Invitation Homes Inc (INVH) 2025 Q2 法說會逐字稿

Welcome to the Invitation Homes Second Quarter 2025 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加 Invitation Homes 2025 年第二季財報電話會議。（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; Jon Olson, our Chief Financial Officer; Scott Eisen, our Chief Investment Officer; and Tim Lobner, our Chief Operating 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)、首席財務官喬恩奧爾森 (Jon Olson)、首席投資官斯科特艾森 (Scott Eisen) 和首席營運官蒂姆洛布納 (Tim Lobner) 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 second 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.

在今天的電話會議中，我們可能會參考 2025 年第二季的收益報告和補充資訊。我們在昨天下午股市收盤後發布了此文件，您可以在我們網站 www.invh.com 的投資者關係部分查閱。

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 nonhistorical statements which are subject to risks and uncertainties that could cause actual outcomes or results to differ materially from those indicated. 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.

我們在本次電話會議中所做的某些陳述可能包括與我們業務的未來表現、財務績效、流動性和資本資源有關的前瞻性陳述以及其他非歷史性陳述，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示結果有重大差異。我們在 2024 年 10-K 表格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，並明確表示不承擔任何更新前瞻性陳述的義務。

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。

Thank you, Scott, and good morning, everyone. We appreciate you joining us today. I'm pleased to share our second quarter results that once again reflect the outstanding work of our associates, the disciplined execution of our long-term strategy and the strength of our resident-focused experience.

謝謝你，斯科特，大家早安。感謝您今天加入我們。我很高興與大家分享我們第二季度的業績，這再次反映了我們員工的出色工作、我們長期策略的嚴格執行以及我們以居民為中心的經驗的優勢。

Before we dive in, I want to take a moment to acknowledge the devastating flash floods destruct the Texas Hill Country earlier this month. The images and the stories have been heartbreaking with some of our own friends and family having been impacted. In response, we've made a donation to support the Red Cross' local aid work in addition to our annual support of their national relief efforts, and we're matching associate donations dollar for dollar. As a Texas-based company, it's our responsibility and privilege to support our neighbors and their times of need and by investing in communities during both good and difficult times. That's who we are, and it's what genuine care is all about.

在我們深入探討之前，我想花點時間來了解本月早些時候毀滅性的洪水摧毀了德克薩斯丘陵地區。這些圖像和故事令人心碎，我們的一些朋友和家人也受到了影響。作為回應，除了每年支持紅十字會的國家救援工作外，我們還捐款支持紅十字會的當地援助工作，並且我們將以一比一的比例匹配同事的捐款。作為一家總部位於德克薩斯州的公司，我們有責任和榮幸地支持我們的鄰居及其需要的時間，並在順境和逆境中為社區進行投資。這就是我們，這才是真正的關懷。

Speaking of Genuine care, there's been no greater ambassador of that mindset than my friend and colleague Charles Young. As many of you know, Charles has accepted an exciting opportunity to lead another public REIT. While we're excited for what lies ahead for him, we're also mindful that today marks his final earnings call with us. Charles, it's been an incredible 8.5-year journey, your leadership, integrity and heart have left a lasting market in our company, and we're all better for having worked alongside you. We wish you nothing but continued success in your next chapter.

說到真誠關懷，沒有人比我的朋友兼同事查爾斯楊 (Charles Young) 更能體現這種心態。正如你們許多人所知，查爾斯接受了一個令人興奮的機會來領導另一個公共房地產投資信託基金。雖然我們對他的未來感到興奮，但我們也意​​識到今天是他與我們進行的最後一次財報電話會議。查爾斯，這是一段令人難以置信的八年半的旅程，你的領導力、正直和熱心在我們公司留下了持久的印象，和你一起工作讓我們變得更好。我們祝福您在下一章中繼續取得成功。

As you heard Scott say earlier, Tim Lobner is with us in the room today. Tim has been with Invitation Homes since 2012 and is an exceptional and experienced leader, having overseen our repairs, turns and maintenance teams since 2014 and in more recent years also led our field and leasing teams. He'll continue in his role as our Chief Operating Officer, and I'll reassume the title of President and what we expect to be a seamless transition.

正如你之前聽到斯科特所說的那樣，蒂姆·洛布納今天也和我們在一起。Tim 自 2012 年起就職於 Invitation Homes，是一位出色且經驗豐富的領導者，自 2014 年起負責監督我們的維修、週轉和維護團隊，近年來還領導我們的現場和租賃團隊。他將繼續擔任我們的首席營運官，而我將重新擔任總裁一職，我們預計這將是一個無縫過渡。

Let's turn now to our second quarter performance and highlight the key drivers behind our results. What really stands out is the continued validation of our approach. During the second quarter, our average resident tenure was 40 months, and our renewal rate approached 80%, a continued testament to the quality of our homes, the strength of our service platform and the trust we've built with our residents. Zooming out to the broader housing landscape, the macro environment continues to reinforce the value of our offering.

現在讓我們來看看第二季的業績，並重點介紹業績背後的關鍵驅動因素。真正引人注目的是對我們的方法的持續驗證。第二季度，我們的平均住戶居住時間為 40 個月，續約率接近 80%，這繼續證明了我們房屋的品質、服務平台的實力以及我們與住戶建立的信任。放眼更廣闊的房屋市場，宏觀環境持續強化我們產品的價值。

According to recent research from Jon Burns, the U.S. needs an average of nearly 1.5 million new homes each year through 2034. That includes 600,000 rental units per year just to restore balance within the market. And given that our average new resident age is in the late 30s and Jon Burns estimate that there are 13,000 people turning 35 every day for the next 10 years, we believe there should be a long-lasting demand tailwinds for our business over the next decade and well beyond. And this is where Invitation Homes is uniquely positioned to unlock the power of home for the millions of Americans who choose to lease the home.

根據 Jon Burns 最近的研究，到 2034 年，美國每年平均需要近 150 萬棟新房。其中包括每年 60 萬個租賃單位，以恢復市場平衡。鑑於我們新住戶的平均年齡在 30 多歲，而喬恩·伯恩斯 (Jon Burns) 估計未來 10 年每天將有 13,000 人年滿 35 歲，我們相信，未來十年乃至更長時間內，我們的業務將面臨持久的需求順風。而這正是 Invitation Homes 的獨特優勢所在，它能夠為數百萬選擇租賃房屋的美國人釋放房屋的力量。

In the second quarter, we acquired just under 1,000 wholly owned homes, most of which were newly built in [ offsetting ] communities offering a mix of both for sale and for lease options. This approach brings high-quality homes into our portfolio, while helping builders to add and accelerate needed housing delivery in markets where we have high conviction and long-term performance. Our builder partnerships remain a key growth engine for us, giving us access to a thoughtfully designed home and master planned communities while allowing us to maintain high standards for quality. We're also expanding our toolkit with the recent launch of our developer lending program, which positioned us to participate earlier in the value chain, typically with the goal of purchasing the communities upon stabilization. We're just getting started and are excited about the possibilities.

在第二季度，我們收購了近 1,000 套全資擁有的房屋，其中大部分是新建在 [ 抵銷 ] 社區的房屋，提供出售和租賃兩種選擇。這種方法將高品質的住宅納入我們的投資組合，同時幫助建築商在我們具有高度信心和長期業績的市場中增加和加速所需的住房交付。我們與建築商的合作關係仍然是我們成長的關鍵引擎，這使我們能夠打造精心設計的住宅和整體規劃的社區，同時讓我們保持高品質標準。我們也透過最近推出的開發者貸款計畫擴展了我們的工具包，這使我們能夠更早參與價值鏈，通常目標是在穩定後購買社群。我們才剛開始，對各種可能性感到興奮。

Combined with our homebuilder partnerships and third-party property management relationships, these initiatives enhance our acquisition strategies and boost our trust in the opportunities ahead. On that front, we're confident that we will meet or exceed our acquisition guidance of $500 million to $700 million this year. Our pipeline is robust, and we continue to target attractive yields with upside through operational efficiencies and improved scale. In closing, our strategy remains clear: to consistently deliver high-quality housing in desirable neighborhoods backed by a service platform that puts the resident first with strong demographic tailwinds, a disciplined investment approach and our best-in-class team, we are well positioned to drive long-term value for our shareholders and meet the evolving needs of American families.

結合我們與房屋建築商的合作夥伴關係和第三方物業管理關係，這些舉措增強了我們的收購策略，並增強了我們對未來機會的信心。在這方面，我們有信心今年達到或超過 5 億至 7 億美元的收購預期。我們的產品線十分強大，我們將繼續透過提高營運效率和擴大規模來爭取具有上升空間的誘人收益。最後，我們的策略仍然明確：在理想社區持續提供高品質住房，並以居民至上的服務平台為後盾，憑藉強大的人口優勢、嚴謹的投資方式和一流的團隊，我們有能力為股東創造長期價值，滿足美國家庭不斷變化的需求。

With that, I'll turn it over to Charles Young to walk through our operating results in more detail.

接下來，我將把時間交給查爾斯楊 (Charles Young) 來更詳細地介紹我們的經營業績。

Thank you, Dallas, and I truly appreciate your kind words earlier. It's been a privilege to work with you and this great team. To all of our associates, the success of our company starts with you. What I'll miss most are the relationships in camaraderie we've built together over the years. I'm deeply grateful for the pride, dedication and commitment you bring to work every single day. It's been an honor to be a part of this journey with you. Following my last day on September 1, I leave confident that you're in great hands with Dallas, Tim and the entire team. The future of Invitation Homes is bright, and I look forward to watching what you accomplished together.

謝謝你，達拉斯，我真的很感激你之前的善意言辭。能夠與您和這個優秀的團隊合作是我的榮幸。對於我們所有的員工來說，我們公司的成功始於您。我最懷念的是我們多年來共同建立的友誼。我深深感謝您每天在工作中所展現的自豪感、奉獻精神和承諾。我很榮幸能與您一起踏上這段旅程。9 月 1 日是我工作的最後一天，我相信達拉斯、提姆和整個團隊會把你們照顧得很好。Invitation Homes 的未來是光明的，我期待看到你們共同取得的成就。

Now on to our second quarter operational results. On the revenue side, we've delivered solid growth through a combination of strategic rate optimization and healthy occupancy. Bad debt continued to improve returning to the high end of our historical range, a reflection of both the stability of our resident base and the strength of our screening processes. We also maintained effective cost controls while continuing to invest in our homes. Maintenance and repair costs remained well managed through ProCare and our in-house maintenance teams.

現在來看看我們第二季的營運表現。在收入方面，我們透過策略性利率優化和健康入住率的結合實現了穩健的成長。壞帳持續改善，回到歷史高位，反映了我們居民基礎的穩定性和篩選流程的力度。我們在繼續投資房屋的同時，也保持了有效的成本控制。透過 ProCare 和我們的內部維護團隊，維護和維修成本得到了良好的管理。

Preventative maintenance programs and prompt response times help contain costs while supporting high resident satisfaction. At the same time, our investments in technology and process improvements continue to drive operational efficiencies across the portfolio. We're especially proud of our team's ability to balance cost discipline with high-quality service. As Dallas mentioned, our average resident stay is now 40 months, a strong indicator of this success.

預防性維護計畫和及時的回應時間有助於控製成本，同時支持較高的居民滿意度。同時，我們在技術和流程改進方面的投資繼續推動整個產品組合的營運效率。我們特別為我們的團隊能夠平衡成本控制和高品質服務的能力感到自豪。正如達拉斯所提到的，我們居民的平均居住時間為 40 個月，這是成功的有力證明。

Longer stays not only reflect resident satisfaction, but also contribute to lower turnover costs and better condition of our homes. Satisfied residents tend to stay longer and take better care of their homes, supporting long-term asset performance. Altogether, we achieved second quarter same-store core revenue growth of 2.4% year-over-year, while core operating expenses rose 2.2%, resulting in a 2.5% NOI growth.

更長的居住時間不僅反映了居民的滿意度，而且有助於降低週轉成本並改善房屋狀況。滿意的居民往往會居住更長時間並更好地照顧他們的房屋，從而支持長期資產表現。整體而言，我們第二季同店核心營收年增 2.4%，核心營運費用成長 2.2%，導致淨利成長 2.5%。

Turning now to leasing performance. We saw strong results across key metrics. During the second quarter, blended rent growth was 4%, driven by 4.7% renewal rent growth and 2.2% growth in new leases. This demonstrates our ability to capture market opportunities during the peak leasing season and underscores the importance of renewal rate growth, given that over three-fourth of our business is renewals. The year continues to unfold in line with our expectations, including with our preliminary July results. Same-store average occupancy is coming in at 96.6% for the month of July while renewal lease rate growth remained strong at 5%, combined with new lease rate growth of 1.3%. This brings our blended lease rate growth for July to 3.8%.

現在來談談租賃業績。我們在關鍵指標上都取得了強勁的成果。第二季度，綜合租金成長率為 4%，其中續租租金成長率為 4.7%，新租約成長率為 2.2%。這表明我們有能力在租賃旺季抓住市場機遇，並強調了續約率成長的重要性，因為我們超過四分之三的業務是續約。今年的進展繼續符合我們的預期，包括我們 7 月的初步業績。7 月同店平均入住率為 96.6%，續租率成長維持強勁，為 5%，新租率成長 1.3%。這使得我們 7 月的混合租賃率成長率達到 3.8%。

To wrap up, our second quarter operating results reflect the strength of our platform, the quality of our portfolio and the dedication of our best-in-class associates. As we look ahead to the second half of the year, the teams remain well positioned to build on this momentum. I have strong confidence in their ability to deliver and to continue setting a higher standard with each step forward.

總而言之，我們第二季度的經營業績反映了我們平台的實力、我們投資組合的品質以及我們一流員工的奉獻精神。展望下半年，各隊仍處於有利地位，預計將繼續保持這一勢頭。我對他們兌現承諾的能力以及在每一步中不斷設定更高標準的能力充滿信心。

With that, I'll turn the call over to Jon Olsen to walk through our financial results and capital position.

接下來，我將把電話轉給喬恩·奧爾森 (Jon Olsen)，讓他介紹我們的財務表現和資本狀況。

Thanks, Charles. Today, I'll provide an update on our financial position and capital markets activities and then wrap up by discussing our second quarter financial results. Before I do, I'd like to take a moment to echo Dallas' earlier comments. It has been my great pleasure to work with Charles over the last eight years. As a leader, Charles is both calm and inspirational. And as a colleague and friend, he sets a standard to which others can aspire. I wish Charles great success in his next endeavor, and I look forward to watching what he achieves.

謝謝，查爾斯。今天，我將介紹我們的財務狀況和資本市場活動的最新情況，然後討論我們的第二季財務表現。在此之前，我想花點時間來回應達拉斯先前的評論。過去八年來，我很榮幸能與查爾斯共事。身為領導者，查爾斯既冷靜又鼓舞人心。作為同事和朋友，他為其他人樹立了值得效仿的標準。我祝福查爾斯在接下來的努力中取得巨大成功，並期待看到他所取得的成就。

Turning now to the second quarter. As of quarter end, our investment-grade rated balance sheet offered robust liquidity of approximately $1.3 billion in unrestricted cash and undrawn capacity on our revolving credit facility. This provides us with substantial dry powder and the flexibility to pursue compelling growth initiatives and capitalize on strategic opportunities.

現在轉向第二季。截至季末，我們的投資等級資產負債表提供了強勁的流動性，約 13 億美元的無限現金和未提取的循環信貸額度。這為我們提供了充足的資金和靈活性，以追求引人注目的成長計劃並利用策略機會。

Our capital structure remains strong. with our net debt to trailing 12-month adjusted EBITDA ratio at 5.3 times as of quarter end. This remains slightly below our target range of 5.5 times to 6 times underscoring our disciplined approach to leverage and balance sheet management. In addition, over 83% of our debt is unsecured and nearly 88% of our debt is fixed rate or swapped to fixed rate. This includes the benefit of $400 million of new interest rate swaps we executed during the second quarter, which brings our total swap book to over $2 billion with a weighted average strike rate of just over 3%.

我們的資本結構依然強勁。截至季末，我們的淨負債與過去 12 個月調整後 EBITDA 的比率為 5.3 倍。這仍然略低於我們 5.5 倍至 6 倍的目標範圍，凸顯了我們對槓桿和資產負債表管理的嚴謹態度。此外，我們超過 83% 的債務是無擔保的，近 88% 的債務是固定利率或轉換為固定利率。這包括我們在第二季執行的 4 億美元新利率掉期的收益，這使我們的掉期總額超過 20 億美元，加權平均執行利率略高於 3%。

The quality of our balance sheet is further enhanced by our substantial pool of unencumbered assets that provide additional financial flexibility. We have well-laddered debt maturities with no debt reaching final maturity until mid-2027 and we continue to evaluate opportunities in the capital markets to optimize our maturity schedule and cost of capital.

我們擁有大量無抵押資產，可提供額外的財務靈活性，從而進一步提高了我們的資產負債表的品質。我們的債務到期日安排得井井有條，直到 2027 年中期才有債務到期，並且我們將繼續評估資本市場中的機會，以優化我們的到期時間表和資本成本。

Let me now turn to our financial results and outlook for the remainder of the year. In the second quarter, we reported core FFO of $0.48 per share and year-to-date core FFO of $0.97 per share. positioning us well relative to our full year guidance range of $1.88 to $1.94 per share. AFFO, which reflects the impact of recurring capital expenditures, was $0.41 per share for the quarter, bringing our year-to-date total to $0.84 per share, which is also tracking well relative to our full year guidance range of $1.58 to $1.64 per share. We're pleased with our strong first half performance and the momentum we've built, which gives us high conviction in our original outlook. We remain focused on execution and on carrying our momentum into the back half of the year.

現在讓我來談談我們今年剩餘時間的財務表現和展望。在第二季度，我們報告的核心 FFO 為每股 0.48 美元，年初至今的核心 FFO 為每股 0.97 美元。相對於我們全年每股 1.88 美元至 1.94 美元的指導範圍，我們處於有利地位。反映經常性資本支出影響的 AFFO 本季度為每股 0.41 美元，使我們年初至今的總額達到每股 0.84 美元，相對於我們全年每股 1.58 美元至 1.64 美元的指導範圍而言，這也表現良好。我們對上半年的強勁表現和所建立的勢頭感到滿意，這讓我們對最初的展望充滿信心。我們將繼續專注於執行並將我們的勢頭延續到下半年。

With that, operator, we're ready to open the line for questions.

接線員，現在我們可以開始回答問題了。

We will now begin our question and answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

Eric Wolfe, Citi.

花旗銀行的埃里克·沃爾夫。

Hey, thanks. Your occupancy guidance implies a pretty large deceleration in the back half of the year to, I think, around 96%, maybe even a little bit lower. I think you said July was around 96.6%. So I was just curious whether that's sort of a conservative projection for the rest of the year if you're actually seeing something in your future expirations that would cause that occupancy to keep coming down.

嘿，謝謝。您的入住率指引暗示下半年入住率將大幅下降，我認為約為 96%，甚至可能更低。我認為您說的是 7 月約為 96.6%。所以我只是好奇，如果您真的看到未來到期的某些事情導致入住率持續下降，那麼這是否是對今年剩餘時間的保守預測。

Yes. So the years are unfolding as we expected. And first half of the year, turnover is a little lower. So occupancy stayed a bit higher. But we expected that come seasonal turnover would show up, and that's what you're seeing in the July occupancy numbers. And that's typical for the for how the year kind of unfolds. Through Q3, you'll get some turnover. And as we get towards the end of the year, we're kind of build back. Hard to predict exactly where it's going to end up, but it's right in line with what we expected.

是的。這些年正如我們預期的那樣展開。而上半年，營業額稍微低一點。因此入住率維持在高水準。但我們預計季節性營業額會出現，這就是您在七月份的入住率數據中看到的。這對於今年的展開來說很典型。透過第三季度，您將獲得一些營業額。隨著年底的臨近，我們開始恢復元氣。很難準確預測它最終會走向何方，但它完全符合我們的預期。

The other thing that I'd mention is we know that there's a little bit of supply, especially in some of our markets as we think about Central Florida, Texas and others, where we're having to stay on market a little longer, bringing our days to re-resident up slightly. And so that's another thing that's adding towards the -- what we expected was a bit of a reset year on occupancy to get down into the mid-96s.

我想提到的另一件事是，我們知道供應量有點大，特別是在我們的一些市場，例如中佛羅裡達州、德克薩斯州和其他地區，我們不得不在這些市場停留更長時間，從而稍微延長我們重新入住的時間。因此，這是另一件讓我們感到鼓舞的事情——我們預計今年的入住率將有所回落，降至 96 年代中期。

Steve Sakwa, Evercore ISI.

史蒂夫‧薩誇 (Steve Sakwa)，Evercore ISI。

Yes, great, thanks. Good morning. I guess sort of following up on Eric's question, I guess, the inverse of that is kind of the new lease side which obviously has been slower than the renewals, and I realize it's only maybe 20% to 25% of the business. But I guess, what gets the kind of the new lease pricing to kind of move higher? And would it be your expectation as we move into next year as some of the supply comes down that you would see an acceleration in new lease pricing.

是的，太好了，謝謝。早安.我想這有點像是回答 Eric 的問題，我想，與此相反的是，新租賃方面顯然比續約要慢，我意識到這可能只佔業務的 20% 到 25%。但我想，是什麼讓新的租賃價格上漲呢？隨著明年供應量的下降，您是否預期新租賃價格會加速上漲？

Yes. This is Charles. We expected that was -- that this is the year in terms of new lease that we're going to have a little bit more pressure given what we were seeing with the build-to-rent supply in some of our bigger markets. The good news is we're past the peak of deliveries, and we're watching that now. We expect that they're going to continue to kind of come down at the second half of the year, but we still have some absorbing to do. And as we do that, I think we'll be pretty well set up for '26.

是的。這是查爾斯。我們預計，就新租賃而言，今年我們將面臨更大的壓力，因為我們看到一些較大市場的建後出租供應。好消息是我們已經過了交貨高峰期，我們現在正在關注這一點。我們預計它們將在下半年繼續下降，但我們仍有一些工作要做。當我們這樣做的時候，我想我們會為 26 年做好充分的準備。

How quickly each market kind of absorbs is going to vary. We're seeing good signs as you look at Orlando, Texas, Phoenix, Tampa, we're keeping an eye on it. Demand is still here. Just in those bigger markets, we're having to absorb and stay on market a little longer and fight for that rate on the new lease side and balance that with the occupancy.

每個市場的吸收速度都會有所不同。我們看到奧蘭多、德州、鳳凰城、坦帕等地出現了好跡象，我們正在密切關注。需求仍然存在。就在那些較大的市場中，我們必須吸收並在市場上停留更長時間，爭取新租賃方面的利率，並與入住率保持平衡。

But you mentioned it, we're also -- really, the strength has been renewals, not two-third of what we do, and we've been accelerating on renewal since April, with July being at 5%, which is great. And it just is a testament to the resiliency of the platform and our residents and that they're choosing to stay with us, which is great.

但您提到了，我們也是——實際上，我們的優勢在於續約，而不是我們所做工作的三分之二，而且自 4 月以來，我們的續約速度一直在加快，7 月達到了 5%，這很好。這證明了平台和居民的彈性，以及他們選擇與我們在一起，這很好。

Jana Galan, Bank of America.

美國銀行的 Jana Galan。

Thank you. Good morning. Question on the transaction markets and kind of views around any potential portfolios of size that could come to market. And then just also curious what you're seeing for your dispositions kind of where are the cap rates there? And are these going to owner occupants or potentially other investor groups?

謝謝。早安.關於交易市場的問題以及對可能進入市場的任何潛在規模投資組合的看法。然後，我也很好奇，您對自己的處置有何看法，那裡的資本化率是多少？這些是給自住業主還是其他潛在的投資者團體？

Yes, I'd say on the transaction market, look, we are -- we look at portfolios as they come. I think we're kind of seeing the same cadence of opportunities from both purchases that we've seen over the last few years here. So I don't think we've seen any material change in terms of what we see there. I think we continue to have a great dialogue with the homebuilders. I think the end of month tapes and some of the builder inventory. I think we found some attractive opportunities in modest size to some attractive cap rates there. We continue to engage with our homebuilder partners every day on forward purchase opportunities and evaluate them as they come.

是的，我想說，在交易市場上，看，我們——我們正在審視投資組合。我認為我們從這兩次收購中看到的機會與過去幾年看到的是相同的。因此，我認為就我們所看到的情況而言，我們沒有看到任何實質的變化。我認為我們將繼續與房屋建築商進行良好的對話。我認為是月底的錄音帶和一些建築商的庫存。我認為我們發現了一些規模適中的、具有吸引力資本化率的有吸引力的機會。我們每天都會繼續與我們的房屋建築商合作夥伴就未來購買機會進行溝通，並對其進行評估。

And so I think we see a pretty consistent market. We're being cautious. We're trying to find the right deals in the right markets at the right cap rate, and we'll continue to be cautious about the acquisition side. In terms of dispos, I think most of that market continues to be an end user focus for us. And we continue to try to dispose in the markets that we've already identified. Obviously, it's California and Florida and places like that. we continue to execute mostly to end users one at a time, and we'll see how that market evolves.

所以我認為我們看到了一個相當穩定的市場。我們很謹慎。我們正試圖在正確的市場中以正確的資本化率找到正確的交易，我們將繼續對收購保持謹慎。就處置而言，我認為大部分市場仍然是我們關注的最終用戶。我們將繼續嘗試在已經確定的市場中進行處置。顯然，這是加利福尼亞州和佛羅裡達州以及類似的地方。我們將繼續主要向最終用戶逐一執行，我們將觀察該市場如何發展。

Jamie Feldman, Wells Fargo.

傑米·費爾德曼，富國銀行。

Great. I guess just following up on Yana's question here. So you think about second quarter, some of your largest acquisition markets are also -- like Campus specifically is one of the markets where it seems like you're having some of the weaker fundamentals. So how do we -- how do you think long term about buying in some of these more active homebuilder markets with more supply risk over the long term where cycles may put more pressure on fundamentals as you think about building out the portfolio and expanding your relationships?

偉大的。我想這只是 Yana 的問題的後續答案。所以你想想第二季度，你的一些最大的收購市場也是——比如校園市場，它似乎是基本面較弱的市場之一。那麼，我們如何——您如何從長遠角度考慮在這些更活躍的房屋建築市場中購買，這些市場長期供應風險更大，而當您考慮建立投資組合和擴大關係時，週期可能會對基本面施加更大的壓力？

This is Dallas. Take a step back, I mean, you have to zoom out and remember that we have a view that on a long-term risk-adjusted basis, we want to be primarily Sunbelt and coastal with our footprint. And so you're totally right in saying that there's been a little bit of near-term noise specifically on the new lease side in some of these markets. But on the renewal side of the house, once you get a customer in place, it's actually quite strong even in a market where maybe there is a bit more supply that you're competing against if something goes vacant.

這就是達拉斯。退一步來說，我的意思是，你必須把眼光放遠，記住我們有一個觀點，那就是從長期風險調整的角度來看，我們希望我們的業務主要集中在陽光地帶和沿海地區。所以你說得完全正確，在某些市場中，特別是在新租賃方面，近期出現了一些噪音。但在房屋更新方面，一旦你有了客戶，即使在市場上可能有更多的供應，如果有空屋，你的競爭也會相當激烈。

That being said, Scott sort of touched on this, when we're looking at some of these opportunities, specifically right now, things that are coming in from the builders, where there's sort of inventory that they want to move. We're getting pretty significant discounts going in, which allows us to be really conservative on our underwritten rents. Specifically, in the end of month sort of end of quarter tapes by market. we're able to be pretty aggressive there. And so we definitely think about those types of things like a Tampa, where maybe we're seeing some softness on the new lease side of things in our same-store pool but you just have to underwrite that risk on the front end going in.

話雖如此，斯科特在某種程度上提到了這一點，當我們正在尋找其中的一些機會時，特別是現在，來自建築商的東西，他們想要轉移某種庫存。我們獲得了相當大的折扣，這使得我們在承保租金方面非常保守。具體來說，在月底或按市場劃分的季度末磁帶中，我們可以非常積極地開展工作。因此，我們肯定會考慮坦帕這樣的情況，我們可能會看到同店業務的新租賃方面有些疲軟，但你只需要在前端承保這種風險。

And so we feel very comfortable with the acquisitions that were made in the second quarter. We talked about this in the script that most of these are brand-new homes, either one-off that fills in north our scattered business really well and/or some of the BTR deliveries that were scheduled.

因此，我們對第二季進行的收購感到非常滿意。我們在劇本中談到了這一點，其中大多數都是全新的房屋，要么是一次性的，可以很好地填補我們分散的業務，要么是一些預定的 BTR 交付。

And as a reminder, in some of these markets, we're also doing capital recycling. And so we've got some markets where we've got older homes or homes that we have a gain on and we're trying to recycle capital into newer inventory and brand new homes. So it's both being in markets where we have a big presence, and we see resiliency, but also recycling capital in some of our selected loans.

提醒一下，在其中一些市場，我們也在進行資本循環。因此，我們在某些​​市場上擁有老房子或有收益的房屋，我們正試圖將資本回收到較新的庫存和全新的房屋中。因此，我們不僅身處在擁有巨大影響力的市場，而且看到了彈性，而且在我們選定的一些貸款中也回收了資本。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Hi, thanks. This is Amy on for Michael. I was hoping if you could dig in a little bit more in terms of BTR supply in some of the large markets to maybe help put some context or numbers around what you're seeing. And additionally, are you seeing any incremental pressure from scatter site supply? Thank you.

你好，謝謝。這是艾米為麥可所做的報道。我希望您能對一些大型市場的 BTR 供應情況進行更深入的了解，以便可能有助於了解您所看到的情況的一些背景或數字。此外，您是否看到分散站點供應帶來的增量壓力？謝謝。

Let me take the last part of your question on scattered site supply. There's no doubt that as the home buying and selling market on the resale side is sort of stuck right now in terms of where the bid-ask spread is between somebody's current mortgage rate, I hope they may or may want to go buy. We've certainly seen in some of these markets, a little bit of that inventory creep into the overall SFR scattered site sort of inventory that's out there. And that's probably putting a little bit of some additional pressure in the near term on rents and new lease rent growth in some of the markets we've talked about.

讓我來回答一下您關於分散站點供應問題的最後一部分。毫無疑問，由於轉售房屋買賣市場目前處於某種停滯狀態，買賣價差與某人的當前抵押貸款利率之間存在某種差距，我希望他們可能會或可能想要去買。我們確實看到，在其中一些市場中，少量庫存已經滲入整體 SFR 分散站點庫存中。這可能會在短期內給我們討論過的一些市場的租金和新租賃租金成長帶來一些額外的壓力。

In terms of BTR, it actually feels like it's getting a bit better. And I'll let Scott comment on this a little bit differently. But if you went back to last year, you would see a lot of concessions as people were kind of leasing things up. We're still seeing some of that from our peers. But by and large, it's just sort of normal absorption, albeit that the markets in some of those kind of key Sunbelt markets, we talked about this last fall, we're going to have a pretty significant amount of supply that's coming through.

就 BTR 而言，實際上感覺它正在變得更好一些。我會讓斯科特對此發表一些不同的評論。但如果你回顧去年，你會看到很多優惠，因為人們都在租賃東西。我們仍然從同行身上看到一些這樣的情況。但總的來說，這只是一種正常的吸收，儘管我們去年秋天談到的一些關鍵陽光地帶市場，我們將會有相當數量的供應。

It's not -- it actually feels in my view, based on our own data and things we're seeing a bit better than it was maybe last year. But that too will wane. I mean Burns has talked about deliveries being down significantly year-over-year as we go into '26. And all the data that we're following suggests the same.

事實並非如此——根據我們自己的數據和我們看到的情況，我認為情況實際上比去年要好一些。但這種趨勢也將逐漸減弱。我的意思是，伯恩斯談到，進入 26 年，交付量比去年同期大幅下降。我們追蹤的所有數據都顯示了同樣的結果。

Haendel St. Juste, Mizuho.

亨德爾聖朱斯特，瑞穗。

Hey, guys. Good morning. Thanks for taking the question. Congratulations, Charles. It's been a pleasure and look forward to following your next chapter. My question is more on the investment side on the investment book, the -- investment book, I guess, the lending book. So can you -- I know you're just getting started there, but can you talk about kind of the opportunity that you see there, maybe putting some numbers around what potentially you can deploy capital in that niche over the near term could look like in perhaps over the longer term? Thank you.

嘿，大家好。早安.感謝您回答這個問題。恭喜你，查爾斯。我很榮幸並期待您的下一章。我的問題更多的是關於投資方面的，關於投資帳簿，我想，投資帳簿，也就是貸款帳簿。那麼你能——我知道你才剛開始，但你能談談你在那裡看到的機會嗎，也許可以用一些數字來說明你在短期內可以在這個領域部署多少資本，或者從長遠來看會是什麼樣子？謝謝。

Look, in terms of this program, like we said, we announced it in June. We closed on our first loan. It's early days for this program. We're out in the market as we speak, building relationships with the developers building relationships with the brokerage community. We've got a lot of lines in the water in terms of understanding the opportunity and engaging with prospective borrowers here. So I think we continue to be excited about the program. And I think it's going to be the same thing, targeting build-to-rent communities in markets where we have an operational presence, where we feel like we understand rents, where we feel like we understand the market and ideally on project that eventually we'd like to own those communities. But it's kind of hard to put an exact number around it at this point in terms of volume, but we're out there engaging every day. We've got term sheets and lines in the water, and we'll report back to you when we have more progress.

就這個計劃而言，就像我們說的，我們在六月宣布了它。我們完成了第一筆貸款。該計劃仍處於早期階段。我們正在市場上與開發商建立關係，與經紀界建立關係。在了解機會和與潛在藉款人接觸方面，我們已經做好了很多準備。所以我認為我們繼續對該計劃感到興奮。我認為，我們的目標是在我們有業務的市場中建立出租社區，在這些市場中，我們覺得我們了解租金，我們覺得我們了解市場，理想情況下，我們最終希望擁有這些社區的項目。但目前就數量而言很難給出一個確切的數字，但我們每天都在參與。我們已經準備好了條款清單和航線，一旦有更多進展，我們會向你們報告。

Jesse Lederman, Zelman & Associates.

傑西‧萊德曼 (Jesse Lederman)，澤爾曼與合夥人公司 (Zelman & Associates)。

Hey, thanks for taking the question. Another one on the acquisitions that maybe for Scott, so 1,000 acquisitions during the quarter, but only, 485 or so delivery, so where the remaining -- I understand those are probably still new homes, but not categorized as deliveries per se in the supplemental, so, I mean, were those existing homes, were those just one off from builders and they're not categorized as deliveries because they're not like DFR community maybe some more clarity there would be great.

嘿，謝謝你回答這個問題。另一個關於收購的問題，對於斯科特來說，本季度可能有 1,000 筆收購，但只有 485 筆左右交付，所以剩下的 - 我知道那些可能仍然是新房，但在補充中並不歸類為交付，所以，我的意思是，那些是現有房屋嗎？那些只是建築商一次性提供的房屋，它們不屬於交付類別，因為它們不像 DFR 社區，也許更清晰一點會更好。

Yes. No, great question, Jesse. In terms of that you're exactly right that the 485 identifies the forward purchase communities where we had a forward contract with the builder to have them deliver over a 12-month period, et cetera. And then the rest was a combination of buying end-of-month builder tapes in terms of one-off opportunities where we saw attractive pricing from the builders. Some of this, as you've noted, we bought some homes from our partners. And we had some of our JV 3PM partners that were interested in getting a little bit of liquidity, and there were houses that we know very well, and we already managed and there was an opportunity for us to purchase them at an attractive price.

是的。不，這個問題問得很好，傑西。就這一點而言，您說得完全正確，485 確定了遠期購買社區，我們與建築商簽訂了遠期合同，讓他們在 12 個月內交付，等等。然後，剩下的就是在月底購買建築膠帶的組合，就一次性機會而言，我們看到建築商提供了有吸引力的定價。正如您所說，其中一些是我們從合作夥伴那裡購買的。我們的一些 JV 3PM 合作夥伴對獲得一點流動性很感興趣，而且我們非常了解這些房屋，我們已經管理好了，我們有機會以有吸引力的價格購買它們。

And so when you put it all together, it was a combination of that. I think we've got another stabilized build-to-rent community that was an attractive acquisition opportunity at a good cap rate for us. So you're right, it was a combination of both forward deliveries and buying on a one-off basis. Thanks.

所以當你把所有這些放在一起時，它們就是這些的組合。我認為我們已經有了另一個穩定的建後出租社區，這對我們來說是一個具有良好資本化率的有吸引力的收購機會。所以你是對的，這是預付和一次性購買的組合。謝謝。

Julien Blouin, Goldman Sachs.

高盛的朱利安布魯因 (Julien Blouin)。

Thank you for taking my question. Maybe just digging into the new lease side, so positive 1.3% in July. I guess should we expect it to weaken seasonally further into August and September and then how should we think about the 4Q deceleration? Just thinking about sort of the rent curve last year, could it look similar? Or does sort of your willingness to flex occupancy this year I mean you might hold on to more rate?

感謝您回答我的問題。也許只是深入研究新租賃方面，因此 7 月為正 1.3%。我想我們是否應該預期它會在八月和九月進一步季節性減弱，那麼我們該如何看待第四季的減速？想想去年的租金曲線，看起來相似嗎？或者您今年願意彈性調整入住率，我的意思是您可能會保留更多的房價嗎？

Yes, this is Charles. It is, as I said earlier, the year is kind of unfolding as we expected. We peaked in Q2, which is typical. And then in Q3, you kind of balance out and depending on what's going on with that market. So Q4 typically as it gets to the holidays, it does slow down a little bit. So we'll see where we end up. As you think about the new lease side, that balance really is being affected by some of our larger markets as we talked about.

是的，這是查爾斯。正如我之前所說，今年的情況正如我們預期的那樣。我們在第二季度達到頂峰，這是很典型的。然後在第三季度，你會達到平衡，這取決於市場的情況。因此，第四季通常在假期到來時，速度會稍微放緩。所以我們會看到最終結果如何。當您考慮新的租賃方面時，正如我們所討論的，這種平衡確實受到一些較大市場的影響。

And I think that's what makes it a bit more unpredictable. We do see line of sight, though, that the absorption in those markets, we're chopping through that. And ultimately, we think we were seeing, as Dallas said earlier, that there's going to be -- deliveries is down and will be substantially down next year, hopefully at some point later this year. But what we do have clear line of sight on the renewal side, which has been really strong and two-third of what we do, and we expect that that's going to kind of maintain in that range where we are right now through the end of the year, maybe have some upside in Q4.

我認為這正是讓它變得更難預測的原因。不過，我們確實看到了這些市場的吸收，我們正在削減這項吸收。最終，正如達拉斯之前所說，我們認為我們看到的是——交付量將會下降，明年將大幅下降，希望是在今年晚些時候的某個時候。但我們在續約方面確實有清晰的思路，續約方面一直表現強勁，占我們工作的三分之二，我們預計到今年年底，續約情況將保持在目前的範圍內，也許在第四季度會有一些上漲。

So the blend will balance out. But we're in that normal seasonality where you get the curve, you kind of peak and then it's going to step down depending on kind of the market impacts.

這樣混合就會達到平衡。但我們正處於正常的季節性，曲線達到頂峰，然後根據市場影響逐漸下降。

John Pawlowski, Green Street.

約翰‧帕洛夫斯基 (John Pawlowski)，綠街。

Thanks for the time. I had a question on the proportion of the book that's multiyear term leases, a 24-month leases, I think it's 25% of total leases. Are the in-place rents of that proportion of tenants well above market at this point? And is that kind of a slow but consistent drag on the headline new and renewal figures reported?

謝謝你的時間。我對帳簿中多年期租賃、24 個月租賃的比例有疑問，我認為它佔總租賃的 25%。目前這部分租戶的現有租金是否遠高於市場水平？這是否會對報告的新訂單和續訂訂單產生緩慢但持續的拖累？

Yes. I wouldn't necessarily say that, John. I mean, I think if you look at loss to lease right now. And I would caution everyone not to read too much into it because it does bounce around a little bit. It's sort of, call it, a little bit kind of between 1.5% and 2% is probably the right rule of thumb. I don't think that the multiyear leasing profile of our book is substantially above market. We do think that we continue to have opportunities to go capture sort of market rate growth and do think that particularly in the case of residents who've been with us for a long time who've renewed several times over, average length of stay is now approaching four months. we are probably below market on a number of those, and we'll be looking to kind of extract what we can when those leases do turn.

是的。我不一定會這麼說，約翰。我的意思是，我認為如果你看看現在的租賃損失。我想提醒大家不要過度解讀，因為它確實有點波動。可以說，1.5% 到 2% 之間可能是正確的經驗法則。我認為我們帳簿上的多年租賃情況並沒有明顯高於市場水平。我們確實認為，我們仍然有機會獲得某種市場利率成長，並且確實認為，特別是對於那些與我們長期合作並多次續約的居民來說，平均居住時間現在接近四個月。在許多方面，我們的價格可能低於市場價格，當這些租約到期時，我們將尋求盡可能提取利潤。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, thanks for the time. Just curious on the expense side. It seems like you're running ahead as a whole in particular on taxes and insurance, which you kind of flush out more concretely in guidance. So just curious on the expectations for the second half? Is there a tougher comp? Or is there just some conservatism into the unchanged guidance with the range is still pretty wide.

你好，謝謝你抽出時間。只是對費用方面感到好奇。看起來你們總體上處於領先地位，特別是在稅收和保險方面，你們在指導中更具體地闡述了這些方面。所以只是好奇對下半年的期望？有沒有更激烈的比賽？或者只是在不變的指導方針中存在一些保守主義，而範圍仍然相當廣泛。

Thanks, Juan. It's Jon. Yes, I think it's the latter, really. As Charles said, we feel very comfortable with where we sit relative to our guidance. The year is unfolding about how we anticipated. We're sort of in line with to maybe slightly ahead of where we expected we'd be. But at the same time, I think it's important to acknowledge that we're right in the depth of peak leasing season. It is a more challenging new lease environment. It is taking a little bit longer to get stuff absorbed. And I think we want to be mindful of the fact that it's a little bit of a grind in a few of our markets.

謝謝，胡安。是喬恩。是的，我認為確實是後者。正如查爾斯所說，我們對於自己所處的指導位置感到非常滿意。新的一年正如我們預期的那樣展開。我們的業績基本上符合甚至略高於我們的預期。但同時，我認為必須承認我們正處於租賃旺季。這是一個更具挑戰性的新租賃環境。吸收物質需要更長的時間。我認為我們要注意到，在我們的一些市場中，情況有點艱難。

Now that said, we are also waiting on Florida and Georgia property tax. We'll have a lot more information on those in the next 60 days. So if I put it all together, just to be clear, we feel really good about where we are. I think if I look at the balance of risks and opportunities, I feel I feel good. But it just didn't make sense given the information in hand to go revise guidance today when we're going to know a lot more 60 days from now, and we can do it with a much greater level of clarity and confidence.

話雖如此，我們也在等待佛羅裡達州和喬治亞州的房產稅。我們將在接下來的 60 天內獲得更多相關資訊。所以，如果我把所有的事情放在一起，為了清楚起見，我們對目前的狀況感到非常滿意。我想，如果我平衡風險和機遇，我會感覺很好。但考慮到目前掌握的信息，今天就修改指導方針是沒有意義的，因為 60 天後我們就會知道更多信息，而且我們可以以更高的清晰度和信心來做到這一點。

Adam Kramer, Morgan Stanley.

摩根士丹利的亞當·克萊默。

Hey, thanks for the time. Maybe just -- I think it's sort of similar to some of the earlier questions. But maybe just to put a fine point on it. I think you guys in the past have talked about sort of a mid-3% blended rate growth guide or informal guide for the year. given what you've done to date, obviously, renewal has been really strong, and I think you've sort of covered what's happening on the new lease side. Wondering if there's any change to that number, how you're thinking about that 3.5% or mid-3% blended rate growth guidance for the full year at this point?

嘿，謝謝你抽出時間。也許只是——我認為這有點類似於之前的一些問題。但也許只是為了強調這一點。我認為你們過去曾討論過今年 3% 左右的混合利率成長指南或非正式指南。鑑於你們迄今為止所做的工作，顯然續約情況非常強勁，我認為你們已經涵蓋了新租賃方面的情況。想知道這個數字是否有任何變化，您如何看待目前全年 3.5% 或 3% 中間的混合利率成長預期？

No, I don't think we're in a position where we're going to, as I said, revised guidance today. We're certainly watching it. Renewals, as Charles said, have been really healthy, very resilient, and that's three-fourth of our business. So if we can continue to sort of see positive results on the renewal side, continue to get homes absorbed, I feel comfortable with where we are relative to our guide, as I said earlier. But I don't think we're in a position where we're going to go back and sort of speak to how that number may change. We'll obviously know more here by the time of our next call, and we'll have a couple of opportunities, I think, before then to meet with some of you all.

不，我認為我們不會像我今天所說的那樣修改指導方針。我們當然在關注它。正如查爾斯所說，續約情況一直非常健康，非常有彈性，這占我們業務的四分之三。因此，如果我們能夠繼續看到更新方面的積極成果，並繼續吸引房屋，那麼我對我們相對於指南的現狀感到滿意，正如我之前所說的那樣。但我不認為我們會回過頭來談論這個數字會如何變化。顯然，在下次電話會議之前，我們會了解更多信息，而且我認為，在此之前，我們將有幾次機會與你們中的一些人見面。

Brad Heffern, RBC.

布拉德‧赫弗恩，加拿大皇家銀行。

Yeah, thanks. Hi everybody. Congratulations to Charles. SoCal has been a pain point for multi this year. It doesn't look that way, at least obviously, in your numbers. So can you walk through the fundamentals on the SFR side in Southern California?

是的，謝謝。大家好。祝賀查爾斯。南加州是今年多元文化的痛點。至少從你的數字來看，顯然不是這樣。那麼，您能介紹一下南加州 SFR 方面的基本情況嗎？

Yes. SoCal has been a strength for us, running high occupancy, high blended, high new lease. New lease is affected by AB 1482, where we're limited on the renewal. So there's kind of built-in kind of loss to lease when we get to the new lease side. Given the lack of supply of homes, single-family homes in California, it puts our book in good shape. On the operating side, there's been some noise, but we're improving on the bad debt side. So overall, it's been a nice portfolio and kudos to the team for their execution.

是的。南加州一直是我們的優勢，擁有高入住率、高混合率和高新租賃率。新租約受到 AB 1482 的影響，我們的續約受到限制。因此，當我們進入新租賃方面時，租賃中存在某種內在的損失。鑑於加州住房和獨戶住宅供應不足，我們的帳簿狀況良好。在營運方面，出現了一些噪音，但我們在壞帳方面正在改善。總的來說，這是一個不錯的投資組合，團隊的執行值得稱讚。

Jade Rahmani, KBW.

傑德·拉赫馬尼（Jade Rahmani），KBW。

I thank you. It's clear that the Midwest has seen stronger rent growth recently. So do you view this trend as sustainable? And have you evaluated any acquisition opportunities there to diversify? Thank you.

謝謝你們。顯然，中西部地區近期的租金成長更為強勁。那麼您認為這種趨勢可持續嗎？您是否評估過那裡的任何收購機會以實現多元化？謝謝。

Great question. Look, we've been in the Midwest now since 2012. And we really enjoy the numbers that we've seen out of it the last year, 1.5 years. That being said, generally speaking, it's been a tougher marketplace for us to -- on a risk-adjusted basis to both see great home price appreciation and great revenue growth. And so the short answer is no, we don't see it as a reason to strategically pivot or do anything different with our long-term lens. We certainly enjoy the footprint that we have there. We kind of kept a flag in the Midwest with a little bit in Chicago and Minneapolis. And we're grateful for all the good growth fundamentals there, but it's because basically, there was no development or building for 10 years.

好問題。瞧，我們從 2012 年起就一直在中西部。我們真的很滿意過去一年半來看到的數據。話雖如此，但整體而言，從風險調整的角度來看，我們面臨的市場情況更加嚴峻，既要看到房價大幅上漲，又要看到收入大幅成長。所以簡短的回答是否定的，我們不認為這是策略轉變或從長遠角度採取任何不同行動的理由。我們當然很享受在那裡留下的足跡。我們在中西部保留了一面旗幟，在芝加哥和明尼阿波利斯也佔有一席之地。我們感謝那裡所有良好的成長基礎，但這是因為基本上 10 年來那裡沒有任何開發或建造。

And so it's nice to see it get its pop, but we're still long on kind of these high-growth kind of net migration markets in the South and Southeast and Southwest, where we think both household formation, demographic information, the amount of 35-year-old moving there year in and year out, all lend themselves to a good long-term lens on growth on a risk-adjusted basis.

因此，很高興看到它蓬勃發展，但我們仍然看好南部、東南部和西南部這些高增長的淨移民市場，我們認為這些地區的家庭組建情況、人口統計信息以及每年遷入這些地區的 35 歲人口數量，都有助於在風險調整的基礎上對長期增長進行良好的觀察。

Anthony Paolone, JPMorgan.

摩根大通的安東尼保隆。

Thanks. Congratulations, Charles. I guess -- apologies if I missed this, but you guys had another quarter of pretty strong dispositions at very low cap rates. Can you talk about just how much more of those you think you could do over the next few quarters? And also beyond just maybe selling to users, like any commonality among those assets as to why they've gone off at such low cap rates?

謝謝。恭喜你，查爾斯。我想——如果我錯過了這一點，我很抱歉，但你們又有一個季度以非常低的資本化率實現了相當強勁的處置。您能否談談您認為在接下來的幾季中您還能做多少這樣的事情？除了可能向用戶銷售之外，這些資產之間是否存在任何共同點，為什麼它們的資本化率會如此之低？

No. I think look, taking -- this is Dallas jumping in here. Look, you have to think about things in a couple of different ways. One, many times, some of our assets have a higher in place sort of use for a retail buyer and we target those as part of our asset management strategy. So as a home in California, for example, gets to such a low cap rate on a relative retail basis, we're a net seller. And as you think about where we can recycle those capital rates, into -- sorry, excuse me, not capital rate, into cap rates on the buy side, Scott and the team have done a really nice job like basically selling in the high 3s, low 4s, maybe mid-4s right now because things are a little bit more competitive. And we're moving that into basically 6 cap properties at today's pricing.

不。我認為，看，這是達拉斯跳進來的。瞧，你必須用幾種不同的方式來思考問題。一是，很多時候，我們的一些資產對於散戶買家來說有更高的用途，我們將其作為資產管理策略的一部分。因此，例如，當加州的一間房屋以相對零售價計算達到如此低的資本化率時，我們就是淨賣家。當您考慮我們可以將這些資本利率回收到哪裡時——抱歉，不是資本利率，而是買方的資本化利率，斯科特和他的團隊做得非常好，比如現在基本上以 3 高位、4 低位、甚至 4 中位的價格出售，因為現在競爭更激烈了。我們將按照今天的定價將其轉化為基本上 6 個上限屬性。

And so as we look at sort of -- it's hard to forecast, we definitely feel good about our initial guide of what we said we would do both from a buy and a sell. And look, we're probably a little bit on the high side of our acquisition guide because we're seeing really good opportunities. But they'll be measured in terms of what we sell and when we sell it. And it's a great way to continue to recycle and to also offset risk in the portfolio. So if Scott sells a 45-year-old home in Southern California and reinvest in a brand-new home in Atlanta, we definitely like that as part of our capital recycling strategy.

因此，當我們看某種東西時——這很難預測，我們對於我們最初的指導，即從買入和賣出兩個方面所做的一切感到非常滿意。而且，我們可能處於收購指南的偏高水平，因為我們看到了非常好的機會。但我們會根據我們銷售的產品和銷售時間來衡量。這是一種繼續回收並抵消投資組合風險的好方法。因此，如果斯科特賣掉位於南​​加州的一套有 45 年歷史的房子，並在亞特蘭大重新投資一套全新的房子，我們肯定會樂見其成，這是我們資本循環戰略的一部分。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Hi, thanks for the follow up. I was wondering kind of a bigger picture, if we do see a rate cut and then we do see an increase in home sales, how is that -- how would you expect that to impact your ability to continue to achieve strong market rent growth. So was that more liquid home buying market be any sort of a headwind for rents or perhaps a tailwind?

你好，謝謝你的跟進。我想知道從更大的角度來看，如果我們確實看到降息，然後我們確實看到房屋銷售量增加，那會怎樣——您認為這會如何影響您繼續實現強勁的市場租金增長的能力。那麼，流動性較強的購屋市場對租屋來說是不利因素還是有利因素呢？

Really interesting question, and I think we're all wondering the same thing. Look, there's clearly -- we have an interesting vantage point as a company because we see transaction volume both in the for-sale market alongside our rental business. And as we look at the for-sale market, there's no doubt that maybe a little cheaper mortgage rate would help create some lubricant in sort of the resale marketplaces. And that we view as generally always a net positive for our business.

這確實是一個有趣的問題，我想我們都在想同一件事。看，顯然——作為一家公司，我們有一個有趣的優勢，因為我們看到銷售市場和租賃業務的交易量。當我們觀察待售市場時，毫無疑問，稍微便宜一點的抵押貸款利率將有助於在轉售市場中創造一些潤滑劑。我們認為這總體上對我們的業務總是有利的。

Transaction volume is a very good thing for a couple of reasons. One, gives us great marks on where our portfolio values are and where they should be trading. And it also creates near-term demand, both for rental space, and it takes existing inventory off the market at times in the for lease space. So if you look at some of our markets where we're currently operating, and we're talking about new lease rate being a little bit softer. There's definitely been homes that have converted from the for-sale side of the house into the four lease side of the business. And so that's additional competition for both us and for our peers.

交易量是一件非常好的事情，原因有二。一是對我們的投資組合價值以及它們應該在何處進行交易給出了很好的評價。而且它還創造了短期需求，包括租賃空間的需求，有時還會使租賃空間的現有庫存退出市場。因此，如果你看看我們目前經營的一些市場，你會發現新的租賃利率會稍微低一些。確實有一些房屋從出售部分轉變為租賃部分。這對我們和我們的同行來說都是額外的競爭。

And so I would say, yes, we would view more home volume and transaction buying and selling as a better tailwind for our business generally. And candidly, it just creates a more healthy environment. People should have choice, flexibility and options across all the different parameters of housing.

所以我想說，是的，我們認為更多的房屋交易量和交易買賣總體上對我們的業務來說是一個更好的順風。坦白說，它只是創造了一個更健康的環境。人們應該對住房的所有不同參數都有選擇、靈活性和選擇權。

John Pawlowski, Green Street.

約翰‧帕洛夫斯基 (John Pawlowski)，綠街。

Thanks for taking the follow up. Jon, I wanted to pick your brain on the swap book and $2 billion in notional amount of swaps is not a small number. So can you just give me a sense of the total upfront cost you paid to execute these swaps? And maybe I'm old fashioned, but kind of prefer you'd simplify things, just term out the debt naturally with fixed rate, longer date bonds and took the medicine took your medicine on higher rates. But I'm not that smart on how cost-effective swaps are. Can you just flesh out the thought process on this kind of unique strategy?

感謝您的跟進。喬恩，我想就掉期帳簿向您請教一下，20 億美元的掉期名義金額並不是一個小數目。那麼，您能否告訴我執行這些掉期交易所支付的總前期成本是多少？也許我有點老派，但我更希望你簡化事情，只需用固定利率、較長期限的債券自然地償還債務，並以更高的利率服用藥物。但我不太清楚交換的成本效益如何。您能否具體闡述這種獨特策略的思考過程？

Sure. Thanks for the question, John. And I'll start off by saying I agree with you. Over time and distance, our expectation is that our balance sheet is going to become more and more fixed rate. Our swap book is sort of a legacy of what our historical capital structure look like. But I think for us, if you think about the cost of a swap, basically, there is a credit charge baked into the spread we pay. So if you look at that strike rate column on Schedule 2D, typically, in addition to a true kind of cost related specifically to the swap, there's a credit charge that the counterparty charges to us. It's fairly de minimis.

當然。謝謝你的提問，約翰。首先我要說的是，我同意你的觀點。隨著時間的推移和距離的推移，我們預計我們的資產負債表將變得越來越固定利率。我們的掉期帳簿是我們歷史資本結構的遺產。但我認為，對我們來說，如果你考慮掉期成本，基本上，我們支付的利差包含了信用費用。因此，如果您查看附表 2D 上的執行率欄，通常除了與掉期特別相關的真實成本外，交易對手還會向我們收取信用費用。這相當微不足道。

And then there is obviously the sort of mark-to-mark effect over time, whereas these swaps can become either an asset or a liability and there have been instances where we've amended swaps to take advantage of the asset position, and there have been times when that's been a more substantial liability. But our overall strategy is to try to make the interest expense related to our capital structure, more knowable, more transparent and more sort of, I would say, less volatile over time.

然後，隨著時間的推移，顯然會出現一種盯住效應，而這些掉期可以成為資產或負債，並且在某些情況下，我們會修改掉期以利用資產頭寸，而有時這會成為一項更大的負債。但我們的整體策略是努力使與資本結構相關的利息支出更加可知、更加透明，並且隨著時間的推移，波動性較小。

But I think your point is well taken, and I would say that as the years continue to pass, we will expect to be less reliant on sort of hedging to manage a fixed rate sort of capital structure.

但我認為你的觀點是正確的，我想說隨著時間的推移，我們將不再依賴對沖來管理固定利率的資本結構。

Nick Yulico, Scotiabank.

加拿大豐業銀行的 Nick Yulico。

Thanks. I just want to go back to the topic of property taxes and you had the guidance this year, 5% to 6%. You did just under 6%. And last year and you were talking about it come down. But -- so I guess what I'm wondering is, at this point, I don't think home values are depreciating as they were or rental, any sort of rental product. So at what point do you start seeing some tax relief? Is that a possibility in 2026? Just trying to think about like a longer-term property tax rate of growth.

謝謝。我只想回到房產稅的話題，今年你的指導稅率是 5% 到 6%。您的成績略低於 6%。去年您就談論過這個問題。但是——所以我想我現在想知道的是，我認為房屋價值或租金，任何類型的租賃產品的價值都沒有貶值。那麼從什麼時候開始您會開始看到一些稅收減免呢？2026 年有可能實現嗎？只是想思考長期的房產稅成長率。

Yes. Thanks for the question, and it's obviously the right one. I would say that over the long term, our expectation is that our property tax expense growth starts to look more like what it did historically. We've talked on and off over the last couple of years about the degree to which assessed values sort of lag market values and there's a bit of a catch-up. And I think your point is well taken, and we are certainly cognizant of the fact that home price appreciation has slowed pretty significantly particularly in some of the Florida markets.

是的。感謝您提出這個問題，這顯然是正確的問題。我想說，從長遠來看，我們預計我們的房產稅支出成長將開始更接近歷史水平。過去幾年裡，我們斷斷續續談論評估價值在多大程度上落後於市場價值，以及存在著某種追趕現象。我認為你的觀點很正確，我們也確實意識到房價上漲速度已經明顯放緩，特別是在佛羅裡達州的一些市場。

I think what's important to remember is taxing authorities have sort of revenue obligations that they need to fulfill. And at least in the last several years, property tax has, I think, been a little bit of a plug in terms of getting those budgets where they need them to be. And so given the magnitude of property tax as an expense item, I think it's always going to have the potential to be both a risk and an opportunity area for us. We are certainly hopeful that the property tax relief you referenced comes to pass. And my expectation is that over the longer-term period, we should be back in that sort of 4% to 5% annual property tax expense growth ZIP Code. It's just a question of when we get back to that more historical run rate.

我認為需要記住的重要一點是稅務機關有需要履行的收入義務。我認為，至少在過去幾年裡，房產稅對於實現預算目標起到了一定的阻礙作用。因此，考慮到財產稅作為一項支出項目的規模，我認為它對我們來說始終有可能既是一個風險領域，也是一個機會領域。我們當然希望您提到的房產稅減免能夠實現。我的預期是，從長期來看，我們應該回到 4% 到 5% 的年度房產稅支出成長率郵遞區號。問題只是我們何時才能恢復到歷史最高水準的運行率。

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) 並請他致閉幕詞。

We want to thank everyone for joining us again. I also want to thank Charles for his leadership, his partnership and extend all our gratitude to our entire leadership teams and the associates in our business. They're working really hard every day and doing a great job. We appreciate everyone's continued support. We look forward to talking to everyone soon.

我們要感謝大家再次加入我們。我還要感謝查爾斯的領導和合作，並向我們整個領導團隊和業務同事表達我們的感謝。他們每天都非常努力地工作並且做得很好。我們感謝大家的持續支持。我們期待很快與大家交談。

The conference has now concluded. You may now disconnect.

會議現已結束。您現在可以斷開連線。