Invitation Homes Inc (INVH) 2025 Q1 法說會逐字稿

Welcome to the Invitation Homes first quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加 Invitation Homes 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

At this time, I would like to turn the conference over to Scott McLaughlin, Senior Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係高級副總裁 Scott McLaughlin。請繼續。

Thank you, operator, and good morning. I'm joined today from Invitation Homes with Dallas Tanner, our Chief Executive Officer; Charles Young, our President; John Olsen, our Chief Financial Officer; and Scott Eisen, our Chief Investment Officer. Following our prepared remarks, we'll open the line for questions from our covering sell-side analysts.

謝謝接線員，早安。今天，我與 Invitation Homes 的首席執行官達拉斯坦納 (Dallas Tanner)、總裁查爾斯楊 (Charles Young)、首席財務官約翰奧爾森 (John Olsen) 和首席投資官斯科特艾森 (Scott Eisen) 一起出席了會議。在我們準備好的發言之後，我們將開始接受賣方分析師的提問。

During today's call, we may reference our first quarter 2025 earnings release and supplemental information. We issued this document yesterday afternoon after the market closed, and it is available on the Investor Relations section of our website at www.invh.com. Certain statements we make during this call may include forward-looking statements relating to the future performance of our business, financial results, liquidity and capital resources and other non-historical statements, which are subject to risks and uncertainties that could cause actual outcomes or results to differ materially from those indicated.

在今天的電話會議中，我們可能會參考 2025 年第一季的收益報告和補充資訊。我們於昨日下午股市收盤後發布了此文件，可在我們網站 www.invh.com 的「投資者關係」版塊查閱。我們在本次電話會議上所做的某些陳述可能包含與我們未來業務表現、財務績效、流動性和資本資源以及其他非歷史性陳述相關的前瞻性陳述，這些陳述受風險和不確定性的影響，可能導致實際結果與所述陳述有重大差異。

We describe some of these risks and uncertainties in our 2024 annual report on Form 10-K and other filings we make with the SEC from time to time. Except to the extent otherwise required by law, we do not update forward-looking statements and expressly disclaim any obligation to do so. We may also discuss certain non-GAAP financial measures during the call. You can find additional information regarding these non-GAAP measures, including reconciliations to the most comparable GAAP measures, in yesterday's earnings release.

我們在 2024 年 10-K 表年度報告以及我們不時向美國證券交易委員會提交的其他文件中描述了其中一些風險和不確定性。除法律另有要求外，我們不會更新前瞻性陳述，並明確表示不承擔這樣做的義務。我們也可能在電話會議中討論某些非公認會計準則財務指標。您可以在昨天的收益報告中找到有關這些非 GAAP 指標的更多信息，包括與最具可比性的 GAAP 指標的對帳。

With that, I'll now turn the call over to Dallas Tanner. Please begin, Dallas.

說完這些，我現在將電話轉給達拉斯坦納 (Dallas Tanner)。請開始，達拉斯。

Thanks, Scott, and good morning, everyone. We're pleased to share another quarter of solid performance, further demonstrating the resilience of the single-family rental market and the strength of our operating platform as well as the dedication of our associates and the trust our residents place in us every day.

謝謝，斯科特，大家早安。我們很高興地分享另一個季度的穩健業績，進一步證明了單戶住宅租賃市場的彈性和我們營運平台的實力，以及我們員工的奉獻精神和居民每天對我們的信任。

During the first quarter, our same-store portfolio delivered 97.2% average occupancy, 3.6% blended rent growth and 3.7% year-over-year increase in NOI. Core FFO per share grew 3.5% year over year and AFFO per share grew 4%. These metrics underscore our ability to achieve solid rent growth, sector-leading occupancy and strong financial performance even in a volatile environment, and I'm grateful to our team for the terrific start to the year.

第一季度，我們的同店平均入住率為 97.2%，混合租金成長 3.6%，淨營業利潤年增 3.7%。每股核心 FFO 年成長 3.5%，每股 AFFO 成長 4%。這些指標凸顯了我們即使在動盪的環境中也能實現穩健的租金成長、業界領先的入住率和強勁的財務業績的能力，我感謝我們的團隊為今年帶來了良好的開端。

The demand for single-family homes is driven by several factors. We've often discussed the favorable demographics, the shift towards value and convenience and flexibility over long-term commitments and the high cost of homeownership. On average, in our markets, it's currently over $1,000 per month less expensive to lease a home than it is to own.

單戶住宅的需求受到多種因素的推動。我們經常討論有利的人口結構、從長期承諾轉向價值、便利性和靈活性以及高昂的購房成本。平均而言，在我們的市場中，租房目前每月比買房便宜 1,000 多美元。

Whether that's due to elevated mortgage rates or rising homeowners' insurance premiums and property taxes, we provide a valuable alternative to the 14 million individuals and families who choose the leasing lifestyle. Housing is a fundamental human need, and we believe there is a strong desire for well-located, high-quality, professionally serviced homes for lease.

無論是由於抵押貸款利率上升，還是房屋保險費和房產稅上漲，我們都為 1,400 萬選擇租賃生活方式的個人和家庭提供了寶貴的替代方案。住房是人類的基本需求，我們相信人們強烈渴望擁有位置優越、品質優良、服務專業的租賃房屋。

We've observed this to be true in many recent cycles, including in Houston during the energy crisis across all of our markets during the pandemic and in my previous business in Phoenix during the global financial crisis prior to cofounding Invitation Homes. In general, in periods of economic uncertainty, SFR occupancy has tended to remain steady and rents have held flat or even increase slightly.

我們在最近的許多周期中都觀察到了這一點，包括在疫情期間我們所有市場的能源危機期間的休斯頓，以及在共同創立 Invitation Homes 之前在全球金融危機期間我在鳳凰城的業務。整體而言，在經濟不確定時期，SFR 入住率往往保持穩定，租金保持穩定甚至略有上漲。

In short, we believe Invitation Homes can deliver stable, sticky and cooperative cash flows in both prosperous and challenging times. Consistent with our corporate DNA, we believe that capital recycling and prudent portfolio growth are essential parts of our overall strategy. Our approach of partnering with homebuilders to redeploy disposition proceeds in the new well-located homes has shown to be both effective and accretive.

簡而言之，我們相信 Invitation Homes 無論是在繁榮時期還是在充滿挑戰的時期都能提供穩定、黏性和合作的現金流。與我們的企業 DNA 一致，我們相信資本循環和審慎的投資組合成長是我們整體策略的重要組成部分。我們與房屋建築商合作，將處置收益重新部署到位置優越的新房屋中，這種方法已被證明是有效且可增值的。

During the quarter, we acquired 577 wholly owned homes for approximately $194 million, nearly all of which were built, while strategically disposing of 454 homes, many to first-time homeowners. Additionally, we're helping our partners develop nearly 2,000 additional homes in many of our West Coast and Sunbelt markets. This provides us with a reliable pipeline of future growth opportunities with virtually none of the risks of on-balance sheet development, which we believe is an advantage in the current environment.

本季度，我們以約 1.94 億美元收購了 577 套全資住宅，幾乎全部建成，同時戰略性地處置了 454 套住宅，其中許多是首次購房者。此外，我們還幫助我們的合作夥伴在西海岸和陽光地帶的許多市場開發近 2,000 套額外住宅。這為我們提供了可靠的未來成長機會，幾乎沒有任何資產負債表內發展的風險，我們認為這在當前環境下是一個優勢。

In addition to new BTR communities and scattered site development, we continue to evaluate stabilized portfolio acquisitions and are exploring several opportunities that we hope to be able to discuss later this year. As always, we remain dedicated to maintaining a disciplined capital allocation strategy, consistently focusing on investments that meet our risk-adjusted return criteria.

除了新的 BTR 社區和分散站點開發之外，我們還在繼續評估穩定的投資組合收購，並正在探索一些機會，希望能夠在今年稍後進行討論。像往常一樣，我們仍然致力於維持嚴謹的資本配置策略，並始終專注於符合我們風險調整回報標準的投資。

We continue to target a 6% average yield on cost that's supported by the significant economies of scale we and our partners enjoy. Our ability to derisk larger communities and acquire brand-new scattered site homes, combined with the synergies we create through best-in-class operations, for this objective. And we remain committed to our priorities with a measured outlook.

我們繼續以 6% 的平均成本收益率為目標，這得益於我們和我們的合作夥伴所享有的顯著規模經濟。為了實現這一目標，我們有能力降低較大社區的風險並收購全新的分散式住宅，再加上我們透過一流的營運所創造的協同效應。我們將繼續以審慎的態度致力於我們的優先事項。

We believe our consistent operating performance, execution of our strategic initiatives and diversified acquisition pipeline form a robust foundation for sustainable growth. Despite the occasional volatility and in the financial markets, Invitation Homes is dedicated to focusing on long-term value and opportunities.

我們相信，我們穩定的經營業績、策略性舉措的執行以及多元化的收購管道為永續成長奠定了堅實的基礎。儘管金融市場偶爾會出現波動，但 Invitation Homes 仍致力於專注於長期價值和機會。

With that, I've concluded my prepared remarks. Charles, over to you, please.

我的準備發言到此結束。查爾斯，請交給你了。

Thanks. As Dallas mentioned, we posted a strong first quarter, achieving 3.7% same-store NOI growth driven by core revenue growth of 2.5%. Thanks to the hard work of our associates, our peak leasing season kicks solidly in the gear with new lease rate growth that's accelerated each month since December.

謝謝。正如達拉斯所提到的，我們第一季表現強勁，在核心營收成長 2.5% 的推動下，同店淨營業利潤成長 3.7%。感謝我們員工的辛勤工作，我們的租賃旺季已進入尾聲，自 12 月以來，新租賃率的成長速度每月都在加快。

In addition, bad debt has continued to improve, underscoring both the strength of our customer and the defensive nature of housing line. Other sources of property income, such as value-add services like smart home and bundled Internet, continued to enhance our overall revenue performance while also providing desirable offerings to our residents.

此外，壞帳狀況持續改善，凸顯了我們客戶的實力和住房業務的防禦性。其他物業收入來源，例如智慧家庭和捆綁網路等加值服務，持續提升我們的整體收入表現，同時也為我們的居民提供理想的服務。

On the expense front, we maintained our disciplined approach to cost controls during the first quarter. Same-store core operating expenses were flat year over year, in part due to our team's continued focus on leveraging operational efficiencies and scale advantages across our portfolio. Additionally, we experienced milder weather in most of our markets during the first quarter versus the same time last year, which helped us achieve a 2% reduction in repair and maintenance expense year over year.

在費用方面，我們在第一季保持了嚴格的成本控制方法。同店核心營運費用較去年同期持平，部分原因是我們的團隊繼續致力於利用我們整個產品組合的營運效率和規模優勢。此外，與去年同期相比，第一季我們大部分市場的天氣都較為溫和，這幫助我們實現了維修和維護費用同比減少 2%。

Turnover expenses also contributed to our favorable overall expense result, decreasing 5.1% year over year in the first quarter driven by the large number of residents who opted to renew their leases with us. This positive trend in renewals was further supported by our same-store leasing performance year over year.

營業額費用也為我們良好的整體費用表現做出了貢獻，由於大量居民選擇與我們續租，第一季營業額費用年減 5.1%。我們同店租賃業績的逐年成長進一步支持了續約的正面趨勢。

During Q1, we posted a 5.2% increase in renewal rents and new lease rents generally held steady. This resulted in blended rental rate growth of 3.6% for the quarter. In addition, average occupancy remained healthy at 97.2%, reflecting sustained demand for our homes. Our average length of stay is now 38.5 months with a nearly 80% renewal rate during the first quarter, which we believe validates our long-standing resident-centric approach. Drilling in now to a few of our specific markets.

第一季度，續租租金上漲5.2%，新租租金基本上維持穩定。這導致本季綜合租金率成長 3.6%。此外，平均入住率仍保持在 97.2% 的健康水平，反映出對我們房屋的持續需求。我們的平均入住時間為 38.5 個月，第一季的續約率接近 80%，我們相信這證明了我們長期以來以住戶為中心的做法的有效性。現在深入研究我們的幾個特定市場。

Our Western US markets are experiencing strong occupancy and robust renewal and new lease rate growth with the exception of Phoenix, which we've previously called out along with Texas and Florida, where we continue to keep a close eye on some of the ongoing supply pressures. Nevertheless, we've seen some encouraging signs in these markets so far this year with solid absorption and steady improvement, including a return last month to positive new lease rate growth.

除鳳凰城外，我們的美國西部市場入住率、續約率和新租賃率均呈現強勁增長，我們之前曾與德克薩斯州和佛羅裡達州一起關注過鳳凰城，我們將繼續密切關注這些地區持續存在的供應壓力。儘管如此，今年到目前為止，我們已經看到了這些市場的一些令人鼓舞的跡象，吸收量穩健，改善穩步，包括上個月新租賃率恢復正增長。

Meanwhile, the Midwest has been performing well, and our Southeast markets are achieving solid results that are in line with expectations. As we move further into peak leasing season, preliminary same-store results for the month of April reinforced the encouraging trends I just outlined. Blended rent growth was 4% in April, composed of 4.5% renewal rent growth and 2.7% new lease rent growth.

同時，中西部地區表現良好，我們的東南市場也取得了符合預期的穩健表現。隨著我們進一步進入租賃旺季，四月份的初步同店業績證實了我剛才概述的令人鼓舞的趨勢。4 月綜合租金成長率為 4%，其中續租租金成長率為 4.5%，新租租金成長率為 2.7%。

In addition, April occupancy remained very healthy at an average of 97.4%. These higher year-to-date occupancy levels are slightly ahead of our expectations primarily due to lower-than-expected turnover. As Dallas mentioned earlier, it's common for SFR residents to stay put during times of uncertainty. We'll continue to monitor how this trend might affect our usual seasonality patterns, especially as we anticipate some moderation in occupancy this summer when move-outs typically peak.

此外，4 月份入住率仍保持良好勢頭，平均為 97.4%。今年迄今的入住率略高於我們的預期，主要是因為營業額低於預期。正如達拉斯之前提到的，在不確定時期，SFR 居民留在原地是很常見的。我們將繼續監測這一趨勢如何影響我們通常的季節性模式，特別是因為我們預計今年夏天入住率會有所放緩，而通常這個時候是搬出率的高峰期。

With all of this in mind, we believe we remain well positioned to capture market rate growth. Looking ahead, we're optimistic about maintaining this positive trajectory. Our teams are well prepared to capitalize on seasonal demand while maintaining our high standards for resident quality and service.

考慮到所有這些，我們相信我們仍然能夠抓住市場利率成長的有利位置。展望未來，我們對保持這一正向軌跡充滿樂觀。我們的團隊已做好充分準備，充分利用季節性需求，同時維持住戶品質和服務的高標準。

I'll now turn the call over to you, Jon.

現在我將把電話交給你，喬恩。

Thanks, Charles. Today, I'll provide a review of our balance sheet and financial results for the first quarter of 2025 and then discuss some high-level thoughts on our guidance for the remainder of the year. I'll start with our balance sheet. As of March 31, our total available liquidity stood at nearly $1.4 billion, comprised of unrestricted cash on our balance sheet and undrawn capacity on our revolving credit facility. Our net debt to adjusted EBITDA ratio was 5.3 times, and we have no debt reaching final maturity until 2027.

謝謝，查爾斯。今天，我將回顧我們 2025 年第一季的資產負債表和財務業績，然後討論今年剩餘時間的指導的一些高層想法。我先從我們的資產負債表開始。截至 3 月 31 日，我們的總可用流動資金接近 14 億美元，包括資產負債表上的非限制現金和循環信貸額度的未提取容量。我們的淨債務與調整後 EBITDA 比率為 5.3 倍，且我們在 2027 年之前沒有債務到期。

As of quarter end, 87.5% of our debt was fixed rate or swapped to fixed rate, 83% of our debt was unsecured, and approximately 90% of our wholly owned properties were unencumbered. As we announced in last night's earnings release, Standard & Poor's recently reaffirmed our BBB flat credit rating while also upgrading our outlook from stable to positive.

截至季末，我們 87.5% 的債務為固定利率或已轉換為固定利率，83% 的債務為無擔保債務，約 90% 的全資財產無抵押。正如我們在昨晚的收益報告中宣布的那樣，標準普爾最近重申了我們的 BBB 平穩信用評級，同時將我們的展望從穩定上調至正面。

We've been glad to see the rating agencies acknowledge the strength of our balance sheet over the past year, reflecting our steady progress. In addition, earlier this week, we closed a repricing amendment for our $725 million term loan that was originally scheduled to mature in June 2029. The amended term loan has a final maturity date in April 2030 and now bears interest based on the five-year pricing grid, which results in amended pricing of SOFR plus 85 basis points.

我們很高興看到評級機構承認我們過去一年資產負債表的強勁表現，這反映了我們穩步的進步。此外，本週早些時候，我們完成了原定於 2029 年 6 月到期的 7.25 億美元定期貸款的重新定價修訂。修改後的定期貸款的最終到期日為 2030 年 4 月，現根據五年期定價表計息，修改後的定價為 SOFR 加上 85 個基點。

Based on the new pricing grid, this amendment lowers our borrowing cost by 40 basis points compared to the original term loan and further optimizes our debt maturity ladder. Turning now to our first quarter financial results. We delivered core FFO of $0.48 per share, representing a solid 3.5% increase year over year. Similarly, AFFO grew 4% year over year to $0.42 per share. Looking ahead, we are confident in our ability to navigate the macroeconomic landscape, supported by our well-qualified and resilient customer base.

根據新的定價表，此次修訂使我們的借貸成本比原始定期貸款降低了40個基點，並進一步優化了我們的債務期限階梯。現在來看看我們的第一季財務表現。我們實現的核心 FFO 為每股 0.48 美元，年增 3.5%。同樣，AFFO 年成長 4%，達到每股 0.42 美元。展望未來，在我們高素質和有韌性的客戶群的支持下，我們有信心能夠駕馭宏觀經濟情勢。

We believe our business is both defensive and growth-oriented, which should benefit shareholders in times of uncertainty, thanks to the effective execution of our strategy, strong customer retention and diligent expense management. That being the case, we are pleased to reaffirm our full year 2025 guidance provided in late February.

我們相信，我們的業務既具有防禦性又具有成長導向性，這應該會在不確定的時期使股東受益，這要歸功於我們策略的有效執行、強大的客戶保留率和勤勉的費用管理。既然如此，我們很高興重申我們在二月底提供的 2025 年全年指引。

In closing, our business remains strong, supported by our solid balance sheet, stable operating performance and thoughtful growth initiatives. Our well-structured capital position continues to provide the flexibility to pursue appropriate investment opportunities while maintaining our commitment to disciplined growth and steady value creation for our shareholders. This concludes our prepared remarks.

最後，在穩健的資產負債表、穩定的經營業績和周到的成長計畫的支持下，我們的業務仍然強勁。我們結構良好的資本狀況持續提供靈活性，以尋求適當的投資機會，同時保持我們對有紀律的成長和為股東創造穩定價值的承諾。我們的準備好的演講到此結束。

Operator, we're ready to begin the question-and-answer session.

接線員，我們準備開始問答環節。

(Operator Instructions) Michael Goldsmith, UBS.

（操作員指示）瑞銀集團 (UBS) 的 Michael Goldsmith。

Good morning. Thanks a lot for taking my questions. It seems like the renewal rate was -- in the first quarter was 5.2%. And in April, it dipped to 4.5%. So just trying to understand what are the dynamics that would drive the renewal rate down sequentially and if there's any other factors that was weighing on that. Thanks.

早安.非常感謝您回答我的問題。第一季的續約率似乎是 5.2%。而四月份，這一比例則下降至4.5%。因此，只是想了解哪些動態會導致續約率持續下降，以及是否有其他因素對此產生影響。謝謝。

Yes. Thanks for your question. This is Charles. We signaled this last quarter. This is kind of the typical kind of flow of renewals throughout the year. They're going to peak in Q1, which you saw, really strong. There's usually and typically a little bit of moderation into the summer, and we're starting to see that a little bit as we go into Q2. It's not going to move much from here and month by month, it's going to go up and down.

是的。謝謝你的提問。這是查爾斯。我們在上個季度就發出了這個訊號。這是全年典型的更新流程。它們將在第一季達到頂峰，正如你所見，非常強勁。通常情況下，夏季會出現一些緩和的趨勢，進入第二季後，我們開始看到這種情況。從現在開始它不會有太大的變化，而且每個月它都會上下波動。

And we expect at the end of the year, it's going to come back up. So this is exactly unfolding exactly as we expected. And as you'd look at it combined with the new lease rate, blends have been going up every month since December. So this is in line with what we thought. As you go into the summer, you get a little higher turnover, and that's kind of natural, what you see on the renewal process.

我們預計到今年年底，這一數字將會回升。這一切正如我們所預料的。結合新的租賃價格來看，自 12 月以來，混合油價格每個月都在上漲。所以這與我們的想法一致。進入夏季，營業額會稍微高一些，這在續約過程中是很自然的。

Eric Wolfe, Citigroup.

花旗集團的埃里克·沃爾夫。

Thanks. Homebuilder commentary has been somewhat subdued thus far. So I was just wondering if you could talk maybe about the new homebuilders that are approaching you now given some of the weakness from the retail buyer. How much you could scale up the partnership? And then secondly, to what extent some of this weaker homebuilder car gets you worried about some of the shadow supply impact that maybe you saw last year? Thanks.

謝謝。到目前為止，房屋建築商的評論一直比較平淡。所以我只是想知道，鑑於零售買家的一些疲軟表現，您是否可以談談目前正在與您接觸的新房屋建築商。你們可以將合作關係擴大到什麼程度？其次，房屋建築商表現疲軟在多大程度上讓您擔心去年可能出現的影子供應影響？謝謝。

Thanks, Eric. It's Scott Eisen. Look, our dialogue with the homebuilders continues to be strong. We've obviously really built out our relationships with them over the last two years. We continue to engage daily, weekly with the national and regional homebuilders. I'd say that in terms of our forward flow for the CFO, we continue to sift through lots of opportunities, and we selectively choose the forward-purchase communities that make sense for us in our buy box locations and demographics.

謝謝，埃里克。我是史考特·艾森。瞧，我們與房屋建築商的對話持續保持強勁。顯然，在過去的兩年裡，我們與他們建立了深厚的關係。我們繼續每天、每週與國家和地區的房屋建築商接觸。我想說，就我們針對財務長的前瞻性流程而言，我們會繼續篩選大量的機會，並有選擇地選擇那些在我們的購買框位置和人口統計方面對我們有意義的前瞻性購買社區。

And so that flow continues, and I think we're pleased with what we see from the builders. I think there's probably been a little bit of an increase in the dialogue we've had with them on the end-of-month tapes. And I think, opportunistically, we're seeing some ability to buy some homes, two, three, five homes at a time, at the end of month. And we're seeing some ability to execute there. But I'd say, generally speaking, the dialogue is strong and continues to be strong.

這種流程一直持續著，我想我們對建築商的表現感到滿意。我認為我們與他們就月底錄音帶進行的對話可能會增加。我認為，從機會角度來看，我們看到月底人們有能力同時購買兩套、三套、五套房屋。我們看到了在那裡執行的一些能力。但我想說，整體而言，對話是強而有力的，而且將繼續保持強大的。

Steve Sakwa, Evercore ISI.

史蒂夫‧薩誇 (Steve Sakwa)，Evercore ISI。

Yes, maybe just following up on that question, how are you thinking about your yield hurdles, just kind of with more volatility, bond market pricing? I guess is a 6% yield still adequate in today's environment, and do you have any ability to sort of push that up?

是的，也許只是繼續回答這個問題，您如何看待殖利率障礙，以及債券市場定價的波動性如何？我想，在當今環境下 6% 的收益率是否仍然足夠，您是否有能力提高這一收益率？

Hi, Steve. Dallas. As Scott mentioned, look, he used the word sifting. We're waiting to see more deal flow. There's no doubt about that right now than maybe where we were a year ago, all things being equal in terms of how we sort of in the low fours on a run rate cap rate basis, reinvesting at a six. I think Scott and I hope that sort of forward opportunities may get a little bit better. We're certainly seeing more volume, which typically would lead to a conversation around seeing better pricing.

你好，史蒂夫。達拉斯。正如斯科特所提到的，看，他使用了篩選這個詞。我們正在等待看到更多的交易流程。毫無疑問，現在我們的表現可能比一年前更好，在所有條件相同的情況下，我們的運行率上限為 4%，再投資率為 6。我想史考特和我都希望這種前進的機會能變得更好一些。我們確實看到了更多的交易量，這通常會引發有關更好定價的討論。

We can't obviously speak for each builder or what they're dealing with. I think for Jon and I, as we sit around and think about our sources and uses and how we want to grow both on balance sheet and in our joint venture partnerships, we're trying to be as deliberate as we can around what is the highest and best use of cost of capital at any given point. And so we got somewhere around, call it, $1.5 billion of dry powder between our revolver and cash. We can dispose of more assets. We'd love to see the spreads get wider, to your point.

顯然，我們無法代表每個建築商發言或談論他們正在處理的事情。我認為，對於喬恩和我來說，當我們坐下來思考我們的資源和用途，以及我們希望如何在資產負債表和合資夥伴關係中實現增長時，我們會盡可能地深思熟慮，考慮在任何特定點上如何才能最大限度地利用資本成本。因此，我們在循環信貸和現金之間擁有約 15 億美元的現金儲備。我們可以處置更多資產。正如您所說，我們很高興看到利差不斷擴大。

But I think development and development costs aren't necessarily coming in, right? So it's more around finding stuff where a seller or a partner is willing to build at a margin that's just a bit more accretive than it was maybe a year or two before below. And then look, to your point on the bond markets, and Jon can speak more on this later, it's been hard to sort of think about in the spot where long-term debt is or -- as we think about how to sort of think about that as another source of capital over time. But right now, we're going to use as much of our disposition proceeds in cash and just keep kind of evolving out of older homes into newer product both at the community level and also scattered.

但我認為開發和開發成本不一定會進來，對嗎？因此，更重要的是找到賣家或合作夥伴願意以比一兩年前更高的利潤率來建造的東西。然後看看你關於債券市場的觀點，喬恩稍後可以就此發表更多看法，我們很難思考長期債務在哪裡，或者——當我們思考如何將其視為另一種資本來源時。但目前，我們將盡可能以現金形式使用我們的處置收益，並在社區層面和分散層面繼續將舊房屋發展為新產品。

Jana Galan, Bank of America.

美國銀行的 Jana Galan。

Thank you. Good morning. Congratulations on the bad debt achieving a new post-pandemic low. I was curious, do you think you have further opportunity to bring it down? Or are you just -- is it better to be more cautious now in this macro environment?

謝謝。早安.恭喜壞帳創下疫情後新低。我很好奇，您認為您還有進一步的機會將其降低嗎？或者您只是—在這種宏觀環境下現在是否應該更加謹慎？

I appreciate the question. Yes, we're proud of the work that the teams have done to bring bad debt in efforts. It's also a reflection of the quality of our residents. We have -- we're off to a good start, see how the summer goes. There's a macro backdrop that's out there. But right now, teams are executing. As we look across the markets, it's really kind of improvement across the board.

我很感謝你提出這個問題。是的，我們為團隊為消除壞帳所做的努力感到自豪。這也反映了我們居民的素質。我們已經有一個好的開端，看看夏天會如何發展。那裡有一個宏觀背景。但現在，團隊正在執行。放眼整個市場，我們發現情況確實全面改善。

Some of our historically low-bad-debt markets are getting back to their levels that we expected. The markets that we're keeping an eye on are Atlanta, Chicago, Southern California, a little bit of Carolinas, all improving. But as we look at the court times and kind of that process, that's something we keep an eye on. So we're cautiously optimistic that we're going in the right direction here.

我們一些歷史上壞帳率較低的市場正在恢復到我們預期的水平。我們關注的市場是亞特蘭大、芝加哥、南加州以及卡羅來納州的部分地區，這些市場正在改善。但當我們回顧法庭審理時間和整個過程時，我們會密切關注這一點。因此，我們謹慎樂觀地認為我們正朝著正確的方向前進。

Austin Wurschmidt, KeyBanc.

奧斯汀·沃施密特（Austin Wurschmidt），KeyBanc。

Great, thanks. Good morning, everybody. Appreciate all the detail on April leasing trends. But I'm just curious, if I recall correctly, around mid-May of last year, maybe into June, you had started to see some softening in trends. So I'm just wondering, when you look at your dashboards, the leading indicators, if there's anything that suggests the momentum you've seen year-to-date could be moderating into the peak leasing season? Or if the runway looks clear as far out as you're able to see? Thanks.

太好了，謝謝。大家早安。感謝您提供有關四月份租賃趨勢的所有詳細資訊。但我只是好奇，如果我沒記錯的話，大約在去年五月中旬，也許到六月，你就開始看到趨勢有所緩和。所以我只是想知道，當您查看儀表板、領先指標時，是否有任何跡象表明您今年迄今為止看到的勢頭可能會在租賃旺季有所緩和？或者，如果跑道在您能看見的範圍內看起來很清晰？謝謝。

Yes. Look, the year is unfolding as we expected. Demand is still healthy. We're looking at all of our dials, as you talked about. New visitors to the website from Q4 to Q1 are up. Demand is still here. You see we're absorbing well. We're holding occupancy while getting new lease rate growth every month. The way this typically unfolds is that there'll be some continued acceleration as we look at the new lease side into the summer. We typically peak out somewhere around June-ish, plus-minus, could go July, August. It varies each year. But the most important thing is renewals are steady.

是的。瞧，這一年正如我們預期的那樣展開。需求依然健康。正如您所說，我們正在查看所有的錶盤。第四季度與第一季相比，該網站的新訪客數量有所增加。需求仍然存在。您看，我們吸收得很好。我們保持入住率，同時每個月獲得新的租賃率成長。通常情況下，當我們關注夏季新租賃的情況時，會出現持續加速的現象。我們通常在六月左右達到頂峰，也可能在七月、八月。每年都有所不同。但最重要的是續約率穩定。

Talked about it earlier, they're strong. You get a little bit of, like we just talked about, moderation in the summer. But they're going to stay where they are, if not slightly higher, and then accelerate at the end of the year. So you put that all together, we're seeing exactly what we want. Look, occupancy has held strong in Q1. That's going to come down a little bit, you get into move-out season. And we're trying to make sure that we're optimizing and capturing market rate on rent. So we like the setup coming off of Q1, and we think we're here to capture all that we can going into the peak leasing season.

之前就說過了，他們很強。就像我們剛才談到的，夏天要適度。但它們將保持現狀，甚至略高，然後在年底加速。所以，把所有這些放在一起，我們就看到了我們想要的東西。你看，第一季的入住率保持強勁。隨著進入搬出季節，這個數字將會下降一點。我們正在努力確保優化和掌握租金的市場價格。因此，我們喜歡第一季的安排，我們認為我們在這裡是為了在租賃旺季到來之前抓住一切機會。

Haendel St. Juste, Mizuho Securities.

Haendel St. Juste、瑞穗證券。

Hey, guys. Good morning. So understanding the importance of the renewal rates you were just talking about. Want to talk about turnover here for a moment. The turnover continues to come in really, really low. As a matter of fact, lower than last year, which was a really low year. So maybe you could talk a bit about what you sense as the drivers of this increasingly lower turnover. And then maybe some color around what's embedded in your guide for turnover this year? This lower trend of turnover continues, could this be a source of upside to the FFO guidance? Thanks.

嘿，大家好。早安.因此，請理解您剛才談到的續訂率的重要性。想在這裡討論營業額。營業額持續處於非常非常低的水平。事實上，比去年還要低，去年確實是低的一年。因此，也許您可以談談您認為導致營業額越來越低的原因是什麼。然後也許您能對今年營業額指南中的內容進行一些說明嗎？營業額下降的趨勢仍在持續，這是否會成為 FFO 指引的上行動力？謝謝。

Thanks, Haendel, for the question. This is Dallas and I'll ask Charles to add a little color to my comments. You got to take a step back about the business, the industry, our company. What the SFR resident sort of proved out over the last decade is that they're, by nature, a lot stickier than maybe what we in some of the other subsectors, excluding MH. And so I mentioned in my prepared remarks, through both sort of fast, famine and feast, excuse me, the customer has sort of been extremely sticky and has continued to show propensity to renew.

謝謝 Haendel 提出的問題。我是達拉斯，我會請查爾斯為我的評論添加一些色彩。你必須退一步去看待業務、產業和我們的公司。過去十年來，SFR 居民的經驗證明，他們本質上比我們其他一些子行業（MH 除外）的居民更具黏性。因此，我在準備好的發言中提到，無論是齋戒、飢荒還是盛宴，對不起，客戶都變得非常黏稠，並且繼續表現出更新的傾向。

That being said, Charles signaled this in the fall of last year, we're seeing -- we've seen renewal rates as high as 80%, which we would not expect. I want to emphasize that point that Charles just made in the previous question. We know that has to come in. Traditionally, pre-pandemic, we're sort in the low to mid-70s in terms of how often we renew. And then through the pandemic, it's sort of creeped up into the 70s -- in the high 70s.

話雖如此，查爾斯在去年秋天就暗示了這一點，我們看到——續約率高達 80%，這是我們意想不到的。我想強調查爾斯剛才在上一個問題中提出的觀點。我們知道這必須實現。傳統上，在疫情之前，我們的續約頻率在 70 年代初期到中期之間。然後，隨著疫情的蔓延，氣溫逐漸回升至 70 度以上——70 度以上。

I would just also add, there's this mortgage dynamic that's going on right now that's really interesting. If you think about to set up with both how the company is performing, what the customer is likely feeling and seeing in the marketplace, our move-out to homeownership buying is as low as it's ever been on our surveys.

我還要補充一點，目前的房貸動態非常有趣。如果您考慮公司的經營狀況、客戶在市場上的感受和看法，您會發現，我們的購屋比例處於調查以來的最低水準。

And that continues to sort of lend itself to this thesis that the customer is going to stay longer and longer. What's been equally sort of supportive in both our backdrop and the setup as we go into summer, as Charles mentioned, is that this new lease acceleration is doing what we thought it would do going into summer. And so while we would expect to have less renewal, we certainly are renewing more earlier in the year than we underwrote originally, to your point, Haendel.

這進一步印證了這個論點：顧客會停留更久。正如查爾斯所提到的那樣，當我們進入夏季時，對我們的背景和設置同樣有利的是，這種新的租賃加速正在發揮我們預期在夏季會發揮的作用。因此，儘管我們預計續約數量會減少，但事實上，我們在今年早些時候的續約數量比我們最初承保的數量要多，正如你所說，亨德爾。

And we got to see how that plays out through summer. I don't want to set Charles up to be the good guy or the bad guy in terms of what every customer does with their decision-making through summer. But we've seen -- and Charles just alluded to it, we can see out 69 days, and it feels pretty good. So maybe I hand that to Charles to add a bit more perspective. But just the backdrop in the setup is really favorable right now.

我們要看看整個夏天情況會如何發展。我不想根據每個顧客在整個夏天做出的決策，把查爾斯描繪成好人或壞人。但我們已經看到——查爾斯剛才提到，我們可以看到 69 天，感覺非常好。因此，也許我會把它交給查爾斯，以增加更多的視角。但目前設置的背景確實非常有利。

Yes. Look, I think it's a combination of resident enjoying our product. They're staying longer. We're up to 38.5 months. We're providing value-add services that make it easy for them to stay with us. And then you have the macro backdrop, as Dallas talked about. It does vary market by market. But overall, it's a good start, Haendel, in Q1. Turnover was slightly lower than we expected. That's why you're seeing some of the strong occupancy.

是的。看，我認為這是居民喜歡我們產品的綜合結果。他們停留的時間更長。我們已經達到 38.5 個月了。我們提供加值服務，讓他們可以輕鬆地與我們合作。然後你就有了宏觀背景，正如達拉斯所說的。它確實因市場而異。但總體而言，Haendel，Q1 的開局不錯。營業額略低於我們的預期。這就是為什麼你會看到一些強勁的入住率。

But we're going into the kind of move-out season, if you will. And there'll be some step-up in that turnover. So we're going to keep an eye on it. I'll let Jon speak to where we are on our guide. But right now, we feel like we're on track on turnover, maybe a little bit ahead of it. But we got some months left here to see how it plays out.

但如果你願意的話，我們即將進入搬家季節。營業額也會增加。因此我們將密切關注此事。我會讓喬恩告訴我們指南中我們現在的位置。但現在，我們感覺我們的營業額已經步入正軌，甚至可能略微領先。但我們還有幾個月的時間來觀察事情如何發展。

Yes. Handel, it's Jon. It's a good question. As Charles noted, we're maybe slightly ahead of where we expected to be in terms of turnover. But I would remind everyone that it -- turnover combined with days to re-resident is really the driving force in terms of how those statistics flow through to occupancy. I think when we laid out our guidance, we sort of articulated our expectation that days re-resident would be marginally higher this year than in the last few, and that's primarily driven by longer days on market as we go out and try to optimize and capture the market rate that's available.

是的。韓德爾，我是喬恩。這是個好問題。正如查爾斯所說，就營業額而言，我們的業績可能略高於預期。但我要提醒大家，營業額加上重新入住的天數才是這些統計數據如何轉化為入住率的真正驅動力。我認為，當我們制定指導方針時，我們表達了我們的預期，即今年的重新居住天數將比過去幾年略高，這主要是因為我們出去嘗試優化和抓住可用的市場價格，因此市場上的天數更長。

So I think it's too early in the year to really be able to say whether there is upside relative to the guide based on what we're seeing vis-à-vis turnover. But as Dallas and Charles both said, we're really pleased with the first quarter results. Our customer is sticky. The business is quite stable, and we're looking forward to getting into the meat of peak season and seeing where we go from here.

因此，我認為，根據我們所看到的營業額情況，現在就判斷今年的業績是否相對於預期有上漲空間還為時過早。但正如達拉斯和查爾斯所說，我們對第一季的業績非常滿意。我們的客戶很固執。業務相當穩定，我們期待進入旺季並看看接下來會如何發展。

Jamie Feldman, Wells Fargo.

富國銀行的傑米·費爾德曼。

Hello, this is Cooper Clark on for Jamie. Could you talk about the strong OpEx performance in 1Q? And how much, if any, of the lower growth was timing-related? And also what numbers might have come in lower versus what you assumed in guidance outside of the positive update on your insurance renewal?

大家好，我是 Cooper Clark，代表 Jamie。您能談談第一季強勁的營運支出表現嗎？那麼，如果有的話，較低的成長有多少是與時間相關的？除了保險續保的積極更新之外，還有哪些數字可能低於您在指導中預期的數字？

Cooper, this is Charles. Yes, I think I mentioned on the call, the reduction in R&M kind of quarter over quarter is really what drove the good performance on OpEx this year. That cost to maintain overall, we've been tracking in the right direction. But quarter-to-quarter can really vary based on weather when it comes to R&M. And we saw a much more mild kind of early part of the year here than we did last year, and that's the big driver.

庫珀，這是查爾斯。是的，我想我在電話會議上提到過，研發和維護費用的逐季減少才是今年營運支出表現良好的主要原因。總體而言，我們一直在朝著正確的方向維持這項成本。但就 R&M 而言，每季的情況確實會因天氣而有所不同。我們看到今年年初的氣候比去年溫和得多，這是主要原因。

Overall, though, we are controlling what we can control. Our teams are executing well. We have such a great platform when it comes to our scale and density, procurement, all that we do. And that just shows up in how we do things. I would also say that execution on turns has been strong in addition to R&M. We're turning well in terms of time. And as you think about the turnover, we just talked a little bit about that being lower, that's another driver of why the R&M number is slightly lower.

但總體而言，我們正在控制我們能夠控制的事情。我們的團隊表現良好。就我們的規模、密度、採購以及我們所做的一切而言，我們擁有如此優秀的平台。而這恰恰體現在我們的做事方式。我還要說的是，除了 R&M 之外，轉彎處的執行也非常出色。從時間來看，我們進展順利。當您考慮營業額時，我們剛剛談到營業額較低，這是 R&M 數字略低的另一個原因。

John Pawlowski, Green Street.

約翰‧帕洛夫斯基 (John Pawlowski)，綠街。

Thanks for the time. Jon, can you provide some color around the large increase year over year on share-based comp? I think it was up about 30%. And is this $40 million kind of plus or minus annual rate a reasonable assumption moving forward?

謝謝你的時間。喬恩，您能否解釋一下股權激勵年比大幅成長的原因？我認為它上漲了約 30%。那麼，每年增加或減少 4,000 萬美元的利率是否是合理的未來假設？

Yes. Thanks for that question, John. I think we made some changes to the way our share-based comp program works. We used to have sort of periodic performance-based plans that would run for a period of years and then get replaced. As we've laid out in the proxy, we've moved away from that approach. And so now we're going to have more performance-based grants annually rather than the lumpy, every-few-year OPP plan, our outperformance plan. Happy to go into more detail on that off-line, but that's what's driving the difference.

是的。謝謝你的提問，約翰。我認為我們對以股票為基礎的薪酬計劃的運作方式做了一些改變。我們曾經有過某種定期的基於績效的計劃，這種計劃會運行幾年然後被替換。正如我們在代理中所述，我們已經放棄了這種方法。因此，現在我們每年將提供更多基於績效的補助金，而不是每隔幾年提供一次的 OPP 計劃，即我們的超額績效計劃。很高興能夠線下更詳細地討論這個問題，但這正是造成差異的原因。

Adam Kramer, Morgan Stanley.

摩根士丹利的亞當·克萊默。

Great. Good morning, guys. Thanks for the time. Just wanted to ask about the kind of state of build-to-rent competition here? I know you guys have talked about it in the past. I think you guys are pretty early on to kind of talk about the competitive pressure there for new BTR deliveries. Where are we today in that process? I think you guys have talked about new deliveries that were down -- that would be down pretty significantly year over year in '25. So is that kind of still the base case here? And what are you seeing with regards to second half of the year '25 deliveries, maybe even into 2026 deliveries, just generally kind of the state of BTR competition?

偉大的。大家早安。謝謝你的時間。只是想問這裡的建後出租競爭狀況如何？我知道你們以前討論過這個話題。我認為你們很早就開始談論新 BTR 交付的競爭壓力。我們目前處於這進程的哪個階段？我想你們已經討論過新車交付量的下降——與 25 年相比，新車交付量下降幅度相當大。那麼這仍然是基本情況嗎？您對 2025 年下半年的交付情況，甚至 2026 年的交付情況有何看法，BTR 的競爭狀況如何？

Yes. This is Charles. Look, we signaled this last year that we saw some supply coming in middle of the year in Phoenix, Texas and Central Florida. The good news is those deliveries are down and we're working through it. We're absorbing well. You can see it in our results. Those markets specifically, while behind some of the Western markets and the Midwest, as I talked about in my prepared remarks, they're turning positive on the new lease side. And occupancy is holding steady, if not increasing. So we're working through it. Can't tell you exactly how long it's going to take.

是的。這是查爾斯。你看，我們去年就發出過這樣的訊號，我們看到鳳凰城、德州和佛羅裡達州中部在年中出現了一些供應。好消息是這些交付量已經下降，我們正在努力解決這個問題。我們吸收得很好。您可以在我們的結果中看到它。具體來說，這些市場雖然落後於一些西部市場和中西部市場，但正如我在準備好的發言中提到的那樣，它們在新租賃方面正在變得積極。入住率即使沒有增加，也保持穩定。所以我們正在努力解決這個問題。無法確切告訴您這需要多長時間。

We're keeping an eye on it. But the good news is by -- as we're looking forward, we're not seeing a lot of deliveries. New deliveries come on. It's down substantially, but we need to absorb in those markets. The other markets, we can have more of a balance of supply and demand, maybe a slight uptick in terms of overall given kind of what's going on with mortgage rates.

我們正在密切關注此事。但好消息是——正如我們所期望的那樣，我們沒有看到很多交付。新的貨物即將交付。雖然下降幅度很大，但我們需要吸收這些市場。在其他市場，我們可以實現更多的供需平衡，考慮到抵押貸款利率的現狀，整體情況可能會略有上升。

But the reality is they're acting as we would expect when you think about Atlanta and the Carolinas, Chicago, the California market, Seattle, in line with kind of a balanced supply and demand. Demand is still here from our turnover in all of our metrics. So we expect that we're going to work through it in these markets. We'll keep an eye on it and keep you guys updated.

但事實是，當你想到亞特蘭大和卡羅來納州、芝加哥、加州市場、西雅圖時，他們的行為正如我們預期的那樣，符合某種平衡的供需。從我們所有指標的營業額來看，需求仍然存在。因此，我們期望能夠在這些市場中解決這個問題。我們會密切注意並及時向大家通報最新情況。

Brad Heffern, RBC.

布拉德·赫弗恩（Brad Heffern），加拿大皇家銀行。

Yes, thanks everybody. On third-party management, you obviously got a lot over the finish line, right, when the program was launched, but it's been kind of quiet since mid-last year. So is there anything to read into that? What would you attribute the lull to? And are you continuing to have lots of conversations around the offering?

是的，謝謝大家。在第三方管理方面，當該計劃啟動時，你們顯然已經取得了很大進展，但自去年年中以來，它一直很平靜。那麼這其中有什麼值得解讀的嗎？您認為這種平靜的原因是什麼？您是否會繼續就該產品進行大量對話？

Great question. This is Dallas. First, as we laid out last year, as we started to announce the program, we said that we were going to be really specific about who, when, what, which portfolios -- it has to make sense. We don't want to create noise in our own business. We want to try to do things that are both accretive internally on how we can operate a more efficient business and also look for the right sort of portfolio overlap, et cetera.

好問題。這就是達拉斯。首先，正如我們去年所闡述的，當我們開始宣布該計劃時，我們說過我們將非常具體地說明誰、何時、什麼、哪些投資組合——這必須有意義。我們不想在自己的生意上製造噪音。我們希望嘗試做一些既能從內部增值，又能提高業務營運效率的事情，同時尋找正確的投資組合重疊等等。

They've got to be strategic partners. And we're having a number of conversations as we always do. And we haven't seen anything yet that's truly fitting that strategic bucket. I would say that -- like I said last summer, we're fine if this stays at three clients, candidly. We also would be fine if it were 10 clients if it were the right portfolio. So our goal is just to do things that make our business better, that create strategic value add for the company. But continued industry that will evolve, and I think our opportunity set will get wider over time.

他們必須成為戰略合作夥伴。我們像往常一樣進行了一些對話。但我們還沒有看到任何真正符合這項戰略要求的東西。我想說的是——就像我去年夏天說的那樣，坦白說，如果客戶數量保持在三個，我們就沒問題。如果這是正確的投資組合，那麼如果有 10 個客戶，我們也會沒問題。因此，我們的目標就是做一些能讓我們的業務變得更好、為公司創造策略附加價值的事情。但產業會不斷發展，我認為隨著時間的推移，我們的機會將會越來越廣泛。

Julien Blouin, Goldman Sachs.

高盛的朱利安布魯因 (Julien Blouin)。

Yes, thank you for taking my question. Could you sort of help us understand how we should think about the defensiveness of the SFR sector if the macro were to deteriorate? I mean it tends to be relatively more resilient when we look at sort of recent instances. But does maybe even the large affordability gap versus homeownership make it that much more resilient in the past, sort of becoming a trade-down option for some homeowner families that fall on hard times?

是的，感謝您回答我的問題。您能否幫助我們理解，如果宏觀經濟惡化，我們該如何看待 SFR 產業的防禦性？我的意思是，當我們回顧最近的例子時，它往往相對更有彈性。但是，也許，與房屋所有權相比，巨大的負擔能力差距會讓它在過去變得更加有彈性，成為一些陷入困境的房主家庭的一種降級選擇？

It's a great question. I think you sort of led with the answer, which is when you think about the customer base of who we have, it's a number of health care professionals, teachers, people that work across a variety of subsectors and industries. They're looking for three basic things that we see over and over in our data. They want space, they want access to yard for their kids, for their pets, for their animals. They want proximity to good transportation corridors that make their commute times reasonable.

這是一個很好的問題。我想您已經給出了答案，那就是當您想到我們的客戶群時，您會發現其中包括許多醫療保健專業人士、教師以及在各個子行業和行業工作的人員。他們正在尋找我們在數據中反覆看到的三個基本事物。他們想要空間，想要有庭院供他們的孩子、寵物和動物使用。他們希望靠近交通便利的走廊，讓通勤時間更合理。

And then they ultimately want access to great schools. And it can be in a school district or proximity to school districts they might otherwise not be able to afford. That as the backdrop generally, regardless of the cycle, would tend to continue to promote this concept or idea that if I can have that quality of life, that quality of a leasing lifestyle at a fraction of the cost of ownership, there is a value opportunity there for our customers.

他們最終希望能夠進入優秀的學校。而且它可能位於學區內或學區附近，否則他們可能無法負擔得起。一般來說，無論週期如何，都會傾向於繼續推廣這種概念或想法：如果我能以極低的擁有成本獲得那種生活品質、那種租賃生活方式的質量，那麼對我們的客戶來說，這是一個價值機會。

Now if the market starts to shift, to double-click on your question, you look at us relative to multifamily or some of the other sectors on a rent per square foot basis, we're far more affordable. And on a quality of sort of space and the cost to move or if they need to have somebody live with them, i.e., maybe a parent who's aging out, those are all additional value adds to the leasing lifestyle.

現在，如果市場開始轉變，雙擊你的問題，你看我們相對於多戶住宅或其他一些行業的每平方英尺租金，我們的價格要便宜得多。至於空間品質、搬家成本，或是否需要有人陪同居住（例如年長的父母），這些都是租賃生活方式的額外價值。

And so we've talked about this in the past, our bucket of customers sort of fit into three buckets. One is out of need. One is because they have a transitional in their life, and the third is they're preferential and they want the leasing lifestyle versus maybe a partnership lifestyle. So look, I do think we're defensive. To Jon's prepared remarks earlier in the call, I think the value proposition of Invitation Homes is that while there can be uncertainty in the market, it can definitely act as a defensive opportunity, but more or less, we're still going to see pretty significant opportunities for growth.

我們過去曾討論過這個問題，我們的客戶群大致可以分為三類。一是出於需要。一是因為他們的生活正處於過渡期，三是他們有偏好，他們想要租賃生活方式，而不是合作生活方式。所以看，我確實認為我們是防禦性的。對於喬恩在電話會議早些時候準備好的發言，我認為 Invitation Homes 的價值主張是，雖然市場可能存在不確定性，但它絕對可以作為一種防禦機會，但或多或​​少，我們仍然會看到相當大的成長機會。

And look, we sit in a really favorable backdrop both on the revenue and the defensive side but also on the expense side. We haven't talked about it, but we had fundamental headwinds with property tax and a number of these things as we had rapid homeowner -- home price appreciation, and those are going to be continued tailwinds on the expense side as well. So all things being equal, we can't see perfectly in the future, but we've now had two or three sort of cycles that we've lived through, where there's been economic uncertainty, and the company has been resilient through kind of each of those cycles in its own way.

而且，我們不僅在收入和防禦方面，而且在支出方面都處於非常有利的環境中。我們還沒有談論這個問題，但是由於房主房價快速上漲，我們在房產稅和一些類似的事情上遇到了根本性的阻力，而這些也將繼續成為支出方面的順風。因此，在其他條件相同的情況下，我們無法完美地預測未來，但我們已經經歷了兩到三個經濟不確定的周期，而公司以自己的方式度過了每個週期。

Rich Hightower, Barclays.

巴克萊銀行的里奇‧海托爾 (Rich Hightower)。

Hey, guys. Thanks for taking the question here. I guess to continue a little bit of that same line of questioning, I have the -- I guess the for-sale market for housing in this country is pretty much broken for a lot of reasons. I think that has probably been articulated on these calls. But do you guys have -- it's kind of a wonky question, but do you have a sense of pent-up demand for people who really would prefer to own, they just can't afford the monthly payment because of mortgage rates? But if that math ever changes, what's the risk to Invitation's current demand set, if you've ever thought about it that way?

嘿，大家好。感謝您在這裡提出這個問題。我想繼續同樣的問題，我想——我想這個國家的房屋銷售市場因為很多原因而崩潰。我認為這些電話會議可能已經表達了這一點。但你們有沒有——這是一個有點奇怪的問題，但是你是否感覺到那些真正想要擁有房子的人有被壓抑的需求，他們只是因為抵押貸款利率而無法負擔每月的還款？但是，如果您曾經這樣想過，如果這種計算方式發生變化，那麼對 Invitation 當前的需求集來說，風險是什麼？

Good question. We think about that way all the time. And don't forget, we built this business in an incredibly low mortgage rate environment, 2%, 3%, 4% mortgages. And we had 96% to 97% occupancy through all those sort of chapters. So even in a low cost of ownership environment, it doesn't change the fact that there's 47 million households at least in the US. So that's sort of always a plus on our business.

好問題。我們總是這樣思考。別忘了，我們是在一個極低的抵押貸款利率環境中建立這項業務的，抵押貸款利率為 2%、3%、4%。在所有這些章節中，我們的入住率都達到了 96% 到 97%。因此，即使在較低的擁有成本環境下，也無法改變美國至少有 4700 萬個家庭的事實。所以這對我們的業務來說總是一個優勢。

I think to your point around if mortgage rates were to go floor and it spurs homeownership activity, we view that as a positive. Our businesses typically run between about, call it, 18% and 27% of our customers moving out and clicking the box saying, I'm moving out because I'm going to purchase a home. We view our company as a normal part of that housing continuum. So we're okay there. I think the retention and the renewal Charles talked about earlier are more probably more indicative of it being a little bit higher and elevated right now, which is net-net, a positive.

我認為，正如您所說，如果抵押貸款利率降至最低，並刺激購房活動，我們認為這是一件好事。我們的業務通常大約有 18% 到 27% 的客戶要搬出去，然後點擊框說「我要搬出去，因為我要買房子」。我們將我們的公司視為住房連續體的正常組成部分。所以我們一切都好。我認為查爾斯之前談到的保留和更新更有可能表明它現在有點高和高，這是淨淨的，積極的。

But it's just a near-term positive. It's not anything that we would view as sort of ordinary course to be an 80% renewal business. I think if homeownership picks up, as I mentioned before, hugely positive for a couple of reasons for our business. One, it's a healthier market overall. We prefer that, candidly, where there's enough supply in the market and enough transaction volume where you get a better sense of values.

但這僅是短期的利多。我們認為 80% 的續約業務並不是一件正常的事。我認為，如果房屋所有權上升，正如我之前提到的，這對我們的業務來說將是一個極大的利好。首先，整體而言，市場更加健康。坦白說，我們更喜歡市場有足夠的供應和足夠的交易量，這樣你才能更好地了解價值。

Two, if home price appreciation starts to pick up, that is actually a proxy for where rents typically go. And so in our business, as the values of our assets increase, typically, you'll see that the rents are increasing as well. And then SFR supply, obviously, sort of is indicative of what happens there. So today, you're seeing more resale supply pick up in the marketplaces, more options for people, which we view as a good thing. And I think the calculus is that right now, people are wanting to sort of stand pat, hunker down and and bet on predictability versus anything.

二，如果房價開始上漲，這其實可以代表租金的走向。因此，在我們的業務中，隨著資產價值的增加，通常你會發現租金也在增加。然後，SFR 供應顯然可以表明那裡發生的情況。所以今天，你會看到市場上轉售供應量增加，人們有了更多的選擇，我們認為這是一件好事。我認為現在的情況是，人們想要維持現狀，堅持下去，押注可預測性，而不是其他任何事。

Jesse Lederman, Zelman & Associates.

傑西·萊德曼（Jesse Lederman），澤爾曼與合夥人公司。

Hey, thanks for taking my question. I wanted to ask a little bit on property management expense. It looks like it's been a little bit higher in the last couple of quarters. And on an apples-to-apples basis from 1Q '24, it's up about 80 basis points. Apples-to-apples, meaning you also had 3PM at that point as well. So can you maybe talk about what's driving the increase, if it's the wholly owned portfolio or the third-party property management portfolio and any moving pieces there?

嘿，謝謝你回答我的問題。我想問一下關於物業管理費的問題。看起來，過去幾個季度，這一數字略有上升。與 2024 年第一季相比，以同類標準計算，該數字上漲了約 80 個基點。同類比較，這意味著你當時也有 3PM。那麼，您能否談談推動成長的因素，是全資擁有的投資組合還是第三方物業管理投資組合，以及其中的任何變動部分？

Jesse, it's Jon. That's a good question. I would remind you that we phased on -- we onboarded our third-party management clients over the course of last year. And so if you're comparing first quarter '25 to first quarter '24, first quarter '24 was not reflective of the head count addition, some of the technology investments we made in order to put ourselves in a position to service these new third-party management customers. So that's really what the primary increase is related to.

傑西，我是喬恩。這是個好問題。我想提醒您，我們已逐步開始 - 我們在去年引入了第三方管理客戶。因此，如果將 2025 年第一季與 2024 年第一季進行比較，2024 年第一季並沒有反映出員工人數的增加，也沒有反映出我們為了服務這些新的第三方管理客戶而進行的一些技術投資。所以這確實與主要成長有關。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, good morning. Question on tariffs. Curious what you think may happen during the peak leasing season, the summer season with HVAC. And should we anticipate any increase in costs as a result of presumed higher replacement costs and what have you given proposed tariffs at this point?

嗨，早安。關於關稅的問題。好奇您認為在租賃高峰期、夏季暖通空調 (HVAC) 旺季期間會發生什麼。我們是否應該預期由於假定的更高更換成本而導致成本增加，並且您目前給出了什麼樣的關稅提議？

Yes. Look, we're -- this is Charles. We're monitoring the situation closely. It's too early to tell kind of where and if it's going to flow through. And so you're asking the right question. There's a pause. We'll see where it all comes out. The reality is we're in a really great position given our scale, size, our procurement, our national programmatic partnerships that we have. We have dual partnerships when you talked about HVAC and appliances. So we kind of back up between a couple of options.

是的。看，我們——這是查爾斯。我們正在密切關注事態發展。現在判斷它會流向何處以及是否會流經還為時過早。所以你問的是正確的問題。一陣停頓。我們將拭目以待。事實上，考慮到我們的規模、大小、採購和國家計畫合作夥伴關係，我們處於非常有利的地位。當您談到暖通空調和家用電器時，我們有雙重合作夥伴關係。因此，我們在幾個選項之間做出選擇。

This gives us some of the best pricing in the industry. That being said, we're going to have to watch how it flows through. HVAC and appliances are probably the area on the R&M side we pay attention to. But you also need to talk about -- this is a small part of our overall kind of book. We're turning homes. Labor is a bigger part of our cost structure, if you will.

這為我們提供了業界最優惠的價格。話雖如此，我們還是必須觀察它的流動情況。暖通空調和家用電器可能是我們在 R&M 方面關注的領域。但你還需要談談——這只是我們整本書的一小部分。我們正在改造家園。如果你願意的話，勞動力是我們成本結構中較大的一部分。

So while there could be some impact, I think we're going to be mitigated by our scale and size and our programs and our partnerships. But ultimately, we're going to have to see how it flows through. And we're not building ground-up homes here. So we're not taking a bunch of materials. It becomes a smaller part of who we are and how we operate. So we'll keep an eye on it. It's a kind of a fluid situation.

因此，雖然可能會產生一些影響，但我認為我們的規模、專案和合作夥伴關係將減輕這些影響。但最終，我們必須看看它如何流動。我們不會在這裡建造新建的房屋。所以我們不會拿走一堆材料。它已經成為我們身份和行為方式中較小的一部分。因此我們會密切注意。這是一種不穩定的情況。

Daniel Tricarico, Scotiabank.

加拿大豐業銀行的 Daniel Tricarico。

Great, thanks. Dallas, last call, you talked about finding ways to complement the Chorus business and to possibly enter new markets. It's only been two months, but curious if you have an update on the work being done on any of those initiatives.

太好了，謝謝。達拉斯，最後一次通話時，您談到了尋找方法來補充 Chorus 業務並可能進入新市場。才過了兩個月，但我很好奇您是否了解這些舉措的最新進展。

Yes. I think we mentioned -- I mean we're now operating in San Antonio, parts -- broader parts of Nashville. We've talked about some of the other markets that we'd love to get in over time. We're certainly looking. We're trying to -- ultimately, it's not just about how many markets we could be.

是的。我想我們提到過——我的意思是我們現在在聖安東尼奧、納許維爾的部分地區開展業務。我們已經討論了一些我們希望進入的其他市場。我們當然在尋找。我們正在努力——最終，這不僅僅是關於我們能進入多少個市場。

And obviously, when we take a step back and we talk with our Board about strategy and what the company should look like 5 or 10 or 15 years from now, we want to have a great risk-adjusted basis where we've got conviction on the growth and the profile and the demographic of those markets. But I think we'll continue to try to scale up in the markets we're in, too. I think nobody should lose sight of that.

顯然，當我們退一步與董事會討論策略以及公司 5 年、10 年或 15 年後的發展方向時，我們希望有一個很好的風險調整基礎，我們對這些市場的成長、概況和人口統計有信心。但我認為我們也將繼續努力擴大我們所處的市場。我認為沒有人應該忽視這一點。

We'd love to get all of our markets to sizes like Phoenix and Atlanta and Miami, where we have real scale and we continue to drive greater cost efficiencies both with our service platform and how Charles and Tim and the team drive down costs and also on the revenue front, and ultimately, allow Scott and his team to underwrite better on new product and new construction and the conviction we have around rents and what they're doing.

我們希望我們所有的市場都能達到像菲尼克斯、亞特蘭大和邁阿密這樣的規模，在這些市場我們擁有真正的規模，並且我們將繼續透過我們的服務平台以及查爾斯、蒂姆和團隊如何降低成本以及在收入方面提高成本效率，最終讓斯科特和他的團隊更好地承保新產品和新建築，以及我們對租金和他們所做的事情的信心。

So I expect us to continually add markets over the coming years, but look for us to sort of double down and double-click on these Sunbelt and Southeast markets where we know that they're going to have a propensity for better growth for longer.

因此，我預計我們將在未來幾年繼續擴大市場，但我們希望加倍努力，並專注於發展陽光地帶和東南市場，因為我們知道這些市場將在更長時間內實現更好的成長。

Linda Tsai, Jefferies.

Linda Tsai，傑富瑞集團。

Yes, hi. I think last quarter you said you expected FY25 occupancy to end at 96.5%. Just wondering if that's your current expectation still.

是的，你好。我記得上個季度您曾說過，預計 25 財年的入住率將達到 96.5%。只是想知道這是否仍然是您當前的期望。

Yes. Good question, probably in light of kind of the high occupancy we showed in Q1. That's typical of how the book kind of operates throughout a year. We're going into move-out season. This is the heavier kind of lease expiration part of the year, and you'll see turnover start to tick up slightly if you see come down. And as Jon mentioned earlier in the call, we're trying to capture as much of the market rate that's out there. So we may be staying on the market a little longer.

是的。好問題，可能是考慮到我們在第一季表現出的高入住率。這就是這本書在一年中運作的典型方式。我們即將進入搬家季節。這是一年中租約到期較多的時期，如果你看到租約到期量下降，你會發現營業額開始稍微上升。正如喬恩早些時候在電話中提到的那樣，我們正在努力捕捉盡可能多的市場利率。因此我們可能會在市場上停留更長時間。

Our budget has us going up on days re-resident year over year because we're expecting that there is a little bit more supply than they've been during the COVID periods. And we talked about -- specifically in a few of our markets, we're absorbing some of the supply that's there. Again, we're absorbing well, but that's in our underwriting that we're going to see come down. We'll see how it plays out through the rest of the year, but you'll see it come down. From here, Q2, Q3 and then towards the end of the year, typically, it starts to come back up. But each year has its own cycle. So we'll see how it plays.

我們的預算使我們的回鄉天數逐年增加，因為我們預計供應量會比 COVID 期間略多。我們談到——特別是在我們的一些市場，我們正在吸收那裡的一些供應。再說一次，我們的吸收情況很好，但在我們的承保範圍內，我們會看到其下降。我們將觀察它在今年剩餘時間內如何發展，但你會看到它下降。從現在開始，第二季度、第三季度，然後到年底，它通常會開始回升。但每年都有自己的周期。因此我們將看看它的表現如何。

Jade Rahmani, KBW.

傑德·拉赫馬尼（Jade Rahmani），KBW。

This is actually Jason Sabshon on for Jade. Have you seen an increase in any move-outs due to lower mortgage rates and homebuilder incentives?

這實際上是 Jason Sabshon 為 Jade 表演的。您是否發現由於抵押貸款利率降低和房屋建築商的激勵措施而導致搬出人數增加？

No. This is Charles. We really haven't. Our reason to move-out for purchase is as low as we've really seen. It's in the mid-teens. And look, we know the homebuilders are buying down rate. And I think they've been performing well based on that. But in our book, we're not seeing a lot of move-out for purchase at this point, but we're going to keep an eye on it.

不。這是查爾斯。我們確實沒有。我們搬出去購買的理由確實很少。現在是十幾歲的時候。我們知道，房屋建築商正在降低購買利率。我認為他們在這方面表現良好。但在我們看來，目前我們並沒有看到太多的購屋行為，但我們會密切關注。

This completes our question-and-answer session. I would now like to turn the conference back over to Dallas Tanner for any closing remarks.

我們的問答環節到此結束。現在我想將會議交還給達拉斯·坦納 (Dallas Tanner) 做結束語。

Thanks, everybody, for joining us today. And a final word of thanks to all of our associates. What a great quarter. We look forward to seeing many of you next month at NAREIT. Thanks. Take care.

感謝大家今天加入我們。最後，我要向我們所有的同事表示感謝。這是一個非常棒的季度。我們期待下個月在 NAREIT 見到你們。謝謝。小心。

The conference has concluded. You may now disconnect

會議已經結束。現在您可以斷開連接