Independence Realty Trust, Inc. (IRT) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Independence Realty Trust first-quarter 2026 earnings conference call. As a reminder, today's call is being recorded, and a replay will be made available on the Investors section of the company's website shortly after this concludes.

各位女士、先生，早安，歡迎參加 Independence Realty Trust 2026 年第一季財報電話會議。提醒各位，今天的電話會議將被錄音，會議結束後不久，重播將於公司網站的投資人專區提供。

At this time, I will turn the call over to Stephanie Krewson-Kelly, Senior Vice President of Investor Relations and Capital Markets. Ms. Krewson-Kelly, you may go ahead.

現在我將把電話會議交給投資人關係與資本市場資深副總裁 Stephanie Krewson-Kelly。Krewson-Kelly 女士，請開始。

Thank you. Good morning, and welcome to Independence Realty Trust conference call to discuss first-quarter 2026 results. On the call with me today are Scott Schaeffer, Chief Executive Officer; Jim Sebra, President and Chief Financial Officer; Janice Richards, Executive Vice President; and Jason Lynch, Senior Vice President of Investments.

謝謝。各位早安，歡迎參加 Independence Realty Trust 的電話會議，討論 2026 年第一季業績。今天與我一同出席的有執行長 Scott Schaeffer；總裁兼財務長 Jim Sebra；執行副總裁 Janice Richards；以及投資資深副總裁 Jason Lynch。

Before we begin, please note that any forward-looking statements made during this call are 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. 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.

在開始之前，請注意，本次電話會議中所作的任何前瞻性陳述，係基於我們目前對未來事件及財務表現的預期與信念。這些陳述不保證未來表現，且涉及可能導致實際結果出現重大差異的風險與不確定性。此等陳述係依據 1995 年《私人證券訴訟改革法》之安全港條款本於善意作出，除法律要求外，IRT 不承諾更新。

Please refer to IRT's press release, supplemental information, and filings with the SEC for further information about these risks. 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.

關於上述風險的更多資訊，請參閱 IRT 的新聞稿、補充資料以及向 SEC 提交的文件。IRT 的財報新聞稿與補充資料副本已附於 IRT 的 Form 8-K 當期報告中，可於我們網站的投資人專區取得。其中包含本次電話會議所提及之非 GAAP 財務衡量指標與最直接可比之 GAAP 財務衡量指標的調節表。

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

接下來，我很高興把電話會議交給 Scott Schaeffer。

Thanks, Stephanie, and thank you all for joining us this morning. First-quarter results were in line with our expectations and represented a solid start to the year. Same-store revenue and NOI increased, reflecting stable year-over-year occupancy and a 40 basis points increase in effective rents. Our performance this quarter reinforces three themes: portfolio stability, improving market fundamentals, and disciplined capital allocation.

謝謝 Stephanie，也感謝各位今天早上加入我們。第一季業績符合我們的預期，為今年帶來穩健的開局。同店營收與 NOI 均有所增加，反映入住率年增持穩，以及有效租金提高 40 個基點。本季表現強化了三個主題：投資組合穩定、市場基本面改善，以及嚴謹的資本配置。

While certain markets are still working through late-cycle supply, the trajectory we are seeing in asking rents along with the stability of demand supports our outlook for sequential improvement in revenue as we move through the leasing season. On the supply front, new deliveries in our markets continue to decrease and are trending well below the long-term average. On a macro level, job growth, population growth, and household formation in our markets are forecasted to meaningfully outpace the national average.

儘管部分市場仍在消化景氣循環後期的供給量，我們觀察到的要價租金走勢，加上需求的穩定性，支持我們對於在租賃旺季推進過程中營收可望逐季改善的展望。在供給面方面，我們市場的新交付量持續下降，且趨勢明顯低於長期平均。從總體層面來看，我們市場的就業成長、人口成長與家庭形成，預測將顯著超越全國平均。

First-quarter operating results reflect these improving market fundamentals. Average occupancy was stable at 95.2%, and resident retention of 60.5% remained high, both consistent with our expectations. Asking rents in our markets have increased an average of 2.8% this year, and every one of our markets has seen asking rents increase since January 1.

第一季營運結果反映了這些改善中的市場基本面。平均入住率穩定在 95.2%，住戶續住率 60.5% 仍維持高檔，兩者皆符合我們的預期。今年以來，我們市場的要價租金平均上升 2.8%，且自 1 月 1 日以來，我們每一個市場的要價租金皆呈上升。

Our recent strategy of prioritizing occupancy now positions us to prioritize rental rate growth during the upcoming leasing season. Concession activity has started to moderate but is still elevated compared to historical levels. The combination of normalizing concessions and the trajectory of market rent growth against our known lease expirations supports our confidence that new lease trade-outs will reach breakeven this leasing season.

我們近期優先確保入住率的策略，現在使我們能在即將到來的租賃旺季優先推動租金成長。租賃優惠（concession）活動已開始趨緩，但相較歷史水準仍偏高。優惠逐步正常化，加上市場租金成長走勢與我們已知的租約到期結構相互對照，使我們有信心在本租賃旺季，新租約換約價差將達到損益兩平。

Turning to capital allocation, value-add renovations continue to be our most attractive investment opportunity. During the quarter, we completed 426 units, generating an average unlevered return of 15.4%. First-quarter volume supports our full-year assumption of completing 2,000 to 2,500 units in 2026.

談到資本配置，增值型翻新（value-add renovations）仍是我們最具吸引力的投資機會。本季我們完成 426 戶，平均未槓桿報酬率為 15.4%。第一季的完成量支持我們對 2026 全年完成 2,000 至 2,500 戶的假設。

On the capital recycling front, we continue to make progress on the two assets held for sale and our joint venture in the Las Colinas submarket of Dallas, known as The Mustang, is currently marketed for sale. The proceeds from these recycling efforts will be redeployed based on the best risk-adjusted return opportunities at that time, including stock repurchases, deleveraging, and/or new investments.

在資本回收（capital recycling）方面，我們持續推進兩項待售資產的處分；同時，我們位於達拉斯 Las Colinas 次市場的合資案（joint venture）The Mustang 目前也已上市銷售。這些回收行動的所得將依當時最佳風險調整後報酬機會重新部署，包括庫藏股回購、去槓桿，以及／或新投資。

Finally, during the quarter, we took advantage of the ongoing dislocation in the public markets by repurchasing 1.8 million of our shares at a cost of $30 million, bringing total repurchases since the fourth quarter of last year to 3.7 million shares and $60 million.

最後，本季我們把握公開市場持續錯位的機會，以 3,000 萬美元成本回購 180 萬股，使自去年第四季以來的回購總量達 370 萬股、總金額達 6,000 萬美元。

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

接下來我把電話會議交給 Jim。

Thank you, Scott, and good morning, everyone. Core FFO per share for the quarter was $0.26, in line with our expectations. Same-store NOI grew 1% during the quarter, driven by revenue growth that was consistent with expectations and modest outperformance on operating expenses. Same-store revenues grew 1.4% year over year, supported by stable occupancy of 95.2%, higher average rental rates, growth in other income, and bad debt that is 60 basis points lower than Q1 of last year.

謝謝 Scott，各位早安。本季每股核心 FFO 為 0.26 美元，符合我們的預期。同店 NOI 本季成長 1%，主要受營收成長（符合預期）帶動，並在營運費用方面略有優於預期的表現。同店營收年增 1.4%，受惠於 95.2% 的穩定入住率、較高的平均租金水準、其他收入成長，以及壞帳較去年第一季降低 60 個基點。

On the expense side, lower property insurance and repairs and maintenance partially offset higher personnel and utility costs, resulting in same-store expense growth of 2%. The leasing environment remains competitive but continues to improve as new supply is absorbed.

在費用方面，較低的物業保險與修繕維護費用，部分抵銷了較高的人事與公用事業成本，使同店費用成長為 2%。租賃環境仍具競爭性，但隨著新增供給被吸收，情況持續改善。

Asking rents across our same-store portfolio have increased 2.8% since the beginning of the year, up significantly from the 73 basis points we cited on our February call. Within our top 10 markets, those with the largest asking rent increases to date are Raleigh, which is up 5.7%; Indianapolis, up 5.2%; Oklahoma City, up 4.8%; Columbus, up 4.6%; and Nashville, up 4.5%.

自年初以來，我們同店投資組合的要價租金已上升 2.8%，較我們在 2 月電話會議中提到的 73 個基點大幅提高。在我們前十大市場中，截至目前要價租金增幅最大的包括：Raleigh 上升 5.7%；Indianapolis 上升 5.2%；Oklahoma City 上升 4.8%；Columbus 上升 4.6%；以及 Nashville 上升 4.5%。

In our two largest markets, Atlanta is up 80 basis points this year, and Dallas asking rents are up 2.1% year to date. Concession activity increased materially late last year and continued into the first quarter. In the first quarter, approximately 27% of our light term leases had a concession that averaged $1,241.

在我們兩個最大的市場中，Atlanta 今年上升 80 個基點，而 Dallas 的要價租金年初至今上升 2.1%。租賃優惠活動在去年年底明顯增加，並延續至第一季。第一季中，我們約 27% 的短期租約（light term leases）提供了優惠，平均金額為 1,241 美元。

Early second-quarter trends are directionally encouraging as leasing activity accelerates into peak leasing season. Blended rent growth of 70 basis points for the first quarter was in line with the trajectory of our full-year guidance assumption of 1.7%. Renewal rate growth of 3.2% and resident retention of 60.5% were also in line with our expectations.

第二季初期趨勢在方向上令人鼓舞，因租賃活動在進入租賃旺季時加速。第一季綜合租金成長 70 個基點，符合我們全年指引假設 1.7% 的走勢。續約租金成長 3.2% 與住戶續住率 60.5% 也都符合我們的預期。

April and May renewal trade-outs are tracking modestly ahead of plan at approximately 4%, and retention has remained steady. New lease trade-outs of negative 4% in the quarter were in line with our previous commentary and our expectations. Given the rise in asking rents, our gross lease trade-outs are at break-even levels with almost all of the negative trade out on new leases due to the higher-than-normal concession activity in the first quarter. As mentioned previously, we are seeing an improvement in concessions early in Q2 and expect them to continue trending lower during leasing season.

4 月與 5 月的續約換約價差約為 4%，追蹤結果略優於計畫，續住率亦維持穩定。本季新租約換約價差為負 4%，符合我們先前的評論與預期。鑑於要價租金上升，我們的總租約換約價差已達損益兩平水準；新租約幾乎所有的負向換約價差，主要來自第一季高於正常水準的優惠活動。如先前所述，我們在第二季初期已看到優惠改善，並預期在租賃旺季期間將持續走低。

Before moving on to our balance sheet, let me give you an update on our property Wi-Fi initiative. As mentioned previously, we are installing property Wi-Fi across 19,000 units this year with an expectation that all will be done and operating on July 1. I'm pleased to announce that we are slightly ahead of schedule with residents excited about the new gig-speed Wi-Fi and happily converting over to the program. I look forward to updating you further on our Q2 call later this year.

在進入資產負債表之前，先向各位更新我們的物業 Wi-Fi 計畫。如先前所述，我們今年將在 19,000 戶安裝物業 Wi-Fi，並預期於 7 月 1 日前全部完成並投入運作。我很高興宣布，我們的進度略為超前，住戶對新的千兆速（gig-speed）Wi-Fi 感到興奮，並樂於轉換加入此方案。我期待在今年稍晚的第二季電話會議中，向各位提供更多更新。

Our investor-grade balance sheet remains strong with ample liquidity and no debt maturities to refinance until 2028. Net debt to adjusted EBITDA was 6.5 times at quarter end, reflecting seasonally lower first-quarter EBITDA and the impact of consolidating our Boston joint venture asset in January. We expect leverage to trend lower toward the mid-5s over the course of the year.

我們具投資等級的資產負債表仍然穩健，流動性充裕，且在 2028 年之前沒有需要再融資的到期債務。截至本季末，淨負債對調整後 EBITDA 倍數為 6.5 倍，反映第一季 EBITDA 因季節性因素較低，以及我們於 1 月合併波士頓合資資產的影響。我們預期槓桿將在今年內逐步下降至 5 倍中段水準。

As Scott mentioned, we expect to use some of the proceeds from pending asset sales to reduce leverage. And longer term, we will further reduce leverage organically through EBITDA growth. Based on the results to date, we are affirming our full year core FFO per share range of $1.12 to $1.16 and are comfortable with the major assumptions that support that range.

如 Scott 所提到的，我們預期將運用部分待完成資產出售的所得款項來降低槓桿。而從長期來看，我們也將透過 EBITDA 成長，以內生方式進一步降低槓桿。基於目前為止的結果，我們重申全年每股核心 FFO 指引區間為 1.12 至 1.16 美元，並對支撐該區間的主要假設感到有信心。

Scott, back to you.

Scott，交回給你。

Thanks, Jim. We are firmly on track to achieve our 2026 plan. Portfolio performance remains in line with our expectations and market fundamentals are improving. While select markets continue to work through elevated concessions, demand in our sub-markets remains durable and continues to be supported by population inflows into the Sun Belt and Midwest for quality of life, employment opportunities, and long-term affordability trends.

謝謝，Jim。我們正穩步朝達成 2026 年計畫前進。投資組合表現仍符合我們的預期，市場基本面也在改善。儘管部分市場仍在消化較高的讓利措施，我們子市場的需求依然具韌性，並持續受惠於人口流入陽光帶與中西部，原因包括生活品質、就業機會，以及長期可負擔性趨勢。

We are encouraged by the increase in market rents to date and our ability to capture market pricing without meaningfully sacrificing occupancy. Early signs of improvement in new lease trade-outs during April represent a constructive start to the leasing season, and we believe we are well positioned to benefit as conditions continue to normalize.

我們對迄今市場租金的上升，以及在不明顯犧牲入住率的情況下掌握市場定價的能力感到鼓舞。4 月新租約換約價差（trade-outs）改善的早期跡象，為租賃旺季帶來正向開端；我們相信，隨著市場狀況持續正常化，我們已具備良好條件受惠。

We thank you for joining us today, and operator, you can now open the call for questions.

感謝各位今天加入我們；接線生，現在可以開放提問。

(Operator Instructions)

(接線生指示)

Austin Wurschmidt, KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Austin Wurschmidt。

Thanks. Good morning, everybody. Scott, you highlighted in your prepared remarks about prioritizing lease rate growth over occupancy. Just wondering if this is a change in the operating strategy or consistent with what was assumed in initial guidance? Can you kind of share where you're sending out renewals for the months ahead, what you expect to achieve, and just how aggressive you really think you can be on renewals given the competitive landscape?

謝謝。各位早安。Scott，你在事先準備的發言中提到，會優先追求租金成長而非入住率。想請教這是營運策略的改變，還是與最初指引假設一致？你能否分享一下接下來幾個月你們寄出的續約條件大概是什麼、預期能達成什麼結果，以及在競爭環境下，你們認為續約租金到底能有多積極？

Thanks, Austin. It is clearly consistent with our original guidance. This was the plan that we put in place towards the end of last year, as we saw the pressure of new supply starting to subside. During that period of excess deliveries, we really were focused on keeping our occupancy high; and now we feel that we're well-positioned with that stable occupancy and the supply-demand equation flipping better for landlords, that we can now start pushing rents while still keeping occupancy stable.

謝謝，Austin。這顯然與我們最初的指引一致。這是我們在去年年底制定的計畫，當時我們看到新增供給帶來的壓力開始緩解。在交屋量過剩的那段期間，我們確實把重點放在維持高入住率；而現在我們認為，憑藉穩定的入住率，以及供需關係轉向更有利於房東，我們可以開始推升租金，同時仍維持入住率穩定。

I'm going to let Jim talk about what we're doing with rent growth and tradeoff.

我會請 Jim 說明我們在租金成長與取捨（trade-off）方面的作法。

Sure, yeah. On the going -- you asked a question about renewal growth and what we're sending renewals out in the future. Obviously, April is done. May is almost done. We're right in the kind of the low 4% range for those two months. June is still a little early, so I don't want to get too far ahead, but it's approximately a little bit ahead of that 4%, and then July is even a little ahead of that. Again, they're the rates that we expect to secure. We actually see a lot of really great opportunity here to capture rate during peak leasing season.

好的，沒問題。關於你問到的續約成長，以及未來我們寄出的續約條件。很明顯，4 月已經結束。5 月也快結束了。這兩個月我們大約落在 4% 出頭的區間。6 月現在還稍早，我不想講得太超前，但大概略高於 4%，而 7 月又再略高一些。再次強調，這些是我們預期能夠鎖定的費率。我們其實看到在租賃旺季期間，有非常好的機會去掌握租金水準。

Helpful. Then just kind of sticking with the lease rate growth, you underwrite an improvement through the year in new lease rate growth as well. I think, Scott, you even mentioned kind of that hitting kind of positive territory in the months ahead. How confident are you that that trajectory is kind of consistent with what you originally underwrote? Again, going back to the competitiveness that you highlighted earlier in the call.

很有幫助。接著延續租金成長的話題，你們也預估今年新租約租金成長會逐步改善。我想 Scott 你甚至提到，未來幾個月可能會轉為正成長。你們對這樣的走勢有多大信心，認為它與你們原先承作（underwrite）的假設一致？同樣回到你在電話會議前段提到的競爭程度。

Yeah. Good question. I'll take it for Scott. I think from a new lease perspective we kind of commented on, it's pretty much kind of in line with what we expect in the first quarter. We see new lease pricing improving kind of as you move into April and certainly May. I think it's right around the kind of plus or minus 130 basis points better in April and May.

是的。好問題。我代 Scott 回答。就新租約而言，我們先前提到，第一季的表現大致符合我們的預期。我們看到新租約定價在進入 4 月、尤其是 5 月後有所改善。我認為 4 月與 5 月大約改善了正負 130 個基點左右。

We just see the opportunity like in our prepared remarks. We see this kind of -- asking rents have improved, and we do see concessions beginning to come down a little bit. That gives us that confidence around kind of hitting that break-even level here during kind of leasing season.

如同我們事先準備的發言所述，我們看到機會。我們看到要價租金（asking rents）已改善，也確實看到讓利措施（concessions）開始略為下降。這讓我們有信心在租賃旺季期間達到損益兩平水準（break-even）。

As you kind of look out into kind of the May, the June, the July months, and you look at what our expiring rents are, they are all lower than our current asking rents. Meaning, we are clearly moving into positive territory. It just comes down to kind of the concessions ebbing and flowing in the market dynamics, which we are still very much positive on and is developing as kind of we expected.

當你往 5 月、6 月、7 月看，並觀察我們到期租金水準時，它們都低於我們目前的要價租金。也就是說，我們顯然正走向正成長區間。接下來主要取決於讓利措施在市場動態中的起伏變化；我們對此仍然相當正面，而且其發展也如我們所預期。

Eric Wolfe, Citigroup.

Citigroup 的 Eric Wolfe。

Hey, thanks. Good morning. You mentioned that asking rents were up 2.8% year to date. You're seeing improved new leases in April, lower concessions. Can you just put that in context for us? Is that normal seasonality? Did the same thing on concessions happen last year? I'm just trying to understand what's normal seasonality from your perspective versus maybe signs that supply impact is easing.

嗨，謝謝。早安。你提到今年迄今要價租金上升 2.8%。你們看到 4 月新租約改善、讓利降低。能否幫我們把這放在脈絡中理解？這是正常的季節性嗎？去年讓利也出現同樣的情況嗎？我想了解從你們角度看，哪些是正常季節性，哪些可能是供給影響正在緩解的跡象。

Yeah. The 2.8% asking rent growth is a little bit ahead of what we would say is our normal growth in the beginning part of the year. Again, this is pre kind of supply ebb and flowing. The concessions, in terms of broad views right now in the first quarter and certainly April, they're all higher than historical periods, right? We do expect them to continue to wane. I would say that kind of the plus or minus on the asking rent side, again, is kind of slightly ahead of where you would see a typical seasonal pattern.

好的。今年迄今 2.8% 的要價租金成長，略高於我們認為年初通常會出現的正常成長幅度。再次說明，這是在供給起伏變化之前的表現。至於讓利，就目前第一季、以及 4 月的整體觀察而言，它們都高於歷史期間的水準。我們確實預期讓利將持續減弱。我會說，要價租金這一端的正負差異，同樣略高於典型的季節性型態。

Got it. I guess based on your answer to the previous question, June, July, it sounds like the expirations are a bit lower. I guess my question is, you're expecting this big sort of ramp in the back half of the year. I guess, when do you think we'll see signs of that happening? Is it sort of in the June, July time period that you'll see that sort of plus 2% type of blend? Because I guess at some point you would expect, right, for asking rents to be sort of better than normal seasonality, or maybe it's just the comp is so easy. I guess I'm just curious when you kind of see that sort of 2% blend that you're expecting.

了解。我想根據你對前一題的回答，6 月、7 月看起來到期租金會低一些。我的問題是，你們預期下半年會有很大的加速上升。你們認為何時會看到這種情況開始出現的跡象？會是在 6、7 月左右看到你們所說那種約 +2% 的綜合成長（blend）嗎？因為我想在某個時間點，你會預期要價租金會優於正常季節性，或者只是因為比較基期太容易。我只是好奇，你們預期的那種 2% 綜合成長大概會在什麼時候出現。

Yeah. You start seeing that, not necessarily in the month of July, but you start seeing that in the kind of the September forward months. Especially because, again, the concessions in 2025, if you suggest the comp is easier, I think the concessions were heavier. The renewal growth that we're anticipating in the back half of the year is expected to be sizably better, first part of the year.

是的。你會開始看到這種情況，不一定是在7月那個月，但你會在大概從9月開始往後的月份看到。特別是因為，再次強調，2025年的讓利（concessions），如果你認為可比基期更容易，我覺得當時的讓利其實更重。我們預期下半年續約租金成長會明顯更好，相較於上半年。

Jamie Feldman, Wells Fargo.

Jamie Feldman，富國銀行（Wells Fargo）。

Great. Thanks, and good morning. Appreciate you taking the question. Can you talk more about your blended rent growth across your key markets and how this compares to your expectations? I know you've kept your outlook for the year, but any better trending better or worse than you would have thought on both the blended rent sign and the concession side?

很好。謝謝，早安。感謝讓我提問。你能否多談談你們在核心市場的綜合租金成長（blended rent growth），以及這與你們的預期相比如何？我知道你們維持全年展望不變，但不論是綜合租金簽約端，或是讓利端，近期走勢是比你們原先想的更好還是更差？

Yeah. I'll ask Janice or Jason to kind of jump in here in a minute. I would just say, broadly speaking, the trajectory of the kind of the blended rents and stuff so far for this year are very much kind of trending aligned with what we expected. As I mentioned, concessions are a little heavier. But as we said, we're getting a little bit better asking rent growth. Janice will go through it market by market.

是的。我等一下請Janice或Jason在這裡補充。我先說整體而言，今年到目前為止，綜合租金等的走勢大致上與我們預期一致。如我提到的，讓利稍微更重一些。但如我們所說，我們的要價租金成長稍微更好。Janice會逐一按市場說明。

Sure. From a market perspective, we've got Atlanta, Raleigh, and Nashville showing positive momentum, supported by moderating supply and improved pricing power year to date. Atlanta achieved an 80 basis points rent buildup on top of what we saw at the tail end of last year.

好的。從市場角度來看，亞特蘭大、羅利（Raleigh）和納什維爾呈現正向動能，主要受供給趨緩以及年初至今定價能力改善所支撐。亞特蘭大在去年年底的基礎上，租金又再累積上升了80個基點。

Raleigh is leading with the 5.7 growth as Jim alluded to, and then followed by Nashville at 4.5. Looking ahead, both Raleigh and Atlanta are expected to benefit from this meaningful decline in supply as a percentage of inventory down 31% and 69% respectively, compared to '25. That further supports continued rent growth and stabilization of occupancy.

如Jim所提到，羅利以5.7%的成長領先，其次是納什維爾的4.5%。展望未來，羅利與亞特蘭大預期都將受惠於供給占存量比例的顯著下降，分別較2025年下降31%與69%。這將進一步支撐租金持續成長並使入住率趨於穩定。

Okay. Great. Any other markets to call out?

好的。很棒。還有其他市場值得特別點名嗎？

I mean, we have some markets that we're keeping a close eye on as well. Relative to expectations, all of our markets are generally in line. Denver and Austin remain supply driven and will continue to experience pressures from elevated new deliveries. However, Austin continues to stand out with the highest household formation across all of our markets at 2.3%, which would help support absorption as supply begins to moderate.

我的意思是，我們也有一些市場正在密切關注。相較於預期，我們所有市場整體上大致符合。丹佛與奧斯汀仍然是供給驅動，並將持續受到新交付量偏高所帶來的壓力。不過，奧斯汀仍然突出，因為在我們所有市場中其家庭形成率最高，達2.3%，這將在供給開始趨緩時有助於支撐去化（absorption）。

Orlando, Tampa, and Houston show some softness in Q1. In Houston, we believe the softness is temporary as the second half of the year will benefit from continued strength in oil production. Anecdotally, in Orlando, we're seeing some movement tied to return-to-office activity while still working through late-cycle supply pressures.

奧蘭多、坦帕與休士頓在第一季顯示出一些疲軟。在休士頓，我們認為疲軟是暫時的，因為下半年將受惠於石油產量持續強勁。就我們觀察，在奧蘭多，我們看到一些與回辦公室（return-to-office）活動相關的變化，同時仍在消化景氣循環後段的供給壓力。

In Tampa, we're seeing some impact from the hurricane-related displacement that followed in Q4 2024. However, as a Tampa local, I remain very encouraged with the growth coming in the market and optimistic about the back half of 2026.

在坦帕，我們看到一些影響來自2024年第四季之後的颶風相關遷移（displacement）。不過，作為坦帕在地人，我仍對該市場的成長非常受鼓舞，並對2026年下半年保持樂觀。

Okay, great. That's very helpful. Just thinking about like the other income contribution to same-store revenue in the back half of the year, can you talk about any change? I know you kept your guidance again, but, like, how are you trending on that part of the earnings model? And anything we should be thinking about in terms of your ability to hit those numbers?

好的，很好。這非常有幫助。就同店營收（same-store revenue）下半年「其他收入」（other income）的貢獻來看，你能談談是否有任何變化嗎？我知道你們再次維持指引不變，但在獲利模型的這一部分，你們目前的趨勢如何？以及在達成那些數字的能力上，有沒有什麼我們需要留意的？

No, I think generally speaking for the first part of the year so far, other income has grown about 5% over the prior year. We obviously expected in our guidance a fairly significant ramp with the property Wi-Fi program. And as I mentioned in my prepared remarks, we're ahead of schedule. We're obviously not prepared at this very moment to give any kind of significant update to that, but we do see a little bit of potential upside to that assumption with respect to guidance.

沒有，我認為整體而言，今年前半段到目前為止，其他收入較去年同期成長約5%。我們在指引中確實預期物業Wi‑Fi方案會帶來相當顯著的拉升。如我在事先準備的發言中提到的，我們進度超前。我們此刻顯然還沒準備好就此提供任何重大更新，但就指引假設而言，我們確實看到一些潛在上行空間。

Brad Heffern, RBC Capital Markets.

Brad Heffern，RBC資本市場（RBC Capital Markets）。

Yeah. Hey, good morning, everyone. On Atlanta, you called it out as having positive momentum, but you also quoted I think the lowest asking rent change of any of the numbers that you quoted. I guess, can you just give a broader perspective on that market, given that it's your largest, and maybe reconcile those things?

是的。各位早安。關於亞特蘭大，你們提到它有正向動能，但你們引用的數字裡，我記得它的要價租金變動幅度似乎是最低的。我想，你能否就這個市場提供更全面的觀點？畢竟它是你們最大的市場，也請協助我們理解這兩者如何一致。

Brad, I'll start, and then maybe I'll ask Janice to kind of chime in here. If you looked at the asking rent growth that we talked about on our third-quarter call in Atlanta, that was one of the biggest in 2025 by almost 5%. Janice's prepared remarks were another 80 basis points on top of that, so a lot of really great things are happening. When you look at kind of blends for the first quarter, Atlanta was roughly 1.5% blended rent growth, and that's double what it was in the fourth quarter. That's the kind of the positive trajectory that we're seeing there. Janice, feel free to chime in.

Brad，我先說，然後我可能請Janice在這裡補充。如果你回看我們在第三季電話會議中談到的亞特蘭大要價租金成長，那在2025年幾乎是最大的之一，接近5%。Janice在事先準備的發言中提到，在此基礎上又再增加80個基點，所以很多非常好的事情正在發生。當你看第一季的綜合（blended）數據時，亞特蘭大約為1.5%的綜合租金成長，這是第四季的兩倍。這就是我們看到的正向趨勢。Janice，你也可以補充。

No, I think from Atlanta, what we're also seeing on the concession side is we're seeing some decrease in sub-market-specific areas where we're going to be able to optimize and grow revenue holistically without the use of concessions.

沒有，我認為就亞特蘭大而言，我們在讓利端也看到一些下降，特別是在某些次市場（sub-market）區域；在那些地方，我們將能夠在不使用讓利的情況下，最佳化並全面性地提升營收。

Okay. Got it. Thanks for that. Then Jim, I just wanted to clarify your comments on reaching break-even on the new lease side. When you say that expiring rents are below asking rents, is that including the impact of concessions? Like, if concessions are flat year over year, would you get to positive leasing spreads in the summer months, or does that need concessions to go away? Basically, just wondering what you mean by asking rents and expiring rents and how those incorporate concessions.

好的。了解。謝謝你的說明。接著Jim，我想釐清你對新租（new lease）端達到損益兩平（break-even）的評論。當你說到期租金（expiring rents）低於要價租金（asking rents）時，這是否已包含讓利的影響？例如，如果讓利年對年持平，你們是否會在夏季月份達到正的租賃價差（leasing spreads）？還是需要讓利消失才行？基本上，我想了解你所說的要價租金與到期租金，以及它們如何納入讓利。

All great questions. I think if concessions kind of stay at the current level, we should still reach break-even.

都是很好的問題。我認為如果讓利維持在目前水準，我們仍應該能達到損益兩平。

Ami Probandt, UBS.

Ami Probandt，瑞銀（UBS）。

Thanks. How much of an impact, if any, do you think that the winter storms had on your blended rent growth, which decelerated in the first quarter?

謝謝。你認為冬季風暴對你們的綜合租金成長有多大影響（如果有的話）？因為第一季的綜合租金成長有所放緩。

We did see some change and some slowness in demand in January and February. However, we've seen it pick back up and come back with an expectation. We actually exceeded our demand expectations by about 10% for Q1 holistically. I think we're good to go with the expectation going into leasing season to have that demand back in play.

我們確實在1月和2月看到需求有一些變化與放緩。不過，我們看到需求已回升，並回到符合預期的水準。就整體第一季而言，我們的需求實際上比預期高出約10%。我認為在進入租賃旺季時，我們可以帶著需求回歸的狀態前進。

Okay. Great. Thank you. There have been some soft results in some of the smaller markets like Huntsville. Could you highlight what's happening in some of those markets? Is it competitive supply, or have you seen any demand challenges?

好的。很好。謝謝。在一些較小的市場（例如亨茨維爾 Huntsville）出現了一些疲軟的結果。你能否說明那些市場正在發生什麼事？是競爭性供給所致，還是你們看到任何需求面的挑戰？

Huntsville is still working through supply pressures. We actually were just in Huntsville recently on a town hall and in joining with the team and really saw some great opportunity there and are still very bullish on the market. No challenges from a demand side as we work through this lingering supply.

亨茨維爾仍在消化供應端壓力。我們其實最近才到亨茨維爾參加市政廳活動，並與團隊一起走訪，確實看到一些很好的機會，對該市場仍然非常看多。在我們處理這些持續的供應問題之際，需求端沒有挑戰。

John Kim, BMO Capital Markets.

John Kim，BMO Capital Markets。

Good morning. Your value-add performance, it's underperformed your non-value-add portfolio in terms of both blends and occupancy. I'm wondering how you see that trending for the remainder of the year, and how much of a driver is the value-add portfolio to the improvement in blended lease growth in the second half of the year?

早安。你們的增值型（value-add）表現，在綜合租約成長（blends）與入住率兩方面都落後於非增值型投資組合。我想請教你們如何看待今年剩餘時間的趨勢？另外，增值型投資組合在下半年帶動綜合租金成長改善方面，會是多大的驅動因素？

Good question, John. I think from an occupancy perspective, the value-add portfolio is inherently going to run at a lower occupancy just because it's the units are vacant for plus or minus 20 to 30 days, where a typical turn time in our non-value-add portfolio -- sorry, I get those things mixed up in my head. Non-value-add portfolio is 7 to 10 days, right? Inherently, the occupancy there is going to be always a little bit lower structurally than a typical non-value-add portfolio.

好問題，John。我認為就入住率而言，增值型投資組合本質上會維持在較低的入住率，原因只是這些單位會有約正負20到30天的空置期；而我們非增值型投資組合的一般換租週期——抱歉，我腦中有時會把這些搞混。非增值型投資組合是7到10天，對吧？因此，從結構上來看，那邊的入住率本來就會比典型的非增值型投資組合略低一些。

I think from a blend perspective in the first quarter, you saw just a desire to kind of keep retention a little bit higher, and therefore a little bit, call it, softer blend growth because just the retention renewal growth. The renewal rate growth wasn't as strong in the value-add as opposed to the non-value-add.

我認為就第一季的綜合表現而言，你看到的是我們希望把續租留存率維持得高一些，因此綜合租金成長相對偏軟一些，主要是因為續租的成長。增值型的續租租金成長不如非增值型那麼強。

But I think, fundamentally, when you look at the whole value-add portfolio versus the non-value-add portfolio from an NOI perspective, the value-add portfolio generated about 3.2% NOI growth in the first quarter versus about 50 basis points of NOI growth in the non-value-add portfolio. We're really still very bullish on -- and we really think it's going to continue to produce the returns.

但我認為，從根本上看，當你以NOI角度比較整體增值型投資組合與非增值型投資組合時，增值型投資組合在第一季帶來約3.2%的NOI成長，而非增值型投資組合的NOI成長約為50個基點。我們仍然非常看多——也確實認為它將持續產生回報。

Now for the rest of the year, I think, obviously, the guidance is pretty strong with respect to kind of the benefits the value-add provides to that. And we still are very expected to do what -- we still expect to hit those kind of targets.

至於今年剩餘時間，我認為很明顯地，指引相當強勁，反映了增值型對其中所帶來的效益。我們仍然非常有信心——也仍然預期能達成那些目標。

Then I may have missed this, but did you provide the blended that you'd seen in April and what you're seeing in terms of how the rest of the quarter plays out?

那我可能漏聽了，你們有提供4月看到的綜合數據嗎？以及你們對本季剩餘時間的走勢有何觀察？

We had spoken about it on one of our first questions here. From the standpoint of as we see kind of April and May developing specifically on renewal rates, April and May are kind of right around the low 4% range. June's a little bit higher than that, but it's June, still a little bit early. On the new lease trade-outs, April and early kind of May, we do see them kind of getting better to the tune of about 130 basis points from where they were in the first quarter.

我們在前面其中一個問題已經談到。就我們看到4月與5月的發展而言，特別是在續租租金成長方面，4月與5月大約落在4%出頭的低檔區間。6月會稍微高一些，但畢竟是6月，現在還稍早。至於新租換約（trade-outs），4月以及5月初，我們確實看到比第一季改善，幅度約130個基點。

Jason Wayne, Barclays.

Jason Wayne，Barclays。

I was thinking about capital allocation from here. You said you wanted to pay down debt, but just wondering how you're thinking about more share repurchases from here?

我在思考接下來的資本配置。你們提到想要償還債務，但我想了解你們接下來對於進一步回購股票的想法？

Obviously, capital allocation is very important as we move forward. We are continuing to analyze the portfolio for -- to recycle capital, recycle a lot of properties where we think the capital has a better use long term. As that recycling happens, we will then consider what the best use is. Our stock price will help determine whether share buybacks are better than deleveraging and/or new investments. It's hard to say sitting here today what the use of that capital will be. We have to really determine it when the capital's available and then determine what the best use is.

很明顯地，隨著我們往前走，資本配置非常重要。我們持續檢視投資組合，以便進行資本回收再配置，將一些我們認為長期資本有更好用途的物業進行汰換。當這些回收再配置發生後，我們會再評估最佳用途。我們的股價將有助於判斷，股票回購是否優於去槓桿和／或新投資。以今天此刻來說，很難斷言那筆資本的用途會是什麼。我們必須在資本可用時再做判斷，並決定最佳用途。

Yeah, makes sense. Just on the value-add completions, I think you gave a guidance range last quarter of 2,000 to 2,500 completions this year. Is that still the assumption and how are you trending on that this year so far?

了解，很合理。另外關於增值型完工量，我記得你們上季給的今年指引區間是2,000到2,500戶完工。這個假設仍然成立嗎？以及今年到目前為止的進度如何？

Yeah. As Scott had mentioned in his prepared remarks, yes, that's still the expectation. 426 units that we did do in the first quarter are right in line with that goal for the year.

是的。如Scott在事先準備的發言中提到的，是的，這仍然是我們的預期。今年第一季我們完成了426戶，與全年目標相當一致。

(Operator Instructions)

（接線員指示）

Mason Guell, Baird.

Mason Guell，Baird。

Hey, good morning, everyone. How's the two development lease-ups been performing so far versus expectations?

嗨，各位早安。兩個開發案的招租（lease-up）到目前為止相較於預期表現如何？

The two on-balance sheet developments -- well, there's two, call it, historical on-balance sheet developments. That's the Arista in Broomfield, Colorado, and Flatirons in Broomfield, Colorado. Arista is fully occupied, stabilized. It's in our same-store pool, so performing just fine. Flatirons, as we mentioned last year, is in the process of lease-up.

這兩個列在資產負債表上的開發案——嗯，嚴格說是兩個歷史上的表內開發案。分別是科羅拉多州布魯姆菲爾德（Broomfield）的Arista，以及同在布魯姆菲爾德的Flatirons。Arista已滿租並已穩定。它已納入我們的同店（same-store）範圍，因此表現良好。至於Flatirons，如我們去年提到的，目前仍在招租爬坡中。

We disclosed in the supplement, something 82% leased, and it's about 66% occupied. It should hit stabilization here in the low 90% in the month of June, maybe early July. And again, as we mentioned, rental rates there are a little behind our initial underwrite expectations, but we believe it's still a great market and a good long-term investment, and we'll be able to push rate once we get it stabilized.

我們在補充資料中揭露，出租率約82%，入住率約66%。它應該會在6月達到穩定水準（約90%出頭），可能是6月、或7月初。同樣如我們提到的，那裡的租金水準略低於我們最初的承銷預期，但我們相信那仍是很好的市場、也是良好的長期投資；一旦達到穩定，我們將能推升租金。

The additional asset that was added to our in-development disclosure in the quarter is our joint venture asset called the Tisdale at Lakeline Station in Austin, Texas. That deal is in lease-up. It's still very early. It's about 33% leased -- 37% leased. 33% occupied, 37% leased, which is up from roughly 25% occupied when we took it over. Again, leasing up as we would have expected it at this point since we now are managing it and consolidating it.

本季新增到我們「開發中」揭露的另一項資產，是我們位於德州奧斯汀的合資資產，名為Tisdale at Lakeline Station。該案正在招租中。目前仍非常早期。出租率約33%——更正，約37%出租；入住率33%、出租率37%，相較於我們接手時約25%的入住率已有提升。同樣地，由於我們現在接手管理並將其併表，招租進度符合我們此時點的預期。

Great. Is the anticipated timing for the two consolidated held-for-sale properties still around mid-year?

很好。那兩個已併表且列為待售（held-for-sale）的物業，預期處分時點仍是在年中左右嗎？

Yeah, Jason will answer. The question is, what's the timing of disposition for the two held-for-sales?

好的，Jason來回答。問題是：兩個列為待售的資產，處分時點是什麼時候？

Sorry. Yes, we're still aiming towards the mid-year. We are actively marketing those and working towards a sale.

抱歉。是的，我們仍以年中為目標。我們正在積極行銷這些資產並推進出售。

At this time, there are no further questions. I will now hand the call back over to presenters for any closing remarks.

目前沒有其他問題。我現在把電話交回給簡報人員，請他們做結語。

Well, thank you all for joining us this morning, and we look forward to seeing many of you at NAREIT and then speaking with you again next quarter.

好的，感謝各位今天早上參與，我們期待在NAREIT見到各位中的許多人，並在下個季度再次與各位交流。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。您現在可以掛線。