本季新租賃率略為負值，這反映出雖然需求良好，但對價格有點敏感，而且我們的許多市場，特別是供應充足的市場，仍在繼續使用優惠政策。放眼市場，紐約繼續受益於高入住率，實際上是我們投資組合中最高的，而且幾乎沒有競爭性的新供應，從而導致我們投資組合中混合利率增長最佳。

With demand being driven by a steady job market, we continue to expect this market where we have a predominantly urban portfolio to be one of our best-performing markets in 2025. Boston has had steady demand leading to good occupancy and a strong renewal rate. The market is feeling some of the pressure and uncertainty from actual and potential cuts to the education and research sector. As a result, the job market seems a little softer here, and foreign inbound demand was slightly below historical norms.

由於穩定的就業市場推動了需求，我們繼續預期這個以城市為主的市場將成為我們 2025 年表現最好的市場之一。波士頓的需求一直很穩定，導致入住率較高且續訂率較高。市場正感受到教育和研究領域實際和潛在削減帶來的壓力和不確定性。因此，這裡的就業市場似乎有些疲軟，外國入境需求略低於歷史正常水準。

Our urban assets continue to outperform our suburban ones as the new supply is more focused in the suburbs. Our bias here will continue to be occupancy focused, and the second quarter was already up 90 basis points sequentially.

由於新供應更集中在郊區，我們的城市資產表現繼續優於郊區資產。我們將繼續關注入住率，第二季的入住率已較上季上漲 90 個基點。

Washington, DC, has been an excellent performer throughout the first half of the year with high occupancy and good retention and really strong rent growth. Not surprisingly, we have recently seen a slowing in the market likely due to the uncertainty around jobs, given the cuts by the administration. While the government is not the only employer in the market, it clearly has an influence on the overall feel and confidence levels.

華盛頓特區在今年上半年表現優異，入住率高，留任率好，租金成長強勁。毫不奇怪，我們最近看到市場放緩，這可能是由於政府削減開支導致就業不確定性所致。雖然政府不是市場上唯一的雇主，但它顯然對整體感覺和信心水平有影響。

Currently, our pressure is being felt in the district in areas of Northern Virginia. Velocity slowed a bit in July, but demand recovered quickly as we backed off on rate, which is allowing us to maintain strong occupancy. Despite the recent softening, the Washington, DC, market remains on track to be one of our strongest revenue growth market in 2025 with a very significant drop off in supply expected in '26.

目前，北維吉尼亞州部分地區已經感受到我們的壓力。7 月速度略有放緩，但隨著我們降低費率，需求迅速恢復，這使我們能夠保持較高的入住率。儘管近期有所疲軟，但華盛頓特區市場仍有望成為我們 2025 年營收成長最強勁的市場之一，預計 2026 年供應量將大幅下降。

Moving out West. The real standout market for this year is San Francisco. We talked about the potential for recovery in this market at our Investor Day and are very pleased that this recovery is coming to fruition at a pace even beyond what we expected. Our blended rate growth of 5.8% here is the best in our portfolio, driven by strong new lease and renewal increases with sequential gains in occupancy. This is a great example of where we saw a recovery in full force and drove very robust seasonal price acceleration, including the pullback on concessions.

向西遷移。今年真正突出的市場是舊金山。我們在投資者日上討論了該市場的復甦潛力，並且非常高興地看到，復甦的速度甚至超出了我們的預期。我們的綜合利率成長率為 5.8%，是我們投資組合中最好的，這得益於強勁的新租約和續約成長以及入住率的連續上升。這是一個很好的例子，我們看到了全面復甦，並推動了非常強勁的季節性價格加速，包括優惠的回撤。

Tech jobs are steady with a lot of continued AI focus in the market. During the second quarter, we observed very favorable migration patterns, with 8% more move-ins coming to us from outside the MSA and 5% more move-ins coming to us from other states. We are optimistic that these migration patterns continue, especially in the downtown submarket as the city is really starting to feel the positive impact from the focus on quality of life issues. Competitive supply in the market at less than 1% of inventory is very manageable, and we believe this will be our best-performing market this year.

科技工作保持穩定，市場持續關注人工智慧。在第二季度，我們觀察到了非常有利的遷移模式，來自 MSA 以外的遷入者增加了 8%，來自其他州的遷入者增加了 5%。我們樂觀地認為，這些遷移模式將會持續下去，特別是在市中心的次市場，因為這座城市確實開始感受到關註生活品質問題的正面影響。低於 1% 的庫存水準在市場上具有競爭力，這是非常容易管理的，我們相信這將是我們今年表現最好的市場。

In Seattle, the improvements continue, with the market working past the quality of life issues that have been a challenge. Seattle is seeing a slow and steady job growth from the tech firms leading to modest growth in office using jobs, which is also being positively impacted by the return to office policies of big employers like Amazon and Starbucks.

在西雅圖，改善仍在繼續，市場正在努力解決一直困擾人們的生活品質問題。西雅圖的科技公司就業機會正在緩慢而穩定地成長，導致辦公室就業機會也溫和成長，而亞馬遜和星巴克等大型雇主的復工政策也對西雅圖產生了積極影響。

As expected, supply pressure was felt in the city of Seattle and Redmond submarkets, which impacted some of our new lease pricing power. But the good news is that most of the concentrated deliveries are behind us, and this is likely to be a temporary condition. Concessions are still in wide use as the market seems to have become accustomed to them over the past few years. Overall, solid employment and an easier comp for us in the second half of the year at Seattle continuing to be one of the top performing markets for us this year with a great setup in 2026.

正如預期的那樣，西雅圖市和雷德蒙德子市場感受到了供應壓力，這影響了我們的部分新租賃定價能力。但好消息是，大多數集中交付的情況已經過去，這可能是暫時的。優惠政策仍在廣泛實施，因為市場在過去幾年中似乎已經習慣了它們。整體而言，西雅圖下半年就業穩定，薪資待遇更優厚，將繼續成為我們今年表現最好的市場之一，為 2026 年奠定良好的基礎。

Los Angeles continues to face challenges and underperform our pretty modest beginning of the year expectations. Lackluster job growth, driven by a pretty weak entertainment sector, along with the quality of life issues, are keeping pressure on demand. Our West LA and suburban portfolios are doing better than our assets located in Korea and Mid-Wilshire submarkets.

洛杉磯持續面臨挑戰，其表現不如我們年初相當溫和的預期。娛樂業表現疲軟導致就業成長乏力，加上生活品質問題，對需求造成持續壓力。我們的西洛杉磯和郊區投資組合的表現優於位於韓國和中威爾希爾子市場的資產。

On the hopeful side, a very large tax incentive should spur local employment by driving the return of filming and production to the market. We have good occupancy overall, but it appears that our rents peaked in early June. This is a good example of a market where our focus is on retention and capturing good renewal rates while maintaining occupancy as overall pricing power was softer than seasonal norms.

樂觀的一面是，巨額的稅收激勵措施應該能夠推動電影拍攝和製作重返市場，從而刺激當地就業。我們的整體入住率良好，但租金似乎在六月初達到頂峰。這是一個很好的市場例子，由於整體定價能力比季節性標準弱，我們的重點是保留和獲得良好的續約率，同時保持入住率。

Orange County and San Diego are performing in line with our expectations for the year. New supply and modest job growth are keeping pressure on rents after a number of years of strong performance. And finally, in our expansion markets, Denver continues to feel the impact from modest job growth and high levels of new supply, particularly in the downtown market.

橘郡和聖地牙哥的表現符合我們對今年的預期。經過多年的強勁表現後，新增供應和適度的就業成長對租金構成持續壓力。最後，在我們的擴張市場中，丹佛繼續感受到適度就業成長和高水準新供應的影響，尤其是在市中心市場。

Concession use is heavy in the overall market. We have a good pace on our leasing volume, but a fair bit of price sensitivity and deal shopping is impacting new lease growth and making us prioritize retention and renewal rates. Our Atlanta portfolio is performing in line with our expectations for the year. As a reminder, our same-store portfolio here is just seven assets and is primarily located in more urban locations like Midtown unlike our newer suburban acquisitions. The urban areas are experiencing a lot of new supply and concession use, but it appears that this submarket found the bottom as we have had a few months of stability with early signs of potential improving conditions.

在整個市場中，特許經營的使用率很高。我們的租賃量成長勢頭良好，但相當多的價格敏感度和交易購物影響了新租賃的成長，並使我們優先考慮保留率和續約率。我們亞特蘭大的投資組合表現符合我們今年的預期。提醒一下，我們的同店組合只有 7 項資產，主要位於中城區等城市地區，這與我們新收購的郊區資產不同。城市地區正在經歷大量新的供應和特許經營使用，但看起來這個子市場已經觸底，因為我們已經有幾個月的穩定期，並且有潛在改善的早期跡象。

Our non-same-store properties, which I mentioned are more suburban focused, will join the same-store set next year and are performing at or slightly better than our underwritten expectations and clearly better than our urban Atlanta properties.

我之前提到的非同店業務更側重於郊區，明年將加入同店業務的行列，其表現達到或略好於我們的預期，並且明顯優於亞特蘭大市區的業務。

We feel good about Dallas. Demand is strong due to better-than-average job growth in the market, but concessions are plentiful as the market absorbs supply, particularly in select submarkets. Similar to Atlanta, our newer acquisitions, which are in less supply concentrated submarkets, will join the 2026 same-store set and tend to face less direct supply pressure and are performing better with fewer concessions and stronger occupancies.

我們對達拉斯感覺很好。由於市場就業成長高於平均水平，需求強勁，但隨著市場吸收供應，優惠也很多，特別是在部分子市場。與亞特蘭大類似，我們新收購的門市位於供應集中度較低的子市場，將加入 2026 年同店行列，這些門市往往面臨較少的直接供應壓力，並且由於特許經營較少和入住率較高而表現更佳。

Switching to innovation and automation updates. The opportunity to apply artificial intelligence in our business is really exciting. Our AI leasing application pilots have reduced overall application completion time by over 50% while significantly improving fraud detection, resident underwriting, and user satisfaction.

轉向創新和自動化更新。在我們的業務中應用人工智慧的機會確實令人興奮。我們的 AI 租賃應用程式試點已將整體申請完成時間縮短了 50% 以上，同時顯著提高了詐欺偵測、住戶核保和用戶滿意度。

Given this success, we are accelerating the rollout aiming for full deployment by end of year, which is about a quarter earlier in the original time frame. Additionally, our new delinquency management AI will be fully deployed by the end of this month. And so far, we can see that consistent engagement with customers improves overall payment behaviors. All of these automation and conversational AI initiatives are set up to dramatically improve both our customer experience and operational efficiency.

鑑於這一成功，我們正在加快推出步伐，目標是在年底前全面部署，這比原定時間提前了約一個季度。此外，我們的新違法行為管理人工智慧將於​​本月底全面部署。到目前為止，我們可以看到與客戶的持續互動可以改善整體支付行為。所有這些自動化和對話式人工智慧計畫都是為了大幅改善我們的客戶體驗和營運效率。

As we think about the third quarter, we expect blended rates to begin to moderate as usual, with strong retention and occupancy continuing against a backdrop of slightly lower achieved renewal and new lease rates, which combined, will result in an expected blended rate growth range of 2.2% to 2.8% for the quarter.

展望第三季度，我們預計混合利率將像往常一樣開始放緩，在續約率和新租賃率略低的背景下，強勁的留存率和入住率將繼續保持，綜合來看，本季度混合利率預計增長 2.2% 至 2.8%。

With our occupancy holding study and resident turnover continuing to track at record low levels, we are well positioned for a solid back half of the year, especially as supply headwinds continues to subside. As I think about our setup for 2026, we expect to have normal embedded growth continued strong renewal performance and occupancy against a backdrop of much less competitive new supply pressure.

我們的入住率研究和居民流動率持續處於歷史低位，我們已為今年下半年的穩健表現做好了準備，尤其是在供應逆風持續消退的情況下。當我思考我們 2026 年的規劃時，我們預計在新的供應壓力競爭大大減弱的背景下，內生成長將正常化，並持續保持強勁的更新業績和入住率。

At this time, I will turn the call over to Bob to walk us through the financial results and guidance changes.

現在，我將把電話轉給鮑勃，讓他向我們介紹財務結果和指導變化。

Thanks, Michael. As Michael mentioned, I'll walk through our guidance changes before opening it up for Q&A. Starting with same-store revenue. The 15 basis point increase in the midpoint of our same-store revenue guidance is driven primarily by better-than-anticipated retention and improved occupancy growth, which Michael already discussed. As we discussed at the beginning of the year, other income growth and bad debt improvement remain back half loaded and thus far are right on track with our original guidance expectations. We continue to expect improvements in those areas of 70 basis points and 20 basis points, respectively.

謝謝，麥可。正如麥可所提到的，在開放問答環節之前，我將介紹我們的指導變化。從同店收入開始。我們的同店營收預期中位數增加了 15 個基點，這主要是由於留存率好於預期以及入住率成長提高，Michael 已經討論過這一點。正如我們在年初所討論的那樣，其他收入成長和壞帳改善仍然保持半負荷狀態，到目前為止，一切符合我們最初的指導預期。我們繼續預計這些領域的改善將分別達到 70 個基點和 20 個基點。

Turning to same-store expenses. We've revised the midpoint of our expense guidance range down by 25 basis points. This improvement is driven by better-than-anticipated real estate tax, insurance, and payroll growth, offset in part by higher utilities expenses. As we noted in the release, utilities this year are suffering from both a difficult comparable period and higher commodity prices along with elevated water and sewer charges.

轉向同店費用。我們將費用指導範圍的中點下調了 25 個基點。這一改善是由好於預期的房地產稅、保險和工資增長推動的，但被公用事業費用的增加部分抵消。正如我們在新聞稿中指出的，今年公用事業既面臨可比時期的困難，又面臨大宗商品價格上漲以及水費和污水處理費上漲的雙重打擊。

Those elevated water and sewer charges came from higher usage in Southern California as we dealt with mitigating wildfires (inaudible) earlier in the year. Outside of those categories, most of the other categories remain on plan.

增加的水費和污水處理費是由於南加州的水使用量增加，因為我們在今年早些時候處理了緩解野火（聽不清楚）的問題。除這些類別之外，大多數其他類別仍在計劃中。

As a reminder, before we move on from expenses, about 50 basis points of our total expense in 2025 is related to our bulk WiFi rollout and is included in repairs and maintenance. This program is accretive to NOI growth given its other income contribution but is an outsized driver this year to expense growth.

提醒一下，在我們討論費用之前，我們 2025 年總費用的約 50 個基點與我們的大規模 WiFi 推廣有關，並且包含在維修和維護中。鑑於其對其他收入的貢獻，該計劃對淨營業收入成長具有增值作用，但對今年的支出成長卻具有巨大的推動作用。

With these revenue and expense improvements, we are increasing our same-store NOI growth midpoint by 30 basis points, which is in the top half of the prior range. Before discussing FFO, I want to remind everyone that the expected cadence of same-store revenue growth for the remainder of 2025. We continue to expect improvement in quarter-over-quarter same-store revenue growth in the last two quarters of the year. This is driven by the compounding effect of positive blended rates and leasing activity from the first half of the year, strong continued physical occupancy, and back half loaded improvement from both bad debt and other income, like I just discussed.

透過這些收入和支出的改善，我們將同店淨營業利潤成長中點提高了 30 個基點，處於先前範圍的上半部。在討論 FFO 之前，我想提醒大家 2025 年剩餘時間同店營收成長的預期節奏。我們繼續預計今年最後兩季同店營收將較上季成長將有所改善。這是由上半年積極的混合利率和租賃活動的複合效應、持續強勁的實體入住率以及壞帳和其他收入帶來的後半部分改善所推動的，正如我剛才所討論的。

Finally, we're increasing the midpoint of our NFFO range by $0.05 to the top end of our prior range. Page 2 of the release provides a detailed reconciliation of that change, but let me provide a little more color here. $0.02 of the improvement is coming from the same-store adjustments I just described. $0.01 is coming from better performance in our lease-up portfolio, which is largely due to outsized performance in our suburban San Francisco lease up and our suburban New York lease up, while other communities are largely in line with expectations. $0.02 of lower transaction activity NOI is reflected as well from our changes in our transaction activity guidance from $1.5 billion in acquisitions down to $1 billion.

最後，我們將 NFFO 範圍的中點提高 0.05 美元，達到先前範圍的上限。新聞稿的第 2 頁提供了該變更的詳細對賬，但請允許我在這裡提供更多細節。 0.02 美元的改進來自我剛才描述的同店調整。 0.01 美元來自我們租賃組合的較佳表現，這主要是由於我們在舊金山郊區的租賃和紐約郊區的租賃表現優異，而其他社區的表現基本上符合預期。 0.02 美元的交易活動 NOI 較低也反映了我們將交易活動指引從 15 億美元收購額降至 10 億美元的變化。

Performance from communities acquired thus far is in line with our underwriting and our original guidance. We also have $0.03 of lower interest expense due in part to that change in transaction volume, as I described, and also slightly better refinancing rates. And finally, we have one set of improvement from other items, including overhead.

迄今所收購社區的表現符合我們的核保和最初的指導。我們的利息支出也降低了 0.03 美元，部分原因是交易量的變化（正如我所描述的），而且再融資利率也略有提高。最後，我們在其他方面取得了一系列改進，包括間接費用。

One final note before I turn it over to the operator. In the second quarter, we attractively refinanced our 2025 maturity. With the change in transaction activity guidance, we are not including any further debt issuance in our guidance, given that we currently expect to match fund our $1 billion in acquisition activity with $1 billion in dispositions. Our next meaningful debt maturity is not until November of 2026.

在我將其交給操作員之前，最後說明一點。在第二季度，我們以優惠的價格對 2025 年到期的債券進行了再融資。隨著交易活動指南的變化，我們不會將任何進一步的債務發行納入我們的指南中，因為我們目前預計將為 10 億美元的收購活動提供 10 億美元的資金。我們的下一個有意義的債務到期日是 2026 年 11 月。

And with that, I'll turn it over to the operator.

說完這些，我就把麥克風交給接線生。

(Operator Instructions) Steve Sakwa, Evercore ISI.

（操作員指示） Steve Sakwa，Evercore ISI。

I realize we're a little bit out from kind of the full '26 guidance. But as you just sort of think about the pluses and minuses as you kind of look out over the next kind of 12 to 18 months, I guess, is the supply picture coming down, I guess, able to offset maybe a slowing job market? And I guess, what are the puts and takes as you think about growth into next year?

我意識到我們與完整的 26 年指導方針還有點差距。但是，當您展望未來 12 到 18 個月的利弊時，我想，供應狀況是否會下降，是否能夠抵消就業市場放緩的影響？我想，當您考慮明年的成長時，您需要做哪些準備？

Hey, Steve. This is Michael. So I think I gave you a little bit of color just in the prepared remarks, like the setup that we see. I think, for us, starting the year with a pretty normal kind of embedded growth maintaining strong retention. And if you think about what we just saw with kind of some of the job reforecast and those numbers, I think for us, the most important thing for next year is really how much less competitive supply we have.

嘿，史蒂夫。這是邁克爾。所以我認為我在準備好的發言中給了你一點顏色，就像我們看到的設定一樣。我認為，對於我們來說，以相當正常的嵌入式成長開始新的一年並保持強勁的留存率。如果你想想我們剛才看到的一些就業重新預測和數字，我認為對我們來說，明年最重要的事情實際上是我們的競爭性供應減少了多少。

And by competitive supply, I'm looking at the proximity of new supply within a 1 or a 3-mile radius of our assets, I mean, we just have so much less new supply that's going to be needed to be absorbed in the market. So I think at this point, any level of job growth that we see next year is just going to add pricing power to what we believe is a pretty solid setup for 2026.

我所說的競爭性供應是指我們資產周圍 1 英里或 3 英里範圍內新供應的接近程度，我的意思是，我們需要被市場吸收的新供應量要少得多。因此我認為，就目前情況而言，明年我們看到的任何程度的就業成長都將為2026年增加定價能力，我們認為這將是一個相當穩固的局面。

Okay. Thanks. And then, Mark, maybe just bigger picture. You sort of talked about kind of your enthusiasm for San Francisco and New York. And not asking you to second guess your decision about moving into the expansion markets. But do you do you rethink sort of the mix of the portfolio? And how do you maybe think longer term about the contribution from expansion markets versus the established markets? And are you likely to lean more into the established markets? Or do you still feel like you need to get to that EV 20 or 75-25 mix?

好的。謝謝。然後，馬克，也許只是更大的圖景。您談到了您對舊金山和紐約的熱情。並且不會要求您對進入擴張市場的決定產生懷疑。但是您是否重新考慮過投資組合的組合？您如何看待擴張市場與成熟市場的長期貢獻？您可能更傾向於成熟市場？或者您仍然覺得需要達到 EV 20 或 75-25 的混合？

Yeah. Thanks for that question, Steve. I appreciate that. So the goal here is, as we said at the Investor Day, to build that kind of all-weather portfolio around our higher-earning customer, thinking about supply and demand risks and opportunities and of course, regulation and resilience. And so nothing that's happened has changed our perspective. I mean, our view is that our portfolio is super well positioned for at least the next 1.5 years, given, as Michael said, the lack of supply and even the declines in supply. We're already in a low supply situation and San Francisco ,and next year is even better, and New York feels great. So those markets are doing their job.

是的。謝謝你的提問，史蒂夫。我很感激。因此，正如我們在投資者日所說的那樣，我們的目標是圍繞我們的高收入客戶建立全天候投資組合，考慮供需風險和機遇，當然還有監管和彈性。所以，無論發生什麼，都沒有改變我們的觀點。我的意思是，我們認為，考慮到麥可所說的供應不足甚至供應下降，我們的投資組合至少在未來 1.5 年內處於非常有利的地位。我們已經處於供應不足的境地，舊金山的情況明年會更好，紐約的情況也很好。所以這些市場正在發揮其作用。

Meantime, these expansion markets, which we chose, Denver, Dallas, Atlanta, and Austin are suffering from supply. And again, as we said at Investor Day, we knew that would happen. But they are good job growth markets. And we think they will pick up. I will make a note, though, maybe with the exception of Atlanta, we don't think next year is necessarily the year that all these markets are going to turn around that we're in. We think the Sunbelt recovery is much more about absorption than about delivery dates and that the lease-up will take some time.

同時，我們選擇的這些擴張市場——丹佛、達拉斯、亞特蘭大和奧斯丁——正面臨供應問題。正如我們在投資者日所說的那樣，我們知道這會發生。但它們是良好的就業成長市場。我們認為他們會康復的。不過，我要指出的是，也許除了亞特蘭大以外，我們認為明年並不一定是所有這些市場都會好轉的一年。我們認為，陽光地帶的復甦更多的是吸收而不是交貨日期，租賃需要一些時間。

So to kind of sum it up, Steve, we think having that balance between suburban, urban, and most of our markets. New York will always be a little more urban. Markets like Dallas always be more suburban. Sticking near this higher-end earning customer and have in balance because there'll be a day when end markets are a good place for us to be, and we'll have some of that in our kind of recipe of portfolio or kind of what we're composed of. And then we'll continue to have this be from these urban centers.

總而言之，史蒂夫，我們認為在郊區、城市和大多數市場之間應該保持平衡。紐約總是會變得更都市化一些。像達拉斯這樣的市場總是比較郊區化。堅持這個高端收入客戶並保持平衡，因為有一天終端市場對我們來說是一個好地方，我們會在我們的投資組合或組成中加入一些這樣的產品。然後我們將繼續從這些城市中心進行這項工作。

So again, I feel really good about where we are. I mean, we could have bought a lot more in these Sunbelt markets earlier,and we'd be hurting right now. So I think taking our time, being thoughtful, getting close to that 20% goal. But that goal is not one we're afraid to vary from if there's opportunity elsewhere. So we'll keep moving along here, but we don't have a timeline we need to meet.

所以，我對我們現在的狀況感到非常滿意。我的意思是，我們本可以早點在這些陽光地帶市場買入更多的東西，但現在我們就會受到損失。所以我認為我們需要花時間、經過深思熟慮，才能接近 20% 的目標。但如果有其他機會，我們不害怕改變這個目標。因此我們會繼續前進，但我們沒有需要滿足的時間表。

Thank you.

謝謝。

Jana Galan, Bank of America.

美國銀行的 Jana Galan。

Michael, thank you so much for the very thorough market overview. Can we just go back to EQR's use of concessions this spring and summer leasing season relative to last year's? And trying to understand if this kind of helps to set up for next spring on the renewal side.

邁克爾，非常感謝您對市場的詳細概述。我們能否回顧一下 EQR 今年春夏租賃季相對於去年的優惠情況？並試著了解這是否有助於為明年春天的更新做好準備。

Yeah. Hey, Jana. It's Michael. So I guess I'll just frame up the concession use right now, which is on a cash basis. We use more concessions in the second quarter than we originally expected. Overall, we averaged about seven days of concessions per move-in, which is down from the first quarter, but still about a day more than what we would have expected. And the increase is driven by continued targeted leans into occupancy along with some of the kind of more supply impacted submarkets, just having greater concession use than we originally thought.

是的。嘿，賈娜。我是麥可。所以我想我現在就來制定優惠政策的使用方案，以現金為基礎。我們在第二季使用的優惠比我們最初預期的要多。總體而言，我們平均每次進駐可享受約七天的優惠，這比第一季度有所下降，但仍比我們預期的多一天左右。而這種成長是由持續的目標入住率以及一些供應量較大的子市場所推動的，這些子市場的特許經營使用量比我們最初想像的要大。

So I think right now, our view is that we're going to continue to see elevated concession use in the expansion markets, a few of the LA submarkets. Hopefully, Seattle and San Francisco are going to continue to see this reduction in the pullback that we've seen. So if you think about the setup going into spring and even peak leasing season next year, again, if we start the year well positioned and we have, like I just mentioned to Steve, any bit of job growth, we really should see some kind of good rent acceleration against the backdrop of having all these folks from this year getting those concessions should drive some of that kind of net effective increase.

因此我認為，現在我們的觀點是，我們將繼續看到擴張市場（洛杉磯的一些子市場）的特許經營使用率上升。希望西雅圖和舊金山能夠繼續看到我們所看到的回檔的減少。因此，如果您考慮明年春季甚至租賃旺季的情況，那麼如果我們在年初就做好了準備，並且像我剛才對史蒂夫提到的那樣，有任何就業增長，那麼我們真的應該會看到某種良好的租金加速增長，在所有這些人都從今年開始獲得這些優惠的背景下，應該會推動這種淨有效增長。

Thank you. And then on kind of Greater DC specifically, is there any kind of slight differentiation between the district and Northern Virginia? Or right now, they're pretty similar in terms of kind of what you're seeing in terms of demand?

謝謝。那麼具體到大華盛頓特區，該地區與北維吉尼亞州之間是否存在細微的差別？或者就目前而言，就您所看到的需求而言，它們非常相似？

Yeah. I think I would say for us, it's more systemic. The district, clearly, we have, I think, 12 properties right now. We're feeling a little bit of that softness there. And when I look into the Northern Virginia submarket, it's really kind of isolated pockets in the RBC corridor that you're feeling some of that pressure. DC had just such strong momentum in the first half of the year, and it really wasn't until we kind of got into that late June and July period where we started to feel a little bit of the softening or a pause.

是的。我想說，對我們來說，它更加系統化。顯然，我認為我們現在在該區擁有 12 處房產。我們在那裡感受到了一點柔軟。當我觀察北維吉尼亞州的子市場時，你會發現 RBC 走廊中一些孤立的區域確實感受到了一些壓力。華盛頓特區在今年上半年的發展勢頭非常強勁，但直到進入 6 月下旬和 7 月期間，我們才開始感受到一些疲軟或停頓。

But like I said in the prepared remarks, the minute we pulled back on some of that rate acceleration, we saw that demand come back, and we're able to recapture some of that occupancy. So I think for us, this remains kind of one of these watch markets, right? We get a lot of headlines. You got a lot of the kind of government layoffs that will kick into gear here in September, and we just need to keep our eyes on it.

但正如我在準備好的發言中所說的那樣，當我們放慢部分加價速度時，我們看到需求回升，我們能夠重新獲得部分入住率。所以我認為對我們來說，這仍然是一個手錶市場，對嗎？我們收到了很多頭條新聞。9 月將會有大量政府裁員，我們只需要密切注意。

Thank you.

謝謝。

Eric Wolfe, Citi.

花旗銀行的埃里克·沃爾夫。

You discussed some of the dynamics for the setup for 2026. But to the extent that renewals have performed a bit better than expected compared to new leases, is it setting up for a situation where you gain the lease? Is it a bit bigger than normal at year-end and thus could impact 2026? Or is that not the right way to think about it?

您討論了 2026 年設定的一些動態。但是，如果續約表現比新租約好一些，那麼這是否意味著您將獲得租約？年底時規模是否會比正常情況大一些，可能影響 2026 年？還是這不是正確的思考方式？

Hey, Eric. It's Michael. So I mean, right now, I guess I would tell you the portfolio has a loss to lease of about 2.6%. And kind of did what you thought. We started the year at a moderate gain as rent acceleration kicked in, it flipped us into the loss. Right now, the loss is probably 50 to 100 basis points lower than what you would expect. And that's really just from the dampening effect of July, not getting up to that peak level.

嘿，艾瑞克。我是麥可。所以我的意思是，現在，我想我會告訴你，投資組合的租賃損失約為 2.6%。並且確實做到了你所想的事情。我們年初取得了適度的收益，但隨著租金加速上漲，我們卻陷入了虧損。目前，損失可能比你預期的要低 50 到 100 個基點。這實際上只是 7 月的抑制效應，並未達到高峰。

So as I think about for the rest of the year, we do expect normal rent deceleration to occur in the third quarter and even into the fourth quarter. So I think at this point, I wouldn't be surprised to see us back into a moderate gain. But I don't think we're going to see anything that's really well outside the realm of norm.

因此，當我考慮今年剩餘時間時，我們確實預計第三季甚至第四季會出現正常的租金減速。因此我認為，就目前情況而言，我不會對我們恢復適度成長感到驚訝。但我不認為我們將會看到任何超出正常範圍的事情。

That's helpful. And then I believe you said a moment ago that you don't really see the Sunbelt recovering that much next year. I guess I just wanted to dig into that further because it does seem like absorption has been very strong in those markets, supply is coming down next year. And if I think back to some of your acquisitions, I thought might be, remember this wrong, but I thought year two is expected to see some pretty big rent gains. So I was just trying to understand if that sort of view on the Sunbelt was a change and sort of what drove that change?

這很有幫助。然後我相信您剛才說過，您不認為明年陽光地帶會恢復那麼多。我想我只是想進一步深入研究這個問題，因為看起來這些市場的吸收量非常強勁，明年的供應量將會下降。如果我回想一下你們的一些收購，我想可能是記錯了，但我認為第二年預計會出現相當大的租金上漲。所以我只是想了解對陽光地帶的這種看法是否是一種變化，以及是什麼推動了這種變化？

Hey, Eric. It's Alex. It's really a property-by-property submarket by submarket consideration. And there are certainly pockets that are seeing very, very little supply. And a lot of the properties that we bought that are entering new store in that new store -- I'm sorry, they're entering same-store are in that condition. So I think that we will hit our pro formas, we're on track to do that now, and we do expect to see recovery. But there's certainly other markets.

嘿，艾瑞克。是亞歷克斯。這實際上是對每個房產子市場逐一進行的考慮。當然，也有一些地區的供應量非常非常少。我們購買的許多進入新店的房產——對不起，它們進入同店的房產都是這種狀況。所以我認為我們會達到預期目標，現在我們正朝著這個目標前進，而我們確實預期會看到復甦。但肯定還有其他市場。

Austin is an example where we have three properties, but other markets like Nashville and Charlotte and Phoenix that just have this overhang of units that still need to get absorbed. So when we talk about the Sunbelt more broadly, it seems to us that the challenges are going to extend for -- in the 27 in some cases.

奧斯汀就是一個例子，我們在那裡擁有三處房產，但納許維爾、夏洛特和菲尼克斯等其他市場仍有大量房產需要吸收。因此，當我們更廣泛地談論陽光地帶時，我們認為挑戰將會延伸——在某些情況下，延伸到 27 個。

Got it. Thank you.

知道了。謝謝。

Haendel St. Juste, Mizuho Securities.

Haendel St. Juste、瑞穗證券。

This is Mike on for Haendel at Mizuho. My question is, can you talk more about your near-term expectations and operating strategy for DC and LA markets into the back half of the year? How much do you expect concessions to pick up from here?

我是瑞穗公司 Haendel 的 Mike。我的問題是，您能否詳細談談您對今年下半年華盛頓特區和洛杉磯市場的近期預期和營運策略？您預計現在的優惠幅度能達到多少？

Yeah. Hey, Mike. This is Michael. So I think in the DC market, we are going to have a bias right now towards maintaining the occupancy and what we see. Concession use right now in the market, it is very isolated. There's still a lot of supply in DC right now, but it's a dramatic drop-off in 2026. So I think for us, we're going to watch just the level of competitiveness overall with the concession use in DC. But I do expect we'll see some kick into gear as we get into that shoulder period.

是的。嘿，麥克。這是邁克爾。因此我認為，在 DC 市場，我們現在會傾向於維持入住率和我們所看到的狀況。目前，特許經營在市場上的使用非常孤立。目前華盛頓特區仍有大量供應，但到 2026 年供應量將急劇下降。所以我認為，我們只需要關注華盛頓特區特許經營權使用的整體競爭力水平。但我確實預計，隨著進入這個過渡期，我們會看到一些正面因素的出現。

Specific to LA, I think it really does vary as to which submarket we're talking about. It was a great surprise for us to see some momentum in West LA, as I said in my prepared remarks, we haven't seen that in many quarters. So I don't anticipate we're going to see a lot of concession use there. But I think clearly, in the downtown, Koreatown, Mid-Wilshire, you're going to see concessions continue in full force probably for the balance of the year.

具體到洛杉磯，我認為我們談論的子市場確實有所不同。我們非常驚訝地看到西洛杉磯出現了這樣的發展勢頭，正如我在準備好的演講中所說的那樣，我們已經很多年沒有看到這種情況了。所以我預計我們不會看到那裡出現很多優惠政策。但我清楚地認為，在市中心、韓國城、威爾希爾中部，你會看到優惠政策很可能在今年餘下時間裡繼續全面實施。

Thanks for that. And just one follow-up. Where are you sending -- in terms of July real-time leasing data, where are you sending renewals out for August July, August, September?

謝謝。僅剩一個後續行動。就 7 月份的即時租賃資料而言，您將把 8 月、7 月、8 月和 9 月的續租資料發送到哪裡？

Yeah. So for the next several months, all of the renewal quotes have been sent out, and we sent out anywhere just slightly over 6%. And I think right now, we would expect to achieve increases somewhere around 4.25% to 4.5% on a net effective basis. We have a lot of great insights. We have a centralized renewal process right now, a lot of confidence in this renewal performance. But typically, this is the time of the year that we tend to lean into retention, tend to negotiate a little bit more as we enter into the shoulder period. And at this point, we expect that's how we're going to operate the portfolio.

是的。因此，在接下來的幾個月裡，所有的續約報價都已發出，我們發出的報價略高於 6%。我認為，目前我們預計淨有效成長率將在 4.25% 至 4.5% 左右。我們有很多很棒的見解。我們現在有一個集中的更新流程，對這次更新的表現很有信心。但通常情況下，每年的這個時候，我們都會傾向於保留客戶，進入肩部時期後，我們往往會進行更多的談判。目前，我們預期這就是我們運作投資組合的方式。

Thank you.

謝謝。

John Kim, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 John Kim。

I'm not sure if you addressed this, but is there an update on your blended lease guidance for the year? I know you provided third quarter, but just how does the year shake out with seasonality coming up?

我不確定您是否解決了這個問題，但今年的混合租賃指導有更新嗎？我知道您提供了第三季的數據，但隨著季節性的到來，今年的情況究竟如何？

Yeah. Hey, John. This is Michael. So again, we gave the guidance range for the third quarter being 2.2% to 2.8%. So a midpoint of 2.5% that mirrors our year-to-date blended performance. I think sitting here today, I would tell you that at the beginning of the year, we gave a blended guidance range of 2% to 3%, so a midpoint of 2.5%.

是的。嘿，約翰。這是邁克爾。因此，我們再次給出第三季的指導範圍為 2.2% 至 2.8%。因此，2.5% 的中點反映了我們今年迄今的混合表現。我想今天坐在這裡，我可以告訴你們，在年初，我們給了 2% 到 3% 的混合指導範圍，中間點是 2.5%。

I do think we're going to see some deceleration in the fourth quarter. So sitting here today, I would say we're probably pointing to that bottom half anywhere between a 2% and 2.5% for the full year blend now. So like 20, 30 basis points off.

我確實認為我們將在第四季度看到一些減速。所以今天坐在這裡，我想說我們現在可能指向全年混合的下半部分在 2% 到 2.5% 之間。因此折扣大概是 20 到 30 個基點。

Okay. Great. Thank you. And then my second question is on cap rates you're seeing in the Sunbelt versus your more established markets. Do you anticipate more attractive opportunities especially in markets like DC and New York where there could be some political uncertainty?

好的。偉大的。謝謝。我的第二個問題是，陽光地帶與更成熟的市場相比，資本化率有何不同？您是否預計會有更多有吸引力的機會，特別是在華盛頓特區和紐約等可能存在一些政治不確定性的市場？

Hey, John. It's Alex. Yeah, we're looking at all of our markets for opportunities, but we still want to balance the portfolio out. So it would have to be a compelling opportunity for us to increase in the place that we already have a really good exposure. But that could happen. So we certainly -- I haven't seen it yet. Cap rates are around five in most places and in some of the markets, 475, and particularly some of the expansion markets where people are perceiving that there'll be more recovery.

嘿，約翰。是亞歷克斯。是的，我們正在尋找所有市場的機會，但我們仍然希望平衡投資組合。因此，這對我們來說是一個極具吸引力的機會，讓我們能夠在已經擁有良好曝光度的地方進一步擴大影響力。但這是有可能發生的。所以我們當然——我還沒有看到它。在大多數地方和一些市場，資本化率都在 5 左右，特別是一些擴張市場，人們認為這些市場將會出現更多復甦。

But as I just said, some of these markets were just not so sure about the speed of that. So we're out looking for opportunity every day, but we would match that with dispositions that we also have in the market.

但正如我剛才所說，有些市場對於這一速度並不太確定。因此，我們每天都在尋找機會，但我們會將其與我們在市場上的傾向相匹配。

Yeah. Thank you.

是的。謝謝。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布、派珀·桑德勒。

Alex, best in retirement. Bob, best in CIO. And welcome aboard, Brett. So two questions here. First, Mark, you mentioned the quality of life improvement that's really helped in San Francisco and Seattle. Obviously, in New York, we're debating going the opposite way. But at the same time, Mamdani's policies on rents with the regulated units would be a boost to market rate rents if you freeze the regulated part of the market. So as you guys look at your New York exposure, do you view the rent freezes as a net positive and more than offsetting quality of life concerns? Or are you more concerned about potential quality of life versus the ability to gain on market rents?

亞歷克斯，退休後過得最好。鮑伯 (Bob)，最優秀的 CIO。歡迎加入，布雷特。這裡有兩個問題。首先，馬克，您提到了舊金山和西雅圖的生活品質改善確實有所幫助。顯然，在紐約，我們正在討論相反的方向。但同時，如果凍結市場的受監管部分，Mamdani 對受監管單位的租金政策將會促進市場租金的成長。那麼，當你們審視自己在紐約的遭遇時，你們是否認為租金凍結會帶來淨收益，並且足以抵銷生活品質的擔憂？或者您更關心潛在的生活品質而不是獲得市場租金的能力？

Hey, Alex. Thanks for those good wishes to the team. Yeah, we're thinking about all those things. So let me just talk about how we're thinking about the election, and there is a fair bit of time to go until November. But Mr. Mamdani has spoken frequently about needing to increase the housing supply in New York for New Yorkers at all income levels. So we have been working through the trade associations to just to remind him and his staff about how important the private sector can be in meeting that goal. I mean, as in New York or you know that public-private partnerships like the 421a program, like the office to residential conversion programs have been really helpful in adding units to the market.

嘿，亞歷克斯。感謝您對球隊的良好祝愿。是的，我們正在考慮所有這些事情。所以，讓我談談我們對選舉的看法，到十一月還有相當長一段時間。但馬姆達尼先生經常談到需要增加紐約各個收入水平的住房供應。因此，我們一直在透過產業協會來提醒他和他的員工私部門在實現這一目標方面發揮著多麼重要的作用。我的意思是，就像在紐約一樣，或者你知道，像 421a 計劃這樣的公私合作夥伴關係，像辦公室到住宅的轉換計劃，對於增加市場單位確實很有幫助。

And we are also trying to get across the point that to the extent you freeze rents or do other things that are anti housing, you're going to discourage capital in New York. And that's going to mean that less units are preserved and less units are created.

我們也試圖表明這樣的觀點：如果凍結租金或採取其他不利於住房的措施，就會阻礙資本進入紐約。這意味著保留的單位更少，創建的單位也更少。

So we're having those kinds of conversations. Again, there was a while to go until the election is resolved. Just to remind everyone, a lot of the power on rent control and a lot of other big issues rests in Albany, not in the Mayor's office. So the amount of things that can be done is a little bit more limited than maybe the campaign rhetoric. So we have a relatively small portfolio percentage of our New York portfolio that would be subject to any changes in the rent stabilization increase rates.

所以我們正在進行這樣的對話。再次，距離選舉結果還有一段時間。只是提醒大家，租金管制和其他許多重大問題的權力很大程度上在於奧爾巴尼，而不是市長辦公室。因此，實際能做的事情可能比競選言論要有限一些。因此，我們紐約投資組合中受租金穩定成長率變化影響的份額相對較小。

And here in Chicago, we have a new mayor and quality of life here has actually improved over the last year. So we think that the dialogue has shifted and we think people of all political stripes are interested in improvements in quality of life and balancing both justice and personal security. So we're hopeful, Alex, that, that continues and New York keeps making good progress there, and we'll keep pushing with the potential Mayor's office to discuss the benefits of housing supply versus overregulation.

在芝加哥，我們有了一位新市長，這裡的生活品質在過去一年確實有所改善。因此，我們認為對話已經發生了轉變，我們認為所有政治派別的人們都對改善生活品質以及平衡正義和人身安全感興趣。因此，亞歷克斯，我們希望這種情況能夠持續下去，紐約將繼續在那裡取得良好進展，我們將繼續與潛在的市長辦公室討論住房供應與過度監管的好處。

Okay. The second question is, you talked about DC and DOGE, but Boston with the foreign students, clearly, Boston's big college town. So just wondering if there's been any change in foreign student appetite, given they are a part -- an outsized part of that renter market?

好的。第二個問題是，您談到了 DC 和 DOGE，但波士頓有許多外國學生，顯然是波士頓的大學城。所以我只是想知道，考慮到外國學生是租屋市場中很大的一部分，他們的興趣是否有所改變？

Hey, Alex. It's Michael. So yeah, so we've been watching -- so for students is a pretty low percent of our move-ins overall in the company. They represent about 3% of our occupied units. And we still have about another month to really track all of the inbound student activity. Sitting here today as a snapshot for Boston, it does appear that the student inbound activity through the end of July is a little bit below normal, so a little bit below where we were at the end of July of 2024. And inside that, we do see a little bit of softening in the foreign inbound migration as well.

嘿，亞歷克斯。我是麥可。是的，我們一直在觀察──學生入住率在公司整體中所佔比例相當低。它們約占我們佔領單位的 3%。我們還有大約一個月的時間來真正追蹤所有入學學生的活動。今天坐在這裡，作為波士頓的快照，看起來截至 7 月底的學生入境活動確實略低於正常水平，因此略低於 2024 年 7 月底的水平。在這其中，我們確實看到外國移民入境數量略有下降。

These are very small quantities though, so I don't know that I would read too much into it yet. And like I said, we still have a month to go until we really close out kind of that student season.

但這些數量非常小，所以我不知道我是否會對此進行過多的解讀。正如我所說的，距離學生季真正結束還有一個月的時間。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Generally, it seems like the demand is there. But I guess I was just kind of wondering, what do you think it would take to see a little bit more pricing power?

總體而言，似乎存在需求。但我想我只是有點好奇，您認為要實現更多的定價權需要做些什麼呢？

Hey, Michael. It's Michael. So I mean at this time of the year, it's not very common to all the (inaudible) acceleration into pricing power. I think clearly, we would need to see some consumer confidence improve in many of the markets and any kind of acceleration in job growth. That being said, I mean, we are going to go into a period where we do have easier comps in many of our major markets. And we have a period of time where we're bumping up against less and less supply pressure. So that could be a kind of mitigating factor to normal deceleration trends. But at this time, I don't anticipate us seeing kind of acceleration.

嘿，麥可。我是麥可。所以我的意思是，在每年的這個時候，所有（聽不清楚）加速定價權的情況並不常見。我認為，顯然我們需要看到許多市場的消費者信心有所改善，就業成長也有所加速。話雖如此，我的意思是，我們將進入一個時期，我們在許多主要市場上的比較確實更容易。有一段時間，我們面臨的供應壓力越來越小。因此，這可能是一種緩解正常減速趨勢的因素。但目前，我預計我們不會看到這種加速。

And as a follow-up, have you seen any impact on the San Francisco ban on the algorithmic pricing? Has that impacted (technical difficulty). Thanks.

另外，您是否看到舊金山禁止演算法定價的政策有任何影響？這是否影響了（技術難度）。謝謝。

Yeah. So I think I heard the question right, it was on the algorithmic pricing. So in San Francisco, I mean, there's various proposals in all sorts of jurisdictions on this. So first off, we do obviously operate in full compliance with all these rules. So it's not a big issue for us. We do use across the portfolio, LRO, where we're allowed to. But generally speaking, LRO, which is our yield management tool, is just one tool in the toolbox. We use a lot of different means to price our units, and it just doesn't matter a great deal to us if we can't use LRO going forward.

是的。所以我認為我聽對了這個問題，它是關於演算法定價的。所以在舊金山，我的意思是，各個司法管轄區對此都有各種各樣的提議。首先，我們的運作顯然完全遵守所有這些規則。所以這對我們來說不是什麼大問題。在允許的情況下，我們確實在整個投資組合中使用了 LRO。但一般來說，我們的收益管理工具 LRO 只是工具箱中的一個工具。我們使用很多不同的方法來為我們的單位定價，如果我們將來不能使用 LRO，那對我們來說就沒什麼大不了的。

So I will say, though, it seems like it's more of a -- that these sort of regulatory efforts are more of attacking a symptom of the problem of a housing shortage. It is an algorithmic pricing that makes rents go up and down. I mean, Dallas has declining rents, and there's plenty of people using algorithmic pricing there. It's the dynamic between supply and demand. And so the markets that add supply are going to have less of this kind of outsized rent growth, and so I feel like we need to educate policymakers that while it may feel like emotionally rewarding to ban algorithmic pricing. That isn't what's causing rents to go up. It's the supply and demand dynamics in these markets. So we'll work with our trade associations to do that. But it isn't going to make a great deal of difference to us in how we price our units.

所以我想說，看起來更像是——這些監管措施更多的是為了解決住房短缺問題的症狀。這是一種演算法定價，導致租金上漲和下跌。我的意思是，達拉斯的租金正在下降，那裡有很多人使用演算法定價。這是供給與需求之間的動態。因此，增加供應的市場將會出現較少的這種超額租金成長，所以我覺得我們需要教育政策制定者，雖然禁止演算法定價可能在情感上讓人感到滿足。這並不是導致租金上漲的原因。這是這些市場中的供需動態。因此我們將與我們的行業協會合作來實現這一目標。但這不會對我們的產品定價產生太大影響。

Thank you very much.

非常感謝。

Adam Kramer, Morgan Stanley.

摩根士丹利的亞當·克萊默。

Al the best to you going forward. Just wanted to ask about -- have been a few articles recently about sort of AI and sort of the impacts on, call it, entry-level sort of jobs and I think both in sort of types of employment that you would think would be disrupted by AI, but also other types of jobs as well, sort of focusing on the entry-level demographic. I know that's sort of disproportionately a renter kind of demographic. So wondering if you've seen anything in your portfolio sort of inbound demand wise that can maybe see if AI is having a real impact here or maybe these articles are a little bit off base?

祝您未來一切順利。只是想問一下——最近有一些關於人工智慧及其對入門級工作的影響的文章，我認為不僅包括你認為會被人工智慧顛覆的就業類型，還包括其他類型的工作，重點關注入門級人群。我知道這是一個不成比例的租屋人口群。所以想知道您是否在您的投資組合中看到了任何與入站需求有關的東西，也許可以看看人工智慧是否在這裡產生了真正的影響，或者這些文章是否有點偏離基礎？

Yeah. Thanks. That's a really interesting question, and I think we're in the early innings of determining the impact of AI. I think as you heard from Michael Manelis' remarks, we do see the impact of AI in demand in San Francisco. And that's why it's good for us to be levered to these tech hubs as well as to markets that are maybe more broadly diversified like Los Angeles or Atlanta. So we do see some benefits to the portfolio already from the money and the hiring being done to get these big large models moving and growing. But I think it's a little early to tell whether AI will affect entry-level lawyer employment and other people that do occupy our units throughout the country.

是的。謝謝。這是一個非常有趣的問題，我認為我們正處於確定人工智慧影響的早期階段。我認為，正如您從邁克爾·馬內利斯的言論中聽到的那樣，我們確實看到了人工智慧對舊金山需求的影響。這就是為什麼利用這些技術中心以及像洛杉磯或亞特蘭大這樣更加多元化的市場對我們來說是有利的。因此，我們確實看到，透過投入資金和招募人才，讓這些大型模式得以運作和發展，投資組合已經獲得了一些好處。但我認為現在判斷人工智慧是否會影響初級律師就業以及全國各地我們單位的其他人員還為時過早。

I do wonder if there aren't going to be a whole new class of jobs created relating to AI governance relating to how you ask the model questions and how you deal with it and outputs and -- what I've heard from some investment analysts and others is it's great to ask the model questions, and it's great to check those answers very thoroughly with your analyst afterwards. So I think the job story is still to be written on AI in the country as a whole. But we're happy to be levered to where those jobs are creating -- being created, like in San Francisco right now.

我確實想知道，是否會出現一類全新的與人工智慧治理相關的工作，這些工作涉及如何提出模型問題以及如何處理和輸出——我從一些投資分析師和其他人那裡聽到的是，提出模型問題是很好的，之後與分析師徹底檢查這些答案也是很好的。因此我認為，整個國家在人工智慧方面的就業故事仍有待書寫。但我們很高興能夠去那些正在創造就業機會的地方，例如現在的舊金山。

Great. That's really helpful, Mark. Thank you. Just maybe as a second one here just on capital allocation, recognizing sort of the acquisition guidance was reduced dispositions maintained. I think you guys have been pretty clear in the past on sort of your view around buybacks, your view around development and only wanting to sort of use retained cash flow for development. So I'm just wondering as you sit here today, how would you sort of stack rank the capital allocation opportunities, the capital use opportunities and sort of any change to the prior thinking with regards to buybacks, development, or maybe something else here?

偉大的。這真的很有幫助，馬克。謝謝。也許這只是關於資本配置的第二個問題，承認收購指導減少了維持的處置。我認為你們過去已經非常清楚地表達了對回購的看法、對發展的看法以及只想使用保留現金流進行發展的看法。所以我只是想知道，當您今天坐在這裡時，您會如何對資本配置機會、資本使用機會進行排序，以及對回購、開發或其他方面的先前想法的任何變更？

Yeah. Thanks, Adam. It's Mark again, and Alex may supplement this a little. So I mean, we continue to think about acquisition opportunities of price correctly is helping us attain that goal in the balanced portfolio I talked about and driving better cash flow growth over time. And we think that is a good use of capital. But those acquisitions have been priced very dearly in the markets and submarkets we're interested in. So we'll remain really thoughtful.

是的。謝謝，亞當。又是馬克，亞歷克斯可能會對此做一點補充。所以我的意思是，我們繼續正確考慮價格的收購機會，這有助於我們在我談到的平衡投資組合中實現這一目標，並隨著時間的推移推動更好的現金流成長。我們認為這是對資本的良好利用。但在我們感興趣的市場和次市場中，這些收購的價格非常高。因此我們會保持深思熟慮。

We're looking really hard at some deals local supply and demand conditions where we can buy at discounts to replacement cost. But again, we've been very disciplined on that. So we do long term still like buying in the submarkets and markets we've talked to you about, Dallas, Denver, Atlanta, suburban Seattle, suburban Boston, maybe some suburban DC.

我們正在認真研究當地的供需條件，以便我們可以以低於重置成本的價格購買一些交易。但再次強調，我們在這方面非常嚴謹。因此，從長期來看，我們仍然喜歡在我們與您討論過的子市場和市場進行購買，例如達拉斯、丹佛、亞特蘭大、西雅圖郊區、波士頓郊區，也許還有一些華盛頓特區郊區。

So we'll keep focused there, but that is going to be a goal. We're open to doing buybacks. We did some, as you know, in late '23 and early '24. If we were to do buybacks, we would fund those with asset sales. I think that's more prudent right now than incurring additional debt. And you can see that we've been selling some of our lower-return assets at this point in the high 4s to low to mid-5% cap rate range. And when you compare that to where our stock is trading, that's a meaningful amount of value creation for shareholders.

因此我們會繼續集中精力，但那將是一個目標。我們願意進行回購。如你所知，我們在 23 年末和 24 年初做了一些事情。如果我們要回購，我們會透過出售資產來為其提供資金。我認為現在這比增加債務更為謹慎。您可以看到，我們目前正在出售一些回報率較低的資產，其資本化率範圍在 4% 的高點至 5% 的低點和中位數之間。如果將其與我們的股票交易情況進行比較，就會發現這對股東來說是一筆有意義的價值創造。

We do need to stay conscious, though, on the buyback side about descaling the company. We've talked on some of the calls. I know you know this that you can really create pressures on overhead and operating expenses by getting the portfolios too small in a particular market.

不過，在回購方面，我們確實需要保持警惕，避免公司規模縮小。我們在一些電話中進行了交談。我知道您知道，如果在特定市場中投資組合規模太小，確實會對管理費用和營運費用造成壓力。

So that's something to be mindful of. We also have a lot of gain in a lot of our assets, tax gain. And again, that's kind of a natural limiter on how much dispositions can fund share buybacks. We're also looking at some development deals. I think risk adjusted, you need to be super thoughtful about development. We're glad given circumstances, we have a small development platform. We only have about $200 million of funding that we need to do yet to finish the three assets that are still in flight. But we're looking at some development deals. In some locations, we think have particularly good dynamics. You may see us start a few of those. So those are the big three that we're kind of balancing out.

所以這是需要注意的事情。我們的許多資產也獲得了許多收益，包括稅收收益。再次，這對處置資金可用於股票回購的金額來說是一種自然的限制。我們也在考慮一些開發交易。我認為，經過風險調整後，你需要對開發進行非常深思熟慮。我們很高興，考慮到目前的情況，我們有一個小型開發平台。我們只需要大約 2 億美元的資金就可以完成仍在運作的三個資產。但我們正在考慮一些開發交易。我們認為在某些地方，其動態特別好。您可能會看到我們開始其中的一些。所以這就是我們正在平衡的三大問題。

I don't know, Alec, if there's anything you'd add.

亞歷克，我不知道你還有什麼要補充的。

Yeah, I'd just say we supplement that by investing in our existing portfolio. We have renovations going on throughout the country. And then specific to California, we're participating in the accessory drilling unit program, ADUs throughout that state. So keeping the portfolio fresh that way.

是的，我只是想說我們透過投資現有投資組合來補充這一點。我們在全國各地都在進行翻修工程。具體到加利福尼亞州，我們正在參與該州的附屬鑽井裝置計劃，ADU。以此方式保持投資組合的新鮮度。

Great. Thanks for the time.

偉大的。謝謝你的時間。

Alex Kim, Zelman & Associates.

亞歷克斯金（Alex Kim），澤爾曼與合夥人。

With the forecasted deceleration of rent growth for the back half of the year, just curious what factors are you most closely tracking to determine upside or downside of your assumptions? And how does that compare to historical norms?

預計下半年租金成長將放緩，我只是好奇您最密切關注哪些因素來確定您的假設的上行或下行？這與歷史規範相比如何？

Hey, Alex. It's Michael. So I mean, I think there's a lot of things that we're watching all the time. And I think we don't have -- we have multiple levers that we're looking at, which is the goal is to maximize cash flow, revenue growth for the shareholders. So right now, as I think about rent seasonality, I'm looking at just pricing trends, like what is normal rent seasonality look like how to rent sequentially decelerate as you leave the peak leasing season into the shoulder period, how are we doing with retention what are we seeing hearing feeling from new prospects showing up at our properties? Are they taking longer to make decisions, et cetera.

嘿，亞歷克斯。我是麥可。所以我的意思是，我認為我們一直在關注很多事情。我認為我們沒有——我們正在考慮多種槓桿，目標是最大化股東的現金流量和收入成長。因此現在，當我考慮租金季節性時，我只關注價格趨勢，例如正常的租金季節性是什麼樣的，隨著租賃旺季進入平季，租金如何連續減速，我們的保留情況如何，我們從出現在我們房產的新潛在客戶那裡聽到了什麼感受？他們是否需要更長的時間來做決定等等。

So there's a lot of factors that go into that, that kind of what I would say force us to lean one direction or the other, favor rate, favor holding on to rate, favor occupancy, et cetera. And there's no one lever that I would say has more weight than the other right now. We're looking at all of these combined to get a feel as to where do we sit relative to expectations for where we are in the season.

所以有很多因素會影響這一點，我想說這些因素會迫使我們傾向於某個方向，例如支持利率、支持維持利率、支持入住率等等。我認為目前沒有哪個槓桿比其他槓桿更重要。我們將綜合考慮所有這些因素，以了解我們相對於本賽季預期所處的位置。

Sure. Okay. And then for my second question, you cited the excellent rent-to-income ratios that you've been seeing within your portfolio. Just kind of combining that with the deceleration in job growth. Any concerns that the level of demand isn't sustainable? Or is it the opposite way around where you're able to push rents in an environment where the macro economy is a little weaker and maybe others take a little softer stance?

當然。好的。然後，對於我的第二個問題，您提到了您在投資組合中看到的極好的租金收入比。這只是與就業成長放緩相結合。有人擔心需求水準不可持續嗎？或者情況正好相反，在宏觀經濟稍弱、其他人採取較為溫和立場的環境下，你能夠推高租金嗎？

Yes. Thanks for that question. I think that's a market-by-market determination about how stressed some of these folks are. Our markets, particularly out West and San Francisco, Seattle. We've talked about people getting our average resident getting 30% cumulative increases in compensation since 2019, whereas rents are flat, now slightly higher, but basically flat to 2019. And so there's a lot of room there.

是的。謝謝你的提問。我認為，這需要根據每個市場的具體情況來確定這些人的壓力有多大。我們的市場，特別是西部、舊金山和西雅圖。我們談到，自 2019 年以來，我們的普通居民獲得的補償累計增加了 30%，而租金則持平，現在略高，但與 2019 年基本持平。那裡有很多空間。

So I think, I mean, people obviously need jobs, but these are highly skilled individuals that generally are our residents. And my expectation is that there's plenty of room to push in our markets. We're not seeing any stress from our customer. And again, if the job machine slows down, I think we'll feel it like all owners of rental housing will feel it. But I think a lot less than many others, given where our assets are and that our customer, honestly, is a disproportionate compensation increase relative to rent level increases.

所以我認為，人們顯然需要工作，但這些人通常都是高技能人才，也是我們的居民。我的預期是我們的市場有足夠的發展空間。我們沒有看到客戶有任何壓力。再說一次，如果就業機器減速，我想我們和所有出租房屋的業主都會感受到。但考慮到我們的資產狀況和我們的客戶，我認為我們的薪酬增長與租金水平的增長不成比例，因此我們的薪酬增長比其他許多人都要少。

Got it. Thanks for the detail.

知道了。謝謝你的詳細說明。

Jamie Feldman, Wells Fargo.

富國銀行的傑米·費爾德曼。

All right. Great. So I guess to go back to your comments on potentially starting new developments. Can you talk about what markets look interesting? Is it more of the expansion markets, your legacy markets? And then how do you think about the decision to do it through a JV or on balance sheet? And what would your targeted yields or returns look like?

好的。偉大的。所以我想回到你關於可能開始新發展的評論。能談談哪些市場看起來有趣嗎？它更多的是擴張市場，還是您的傳統市場？那麼，您如何看待透過合資企業還是資產負債表來實現這項決定？您的目標收益或回報是多少？

Hey, Jamie. It's Alex. What we're really looking to do is balance out our development pipeline in both places like suburban Boston and suburban Seattle, where we have developments going on right now with targeted locations within the expansion market. So a little of both is the answer that we're pursuing right now, and we have some opportunities in the pipeline that we're working on.

嘿，傑米。是亞歷克斯。我們真正想要做的是平衡我們在波士頓郊區和西雅圖郊區等地的開發管道，我們目前正在擴張市場內的目標地點進行開發。因此，我們目前正在尋求的答案是兩者兼而有之，而且我們正在努力尋找一些機會。

And in terms of yields, like everyone else, we're chasing a 6% yield on current rents on current costs. And if you're honest about rents and you can work to deal hard, but it's hard to get to that 6%. So that's why the opportunities are scarce. It's not for a lack of trying on our part. We do think it will be a good opportunity to deliver in a couple of years. But to get those numbers to really underwrite and pay you for that risk is a challenge right now.

就收益率而言，與其他人一樣，我們追求的是當前租金與當前成本的 6% 收益率。如果你對租金很誠實，並且你可以努力談判，但很難達到 6% 的水平。所以這就是機會稀少的原因。這並不是因為我們缺乏努力。我們確實認為這將是幾年後實現這一目標的好機會。但要讓這些數字真正承保並支付風險目前是一個挑戰。

And just to talk a little bit more about development, balance sheet versus JV. I mean, we do balance sheet deals. I mean we have a deal that is a phase deal. We knocked down a couple of buildings in the San Francisco Bay area of an older property and put in some newer products, a couple of miles from the Apple headquarters. It's just killing it. It's doing very, very well. So we're able to do on balance sheet stuff. But we like using joint venture partners. These are large national developers by and large, who we can trust to complete on time and on budget, and we're leveraging their overhead instead of adding to our own -- and that leaves us like just more internal flexibility.

再多談談發展、資產負債表與合資企業的關係。我的意思是，我們做資產負債表交易。我的意思是我們達成了一項階段性協議。我們拆除了舊金山灣區一處老建築的幾棟大樓，並在距離蘋果總部幾英里的地方安裝了某些新產品。這簡直就是在殺死它。它表現得非常非常好。因此我們能夠進行資產負債表方面的工作。但我們喜歡與合資夥伴合作。總的來說，這些都是大型的國家開發商，我們相信他們會按時按預算完成項目，而且我們利用他們的管理費用而不是增加我們自己的管理費用——這讓我們擁有更多的內部靈活性。

We can be much more agnostic between doing development or just buying or doing neither. So we like the JV format as a way to sort of leverage our teams here.

我們可以更確定是進行開發還是僅僅購買，或者什麼都不做。因此，我們喜歡 JV 形式，以此來發揮我們團隊的作用。

Okay. It's an interesting point. How do you think about the cost of doing that? I assume you get a lower yield and return on capital.

好的。這是一個有趣的觀點。您認為這樣做的成本是多少？我認為你的收益和資本報酬率會較低。

Well, Jamie, it's Alex. Yes, we're balancing up not having to have all the overhead that you need to have do all things wholly owned with the fact that you might have to pay a promote if a deal does well. And hopefully, obviously, we hope the deal as well, but when they don't -- we don't have to pay that promote. So it balances out pretty well for us. in terms of both the limiting the overhead, but also limiting how many deals we feel like compelled to do because we've already got money into them because we're often entering the deal when it's already entitled and ready to go.

嗯，傑米，我是亞歷克斯。是的，我們正在權衡不必承擔全資擁有所有事物所需的所有開銷與如果交易進展順利您可能需要支付促銷費用的事實。並且希望，顯然，我們也希望達成交易，但如果他們不這樣做——我們就不必支付這筆推廣費用。所以對我們來說，這是一個很好的平衡。既限制了管理費用，也限制了我們覺得必須做多少筆交易，因為我們已經投入了資金，因為我們經常在交易已經有資格並準備好進行時才進行交易。

Yeah. Our development overhead as a matter of record, is less than $4 million a year. So it's just not that significant. And that's a real benefit to us compared to a lot of other folks.

是的。根據記錄顯示，我們的開發費用每年不到 400 萬美元。所以這並不是那麼重要。與許多其他人相比，這對我們來說是一個真正的好處。

Yeah. That's a good point. And then you had mentioned earlier, accelerating rollout of AI across the platform. Can you talk about as we think about the future, just incremental cost to do that, what you think the impact could be on margins revenue upside? Is it something we can be modeling? Or it's more just internally, you get the benefit?

是的。這是一個很好的觀點。然後您之前提到，加速在整個平台上推出人工智慧。當我們考慮未來時，您能否談談這樣做的增量成本，您認為這會對利潤收入上漲產生什麼影響？這是我們能夠建模的東西嗎？或者更多的只是從內部而言，你獲得了好處？

Yeah. So Jamie, this is Michael. I mean, we laid out some of this through the Investor Day. So I think when you think about the innovation initiatives that we have here, right now, as we think about deploying AI within our portfolio, we're very focused on enhancing the customer experience at the same time optimizing the operations or looking for operating efficiencies.

是的。傑米，這是麥可。我的意思是，我們在投資者日上闡述了其中的一些內容。因此，我認為，當您考慮我們現在的創新舉措時，當我們考慮在我們的產品組合中部署人工智慧時，我們非常注重增強客戶體驗，同時優化營運或尋求營運效率。

In terms of the actual lift for sustained results, I think that comes over time as we continue to deploy these types of applications. But the first couple of use cases that we're after are really focused about streamlining and creating a seamless customer experience. at the same time of driving some of the overhead kind of efficiencies through the portfolio.

就持續成果的實際提升而言，我認為隨著我們繼續部署這些類型的應用程序，這項提升會隨著時間的推移而實現。但我們追求的最初幾個用例實際上側重於簡化和創造無縫的客戶體驗，同時透過產品組合提高一些間接效率。

And Jamie, it's Mark. If I could just expand on that because Michael is doing such a good job with all types of technology, including AI on the op side. But what you're going to see from us is just this expansion of technology and use of technology to make better decisions to move faster and lower cost in areas away from operations. Most importantly, in capital allocation. We've got a lot of initiatives going on using more sophisticated business intelligence tools, using more data to make better capital allocation decisions over time. We have a lot of really cool in-flight projects that we think will help both in the legal department and the HR department and finance to just be more productive generally and to give our people internally a better experience, but also to be more efficient.

傑米，我是馬克。如果我可以進一步闡述這一點，因為麥可在所有類型的技術方面都做得非常出色，包括操作方面的人工智慧。但您將從我們這裡看到的只是技術的擴展和利用，以便做出更好的決策，從而在遠離營運的領域更快地行動並降低成本。最重要的是，在資本配置方面。我們正在進行許多計劃，使用更複雜的商業智慧工具，使用更多數據來做出更好的資本配置決策。我們有許多非常酷的飛行項目，我們認為這些項目將有助於法律部門、人力資源部門和財務部門提高整體生產力，為我們的內部員工提供更好的體驗，同時也提高效率。

So I think it's not just AI. It's technology in general, and it's not just operations. It's all manner of things here, and we all have goals, everyone in the company at the top of the house. to sort of use technology to be more efficient, to make better quality decisions. And that includes, of course, Michael's amazing operating machine, but also includes capital allocation and all the back office stuff as well.

所以我認為這不僅僅是人工智慧。這是一種總體技術，而不只是操作技術。這裡有很多事情，我們都有目標，公司裡的每個人都是高層，利用科技提高效率，做出更高品質的決策。當然，這包括邁克爾令人驚嘆的營運機器，但也包括資本配置和所有後台辦公室事務。

Do you think that leads to G&A savings as well?

您認為這也能節省一般及行政費用嗎？

I think it's going to retard the rate of growth of overhead over time. I think these folks are very expensive people, and you may see us go up before we go down in some regards. But I expect that over time, we will have a slower rate of growth of our overhead functions because we'll use technology in places where it can make us more efficient.

我認為隨著時間的推移它會減緩開銷的成長率。我認為這些人是非常昂貴的人，在某些方面，你可能會看到我們先上升，然後下降。但我預計，隨著時間的推移，我們的管理費用成長率將會減緩，因為我們將在可以提高效率的地方使用科技。

Okay. Interesting. Thank you very much for the thought.

好的。有趣的。非常感謝您的想法。

Rich Hightower, Barclays.

巴克萊銀行的里奇‧海托爾 (Rich Hightower)。

Congrats again to Alex, Bob, and Brett as well. So going back to the changing composition of the same-store pool for next year, which I know we've talked about on prior calls, but is there a way to sort of help quantify, let's say, if you had included those same assets in the pool this year, what that would have meant for same-store? And then conversely, what that comp looks like for next year. Is there a way to think about that for our modeling purposes?

再次恭喜 Alex、Bob 和 Brett。那麼回到明年同店資產池的變化構成，我知道我們在之前的電話會議上討論過這個問題，但是有沒有辦法幫助量化，比如說，如果你今年將相同的資產納入資產池，這對同店資產意味著什麼？然後反過來，明年的比較情況會是怎樣。有沒有辦法為了建模目的而考慮這個問題？

Yeah. Hey, Rich. It's Bob. I think the best way to think about it is to -- they're in the expansion markets. And if you actually look at the sequential same-store set, there many of them or most of them are included in the sequential same-store set. So we have -- you'll notice, if you look on one of the same-store pages, we have around 81,000 units are in sequential. And that, of course, would include basically everything that we would have acquired that has not yet got into the portfolio, except for the transaction that happened in the quarter, right, or anything in the first quarter. So that's probably the best indicator of like absolute number of units.

是的。嘿，里奇。我是鮑伯。我認為最好的思考方式是──他們處於擴張市場。如果你實際看一下連續的同店集合，你會發現其中許多或大多數都包含在連續的同店集合中。因此，您會注意到，如果您查看同一家店的某個頁面，我們會發現大約有 81,000 個連續的單位。當然，這基本上包括我們收購但尚未進入投資組合的所有資產，但本季發生的交易或第一季的任何交易除外。所以這可能是絕對單位數量的最佳指標。

Given where the expansion markets are today, it is modestly dilutive, right, in 2025, if you would have otherwise put them into the same-store set. That is, of course, consistent with what we underwrote and they're performing with what we underwrote. But we would think that as we roll into 2026, you will see a good framework or good upside potential. And most notably, when you look at the stats in '26 around the specific performance, what these additions to the portfolio do is really balance some of those portfolios in those markets like Michael mentioned, right?

考慮到目前擴張市場的狀況，如果你將它們放入同店銷售組中，那麼到 2025 年，它將會產生適度的稀釋作用。當然，這與我們的核保一致，而且他們的表現也與我們的核保一致。但我們認為，隨著我們進入 2026 年，您將看到一個良好的框架或良好的上行潛力。最值得注意的是，當您查看 26 年有關具體表現的統計數據時，這些投資組合的補充確實平衡了這些市場中的一些投資組合，就像邁克爾提到的那樣，對嗎？

So today, you have such a small sample set in same-store related to the expansion markets, that it's like very volatile on some of the leasing spreads. It's oftentimes suboptimal in terms of the portfolio allocation, but by -- these recent acquisitions should balance us out better, and you'll see probably a smoother, more consistent and better performance overall.

因此，今天，與擴張市場相關的同店樣本非常小，以至於一些租賃利差非常不穩定。就投資組合配置而言，它通常不是最理想的，但是透過最近的這些收購，我們應該能夠更好地平衡投資組合，並且您可能會看到整體表現更加平穩、一致和更好。

So we think it's good. And I think as you go on even further into '27 and thereabouts, it should be even more additive as supply comes down in these markets and you see growth coming out of the expansion markets.

所以我們認為這很好。我認為，隨著時間進一步推進到 27 年左右，隨著這些市場的供應量下降，以及擴張市場帶來的成長，它應該會更有附加價值。

Okay. That is helpful. And just to be clear, and again, I know we've covered this before, but the same-store pool overall recomposes on a quarterly basis? Is that how you guys do it?

好的。這很有幫助。需要明確的是，我知道我們之前已經討論過這個問題，但同店銷售額總體上每季都會進行重組嗎？你們都是這麼做的嗎？

Yeah. So we have actually -- we have three sets, right? So you have you have a full year in order -- basically, in order to be in same store, we have three sets of same stores. But in order to be in same store, you need to have been owned for the full period of the comparable period. So for the full-year same-store set, you'll see we have 75,000 some-odd units. That means that we fully own them in 2024 and fully own them in 2025.

是的。所以我們實際上有——我們有三套，對嗎？所以你必須有一整年的時間來安排——基本上，為了在同一家商店，我們有三組相同的商店。但為了在同一家店，你需要在整個可比期間內被擁有。因此，就全年同店銷售而言，您會看到我們有 75,000 多台。這意味著我們將在 2024 年完全擁有它們，並在 2025 年完全擁有它們。

In the quarterly, you just need to have been owned for the full period and stabilized, I should note, in the full period for the corresponding quarter. So we had to own you in Q2, for instance, Q2 compared to Q2 of the prior year. And in the sequential, which is always the largest when you're doing acquisitions, the sequential set is always the largest because we had to own you in Q1 of 2025 and in Q2 of 2025 to be included. So we have three sets to keep life interesting.

在季度中，你只需要擁有整個期間並保持穩定，我應該注意，在相應季度的整個期間。因此，我們必須在第二季度擁有你，例如，第二季度與去年同期相比。在進行收購時，連續性始終是最大的，連續性集始終是最大的，因為我們必須在 2025 年第一季和第二季擁有你才能被納入其中。因此，我們有三套方案來讓生活變得有趣。

And just to give a little more point on that and Bob's still our CFO, so we can correct me as an old CFO if I get it wrong, we're going to add about 4,000 units to the annual same-store set. And those will be, as you guessed, Rich, predominantly almost entirely in those expansion markets. They will generally because of their locations, improve our results quarter over quarter. But because those markets are slower growth than our legacy markets, they're going to slow down the company's total growth rate, which is what Bob was implying in his beginning answer.

再補充一點，鮑伯仍然是我們的財務官，所以如果我錯了，我們可以以老財務長的身份糾正我，我們將在年度同店銷售中增加約 4,000 個單位。正如您所猜測的，Rich，這些將主要集中在那些擴張市場。由於他們所處的位置，他們通常會使我們的業績逐季度提高。但由於這些市場比我們的傳統市場成長速度慢，它們將會減緩公司的整體成長率，這正是鮑伯在一開始的回答中所暗示的。

But I think you'll see some numbers that are less volatile and -- and Dallas, when you add in all the suburban acquisitions, was just tended to be the things we acquired in our second or third year of being back in those markets as opposed to being the initial properties we acquired. Did that make sense?

但我認為你會看到一些波動較小的數字——當你把所有郊區的收購都算上時，達拉斯往往是我們回到這些市場的第二年或第三年收購的東西，而不是我們最初收購的房產。這有意義嗎？

It does. Yeah. And if I'm still confused, I'll follow up offline. But I appreciate the (inaudible).

確實如此。是的。如果我仍然感到困惑，我會離線跟進。但我很欣賞（聽不清楚）。

Julien Blouin, Goldman Sachs.

高盛的朱利安布魯因 (Julien Blouin)。

Just on DC and Boston, those were helpful comments earlier on the sort of early signs of softness you're seeing in those markets. I think what's just been striking is just how solid the blends in those markets were in the second quarter. But should we read into your comments around prioritizing occupancy that you think blends could actually decelerate more than seasonal norms in the back half of the year in those markets?

就華盛頓特區和波士頓而言，先前關於這些市場出現疲軟早期跡象的評論很有幫助。我認為真正引人注目的是第二季這些市場的混合程度有多穩固。但是，我們是否應該從您關於優先考慮入住率的評論中看出，您認為這些市場下半年的混合入住率實際上可能會比季節性常態下降得更快？

Hey, Julien. It's Michael. No, I don't think I would read into that yet. I think both DC and Boston continue to be the headline risk markets, and we need to just be paying attention to it. We saw a little bit of deceleration in that to the end of the peak leasing season in DC. Boston has kind of been steady. So I think that does warrant us leaning in towards that occupancy play. But again, you're going into the shoulder period, they're pretty pronounced seasonal markets to begin with. And I think just normal deceleration probably allows us to maintain that lean towards occupancy.

嘿，朱利安。我是麥可。不，我認為我暫時不會讀到這些。我認為華盛頓特區和波士頓將繼續成為頭條風險市場，我們只需要關注它。我們看到華盛頓的租賃旺季即將結束，租賃市場略有放緩。波士頓市場則基本保持穩定。因此我認為這確實值得我們傾向於這種佔用率遊戲。但是，當你進入肩膀時期時，它們首先就是非常明顯的季節性市場。我認為正常的減速可能讓我們能夠維持這種入住率。

Okay. Great. That's all for me. Thanks.

好的。偉大的。對我來說就這些了。謝謝。

David Segall, Green Street.

大衛‧西格爾 (David Segall)，綠街。

Maybe just going back to your comments about the transaction market. It sounds like the expectation of lender pressure leading to more activity, if not played out. And I'm curious if you have any thoughts on why is that. And is it just going to be delaying the activity until next year or until rents recover? Or is it just not going to happen at all?

也許只是回到你對交易市場的評論。這聽起來像是對貸款方壓力的預期，即使沒有實現，也會導致更多的活動。我很好奇您是否知道這是為什麼。這是否只是將活動推遲到明年或直到租金恢復？或者它根本不會發生？

Hey, David. It's Alec. Yeah, you're right. That wasn't more lenders just eager to get their money back. And what we're hearing from our conversations is that, in fact, given the slowdown in new business that the lenders actually want to keep money engaged in the multifamily sector, so are much more willing to extend than we had anticipated, frankly, than I think they thought they were going to anticipate going into the year.

嘿，大衛。是亞歷克。是的，你說得對。這並不是說貸款人只是急於收回他們的錢。我們在談話中聽到的是，事實上，鑑於新業務放緩，貸款方實際上希望繼續將資金投入多戶型住宅領域，因此他們比我們預期的更願意延長貸款期限，坦率地說，我認為他們比預期今年的貸款期限還要長。

So that pressure still continues to build in the longer run because so many new properties are delivering, particularly in these expansion markets. So we do think we'll see more opportunity, and we're poised to take advantage of that.

因此，從長遠來看，這種壓力仍會持續增加，因為有如此多的新物業正在交付，特別是在這些擴張市場中。因此，我們確實認為我們會看到更多的機會，並且我們準備好利用這些機會。

Great. Thank you. And then with regard to your CapEx guidance was reduced a little bit. Just curious what's driving that? And would there be any associated impact on revenue growth?

偉大的。謝謝。然後，關於您的資本支出指導，我們稍微減少了一點。只是好奇是什麼導致了這種情況？這會對收入成長產生什麼影響嗎？

Hey, David. It's Alec. It's really just some projects taking a little longer than we thought they would. And some of the renovations of fewer units, but things we will get to in the next 12 months or so. And one of them is a conversion of some office space in Boston to residential that just has gotten tied up a little bit with the city, but we expect that to happen as well.

嘿，大衛。是亞歷克。事實上，有些專案所花的時間比我們想像的要長一些。還有一些較少單元的翻新工程，但我們將在未來 12 個月左右完成。其中之一是將波士頓的一些辦公空間改建為住宅，這與城市有一點聯繫，但我們預計這也會發生。

Great. Thank you.

偉大的。謝謝。

At this time, there are no further questions. I'll turn the call back to Mark for any additional or closing remarks.

目前，沒有其他問題。我會將電話轉回給馬克，讓他做任何補充或結束語。

Thanks, Jennifer. Thank you all for your time and interest in Equity Residential today, and we'll see you on the fall conference circuit. Thank you.

謝謝，珍妮佛。感謝大家今天對 Equity Residential 所付出的時間和關注，我們將在秋季會議巡迴中與您相見。謝謝。

This does conclude today's conference. We thank you for your participation.

今天的會議到此結束。我們感謝您的參與。