Independence Realty Trust Inc (IRT) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the Independence Realty Trust Q3 2025 earnings call. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。在此，我謹代表 Independence Realty Trust 2025 年第三季財報電話會議，歡迎各位參加。（操作說明）

I would now like to turn the conference over to Stephanie Krewson. You may begin.

現在我將把會議交給史蒂芬妮·克魯森主持。你可以開始了。

Good morning and thank you for joining us to review Independence Realty Trust's third-quarter 2025 financial results.

早安，感謝各位參加本次會議，共同回顧 Independence Realty Trust 2025 年第三季的財務表現。

On the call with me today are Scott Schaeffer, Chief Executive Officer; Jim Sebra, President and CFO; and Janice Richards, Executive Vice President of Operations. Today's call is being recorded and webcast through the Investors section of our website at irtliving.com, and a replay will be available shortly after this call ends.

今天與我一起通話的有：執行長 Scott Schaeffer；總裁兼財務長 Jim Sebra；以及營運執行副總裁 Janice Richards。今天的電話會議將進行錄音，並透過我們網站 irtliving.com 的投資者關係版塊進行網路直播，會議結束後不久即可收聽回放。

Before we begin our prepared remarks, I'll remind everyone, we may make forward-looking statements based on our current expectations and beliefs as to future events and financial performance. These statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially.

在我們開始發言之前，我想提醒大家，我們可能會根據我們目前對未來事件和財務表現的預期和信念做出前瞻性陳述。這些聲明並非對未來績效的保證，並且涉及風險和不確定性，可能導致實際結果與預期有重大差異。

Such statements are made in good faith pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, and IRT does not undertake to update them, except as may be required by law. Please refer to IRT's press release, supplemental information, and filings with the SEC for further information about these risks.

此類聲明均係依據 1995 年《私人證券訴訟改革法案》的安全港條款本著誠信原則作出，除法律另有規定外，IRT 不承擔更新此類聲明的責任。有關這些風險的更多信息，請參閱 IRT 的新聞稿、補充信息以及向美國證券交易委員會提交的文件。

A copy of IRT's earnings press release and supplemental information is attached to IRT's current report on the Form 8-K that is available in the Investors section of our website. They contain reconciliations of non-GAAP financial measures referenced on this call to the most direct comparable GAAP financial measure.

IRT 的收益新聞稿和補充資訊副本已附在 IRT 目前的 8-K 表格報告中，該報告可在我們網站的投資者關係部分查閱。其中包含本次電話會議中提及的非GAAP財務指標與最直接可比較的GAAP財務指標的調節表。

With that, it's my pleasure to turn the call over to Scott Schaeffer.

接下來，我很高興將電話交給史考特·謝弗。

Thanks, Stephanie, and thank you all for joining us this morning. Third-quarter results were in line with expectations due to our continued focus on managing revenues and expenses. During the third quarter, our average occupancy remained stable as we continue to prioritize occupancy over rental rate in this competitive leasing environment. We finished the quarter at 95.6% occupancy, a 20-basis-point improvement from the end of the second quarter. Our resident retention of 60.4% helped support this stable occupancy.

謝謝史蒂芬妮，也感謝各位今天早上收看我們的節目。由於我們持續專注於控制收入和支出，第三季業績符合預期。第三季度，我們的平均入住率保持穩定，因為我們在競爭激烈的租賃環境中繼續優先考慮入住率而不是租金。本季末入住率為 95.6%，比第二季末提高了 20 個基點。我們60.4%的住戶續約率幫助維持了穩定的入住率。

Same-store revenue also increased in the quarter, driven by higher average rents per unit and improved bad debt versus a year ago. We outperformed expectations on bad debt in the quarter, which now represents less than 1% of same-store revenues and demonstrates the effectiveness of the improved processes and technology we have implemented since early 2024.

本季同店營收也有所成長，主要得益於每單位平均租金上漲和壞帳較去年同期有所改善。本季我們的壞帳控制超出預期，目前壞帳佔同店營收的比例不到 1%，這顯示自 2024 年初以來我們實施的改善流程和技術的有效性。

Our value-add renovations contributed to revenue growth as well. We completed 788 units during the quarter, achieving an average monthly rent increase of approximately $250 over unrenovated market comps, which equates to a weighted average return on investment of 15%. During the quarter, same-store operating expenses decreased over the prior year, driven primarily by lower property insurance and turnover costs.

我們的增值改造也促進了營收成長。本季我們完成了 788 個單元的翻新，平均每月租金比未翻新的市場同類單元高出約 250 美元，加權平均投資回報率為 15%。本季同店營運費用較上年同期下降，主要原因是財產保險和人員流動成本降低。

In terms of transactions, during the quarter, we acquired two communities in Orlando for an aggregate purchase price of $155 million. These acquisitions more than double our number of apartment units in Orlando, improving our market presence and our ability to realize meaningful operating synergies. We currently have three communities held for sale, one of which is expected to close later this year, the other two early next year.

在交易方面，本季我們以 1.55 億美元的總購買價收購了奧蘭多的兩個社區。這些收購使我們在奧蘭多的公寓單元數量增加了一倍以上，提高了我們的市場地位，並增強了我們實現有意義的營運協同效應的能力。我們目前有三個社區待售，其中一個預計將於今年稍後完成交易，另外兩個預計將於明年初完成交易。

While we maintain an active pipeline of acquisition opportunities, we recognize the current disconnect between our implied cap rate and market cap rates. We will continue to evaluate all investment opportunities, including value-add renovations, acquisitions, deleveraging, and share buybacks as we allocate capital to drive long-term shareholder value.

雖然我們保持著積極的收購機會儲備，但我們也意​​識到目前我們的隱含資本化率與市場資本化率之間存在脫節。我們將持續評估所有投資機會，包括加值改造、收購、去槓桿化和股票回購，以便合理分配資本，進而提升股東的長期價值。

Market dynamics remain competitive, but green shoots are emerging in several of our markets as supply pressures ease. Signs of market recovery are most evident in Atlanta, where occupancy has increased 60 basis points since January 1, all while our asking rents have increased 5%. Jim will provide more detail on other markets, but the point here is that we are seeing early and encouraging signs of recovery.

市場競爭仍然激烈，但隨著供應壓力的緩解，我們的部分市場已經出現了復甦的跡象。市場復甦的跡像在亞特蘭大最為明顯，自 1 月 1 日以來，入住率提高了 60 個基點，而我們的租金要價也上漲了 5%。吉姆將提供其他市場的更多細節，但重點是，我們看到了早期且令人鼓舞的復甦跡象。

New deliveries in IRT submarkets have declined 56% from the 2023, 2024 quarterly averages and supply is forecasted to grow by less than 2% per year for the next several years, which would be meaningfully below the trailing 10-year average of 3.5% per year. Against these improving supply fundamentals, we expect apartment demand to remain steady in our markets, driven by employment opportunities, quality of life dynamics, and a rent versus buy economics that will continue to favor renting.

IRT 子市場的新交付量比 2023 年、2024 年的季度平均值下降了 56%，預計未來幾年供應量每年增長不到 2%，這將顯著低於過去 10 年 3.5% 的年均增長率。鑑於供應基本面的改善，我們預計在我們的市場中，公寓需求將保持穩定，這主要受就業機會、生活品質變化以及租房與買房的經濟狀況（租房仍將更有利）的推動。

We have seen positive net absorption in our markets for two consecutive quarters. During the third quarter, over half of our markets, encompassing 60% of our NOI exposure, registered positive net absorption. Atlanta, which is our largest market, moved into positive net absorption for the nine months ended September 30, with occupancy increasing 50 basis points. Other markets like Coastal Carolina and Charleston are also seeing positive net absorption, while markets like Tampa, Denver, and Dallas are still working through their supply challenges.

我們的市場已連續兩季實現正淨吸收量。第三季度，我們超過一半的市場（占我們 NOI 曝險的 60%）實現了正淨吸收。亞特蘭大是我們最大的市場，截至 9 月 30 日的九個月內，該市場實現了正淨吸收量，入住率提高了 50 個基點。像卡羅萊納海岸和查爾斯頓這樣的其他市場也出現了正的淨吸收量，而像坦帕、丹佛和達拉斯這樣的市場仍在努力克服供應方面的挑戰。

Before I turn the call over to Jim, I just wanted to reiterate a few things. Market fundamentals are improving. And while it's taking longer than we all expected, there is light at the end of the tunnel, and we see pricing power increasing. We will remain focused on optimizing near-term performance through stable occupancy, managing expenses, and investing in our value-add program with its consistent outsized returns.

在把電話交給吉姆之前，我只想重申幾件事。市場基本面正在改善。雖然這比我們所有人預期的要花費更長的時間，但隧道盡頭已經出現曙光，我們看到定價權正在增強。我們將繼續專注於透過穩定的入住率、控制支出以及投資於我們具有持續超額回報的增值計劃來優化近期業績。

Over the long term, the three factors that underpin our cash performance will drive our future outperformance. First is our differentiated portfolio of Class B apartment communities in markets that will continue to outperform the national average for employment and population growth.

從長遠來看，支撐我們現金流表現的三大因素將推動我們未來的優異表現。首先，我們擁有差異化的 B 級公寓社區組合，這些社區位於就業和人口成長將繼續優於全國平均水平的市場中。

Second is the efficiency of our management platform, which has a proven track record of optimizing revenues while also diligently managing expenses.

其次是我們管理平台的效率，該平台在優化收入和認真管理支出方面有著良好的業績記錄。

And third is our disciplined approach to allocating capital. We will continue to be deliberate, patient, and nimble in deploying capital to the highest best uses, including our value-add program, capital recycling, deleveraging, and share buybacks.

第三點是我們嚴謹的資本配置方法。我們將繼續採取審慎、耐心和靈活的方式，將資本部署到最佳用途，包括我們的增值計劃、資本循環利用、去槓桿化和股票回購。

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

那麼，我就把電話交給吉姆了。

Thanks, Scott. And good morning, everyone. Third-quarter 2025 core FFO per share of $0.29 was in line with our expectation. Same-store NOI grew 2.7% in the quarter, driven by a 1.4% increase in same-store revenue and a 70-basis-point decrease in operating expenses over the prior year.

謝謝你，斯科特。大家早安。2025 年第三季核心 FFO 每股為 0.29 美元，符合我們的預期。本季同店淨營業收入成長 2.7%，主要得益於同店營收成長 1.4% 以及營運費用較上年同期下降 70 個基點。

During the third quarter, our point-to-point occupancy increased 20 basis points against the slower-than-normal leasing season, while our new lease trade-outs were lower than we anticipated at negative 3.5%. We've been clear about our desire to maintain stable high occupancy to position us well as we head into 2026.

第三季度，儘管租賃旺季比平常慢，但我們的點對點入住率仍增加了 20 個基點，而新租賃的置換率低於預期，為 -3.5%。我們一直明確表示，我們希望保持穩定的高入住率，以便在邁向 2026 年之際佔據有利地位。

Our renewal rate increases of 2.6% came in line with our general expectations as we expected lower renewal increases to support retention and help maintain and grow occupancy during the third and fourth quarter. That strategy is working as expected with retention at 60.4% in the third quarter.

我們的續租率成長了 2.6%，這與我們的整體預期相符，因為我們預計較低的續租成長將有助於留住客戶，並幫助在第三季和第四季維持和提高入住率。此策略按預期發揮作用，第三季客戶留存率達到 60.4%。

We're beginning to see signs of stabilization across several of our markets through improvement in asking rents, along with the ability to maintain occupancy. Let's look at a few of our markets that are experiencing these green shoots since the beginning of this year through the end of September.

我們已經開始看到幾個市場出現穩定跡象，租金要價提高，入住率也有所維持。讓我們來看看今年年初到九月底期間，一些市場出現了復甦跡象。

As Scott mentioned, Atlanta's occupancy has increased 60 basis points since January, new lease trade-outs were 410 basis points better, and asking rents are up 5% this year. Indianapolis asking rents are up 3.5%, while maintaining stable occupancy at 95.3%. Oklahoma City's asking rents are up 80 basis points and new lease trade-outs have improved 260 basis points, all while maintaining stable occupancy of 95.5%. Nashville asking rents have improved 240 basis points this year with stable occupancy of 96%.

正如 Scott 所提到的，自 1 月以來，亞特蘭大的入住率提高了 60 個基點，新租約的轉換率提高了 410 個基點，而今年的租金要價上漲了 5%。印第安納波利斯的租金要價上漲了 3.5%，同時維持了 95.3% 的穩定入住率。俄克拉荷馬城的要價租金上漲了 80 個基點，新租約的轉換率提高了 260 個基點，同時維持了 95.5% 的穩定入住率。今年納許維爾的租金要價上漲了 240 個基點，入住率穩定在 96%。

Cincinnati's asking rents have increased 11 percentage points with occupancy increasing 100 basis points to 97.5%. The Coastal Carolina market has seen asking rents improving 5.7% and occupancy has grown 2.1% to 95.9%. And lastly, Lexington, Kentucky asking rents are up 22% this year with occupancy growing 70 basis points to 97%. These markets highlight that fundamentals are firming and pricing power is beginning to return in key regions of our portfolio.

辛辛那提的要價租金上漲了 11 個百分點，入住率上漲了 100 個基點，達到 97.5%。卡羅萊納海岸地區的市場租金要價上漲了 5.7%，入住率增加了 2.1%，達到 95.9%。最後，肯塔基州列剋星頓的租金要價今年上漲了 22%，入住率增加了 70 個基點，達到 97%。這些市場表明，基本面正在走強，我們投資組合中的關鍵區域的定價能力開始恢復。

For the third quarter, bad debt was 93 basis points of same-store revenue, which represents a 76-basis-point improvement over Q3 of last year, as well as a 46-basis-point improvement sequentially from second quarter. Our team's efforts and the technology enhancements we implemented since early 2024 are the drivers behind this improvement as underlying collection fundamentals have improved such that overall charge-offs as a percentage of revenue were down 40 basis points compared to third quarter 2024.

第三季度，壞帳佔同店營收的 93 個基點，比去年第三季改善了 76 個基點，比第二季較上季改善了 46 個基點。自 2024 年初以來，我們團隊的努力和我們實施的技術改進是這項改善背後的驅動力，因為基本的收款情況有所改善，與 2024 年第三季相比，整體核銷佔收入的百分比下降了 40 個基點。

In addition, accounts receivable balances were 40% lower at September 30 as compared to Q3 of last year and recoveries from our third-party collection firm were also higher. All in all, the improved performance on our bad debt is exciting to see, and we expect to see continued progress in the coming quarters as we focus on stabilizing our bad debt sustainably below 1% of revenues.

此外，截至 9 月 30 日，應收帳款餘額比去年第三季下降了 40%，從第三方催收公司收回的款項也有所增加。總而言之，我們壞帳表現的改善令人振奮，我們預計在接下來的幾個季度裡，隨著我們專注於將壞帳穩定在收入的 1% 以下，我們將繼續取得進展。

Same-store operating expenses decreased 70 basis points over the prior year quarter, reflecting our continued focus on managing expenses. Within controllable expenses, which were flat year-over-year, higher advertising spend was offset by lower repairs and maintenance expenses. Our strong resident retention contributed to lower repairs and maintenance expenses in the quarter. Within noncontrollable expenses, the 2.3% decrease over the prior year quarter reflected our favorable renewals on our insurance premiums from earlier this year.

同店營運費用較上年同期下降 70 個基點，反映出我們對費用控制的持續關注。在與上年持平的可控支出範圍內，更高的廣告支出被更低的維修和維護費用所抵消。由於住戶續租率高，本季維修和維護費用降低。在不可控支出方面，與上一季相比下降了 2.3%，這反映了我們今年稍早在保費續保方面獲得了有利條件。

During the quarter, we further enhanced the long-term growth prospects of our portfolio by acquiring two communities in Orlando for an aggregate purchase price of $155 million at an average economic cap rate of 5.8%. One of these properties is Phase 2 of an existing IRT community and the other is in close proximity to another IRT community, such that we expect to realize meaningful operating synergies. We used $101 million of our forward equity proceeds to fund these acquisitions and now have $61 million of forward equity remaining.

本季度，我們透過收購奧蘭多的兩個社區，進一步增強了我們投資組合的長期成長前景。收購總價為 1.55 億美元，平均經濟資本化率為 5.8%。其中一處房產是現有 IRT 社區的第二期工程，另一處房產則緊鄰另一個 IRT 社區，因此我們預計能夠實現有意義的營運綜效。我們動用了 1.01 億美元的預期股權收益來資助這些收購，目前還剩下 6,100 萬美元的預期股權。

On our assets held for sale, we now expect one asset to transact in 2025, and the two remaining assets will be sold in 2026. On our asset held for sale in Denver, we recorded a $12.8 million impairment in the third quarter due to the recent pressures observed in the Aurora submarket and its impact on the performance of this community.

在我們持有待售的資產中，我們現在預計一項資產將於 2025 年完成交易，其餘兩項資產將於 2026 年出售。由於最近奧羅拉子市場面臨的壓力及其對該社區業績的影響，我們在第三季度對我們在丹佛持有的待售資產提列了 1280 萬美元的減值準備。

The third quarter was also busier than normal with respect to our joint venture investments. In July, our JV partner enrichment completed the sale of Metropolis at Innsbrook. We received $31 million in cash, which included a $10.4 million gain in our income from unconsolidated real estate investments line item. This gain was excluded from core FFO since it is associated with a property sale.

第三季度，我們在合資投資方面也比平常更忙碌。7 月，我們的合資夥伴 Enrichment 完成了對 Innsbrook 大都會的出售。我們收到了 3,100 萬美元現金，其中包括來自未並表房地產投資收入項目的 1,040 萬美元收益。由於該收益與房產出售有關，因此未計入核心FFO。

In October, our partner in Nashville redeemed our preferred investment, which resulted in the return of our initial investment and the receipt of $3.3 million in preferred return, which we will recognize in the fourth quarter. This preferred return will be included in core FFO consistent with historical treatment as it is not associated with an asset sale.

10 月份，我們在納許維爾的合作夥伴贖回了我們的優先投資，我們收回了初始投資，並獲得了 330 萬美元的優先回報，我們將在第四季度確認這筆回報。由於此優先回報與資產出售無關，因此將按照歷史處理方式計入核心FFO。

From a capital allocation perspective, we will continue to prioritize our value-add program as it represents the best use of capital given the steady mid-teen returns and the margin expansion renovated units created from increased rents and reduced turn costs. We will continue to evaluate other capital allocation decisions between buying back shares, pursuing acquisitions, and/or deleveraging.

從資本配置的角度來看，我們將繼續優先考慮增值計劃，因為鑑於穩定的十幾個百分點的回報以及翻新單元因租金上漲和周轉成本降低而帶來的利潤擴張，該計劃代表了資本的最佳利用。我們將繼續評估其他資本配置決策，包括回購股票、進行收購和/或降低槓桿率。

Our balance sheet remains flexible with strong liquidity. As of September 30, our net debt to adjusted EBITDA ratio was 6 times, and we are on track to further improve this ratio in the fourth quarter to the mid-5s as expenses decline seasonally. We continue to have very manageable debt maturities with only $335 million or 15% of our total debt maturing between now and year-end 2027. And nearly all of our debt is either fixed rate or hedged.

我們的資產負債表保持靈活，流動性強勁。截至 9 月 30 日，我們的淨債務與調整後 EBITDA 比率為 6 倍，隨著季節性支出下降，我們預計在第四季度進一步改善這一比率，使其達到 5 倍左右。我們的債務到期情況仍然非常可控，從現在到 2027 年底，只有 3.35 億美元（占我們總債務的 15%）到期。我們幾乎所有的債務要不是固定利率的，就是已經進行了對沖。

With respect to our full-year 2025 guidance, we are narrowing our ranges on same-store revenue and expense growth while keeping the midpoint unchanged.

關於我們 2025 年全年業績指引，我們將縮小同店營收和支出成長的預期範圍，同時保持中點不變。

With respect to transactions, we are reducing our acquisition and disposition guidance ranges due to timing. Our updated acquisition guidance of $215 million reflects only the acquisitions that have closed to date. Our updated disposition guidance of $161 million reflects the disposition that closed earlier this year, and the sale of one asset expected to close in November.

關於交易方面，由於時間安排的原因，我們正在下調收購和處置的預期範圍。我們更新後的收購預期為 2.15 億美元，僅反映了迄今為止已完成的收購。我們更新後的資產處置指引為 1.61 億美元，這反映了今年稍早完成的資產處置，以及預計將於 11 月完成的一項資產出售。

These reduced volumes are the primary driver behind our lower expected interest expense and the lower weighted average shares for 2025. And lastly, from a core FFO per share perspective, we have narrowed our guidance range and our midpoint of $1.175 is unchanged.

銷售量下降是導致我們預期利息支出降低和2025年加權平均股數減少的主要原因。最後，從核心每股FFO（營運資金）的角度來看，我們縮小了預期範圍，其中價值1.175美元保持不變。

Scott, back to you.

史考特，把鏡頭交還給你。

Thanks, Jim. For the past few years, the residential sector has navigated historic levels of apartment deliveries. While supply pressures are receding, it's too early to call a broad market recovery, but we are cautiously optimistic that 2026 will be a better operating environment than 2025.

謝謝你，吉姆。過去幾年，住宅市場經歷了公寓交付量的歷史性成長。雖然供應壓力正在緩解，但現在斷言市場全面復甦還為時過早，但我們謹慎樂觀地認為，2026 年的經營環境將比 2025 年更好。

With our differentiated portfolio of Class B assets in highly desirable markets, our efficient management platform, proven value-add program, and strong balance sheet, we are well positioned to generate attractive core FFO per share growth. We thank you for joining us today.

憑藉我們在備受追捧的市場中差異化的B級資產組合、高效的管理平台、成熟的增值計劃和強勁的資產負債表，我們完全有能力實現每股核心FFO成長。感謝您今天蒞臨。

And operator, you can now open the call for questions.

操作員，現在可以開始接受提問了。

(Operator Instructions) Brad Heffern, RBC Capital Markets.

（操作員說明）布拉德‧赫弗恩，加拿大皇家銀行資本市場。

You talked about the green shoots in the prepared remarks. Can you just talk through how the pressure of supply today feels different than it did last quarter or earlier in the year? And when do you expect things to get back to something resembling normal?

你在事先準備好的演講稿中談到了復甦的跡象。您能否具體談談目前供應壓力與上個季度或今年稍早相比有何不同？你預計什麼時候情況才能恢復正常？

Well, we have some markets that were a little softer than anticipated, such as Raleigh, Dallas, Denver, and Huntsville. Raleigh was more of a lingering effect of the supply that was produced. And so we're seeing stable occupancy. Asking rents are a little bit lower than anticipated, feeling the pressure of supply and concessions. We feel that this one is rather short-lived, and we'll start to see some movement early next year.

嗯，有些市場表現比預期疲軟一些，例如羅利、達拉斯、丹佛和亨茨維爾。羅利的出現更多的是當時供應量持續產生的影響。因此，我們看到入住率保持穩定。租金要價略低於預期，感受到了供應壓力和優惠政策的影響。我們認為這種情況持續時間較短，明年年初就會出現一些變化。

Dallas, obviously has had some pretty heavy supply entering in the market. Occupancy has been stable above that 95.5% that we're looking for but still feeling pressure from supply and competitive market with concessions entering in and making a major play.

顯然，達拉斯市場有大量的供應湧入。入住率一直穩定在我們所期望的 95.5% 以上，但仍然感受到來自供應和競爭市場的壓力，特許經營商也進入市場並大舉進軍。

Denver, Denver is challenging. Occupancy decline of about 200 basis points as well as asking rents feeling the pressure from supply. There's 7.5% delivered in '25. So we'll work through that and make sure that we are definitely being patient as well as disciplined within all of our strategies in Denver to maximize.

丹佛的房市形勢嚴峻。入住率下降了約200個基點，租金也因供應壓力而承壓。2025 年交付量為 7.5%。所以我們會努力解決這個問題，確保我們在丹佛的所有策略中都保持耐心和自律，以實現最大效益。

And then Huntsville, one of our smaller markets, has seen an occupancy decline year over year, but holding stable above that 95%. Asking rents are feeling pressure from the supply, and we're working through that 5.7% that was released.

而亨茨維爾是我們較小的市場之一，入住率逐年下降，但仍穩定在 95% 以上。租金要價受到供應量的壓力，我們正在努力消化釋放出來的 5.7% 的租金缺口。

We feel that each one of these markets has potential to start movement on the asking rents and work through the supply. We do see 2026 supply decreasing in all of these markets, which is the light at the end of the tunnel that we're going to be working through. And I think we'll start to see some benefit in the second half of 2026.

我們認為，這些市場中的每一個都有潛力推動租金上漲，並逐步減少供應。我們確實看到 2026 年所有這些市場的供應量都會減少，這是我們即將克服的難關的曙光。我認為我們將在 2026 年下半年開始看到一些好處。

Yeah. And Brad, just to kind of bring it all full circle, I think the supply pressures we definitely feel are waning. We definitely see a light at the end of the tunnel coming.

是的。布拉德，最後我想總結一下，我認為我們感受到的供應壓力正在減弱。我們確實看到了隧道盡頭的曙光。

If you look at some of the most recent CoStar forecast for fourth quarter now of 2026, the forecast now in 2026 are much lower than what they were earlier this year because, as we've been all highlighting, it does seem like supply was delivered earlier this year than what was supposed to be delivered next year. So again, really great positive opportunity here in 2026.

如果你看一下 CoStar 對 2026 年第四季的最新預測，你會發現 2026 年的預測比今年早些時候的預測要低得多，因為正如我們一直強調的那樣，今年的供應似乎比原計劃明年要提前交付的供應要多。所以，2026年又是一個非常好的正面機會。

The one thing we do watch in terms of, obviously, each day and each quarter and each month is just this kind of the conversion, right, from leads to leases, and that has been improving for us, right, from month to month to month throughout the third quarter. So that tells us that the pressure of new supply is certainly waning and we're being able to see more throughput into the leasing.

顯然，我們每天、每季、每個月都會關注的一件事就是這種轉換率，也就是從銷售線索到租賃的轉換率，而我們的轉換率在整個第三季一直在逐月提高。這說明新增供應的壓力正在減弱，租賃業務的吞吐量也在增加。

Got it. And then, Jim, on the forward equity, you obviously need to settle that by the end of the year, but there's no additional acquisitions contemplated in the guide. Are you planning to extend that? Or is there a chance that you'll let that expire?

知道了。吉姆，關於遠端權益，你顯然需要在年底前結算，但指南中沒有考慮其他收購。你打算延長這段時間嗎？或者你有沒有可能讓它過期？

So we can obviously always extend it. We do have two forward equities, one from September that got closed out, and that will be kind of closed out this quarter. And then the one that we did in the first quarter of 2025, we actually have until the end of the first quarter of 2026. So the $61 million that's left remaining is primarily that, and that we have until March 31 to close that one out.

所以，我們顯然總是可以擴展它。我們確實有兩份遠期股票合約，一份是九月到期的，已經平倉，另一份將在本季平倉。還有我們在 2025 年第一季完成的那項工作，實際上我們有時間到 2026 年第一季末。所以剩下的 6,100 萬美元主要就是這筆款項，我們需要在 3 月 31 日之前完成交易。

James Feldman, Wells Fargo.

詹姆斯‧費爾德曼，富國銀行。

Given the sequential moderation in blends, especially on the renewal side, can you talk about what your latest thoughts are on earn-in for '26 and your current loss to lease?

鑑於混合比例的逐步調整，尤其是在續約方面，您能否談談您對 2026 年收益和當前租賃損失的最新看法？

Jamie, that was a good one. Great to see you. Loss to lease today is actually a gain to lease of about 1.5% and that our earn-in right now for 2026 looks to be about 20 basis points. Obviously, we have to finish the year before the earn-in is actually locked in, but it's about 20 basis points.

傑米，這真是個好主意。很高興見到你。目前的租賃虧損實際上相當於租賃收益約 1.5%，我們目前預計 2026 年的收益約為 20 個基點。顯然，我們必須等到年底才能真正鎖定收益，但大概是 20 個基點。

And then I guess just thinking about renewals down so much sequentially. I think if you look across the peer group, it's at the lower end. I know you said you wanted to keep occupancy at the expense of rate. Are there certain markets where you're really kind of surprised at how hard you have to fight to keep people? Just maybe talk us through the different regions, if it's any -- or different markets? Or is it pretty similar to what you said before on the renewals?

然後我想，只是考慮到續約數量逐年下降的問題。我認為，如果放眼同齡群體，他的水平算是比較低的。我知道你說過你想以犧牲房價為代價來維持入住率。在某些市場中，你是否真的會驚訝於留住客戶需要付出多大的努力？能否為我們介紹不同的地區（如果有的話）或不同的市場？或者，這跟你之前說的續約情況差不多？

Yes. I would say similar to the markets that Janice went through before in terms of the more supply-heavy markets certainly have a little more competition that we have to work harder to keep people at.

是的。我認為，就供應量較大的市場而言，與 Janice 之前經歷的市場類似，競爭肯定會更加激烈，我們需要更加努力才能留住人才。

I would say, generally, the retention rate that 60% has been a focus of ours. And we baked into our original guidance early this year, a steady decline in that renewal rate because we knew that we wanted to keep occupancy high heading into the slower seasonal periods of the fourth quarter. So I would say, even though it's sequentially lower, we've been pretty clear about we've expected this all throughout the year.

總的來說，60% 的用戶留存率一直是我們的重點。今年年初，我們在最初的指導意見中就考慮到了續租率的穩定下降，因為我們知道，我們希望在第四季度淡季到來之前保持較高的入住率。所以我想說，儘管環比有所下降，但我們全年都明確表示，我們預料到了這種情況。

What we see right now so far for fourth quarter, that renewal rate is actually about 40 basis points higher. So we see a little bit of strength redeveloping. But the difficulties in terms of really we're having to work hard, we're working hard every day, right? But no, it's definitely in those markets that Janice mentioned.

從目前第四季的情況來看，續約率實際上比上一季高出約 40 個基點。所以我們看到力量正在逐漸恢復。但困難之處在於，我們真的需要努力工作，我們每天都在努力工作，對吧？但沒錯，它肯定就在 Janice 提到的那些市場裡。

You're saying renewals are up 40 basis points already in the fourth quarter off of the '26?

你是說第四季續約率已經比2026年同期成長了40個基點？

The spread, yes.

是的，傳播範圍擴大了。

Okay. And what about new leases and blends?

好的。那麼新的租賃和混合租賃呢？

New leases are pretty much in line with what you saw in the third quarter and blends are about, call it, 50 to 60 basis points. And about 90% of our expectations for renewals for the fourth quarter have already been signed.

新租賃情況與第三季基本一致，混合利率大約在 50 到 60 個基點之間。第四季續約合約的預期完成率約為 90%，目前已基本完成。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

So going back to some of the green shoots that you referenced in your prepared remarks, coupled with, I guess, the softness in the back half of this year and just broader uncertainty, I mean, how do you approach the 2025 outlook and kind of the sequential improvement in fundamentals and think about sort of that ramp in the first part of next year?

回到您在準備好的發言稿中提到的一些復甦跡象，再加上今年下半年的疲軟以及更廣泛的不確定性，我的意思是，您如何看待 2025 年的前景以及基本面的逐步改善，並思考明年上半年的增長勢頭？

Be a little more specific in terms of ramping because, obviously, we're staying away from really talking about any kind of 2026 guidance. I would say that our expectation is to continue to drive occupancy here in the fourth quarter. As I just mentioned, we're definitely seeing some improvements on the renewal spreads and just continue to manage the business for the long-term value creation of our shareholders.

在產能提升方面要更具體一些，因為很顯然，我們不會真正談論任何關於 2026 年的指導意見。我認為我們預計第四季度入住率將繼續提升。正如我剛才提到的，我們確實看到續約利差有所改善，我們將繼續管理業務，為股東創造長期價值。

I guess there was this expectation for lease rate growth to inflect in many of the Sunbelt markets late this year. So is that more likely a first half of '26? Do you see new lease rate growth, which I think you referenced are kind of in line with where they've been trending. Does that begin to improve over the several months ahead? What's sort of the thought on how that trajectory looks from here?

我猜想，今年晚些時候，陽光地帶許多市場的租賃價格成長將會出現轉折點。所以更有可能是 2026 年上半年嗎？你認為新的租賃價格成長了嗎？我想你提到的成長趨勢與目前的趨勢基本上一致。接下來的幾個月情況會開始好轉嗎？您認為從目前的情況來看，未來的發展軌跡會是如何？

Yes. So as we've mentioned, the desire that we have is to continue to keep occupancy at a nice stable high level for us as we end the year and get ready for 2026. That's always been our goal, and we've been talking and been pretty vocal about trading rate, especially on new leases to accomplish that goal.

是的。正如我們之前提到的，我們希望在年底前保持較高的入住率，為 2026 年做好準備。這始終是我們的目標，我們一直在討論並積極公開談論交易利率，尤其是在新租賃方面，以實現這一目標。

So as a result, right, new leases have kind of flattened out, right, where they are today in the third quarter when we were expecting them to continue to get better. We do see some progress in future months. They are getting better, but we're obviously being cautious because, again, we want to continue to maintain this high stable occupancy.

因此，新租約的數量已經趨於平穩，目前第三季的情況與我們預期的持續改善有所不同。我們預計未來幾個月會取得一些進展。情況正在好轉，但我們顯然仍保持謹慎，因為我們希望繼續保持如此高的穩定入住率。

If you look at our expiration schedule, you look at what leases are expiring month by month for next year, and again, without kind of prognosticating on market rent growth and so on and so forth, yes, we do expect that new leases should begin to kind of hit that breakeven point in the first half of next year.

如果你看一下我們的到期時間表，看看明年每個月有哪些租約到期，然後，在不預測市場租金增長等等的情況下，是的，我們確實預計新租約應該會在明年上半年開始達到盈虧平衡點。

And then can you just talk about how concessions have trended in some of the markets where you're seeing sort of some of that competition? Janice, you highlighted some details in the market. But I mean, are concessions getting worse? Are they stable, getting better? Just trying to get a sense high level of that competition that you're facing from the new lease-ups.

那麼，您能否談談在一些競爭較激烈的市場中，讓步政策的趨勢如何？珍妮絲，您剛才重點介紹了一些市場細節。但我的意思是，讓步的幅度是不是越來越大了？它們的情況穩定嗎？情況正在好轉嗎？我只是想了解一下，在新租賃項目中，你們面臨的競爭有多激烈。

Yeah. So I don't have -- Janice will, in a moment, talk about maybe individual markets. I would say, generally speaking, if you look at all of our leasing activity, so renewals, new leases, everything, in the third quarter of this year, 23% of all of our leases had some type of concession associated with it. That is down from 30% in Q3 of last year.

是的。所以我沒有——Janice 稍後會談到個別市場的情況。總的來說，如果你看一下我們所有的租賃活動，包括續約、新租約等等，在今年第三季度，我們所有租賃合約中有 23% 都附帶某種形式的優惠。這一比例低於去年第三季的30%。

The average concession is up slightly to $735 per, call it, lease, and that's up from $710 in Q3 of last year. As you look at it, kind of looking sequentially from quarter to quarter, that 23% is slightly higher from second quarter. But if I look at in October, we're down from where we were in the third quarter in terms of overall volume. So hopefully, that helps.

平均讓步額略微上漲至每份（或租賃）735 美元，高於去年第三季的 710 美元。從季度到季度的順序來看，23% 這個數字比第二季略高。但如果我看一下 10 月的數據，就整體銷售而言，我們比第三季有所下降。希望這能有所幫助。

And as we monitor our competition very closely in the four softer markets that we talked about, we are seeing some ebbs and flows in concession, obviously, based on the lingering supply and/or what we would consider stalled lease-up. Nothing that has been outlandish or very surprising.

正如我們之前提到的四個較疲軟的市場中，我們密切關注著競爭對手的情況，顯然，由於供應持續不足和/或我們認為的租賃停滯，特許經營權出現了一些波動。沒什麼特別離奇或令人驚訝的事。

However, we've seen a slight increase of concession usage in what I would say Dallas and possibly in Raleigh in specific pockets. Denver is definitely a concessionary market and will probably continue to be so as we work through that 7.5% of supply that was released in '25 and doesn't anticipate to add as fast as some of the other markets that we are in.

不過，我們看到達拉斯以及羅利某些特定區域的特許經營權使用量略有增加。丹佛絕對是一個特許經營市場，而且隨著我們逐步消化 2025 年釋放的 7.5% 的供應量，這種情況可能會繼續下去，預計其供應增長速度不會像我們所處的其他一些市場那樣快。

Eric Wolfe, Citi.

Eric Wolfe，花旗銀行。

It looks like your net acquisition guidance came down and you got some assets that teed up for early next year. So can you just talk about your appetite for buybacks and how you think about the spread between where your stock is trading today versus where you can sell assets?

看來你們的淨收購預期有所下調，並且你們獲得了一些準備在明年初投入使用的資產。那麼，您能否談談您對股票回購的興趣，以及您如何看待股票當前交易價格與您可以出售資產的價格之間的價差？

Thanks. This is Scott. So the acquisition guidance came down because we had a small portfolio under contract. And in due diligence, we became aware of some significant structural issues, and it was an all or nothing. So we walked away from it.

謝謝。這是斯科特。因此，由於我們已簽訂合約的收購項目較少，收購預期也隨之下調。在盡職調查過程中，我們發現了一些重大的結構性問題，要麼全盤接受，要麼全盤放棄。於是我們就離開了。

And at this point, we clearly recognize the disconnect between where markets are trading -- where properties are trading relative to our implied cap rate at our share price. So we have a strong appetite for buybacks. We want to be disciplined, obviously. Clearly, it's a very good use of capital at this point. But we also continue to work down our leverage. So we're going to do it with retained earnings and other capital that won't impact our EBITDA.

而此時，我們清楚地意識到市場交易價格與我們股價所隱含的資本化率之間存在著脫節。因此，我們對股票回購有著強烈的需求。我們當然希望保持自律。顯然，在目前這個階段，這是對資金的非常好的運用。但我們也一直在努力降低槓桿。所以我們將利用留存收益和其他不會影響我們 EBITDA 的資本來完成這項工作。

Yes, I guess I was trying to think through like to what extent you could sell additional assets and try to take advantage of that spread if you thought it was material. I know there's sometimes tax implications from that. There's also sort of a descaling of the enterprise that you have to be sort of careful about. But I was just curious to what extent we could see you sort of ramp up the dispositions next year and then try to use those proceeds to be a bit more aggressive on the buyback in a leverage-neutral manner.

是的，我當時想的是，如果你認為價差很大，你可以在多大程度上出售額外的資產並嘗試利用這個價差。我知道這有時會涉及稅務問題。此外，企業規模縮減也是一個需要謹慎處理的問題。但我只是好奇，明年我們能看到你們在多大程度上加大資產處置力度，然後嘗試用這些收益以槓桿中性的方式更積極地進行股票回購。

Well, I think it's a balance, and it's a balance with the deleveraging strategy. And we still want our leverage to come down, which it has been doing, and we want it to continue to come down. So the thought of selling assets and giving up the EBITDA of that asset and then using the capital to buy back stock, while it might be a great return, it's going to increase our leverage, and I'm not sure anyone wants to see that.

我認為這是一種平衡，一種與去槓桿化策略相平衡的方式。我們仍然希望我們的槓桿率下降，而且它一直在下降，我們希望它繼續下降。因此，出售資產並放棄該資產的 EBITDA，然後用所得資金回購股票，雖然可能會帶來豐厚的回報，但這會增加我們的槓桿率，我不確定是否有人願意看到這種情況。

So we have the $60 million-some on the forward available to us, and we also have some of the JV programs that are not EBITDA producing during the construction. So as those funds come back to us, that's available for us to use as capital for share buybacks.

因此，我們有大約 6000 萬美元的預期資金可供使用，但我們也有一些合資項目在建設期間不會產生 EBITDA。因此，當這些資金回到我們手中時，我們就可以將其用作股票回購的資金。

And just to clarify, the $61 million on the forward, we can net share settle that today. So we don't actually issue a bunch of shares and have to buy back a bunch of shares.

需要澄清的是，遠期合約的 6,100 萬美元，我們今天就可以用淨額結算。所以，我們其實並不需要發行大量股票，也不需要回購大量股票。

But to Scott's point, that forward was issued at, I think, an average price of $20.60, and we're trading well below that. So there's an opportunity there to take some of that, quote-unquote, gain and buy back incremental shares.

但正如 Scott 所說，那份遠期合約的發行價，我認為平均為 20.60 美元，而我們目前的交易價格遠低於這個價格。所以，這裡存在一個機會，可以利用其中的部分收益，回購更多的股份。

John Kim, BMO Capital Markets.

John Kim，BMO資本市場。

I wanted to go back to your renewals you signed this quarter. Back in September, in your presentation, you talked about the renewal trade-out being in line or tracking expectations. So I'm wondering if something happened in September where it decelerated quicker than you had thought? Or was this the [2 points] you anticipated?

我想回顧一下您本季簽署的續約協議。早在九月份，您在演講中就談到續約交易符合預期。所以我想知道9月是否發生了什麼事，導致增速比你預想的還要快？或者，這是否符合你預期的[2 分]？

Yeah, I think the point I was trying to make earlier is that we actually anticipated the renewals to go down in the third quarter. So when we kind of talked about them tracking in line with our expectations, that was clear that that was our expectations.

是的，我之前想表達的觀點是，我們實際上預期第三季的續約率會下降。所以當我們談到他們的表​​現符合我們的預期時，很明顯，那就是我們的預期。

Certainly, as we've mentioned earlier, we are obviously working in a very competitive environment, and we are obviously looking to renew and retain as much of our residents as possible because not only are you saving a negative lease trade out, but you're also saving the vacancy costs, turn costs, and all the other stuff that goes along with it. So no, I would say that the 2.6% was very much in line with our expectations.

當然，正如我們之前提到的，我們顯然是在一個競爭非常激烈的環境中工作，我們顯然希望盡可能多地續租和留住我們的住戶，因為這不僅可以避免因租約到期而產生的負面交易，還可以節省空置成本、週轉成本以及所有其他相關的費用。所以，不，我認為 2.6% 完全符合我們的預期。

And just to clarify, that 40-basis-point improvement, is that what you're sending out -- sending renewals out today or what you're signing?

為了澄清一下，這 40 個基點的改進，是指你們今天發出的續約通知中的改進，還是你們簽署的合約中的改進？

What we signed.

我們簽了什麼。

My second question is the cap rate on the Aurora sale. I'm wondering if you could disclose that. And I think you said in the prior call that this was related to the Steadfast portfolio. But I'm wondering if you're looking at Denver as a market that you're looking to potentially sell more assets out of just given the supply pressures.

我的第二個問題是 Aurora 出售的資本化率。我想知道您是否可以透露一下。我認為您在之前的電話會議中說過，這與 Steadfast 投資組合有關。但我很好奇，鑑於供應壓力，您是否正在考慮將丹佛市場視為潛在的資產出售市場？

Yeah. I don't have the cap rate on the Aurora Denver held-for-sale asset. That is not closed yet, obviously. It's not even under contract. So I would say it would be a cap rate based on our internal view of valuation, but I can get back to you on that specifically.

是的。我沒有 Aurora Denver 待售資產的資本化率數據。顯然，這件事還沒結束。它甚至還沒有簽訂合約。所以我認為，這將是一個基於我們內部估值觀點的資本化率，但我可以稍後再具體回覆您。

And then Denver as a market?

那麼丹佛市場呢？

We're not looking to exit the Denver market. The property in Aurora was a Steadfast property. It's an older property, expensive to run, high CapEx, and that's why it was identified as up for sale.

我們無意退出丹佛市場。奧羅拉的這處房產是 Steadfast 公司的房產。這是一處老舊房產，營運成本高，資本支出高，因此被列為待售房產。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

I just want to look at your number two market, Dallas. It looks like your same-store revenue growth is accelerating. But I believe I heard you in the commentary talking about more concessions in the market. So I'm just trying to see what's going on there.

我只想看看你們的第二大市場，達拉斯。看來您的同店銷售成長正在加速。但我記得在評論中，你提到市場需要做出更多讓步。所以我只是想看看那裡發生了什麼事。

Yeah. I think in Dallas, what we're seeing is targeted markets and submarkets that have had high supply are becoming more concessionary as we go into the slower seasonal months in order to maintain that occupancy. And so we're just making sure that we're staying competitive within the market. Concessions are increasing as we've kind of seen a lingering effect of that supply.

是的。我認為在達拉斯，我們看到的是，隨著淡季的到來，一些供應量較高的目標市場和細分市場為了維持入住率，變得更加優惠。因此，我們只是想確保我們在市場中保持競爭力。由於我們已經看到供應持續存在的影響，讓步幅度正在增加。

We're still able to maintain our occupancy. So the demand factor is still stable. It's just making sure that we can work through that supply and a timing factor.

我們仍然能夠維持入住率。因此，需求因素依然穩定。關鍵在於確保我們能夠解決供應問題以及時間安排問題。

Yeah. And I think yes, specifically with Dallas, I think you saw the average occupancy this quarter, up 40 basis points over the third quarter of last year. So that's a contributor to the acceleration.

是的。是的，特別是達拉斯，我認為本季的平均入住率比去年第三季提高了 40 個基點。所以這是加速成長的一個因素。

And then looking at this year, you talked about your tech contributions being a bit of a tailwind. Do you think that momentum continues into next year? And then will the bad debt expense coming down lower be a tailwind again next year?

然後展望今年，您提到您在技術方面的貢獻起到了一定的推動作用。你認為這種勢頭會延續到明年嗎？那麼，明年壞帳支出下降是否會再次成為利多因素？

I'll start with the last one, bad debt. Yes, we expect that the bad debt will continue to be, as I mentioned in the prepared remarks, we're working to keep that sustainably below 1%. So that should be a nice tailwind or support to 2026 and beyond.

我先從最後一個說起，壞帳。是的，我們預計壞帳率將繼續保持低於1%，正如我在準備好的發言稿中提到的那樣，我們正在努力將其持續控制在1%以下。因此，這應該會為2026年及以後的發展提供良好的順風或支撐。

I would say that on the technology side, yes, obviously, we've implemented a series of pieces of technology, both on the kind of front of house leasing and sales and tours and as well as back of the house, so payables processing, other things that we are definitely working on, and we're going to continue to expand that to continue to drive lower expenses and better property improvements throughout the chain.

在技​​術方面，是的，顯然，我們已經實施了一系列技術，包括前台租賃、銷售和參觀，以及後台的應付帳款處理等，這些都是我們正在努力的方向，我們將繼續擴大這些技術的應用範圍，以持續降低成本，並在整個連鎖店中改善物業狀況。

Ami Probandt, UBS.

Ami Probandt，瑞銀集團。

I'm wondering, were there any moving pieces within the same-store revenue guide such as blended rent assumptions, occupancy changes, bad debt? (technical difficulty)

我想知道，同店收入預測中是否存在一些變動因素，例如綜合租金假設、入住率變化、壞帳等？ （技術性問題）

Yeah. Sorry about that. I was wondering if there were any moving pieces within the same-store revenue guidance such as changes in blended rent, occupancy, or bad debt?

是的。抱歉。我想知道同店收入預期中是否存在任何變動因素，例如綜合租金、入住率或壞帳的變化？

For what, fourth quarter?

第四季？

Yeah, within the guidance. If you had maybe increased your assumptions on occupancy and decreased on rent, any moving pieces to get you to the guidance midpoint?

是的，在指導方針範圍內。如果提高入住率的假設值並降低租金的假設值，有哪些調整措施可以幫助您達到指引值的中點？

Yes, sure. So the assumptions in guidance for occupancy was 95.5% in the fourth quarter, blended rent growth of 20 basis points, other income growth of about 3%.

當然可以。因此，第四季入住率預期為 95.5%，綜合租金成長 20 個基點，其他收入成長約 3%。

And then we've assumed a similar improvement in bad debt as we saw in the third quarter. Bad debt in fourth quarter last year was about 2%. So if you kind of reduce that by that roughly 70, 80-basis-point improvement we saw this quarter, that's kind of what's factored into Q4.

然後，我們假設壞帳情況會像第三季那樣改善。去年第四季的壞帳率約為2%。所以，如果你把這個數字減去我們本季看到的大約 70 到 80 個基點的改善，那就是第四季所包含的因素了。

And then you mentioned materially lower supply delivery levels, but I'm wondering if you think that we may see extended lease-up periods and if you're factoring that into your thought process at all?

然後您提到供應交付水準大幅下降，但我想知道您是否認為我們可能會看到租賃期延長，以及您在考慮這一點時是否有所顧慮？

We are thinking about that. As you can imagine, we have not put out 2026 guidance yet. So we are evaluating that with respect to what that budget will look like for next year and how significant it will be.

我們正在考慮這個問題。正如您所料，我們尚未發布 2026 年的業績指引。所以我們正在評估明年的預算規模及其重要性。

The deliveries have come down quite significantly even throughout 2025. Even though the deliveries are higher than we all anticipated, the level of deliveries in '25 are still significantly under 2024. So we are expecting to see a lot of the lease-ups if not done. But if there is some extension, it should be a very small effect in the kind of early to mid-part of 2026.

即使到了 2025 年，交付量也大幅下降。儘管交付量高於我們所有人的預期，但 2025 年的交付量仍遠低於 2024 年的水準。因此，我們預計許多租賃項目將會取消，甚至可能完成。但如果確實存在某種程度的延長，那麼在 2026 年上半年到中期，其影響應該非常小。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Really good color in regard to supply and what's happening in your markets. Curious if you could just talk a little bit on the demand side. I mean, is some of the pressure on blended rates really more because there's just a lot of supply and people have options? Or is there like an actual demand issue where whether it's because of slowing job growth or things like that, you're getting a little bit more pushback as well in terms of asking rents and renewals?

關於供應情況和市場動態，描述得非常清楚。能否請您簡單談談需求方面的狀況？我的意思是，混合利率面臨的一些壓力是否真的更多是因為供應量大，人們有很多選擇？或者是否存在實際的需求問題，例如由於就業成長放緩或其他類似原因，導致在租金和續約方面遇到更多阻力？

Sure. I mean, I think that you've heard us previously as well as a lot of our partner peers, the leasing season kind of started a little earlier, ended a little earlier. I would say, just generally speaking, on the demand side, if you look at just our submarkets and you look at absorption levels and demand levels, it's -- in second quarter and third quarter, their peaks, right, over historical recent history in terms of what they were. Obviously, that's because of lease-ups, everything else. So I would say the demand is still quite healthy for apartments.

當然。我的意思是，我想您之前也從我們以及我們的許多合作夥伴那裡了解到，租賃季開始得稍微早一些，結束得也稍微早一些。總的來說，就需求方面而言，如果你只看我們的細分市場，看看吸收水平和需求水平，你會發現——在第二季度和第三季度，它們的峰值，就近期歷史而言，是的。顯然，這是因為租賃等各種原因造成的。所以我覺得公寓的需求依然相當旺盛。

A lot of our resident base that we cater to in our differentiated Class B product is not the white collar jobs that might be experiencing job losses that it's hospital workers, it's nursing home workers, it's retail workers, it's, again, not the typical white collar, including we have factory workers and blue collar workers. So it's a much, what we think, more defensive in the AI era than what folks appreciate or think might be affecting apartments down the road.

我們差異化的 B 級產品所服務的居民群體，許多並非是那些可能面臨失業的白領，而是醫院工作人員、養老院工作人員、零售業工作人員，再次強調，不是典型的白領，其中也包括工廠工人和藍領工人。所以，我們認為，在人工智慧時代，它比人們所意識到的或認為的可能會對公寓產生未來影響的程度要高得多，也更具防禦性。

We do track reasons for move-outs because of job losses. And I would say there's really no elevation there over the past six to nine months. So it's not something we are watching. It's not something that we're overly concerned about at the moment, but we are watching and paying attention to it.

我們會記錄因失業而搬離的原因。而且我認為，在過去的六到九個月裡，那裡的地形並沒有明顯上升。所以這不是我們關注的重點。目前我們對此並不十分擔心，但我們正在密切關注。

And then last one for me, just because election season at this point. Anything on any ballots in any of your key markets that you're kind of watching that could potentially impact your business?

最後，因為現在是選舉季，所以我想再補充一點。在您關注的主要市場中，是否有任何投票事項可能會對您的業務產生潛在影響？

Well, the school district in my local town, I like very much, but that's a different story. (laughter) No, we're not aware of anything in our markets where we should be concerned.

嗯，我很喜歡我所在城鎮的學區，但這又是另一個故事了。（笑聲）不，我們沒有發現市場上有任何需要我們擔憂的事情。

Ann Chan, Green Street.

安·陳，格林街。

So are you seeing any labor availability issues we service for any type of employees or geographic markets?

那麼，您是否發現我們為各類員工或地理市場提供的服務有任何勞動力短缺問題？

You mean inability for us to hire employees?

你是說我們招不到員工嗎？

Yes.

是的。

Yeah. No, I would say, generally speaking, from our renovations team to our on-site teams to our corporate teams, jobs are filling kind of in the expected time frame. So there's no real concern or issue there with availability.

是的。不，總的來說，從我們的裝修團隊到現場團隊再到公司團隊，所有工作都在預期的時間範圍內完成。所以供應方面不存在任何真正的問題。

We've also seen a marked reduction in the turnover within our on-site teams, which is encouraging going forward.

我們也發現現場團隊的人員流動率顯著下降，令人鼓舞。

And second question for me. I know you mentioned earlier that you haven't seen any larger demand shift with the tenants. I'm just wondering if you've observed in 3Q and over 2025 any kind of emerging shifts in just general tenant behavior that might influence rent growth different between the markets, such as like shorter lease terms or higher concessions move-in timing, shifts towards the Class B product type or anything like that.

我的第二個問題是：我知道你之前提到過，你還沒有看到租戶方面有任何更大的需求變化。我只是想知道，在第三季和 2025 年，您是否觀察到租戶行為方面出現任何可能影響不同市場租金增長的新興變化，例如更短的租賃期限或更高的優惠、入住時間、轉向 B 級產品類型等等。

And from that perspective, which markets appear more resilient versus more vulnerable to these types of tenant behaviors?

從這個角度來看，哪些市場似乎更能抵禦這類租戶行為的影響，哪些市場更容易受到影響？

Yeah. We haven't seen, I would say, tenant behaviors in terms of payment patterns or work order developments that would cause us any level of concerns.

是的。可以說，我們在租戶的付款方式或維修訂單進度方面，還沒有看到任何會引起我們擔憂的行為。

I would say that the one thing that continues to shift, and we continue to try to be on the leading edge of it, is the whole how does the prospect find us, right. The whole marketing engine, the advertising engine. You see us spending more money on advertising dollars between iOS services, paid search as well as just pure organic SEO and then also getting deeper into kind of how the AI tools are working where you can type into ChatGPT, show me an apartment for whatever in Atlanta and how do we show up in that list of each and every time.

我認為，一直在變化，我們也一直在努力走在時代前沿的一件事，就是潛在客戶如何找到我們，對吧？整個行銷體系，廣告體系。你會看到我們在 iOS 服務、付費搜尋以及純粹的自然 SEO 上投入了更多廣告資金，並且我們還在深入研究 AI 工具的工作原理，例如，你可以在 ChatGPT 中輸入“在亞特蘭大給我顯示任何價格的公寓”，以及我們如何每次都出現在搜尋結果列表中。

Today, we're ranking on page 1 of some of the Google searches, just organic searches for many, many keywords. We still have more room to go, and we're going to keep pushing on that, but that's an area that we're spending a lot of time and energy on.

今天，我們在谷歌搜尋結果中排名首頁，這只是許多關鍵字的自然搜尋結果。我們還有很大的進步空間，我們會繼續努力，但這是我們投入大量時間和精力的領域。

Seeing no further questions, I would now like to turn the call back over to Scott Shaffer for closing remarks.

鑑於沒有其他問題，我現在將電話交還給斯科特·沙弗，請他作總結發言。

Thank you all for joining us this morning, and we look forward to speaking to you again next quarter.

感謝各位今天上午的參與，我們期待下季再次與大家交流。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。