Mid-America Apartment Communities Inc (MAA) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the MAA first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded today, May 1, 2025. I will now turn the call over to Andrew Schaeffer, Senior Vice President, Treasurer, and Director of Capital Markets of MAA for opening comments.

女士們、先生們，早安，歡迎參加 MAA 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次電話會議將於今天（2025 年 5 月 1 日）進行錄製。現在，我將把電話轉給 MAA 高級副總裁、財務主管兼資本市場總監 Andrew Schaeffer 來發表開場評論。

Thank you, Regina, and good morning, everyone. This is Andrew Schaeffer, Treasurer and Director of Capital Markets for MAA. Members of the management team participating on the call this morning are Brad Hill, Tim Argo, Clay Holder, and Rob DelPriore.

謝謝你，里賈娜，大家早安。我是 MAA 財務主管兼資本市場總監 Andrew Schaeffer。今天早上參加電話會議的管理團隊成員有 Brad Hill、Tim Argo、Clay Holder 和 Rob DelPriore。

Before we begin with prepared comments this morning, I want to point out that as part of this discussion, company management will be making forward-looking statements. Actual results may differ materially from our projections.

在我們今天早上開始準備好的評論之前，我想指出，作為本次討論的一部分，公司管理層將做出前瞻性的陳述。實際結果可能與我們的預測有重大差異。

We encourage you to refer to the forward-looking statement section in yesterday's earnings release and our 34 act filings with the SEC, which describe risk factors that may impact future results. During this call, we will also discuss certain non-GAAP financial measures, a presentation of the most directly comparable GAAP financial measures, as well as reconciliations of the differences between non-GAAP and comparable GAAP measures can be found in our earnings release and supplemental financial data.

我們鼓勵您參考昨天的收益報告中的前瞻性聲明部分以及我們向美國證券交易委員會提交的 34 份法案文件，其中描述了可能影響未來結果的風險因素。在本次電話會議中，我們還將討論某些非 GAAP 財務指標、最直接可比較的 GAAP 財務指標的介紹，以及非 GAAP 和可比較 GAAP 指標之間的差異的對賬，這些可以在我們的收益報告和補充財務數據中找到。

Our earnings release and supplement are currently available on the For Investors page of our website at www.maac.com. A copy of our prepared comments and an audio recording of this call will also be available on our website later today. After some brief prepared comments, the management team will be available to answer questions. I will now turn the call over to Brad.

我們的獲利報告及補充文件目前可在我們網站 www.maac.com 的「投資者專區」頁面上查閱。我們準備好的評論及本次電話會議的錄音也將在今天晚些時候在我們的網站上發布。在發表一些簡短的準備好的評論後，管理團隊將回答問題。現在我將電話轉給布拉德。

Thanks, Andrew, and good morning, everyone. As detailed in our release, first quarter performance results were ahead of our expectations, as strong demand was evident in multiple areas of our performance, including occupancy, collections, and pricing trends.

謝謝，安德魯，大家早安。正如我們在新聞稿中詳細說明的那樣，第一季的業績結果超出了我們的預期，因為我們業績的多個領域都表現出強勁的需求，包括入住率、收款情況和定價趨勢。

While pricing trends for new resident move-ins continue to reflect the impact from new supply delivering in several of our markets, renewal pricing remains strong and our retention rate increasing, leading to first quarter '25 blended lease pricing that was ahead of our expectations.

雖然新居民入住的價格趨勢繼續反映出我們幾個市場新供應的影響，但續約價格依然強勁，我們的保留率也在提高，導致 25 年第一季的混合租賃價格超出了我們的預期。

We are encouraged by the resilience our portfolio has displayed in the face of the unprecedented levels of new supply that we've experienced over the past year, as well as our positioning to capture continued improvement as we enter the summer leasing season.

令我們感到鼓舞的是，面對過去一年來前所未有的新增供應量，我們的投資組合表現出了韌性，而且在進入夏季租賃季節時，我們的定位能夠持續改善。

As Tim will discuss in more detail, we are seeing encouraging signs that indicate leasing conditions are poised to support stable occupancy and improvement in blended lease rates that align with the outlook that we provided in our prior guidance, having a compounding impact on revenue performance throughout the year.

正如蒂姆將更詳細地討論的那樣，我們看到了令人鼓舞的跡象，表明租賃條件有望支持穩定的入住率和混合租賃率的改善，這與我們在之前的指導中提供的前景一致，對全年的收入表現產生複合影響。

While macroeconomic uncertainties have increased due to the potential tariffs, our exclusive focus on high growth markets, lower average price point, broad diversification by market, submarket, and price point, our operating efficiencies and scale should position MAA to weather tariff or economic challenges and allow us to take advantage of growth opportunities that may arise.

雖然由於潛在關稅導致宏觀經濟不確定性增加，但我們專注於高成長市場、較低的平均價格點、按市場、子市場和價格點的廣泛多樣化、我們的營運效率和規模應使 MAA 能夠抵禦關稅或經濟挑戰，並使我們能夠利用可能出現的成長機會。

Because of these portfolio characteristics, MAA has not only outperformed in previous downturns and times of uncertainty, but delivered good performance over the past year in the face of a 50 year record high level of supply.

由於這些投資組合的特點，MAA 不僅在以往的經濟低迷和不確定時期表現出色，而且在過去一年中面對 50 年來創紀錄的高供應水平也表現出色。

In the first quarter, we were able to increase our year-over-year occupancy by 30 basis points, and produce average effective rent per unit that was only down $9 per unit from the level we achieved in first quarter of '24.

在第一季度，我們的入住率較去年同期提高了 30 個基點，平均有效租金僅比 2024 年第一季的水準下降了 9 美元。

Our current metrics are indicating no material change in customer behavior, leads and leasing traffic remain strong, collections are solid, migration trends are positive, and the challenges of single-family home availability and affordability continue to support our strong renewal performance.

我們目前的指標顯示客戶行為沒有重大變化，潛在客戶和租賃流量依然強勁，收款穩健，遷移趨勢積極，單戶住宅可用性和可負擔性的挑戰繼續支持我們強勁的續約業績。

Our focus on customer service is paying off, as reflected in our sector leading Google scores, contributing to our growing retention rates. Supported by our asset management group, the teams are focused on harvesting the benefits of several leasing and reporting tools introduced over the past few years to maximize our operational effectiveness.

我們對客戶服務的重視正在獲得回報，這體現在我們領先的 Google 評分上，這有助於提高我們的保留率。在我們資產管理團隊的支持下，團隊專注於利用過去幾年推出的多種租賃和報告工具的優勢，以最大限度地提高我們的營運效率。

We continue to invest in key areas that will support future earnings growth, including various new technology initiatives that enhance efficiencies and support our centralization and specialization efforts. We are ramping up the rollout of property-wide Wi-Fi across our portfolio, and investments in our interior renovation and repositioning programs are increasing.

我們將繼續投資於支持未來獲利成長的關鍵領域，包括提高效率和支持我們的集中化和專業化努力的各種新技術舉措。我們正在加強在整個酒店範圍內推廣 Wi-Fi 的力度，並且對室內裝修和重新定位項目的投資也在增加。

On the external growth front, our pipeline of lease-ups and active development stand at a combined cost of $1.5 billion. Our operating performance at these properties should benefit from a supply environment that is trending below historical levels.

在外部成長方面，我們的租賃和積極開發項目總成本為 15 億美元。我們在這些物業上的經營業績應受惠於低於歷史水準的供應環境。

We continue to believe investing in new developments will produce strong future earnings growth, especially considering the declining new starts and additional headwinds from decreased equity capital available for new projects.

我們仍然相信，投資新開發項目將帶來強勁的未來獲利成長，特別是考慮到新開工項目減少以及新項目可用股本減少的額外阻力。

We anticipate starting between three to four new developments this year, with a suburban development in the Charleston, South Carolina market on track to start construction during the second quarter. Based on our expected starts and completions for the year, our development pipeline should remain in the $1 billion to $1.2 billion range, a very comfortable level given our scale and balance sheet strength.

我們預計今年將啟動三至四個新開發項目，南卡羅來納州查爾斯頓市場的郊區開發項目預計將在第二季開始建設。根據我們今年預計的開工和完工情況，我們的開發資金應保持在 10 億至 12 億美元的範圍內，考慮到我們的規模和資產負債表實力，這是一個非常舒適的水平。

We are focused on acquiring properties where we can utilize our various platform capabilities to generate attractive long term returns for capital. But with the transaction market pretty slow, it will likely be the back half of the year before we see more compelling opportunities begin to materialize.

我們專注於收購能夠利用我們各種平台能力來產生有吸引力的長期資本回報的資產。但由於交易市場相當緩慢，我們可能要等到今年下半年才能看到更多引人注目的機會開始出現。

As part of our ongoing recycling efforts to improve the earnings quality of our portfolio, during the first quarter of '25, we exited Columbia, South Carolina with the sale of two properties with an average age of 32 years that went under contract in 2024. We expect continued recycling efforts to occur later this year.

作為我們持續進行回收努力以提高投資組合盈利品質的一部分，在 2025 年第一季度，我們退出了南卡羅來納州哥倫比亞市，出售了兩處平均使用年限為 32 年的房產，並於 2024 年簽訂了合約。我們預計今年稍後將繼續進行回收工作。

With a 30 year performance record focused on high growth markets and an average executive team member tenure of 16 years, we have operated through prior cycles of high supply and uncertainty. I remain optimistic about the approaching recovery cycle and our market's ability to absorb the new supply.

我們擁有 30 年專注於高成長市場的業績記錄，高階主管團隊成員平均任期為 16 年，我們經歷過供應充足、充滿不確定性的周期。我對即將到來的復甦週期以及我們的市場吸收新供應的能力保持樂觀。

Today, our more diversified and higher quality portfolios, stronger operating platform, and stronger balance sheet position us to compete at an even higher level. Our high growth markets continue to see stronger job growth, household formation, and investor demand.

如今，我們更加多元化和更高品質的投資組合、更強大的營運平台和更強勁的資產負債表使我們能夠在更高的水平上競爭。我們的高成長市場持續呈現更強勁的就業成長、家庭組成和投資者需求。

Through our internal and external investments, we have meaningful future value growth on the horizon as new supply deliveries decline and leasing conditions strengthen. We remain excited about the outlook over the next few years.

透過我們的內部和外部投資，隨著新供應交付的減少和租賃條件的加強，我們未來價值將實現有意義的成長。我們對未來幾年的前景仍然充滿信心。

To all our associates at the properties and our corporate and regional offices, thank you for your hard work and dedication and preparation for the busy leasing season. Your commitment and dedication to our residents and fellow associates are greatly appreciated.

對於我們所有物業、公司和地區辦事處的同事，感謝你們的辛勤工作、奉獻精神和為繁忙的租賃季節所做的準備。我們非常感謝您對我們的居民和同事的承諾和奉獻。

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

說完這些，我會把電話轉給提姆。

Thank you, Brad, and good morning, everyone. Following up on Brad's comments, we're encouraged by the first quarter operating trends with blended pricing, occupancy, and collections all slightly outperforming our expectations.

謝謝你，布拉德，大家早安。根據布拉德的評論，我們對第一季的營運趨勢感到鼓舞，混合定價、入住率和收款率都略微超出了我們的預期。

We entered 2025 with occupancy and exposure in a strong position that helped drive a steady increase in pricing, particularly on our new leases. The acceleration in new lease-over-lease pricing growth was greater than what we've seen on average historically, increasing 180 basis points sequentially from the fourth quarter of 2024.

進入 2025 年，我們的入住率和曝光率處於強勁地位，這有助於推動價格穩步上漲，尤其是新租約的價格。新租賃定價成長的速度高於我們歷史平均水平，從 2024 年第四季起季增了 180 個基點。

The resulting new lease pricing on a lease-over-lease basis for the first quarter was negative 6.3%. Additionally, renewal rates for the quarter showed strength, growing 4.5% on a lease-over-lease basis, which was a 30 basis point increase sequentially over the fourth quarter.

由此得出的第一季新租賃價格（以租賃為基礎）為-6.3%。此外，本季的續約率表現強勁，按租賃年增 4.5%，比第四季環比成長 30 個基點。

The resulting lease-over-lease pricing on a blended basis was negative 0.5%, which represented 160 basis point improvements sequentially from the fourth quarter of 2024. Average physical occupancy was 95.6%, up 30 basis points as compared to the same period in 2024.

最終的混合租賃定價為-0.5%，較 2024 年第四季環比改善 160 個基點。平均實際入住率為 95.6%，與 2024 年同期相比上升了 30 個基點。

Collections continued to outperform expectations with net delinquency representing just 0.3% of billed rents. These factors combined are the resulting same store revenue growth of 0.1% for the quarter. Many of the markets that were outperformers in 2024 from a blended lease and release pricing standpoint continued to do well in the first quarter of 2025, including several of our mid-tier markets.

租金收繳情況持續超出預期，淨拖欠率僅佔已收費租金的 0.3%。這些因素共同導致本季同店營收成長 0.1%。從混合租賃和釋放定價的角度來看，許多在 2024 年表現優異的市場在 2025 年第一季繼續表現良好，其中包括我們的幾個中端市場。

Virginia stands out with Richmond, Norfolk, Fredericksburg, and our four Northern Virginia properties all exceeding the portfolio average. Charleston, Savannah, and Greenville also demonstrated strong pricing power.

維吉尼亞州的表現尤其突出，里士滿、諾福克、弗雷德里克斯堡以及我們在北維吉尼亞州的四處房產都超過了投資組合的平均水平。查爾斯頓、薩凡納和格林維爾也表現出強大的定價能力。

Of our larger markets, Tampa continued to show pricing recovery, Houston held steady, and encouragingly, we saw significantly improved performance from Atlanta, particularly as compared to market conditions there in the first quarter of 2024. Alston remains a laggard as it continues to face significant supply pressure, with Phoenix and Nashville continuing to struggle with lingering supply concerns also.

在我們較大的市場中，坦帕繼續顯示價格復甦，休士頓保持穩定，令人鼓舞的是，我們看到亞特蘭大的表現顯著改善，特別是與 2024 年第一季的市場狀況相比。奧爾斯頓仍然落後，因為它繼續面臨巨大的供應壓力，而菲尼克斯和納許維爾也繼續苦苦掙扎於揮之不去的供應問題。

Touching on our lease-up portfolio, we had one property, MAA Optimist Park, reach stabilization in the quarter. Our seven remaining lease-up properties are competing well against the record new supply being delivered in our markets and end of the quarter with a combined occupancy of 71.6%.

談到我們的租賃組合，我們有一處房產，MAA Optimist Park，在本季度達到穩定。我們剩餘的七處租賃物業與我們市場上交付的創紀錄的新供應量競爭激烈，截至本季度末，總入住率為 71.6%。

We push the expected stabilization date back one quarter for MAA Boggy Creek, and Orlando, and expect six of the seven lease-up properties to stabilize in 2025. Rents for the group continue to exceed our pro forma expectations and should result in significant value creation for this portfolio.

我們將 MAA Boggy Creek 和奧蘭多的預期穩定日期推遲一個季度，並預計七個租賃物業中的六個將在 2025 年穩定下來。該集團的租金繼續超出我們的預期，並將為該投資組合創造顯著的價值。

We continue to execute on our various redevelopment and repositioning initiatives in the first quarter, and we expect to accelerate these programs over the course of 2025 and into 2026. For the first quarter of 2025, we completed 1,102 interior unit upgrades, achieving rent increases of $90 above non-upgraded units and a cash-on-cash return of just under 18%.

我們在第一季繼續執行各種重建和重新定位計劃，並預計在 2025 年至 2026 年期間加速這些計劃的實施。2025 年第一季度，我們完成了 1,102 個室內單元的升級，租金比未升級單元高出 90 美元，現金回報率略低於 18%。

Despite this more competitive supply environment, these units were vacant on average nine days less than non-renovated units. when adjusted for the additional turn time. We expect to renovate even more units in Q2 and Q3, with a goal to renovate approximately 6,000 units in 2025, with an even larger increase expected in 2026.

儘管供應環境競爭更加激烈，但經過額外周轉時間調整後，這些單位的平均空置時間仍比未裝修單位少 9 天。我們預計在第二季和第三季翻新更多單元，目標是在 2025 年翻新約 6,000 套單元，預計 2026 年翻新單元數量將進一步增加。

For our repositioning program, we have effectively completed the repricing phase on all the legacy 2023, 2024 projects, with NOI yields approaching 10%. We have an additional six projects finishing up construction that will begin the repricing phase between now and July in what we believe will be a strengthening leasing environment.

對於我們的重新定位計劃，我們已經有效地完成了所有 2023 年、2024 年遺留項目的重新定價階段，NOI 收益率接近 10%。我們還有另外六個項目即將完工，從現在到七月之間將進入重新定價階段，我們相信屆時租賃環境將會加強。

We are also now live on the four property-wide Wi-Fi retrofit projects we began in 2024 and are currently in the planning or construction phase for an additional 23 projects that we targeted for 2025. As we close out April, we continue to see encouraging trends that are aligned with our guidance.

我們還正在實施於 2024 年開始的四個覆蓋整個酒店的 Wi-Fi 改造項目，並且目前正在規劃或建造另外 23 個項目，目標是在 2025 年完成。隨著四月的結束，我們繼續看到與我們的指導一致的令人鼓舞的趨勢。

New lease and blended pricing in April improved as compared to both March and the full first quarter, with average daily occupancy for the month of 95.5%. Our 60 day exposure for April was 8.4%, 20 basis points lower than this time last year.

4 月的新租賃和混合價格與 3 月和整個第一季相比有所改善，當月平均每日入住率為 95.5%。我們 4 月的 60 天風險敞口為 8.4%，比去年同期低 20 個基點。

It keeps us in a position for stable occupancy to allow for pricing power, assuming the strong demand we've seen today remains intact. On the demand side, absorption in our markets in the first quarter was at a record level. and represented the third straight quarter units absorbed exceeded units delivered, putting our markets in a good position to achieve a robust recovery as supply continues to decline.

假設我們今天看到的強勁需求保持不變，它將使我們保持穩定的入住率，從而擁有定價權。在需求方面，第一季我們市場的吸收量達到了創紀錄的水平，並且連續第三個季度吸收的單位超過交付的單位，這使我們的市場在供應持續下降的情況下處於實現強勁復甦的有利位置。

Additionally, the percentage of our residents accepting renewal offers exceeds last year's record level with lease-over-lease growth rates on renewals accepted for May and June outpacing our strong year-to-date renewal growth rates.

此外，接受續約的居民比例超過了去年的最高紀錄，5 月和 6 月接受續約的租約成長率超過了我們今年迄今為止強勁的續約成長率。

The slower turnover is another mitigating factor against supply pressure with fewer units coming to market. The improving new lease rates should further help support continued strong renewal performance throughout the spring and summer leasing seasons. That's all the way I have in prepared comments.

週轉率較低是緩解供應壓力的另一個因素，因為進入市場的單位數量較少。新租賃率的提高應能進一步幫助支持整個春季和夏季租賃季節持續強勁的續約表現。這就是我準備好的所有評論。

Now I'll turn the call over to Clay.

現在我將把電話轉給克萊。

Thank you, Tim, and good morning, everyone. We reported core FFO for the quarter of $2.20 per diluted share, which was $0.04 per share above the midpoint of our first quarter guidance. About $0.025 of the favorability was due to same store NOI performance, with an additional $0.025 due to favorable timing of overhead and interest expenses, partially offset by $0.01 of non-same-store NOI performance.

謝謝你，提姆，大家早安。我們報告本季核心 FFO 為每股攤薄收益 2.20 美元，比第一季預期中位數高出每股 0.04 美元。其中約 0.025 美元的有利因素歸因於同店 NOI 表現，另外 0.025 美元的有利因素歸因於間接費用和利息支出的有利時機，但被 0.01 美元的非同店 NOI 表現部分抵消。

In addition to our same store revenue performance slightly exceeding our expectations, real estate tax expense was favorable in the quarter due to the timing of tax litigation settlements that were initially projected to be completed in the second quarter.

除了我們的同店收入表現略超出我們的預期之外，由於稅務訴訟和解的時間安排（最初預計在第二季度完成），本季度的房地產稅支出也表現良好。

Personnel costs, repair and maintenance expenses, and marketing costs were all generally in line with our expectations. During the quarter, we funded approximately $67 million in development costs of the current $852 million pipeline, leaving an expected $305 million to be funded on our current pipeline over the next two to three years.

人員成本、維修和維護費用以及行銷成本基本上符合我們的預期。在本季度，我們為目前價值 8.52 億美元的管道項目提供了約 6,700 萬美元的開發資金，預計未來兩到三年內我們將為現有管道項目提供 3.05 億美元的開發資金。

We also invested approximately $17 million of capital in the first quarter through our redevelopment, repositioning, and Wi-Fi retrofit initiatives that Tim spoke of earlier. Our balance sheet remains strong, with $1 billion in combined cash and borrowing capacity under our revolving credit facility and our low net debt to EBITDA at 4 times, our balance sheet is well positioned to take advantage of opportunities should they emerge.

我們還在第一季透過 Tim 之前提到的重建、重新定位和 Wi-Fi 改造計劃投資了約 1700 萬美元的資金。我們的資產負債表依然強勁，循環信貸額度下的現金和借貸能力總計 10 億美元，淨債務與 EBITDA 比率僅為 4 倍，因此我們的資產負債表已做好準備，可以抓住出現的機會。

At quarter end, our outstanding debt was approximately 94% fixed, with an average maturity of seven years at an effective rate of 3.8%. Finally, with much of the leasing season still ahead of us, coupled with the uncertain macroeconomic environment, we are maintaining our core FFO and same-store guidance for the year.

截至季末，我們的未償債務約 94% 固定，平均期限為 7 年，有效利率為 3.8%。最後，由於租賃季節仍很長，再加上不確定的宏觀經濟環境，我們將維持今年的核心 FFO 和同店指導。

As outlined in our release, we expect core FFO for the second quarter of 2025 to be in the range of $2.05 to $2.21 per diluted share, or $2.13 per share at the midpoint. This midpoint includes the timing impact of the real estate tax litigation settlement previously discussed, along with the typical seasonality of leasing and maintenance-related operating expenses.

正如我們在新聞稿中概述的那樣，我們預計 2025 年第二季度的核心 FFO 將在每股稀釋後 2.05 美元至 2.21 美元之間，或中間值為每股 2.13 美元。此中點包括先前討論過的房地產稅訴訟和解的時間影響，以及租賃和維護相關營運費用的典型季節性。

That is all that we have in the way of prepared comments. So, Regina, we will now turn the call back to you for questions.

這就是我們準備好的全部評論。那麼，Regina，我們現在將把電話轉回給您以回答您的問題。

(Operator Instructions) Eric Wolfe, Citigroup.

（操作員指示）花旗集團的 Eric Wolfe。

Hey, thanks. So right now, I guess, we're at the beginning of May, I assume most people probably sign a new lease about a month before they move in, but correct me if I'm wrong on that. So is it just fair to say that you have a pretty good idea of where new lease spreads will be in late May or early June, or do you still not have visibility into that yet?

嘿，謝謝。所以現在，我想，我們已經到了五月初，我猜大多數人可能會在搬進來前一個月左右簽署一份新的租約，但如果我錯了，請糾正我。那麼，是否可以公平地說，您對 5 月底或 6 月初的新租賃利差有相當清楚的了解，還是您還不清楚呢？

Hey, Eric, this is Tim. We do have pretty good visibility. Obviously, the renewal side, we have really good visibility with 60 day notice required there. And to your point on the new lease side, I mean, it varies. You do get a lot of people that are looking to move in more immediately in that zero to seven day range.

嘿，艾瑞克，我是提姆。我們的能見度確實相當好。顯然，在續約方面，我們具有很好的透明度，需要提前 60 天通知。至於您提到的新租賃方面，我的意思是，情況有所不同。確實有很多人希望在零到七天的時間內立即入住。

But we've put a little bit of extra focus on pre-leasing that has pushed that out a little bit, so we probably have even a little more color or a little more visibility there this year than we did this time last year.

但我們把更多的精力放在了預租上，這在一定程度上推遲了預租的時間，因此，與去年同期相比，今年我們的預租色彩可能會更加豐富，知名度也會更高。

So yeah, we've got a fair amount of visibility. Certainly April new leases, we know those. I would say we probably have a good handle on, call it half of the May new leases and probably 25% or so of the June new leases.

是的，我們已經獲得了相當高的知名度。當然，四月有新租約，我們知道這些。我想說，我們可能已經很好地掌握了5月份新租約的一半，以及6月份新租約的25％左右。

Got it. Yeah, and I ask the question mainly because if you kind of look at the first quarter, it's tracking pretty similarly to what you saw last year. And so I think what people are trying to figure out is, is you know, are you seeing anything in the recent data, whether that's April, May, June, that gives you more confidence in this inflection in rent growth that companies are predicting?

知道了。是的，我問這個問題主要是因為如果你看第一季度，你會發現它與去年的情況非常相似。所以我認為人們想要弄清楚的是，你是否在最近的數據中看到任何東西，無論是四月、五月還是六月，讓你對公司預測的租金成長轉折點更有信心？

Because so far the results have been a bit like last year. So what kind of gives you the confidence based on recent activity that you're going to see that inflection?

因為到目前為止的結果有點像去年。那麼，根據最近的活動，什麼讓您有信心看到這種轉變？

Yeah, I mean, we're continuing to see, like I said, particularly when we look at our pre-leasing activity, we're continuing to see those new lease rates accelerate. And so if you look at kind of where we are December through to April, we were almost negative 9% on new leases in December.

是的，我的意思是，就像我說的，我們繼續看到，特別是當我們查看我們的預租賃活動時，我們繼續看到這些新的租賃率加速成長。因此，如果你看一下 12 月到 4 月的情況，你會發現 12 月的新租約幾乎是負 9%。

It went up to negative 4.6% in April and saw a continued steady acceleration. I would expect that to continue in the Q2. And then, typically Q3 continues to accelerate a little from there, obviously dependent on how the economic environment plays out. But from what we're seeing right now, we feel pretty good where we are.

4月則升至-4.6%，並持續穩定加速。我預計這種情況將在第二季繼續下去。然後，通常第三季會繼續加速，這顯然取決於經濟環境的發展。但從我們目前看到的情況來看，我們覺得目前的情況相當不錯。

Nick Yulico, Scotiabank.

加拿大豐業銀行的 Nick Yulico。

Hey, good morning. It's Dan Tricarico on with Nick. Maybe to follow up on Eric's question on maybe the confidence level of the blends. How should we think about the comp period related to concessions and the burn-off impact as we get into the second and third quarters?

嘿，早安。丹·特里卡里科 (Dan Tricarico) 和尼克 (Nick) 一起上台。也許是為了跟進 Eric 關於混合物的置信水平的問題。當我們進入第二季和第三季時，我們應該如何看待與優惠相關的補償期以及燒毀影響？

Well, I mean, certainly all the -- when you hear us quote lease-over-lease rates, that is net of concessions and includes us sort of spreading those concessions out. So there's nothing specifically there, but I would say whether you want to call it, easier comps or however you want to think about that, that is playing a part in this.

嗯，我的意思是，當然所有 - 當您聽到我們引用租賃利率時，這是扣除優惠後的淨額，包括我們將這些優惠分攤出去。所以那裡沒有什麼特別的東西，但我想說無論你想稱之為更簡單的組合還是無論你想怎麼想，它都在發揮作用。

We saw a struggle with new lease rates for most of 2024 and continued in -- the lower rates continued in early 2025. So there's combined the normal seasonality, combined declining supply pressure, and frankly, a little bit easier comps that helps give us confidence in where we're sitting today.

我們看到，2024 年大部分時間的新租賃利率都面臨困境，而這種較低的利率在 2025 年初仍持續存在。因此，正常的季節性因素、下降的供應壓力，以及坦白說稍微容易的比較，都有助於我們對目前的處境充滿信心。

Great. Thanks. And then a follow-up on development. Is there potential to extend lease of expectations at any of your other development properties and how should we think about the supply impact potentially being stretched out into 2026 and some of these markets that are still working through that pipeline?

偉大的。謝謝。然後進行後續開發。您的其他開發物業是否有可能延長預期租賃期，以及我們應該如何看待可能延續到 2026 年的供應影響以及一些仍在透過該管道運作的市場？

I mean, I think in terms of -- this is Brad, in terms of development in particular, I mean, we feel good about the dates that we have in terms of lease-up performance in our packet. I mean, for us, one of the important things is we want to be able to protect the revenue performance of those properties in the rent performance of those properties and given certainly, our focus their way will be a little bit more patient on the lease up performance.

我的意思是，我認為就 - 這是布拉德，特別是在開發方面，我的意思是，我們對我們包裹中的租賃表現日期感到滿意。我的意思是，對我們來說，重要的事情之一是我們希望能夠在這些物業的租金表現中保護這些物業的收入表現，當然，我們對他們的關注方式將對租賃表現更加耐心一些。

And so in our bracket, we have a couple of our lease-ups that have leased up a little bit slower than what we expected. But the good news is the rents that we're getting from those properties continue to outperform our expectations, the yield expectations, again, outperform what our expectations are.

因此，在我們的範圍內，有幾處租賃的租賃速度比我們預期的要慢一些。但好消息是，我們從這些房產中獲得的租金繼續超出我們的預期，收益率預期再次超出我們的預期。

So we continue to believe that the lease-up focus that we have will continue to perform in line with our expectations, and they're outperforming on the rent side. So we feel really good about the lease-ups that we have at this point.

因此，我們仍然相信，我們的租賃重點將繼續按照我們的預期執行，並且在租金方面表現出色。因此，我們對目前的租賃情況感到非常滿意。

Cooper Clark, Wells Fargo.

庫柏克拉克，富國銀行。

Hi, thanks for taking the question. Can you talk about the cost side of development and how much is more or less locked in when you begin construction? And then also, if you could touch on the same thing for the redevelopment pipeline as well?

你好，謝謝你回答這個問題。能談談開發的成本面嗎？以及在開始施工時大約鎖定了多少成本？然後，您是否可以談談重建管道的相同的事情？

Yeah, this is Brad. I'll hit on development. Tim can talk about redevelopment. Normally when we could -- it depends on if the development is an in-house development versus a pre-purchase development. In our pre-purchase pipeline, our development partner is giving us a construction cost guarantee, so effectively the costs are locked in when we go to agreement. So we shouldn't face any pressure associated with those pre-purchase developments that we have ongoing.

是的，這是布拉德。我會致力於發展。蒂姆可以談談重建。通常我們可以——這取決於開發是內部開發還是預購開發。在我們的預購管道中，我們的開發合作夥伴為我們提供了建設成本保證，因此當我們達成協議時，成本實際上就被鎖定了。因此，我們不應該面臨與正在進行的購買前開發相關的任何壓力。

For our in-house development, normally, those are call it 95% or so locked in, when we go under construction, the buyout from the GCs are normally done pretty quickly from when we start construction on the project, so those are generally locked in as well, so we're not seeing any impact to construction costs for in-place developments to date.

對於我們的內部開發，通常情況下，這些被稱為 95％ 左右的鎖定，當我們開始建設時，從 GC 的買斷通常在我們開始建設項目時很快完成，所以這些通常也被鎖定，所以我們沒有看到對迄今為止的現場開發的建設成本有任何影響。

And for new developments that we're looking at, we're really not seeing any impact to date of potential impacts from tariffs or the immigration changes and the impact that could have on the labor side. In fact, what we're hearing from some of our contractors is given the reduction in the new starts and the supply pipeline that we're getting better pricing at the moment from many of our GCs and development partners. Margins are tightening up a bit and they're getting a little bit hungrier for new starts. So we're seeing that at the moment on the new development side. Tim?

就我們正在關注的新發展而言，迄今為止，我們還沒有看到關稅或移民變化可能對勞動力方面產生的任何影響。事實上，我們從一些承包商那裡聽到的消息是，鑑於新開工項目和供應管道的減少，我們目前從許多總承包商和開發合作夥伴那裡獲得了更優惠的價格。利潤空間正在縮小，而他們對新業務的渴望也越來越強烈。所以我們目前在新開發方面看到了這一點。提姆？

Yeah. And I'll touch on the redevelopment and, no pressure we're seeing so far. And I don't really expect any this year on that component, for one, appliances make up about 25% of our costs in terms of our overall redevelopment.

是的。我將談及重建問題，到目前為止我們沒有看到任何壓力。我並不真的期望今年在這方面有任何進展，因為就我們整體重建而言，家電約占我們成本的 25%。

And we have locked in pricing on those through about this time next year. And then we have several sources and availability on countertops and other things. So we pretty much source, we know how many units we're going to do.

我們已經鎖定了這些產品的價格，預計到明年這個時候。然後，我們在檯面和其他東西上有幾個來源和可用性。所以我們基本上知道我們要生產多少個單位。

And we have a plan for those units and have a lot of that already here, in place, if you will. So if tariff concerns or others played on for a while, it could start to impact us late this year into 2026, but not seeing any pressure right now.

我們已經為這些單位制定了計劃，並且其中許多計劃已經到位，如果你願意的話。因此，如果關稅問題或其他問題持續一段時間，可能會在今年年底至 2026 年開始對我們產生影響，但目前還沒有看到任何壓力。

Great, thanks. And then if you could also just touch on urban versus suburban performance in some of your key markets, and if it's fair to say that there's more upside to urban here over the next few years as supply normalizes just given the higher density.

太好了，謝謝。然後，如果您能談談一些主要市場中城市與郊區的表現，是否可以公平地說，由於密度較高，隨著供應正常化，未來幾年城市地區將有更大的上漲空間。

Yeah, I mean, I think to answer the second part of your question, I think there's probably a little more upside potential on the more urban assets, primarily because they've tended to get more of a supply over these last couple of years.

是的，我的意思是，我想回答你問題的第二部分，我認為城市資產可能還有更多的上漲潛力，主要是因為它們在過去幾年裡往往會獲得更多的供應。

I think, as that supply dies down, it probably helps out that that group in general a little more. But we've seen -- in our portfolio, we've seen the performance between urban and suburban pretty much converge. There's very minor differences now and what we're seeing with occupancy or pricing.

我認為，隨著供應量的減少，它可能會為這個群體帶來更多幫助。但我們已經看到——在我們的投資組合中，我們看到城市和郊區的表現基本上趨於一致。目前，我們看到的入住率或定價方面的差異非常小。

The suburban had been outperforming probably for the last couple of years relatively significantly, and that that gap has narrowed as supply pressure has started to wane a little bit. It's obviously market by market. Atlanta is one where we're still seeing a better performance outside the perimeter, if you will, as compared to inside or midtown Buckhead areas, but generally we're seeing that performance start to converge.

過去幾年，郊區的表現可能相對較好，而且隨著供應壓力開始減弱，差距已經縮小。顯然，這是根據市場而定的。在亞特蘭大，我們仍然看到外圍的表現比巴克海特區內部或中城地區更好，但總體而言，我們看到表現開始趨於一致。

[Jaina Gallen], Bank of America.

[Jaina Gallen]，美國銀行。

Thank you. Good morning. Maybe if you could talk a little bit more about that improvement that you're seeing in Atlanta. From the market data, it's still pretty weak, but that's very encouraging that your portfolio is seeing a turnaround.

謝謝。早安.也許您可以再多談談您在亞特蘭大看到的改善。從市場數據來看，它仍然相當疲軟，但你的投資組合出現好轉是非常令人鼓舞的。

Yeah, I would say Atlanta, it's certainly on a relative basis. It's not -- I'm not touting it as one of our top markets right now, certainly in terms of performance, but relative to where it was for most of 2024, it is starting to show some improvement.

是的，我會說亞特蘭大，這當然是相對的。事實並非如此——我目前並沒有將其吹捧為我們最主要的市場之一，當然就業成績而言，但相對於 2024 年大部分時間的狀況，它開始顯示出一些改善。

Our new lease pricing in Atlanta is the best it's been since going back to mid to early 2023. And we've seen a little bit of occupancy recovery as well. We're about 120 basis points or so better in terms of occupancy than we were this time last year. So it's certainly a relative story compared to if you look at it compared to the broader portfolio, it still lags our portfolio a little bit, but it's much improved from where it was this time last year.

我們在亞特蘭大的新租賃價格是自 2023 年中初以來的最佳價格。我們也看到入住率略有回升。與去年同期相比，我們的入住率大約提高了 120 個基點。因此，與更廣泛的投資組合相比，這當然是一個相對的情況，它仍然有點落後於我們的投資組合，但與去年同期相比已經有了很大的改善。

Thank you.

謝謝。

Adam Kramer, Morgan Stanley.

摩根士丹利的亞當·克萊默。

Hey, thanks for the time, guys. I was wondering about the kind of level of concessions in your markets today, maybe just high-level concessions, And then how does that compare to whether it's early in the year when seasonally slower period or even a year ago maybe? Just again, level of concessions today maybe versus a year ago.

嘿，謝謝大家的時間。我想知道你們市場上目前的優惠程度如何，也許只是高水準的優惠，那麼與今年年初季節性淡季甚至一年前相比，情況如何？再說一遍，今天的讓步程度可能與一年前相比有所提高。

Yeah, we've seen concessions broadly be relatively consistent the last couple of quarters and probably down a little bit from where it was this time last year, I would say, the portfolio broadly or markets broadly anywhere from a half month to a month is pretty consistent.

是的，我們看到過去幾季的優惠幅度總體上相對一致，可能比去年同期有所下降，我想說，從半個月到一個月的投資組合或市場總體上是相當一致的。

There are pockets, obviously, where it's a little bit higher. There's lease-ups probably more in that month and a half to two month range. But broadly, we're seeing kind of half a month to a month be pretty consistent in most markets. It's a little bit lower from where it was this time last year, pretty consistent with where it was in Q4 of 2024.

顯然，有些地方的價格會稍微高一些。一個半月到兩個月的租賃量可能還會更多。但總體而言，我們發現大多數市場半個月到一個月的周期相當一致。與去年同期相比略低，與 2024 年第四季的水準基本一致。

Great. And then just on kind of capital allocation and cost of capital here, obviously the stock's doing a little bit better than some of the peers here today. I'm just wondering how you kind of view your equity cost of capital, your debt cost of capital, I guess even disposition cost of capital, and when it comes to kind of funding these developments, funding other sources or other uses rather, how do you kind of assess both the cost of capital and the capital allocation priorities here?

偉大的。然後，僅從資本配置和資本成本來看，顯然該股票的表現比今天的一些同行要好一些。我只是想知道您如何看待股權資本成本、債務資本成本，甚至處置資本成本，以及當涉及為這些開發項目提供資金、為其他來源或其他用途提供資金時，您如何評估資本成本和資本配置優先順序？

Yeah, this is Brad, Adam. And I think given where we are in terms, as Clay mentioned, and given where our current leverage is at 4 times, I mean, we view our kind of incremental dollar at this point, the best place to pull that from is generally through debt.

是的，這是布拉德，亞當。而且我認為，考慮到我們所處的狀況，正如克萊提​​到的那樣，考慮到我們目前的槓桿率是 4 倍，我的意思是，我們目前看待增量美元的方式，最好的方式通常是透過債務。

And so really at this point, given that leverage level, we could grow our debt by a $1 billion, $1.5 billion or so and still be okay within the ranges of kind of where we think our credit metrics need to be. So we think that's the best use of our capital at this point.

因此，實際上，就目前情況而言，考慮到槓桿水平，我們的債務可能會增加 10 億美元、15 億美元左右，但仍在我們認為信用指標需要的範圍內。因此我們認為這是目前我們資本的最佳利用方式。

And you'll see us continue to fund through debt, anything incremental. And certainly as we continue to sell properties this year, as we did in the first quarter, we'll continue to sell some properties later this year. That'll also be a source of capital for our external growth uses as well. So that's where it'll come from.

你會看到我們繼續透過債務和任何增量方式來融資。當然，正如我們今年第一季所做的那樣，我們今年將繼續出售一些房產。這也將成為我們外部成長用途的資金來源。這就是它的來源。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Good morning. Thanks a lot for taking my questions. New lease growth was down in December by 9%. You see some sequential improvement in April to down 4.6%. I believe last quarter you spoke to new lease growth hitting positive at some point this year.

早安.非常感謝您回答我的問題。12月份新租賃成長下降了9%。4 月環比有所改善，下降 4.6%。我相信上個季度您談到了今年某個時候新租賃成長將達到正值。

So are you still on track to achieve this, based on what you've seen so far this year, or has the environment changed to the point where maybe that's not as likely this year? Thanks.

那麼，根據您今年迄今所看到的情況，您是否仍有望實現這一目標，或者環境是否已經發生了變化，以至於今年實現這一目標的可能性較小？謝謝。

I think we still have an expectation that we could see it go slightly positive, call it mid-third quarter or so. We don't expect it to get significantly positive. We have just slightly positive and then starting to trend back down as we get into Q4.

我認為我們仍然期望看到它略微向好，大約在第三季中期。我們並不認為它會取得顯著的正面成果。進入第四季後，我們的預期略有上升，但隨後開始回落。

So, yeah, there's probably a little more uncertainty right now just given what's going on in the economy. But generally, the trends we're seeing would support that, and that's what we're expecting as of right now.

所以，是的，考慮到目前的經濟狀況，現在可能存在更多的不確定性。但總體而言，我們看到的趨勢會支持這一點，這也是我們目前的預期。

Got it. And then as a follow-up, you sold out of the Columbia, South Carolina market. Are there other markets that you can sell out of where you maybe don't have sufficient scale to kind of really do what you're looking to do?

知道了。隨後，你們又賣出了南卡羅來納州哥倫比亞市的市場。是否還有其他市場可以供您銷售，而您在這些市場上可能沒有足夠的規模來真正實現您想要做的事情？

And so are there other markets you could look to sell out of? And how -- if you reallocate those proceeds into markets where you do have scale, how much benefit can that have on expenses over time, closing down markets where you don't have scale and reinvesting it where you can?

那麼有其他市場可供您考慮銷售嗎？如果您將這些收益重新分配到您確實具有規模的市場，那麼隨著時間的推移，這會對費用產生多大的好處，關閉您沒有規模的市場並將其重新投資到您可以的市場中？

Yeah, this is Brad. I mean, certainly we'll look to continue to drive efficiencies through our portfolio. And I do think one way to do that is for us to continue to sell some of these markets where we may have one or two assets. And we still have a few of those.

是的，這是布拉德。我的意思是，我們當然會繼續尋求透過我們的投資組合來提高效率。我確實認為，做到這一點的方法之一是繼續出售我們可能擁有一兩項資產的一些市場。我們仍然保留著其中的一些。

We've got one in Panama City. We've got one in Gulfport or Gulf Shores. We've got two in Las Vegas. So in markets where we only have a couple of assets, certainly by selling those, we can reallocate the time and energies specifically of our regional folks to other properties to drive efficiencies throughout the portfolio.

我們在巴拿馬城有一個。我們在格爾夫波特或格爾夫肖爾斯有一個。我們在拉斯維加斯有兩個。因此，在我們僅擁有少量資產的市場中，透過出售這些資產，我們可以將區域員工的時間和精力重新分配到其他資產上，從而提高整個投資組合的效率。

So we'll continue to evaluate that. Every fourth quarter, we go through an evaluation process to look at properties that we have in our portfolio and begin to look at those and prioritize what our disposition needs are for the following year.

因此我們將繼續評估這一點。每個第四季度，我們都會進行一次評估流程，查看我們投資組合中的資產，並開始研究這些資產，並確定下一年的處置需求的優先順序。

So that'll continue to be a focus of ours, along with looking at properties where perhaps the growth rate is not what we desire from our portfolio or the CapEx needs are growing and it's just not a fit for our portfolio anymore. But that's a very thorough process that we go through every year.

因此，這將繼續成為我們的關注重點，同時關注那些成長率可能不符合我們投資組合期望或資本支出需求不斷增長而不再適合我們投資組合的資產。但這是我們每年都要經歷的一個非常徹底的過程。

Julien Blouin, Goldman Sachs.

高盛的朱利安布魯因 (Julien Blouin)。

Thank you for taking my question. Your markets have tended to be relatively resilient during past recessions, but do you worry a recession this time around would potentially be different just given the amount of supply you're still dealing with, vacancy still pretty elevated, pricing power as a starting point is weaker? So do you think maybe performance this time would be worse than in the past?

感謝您回答我的問題。在過去的經濟衰退中，您的市場往往相對具有彈性，但您是否擔心這次的經濟衰退可能會有所不同，因為您仍在處理供應量，空置率仍然很高，定價能力作為起點較弱？那麼您是否認為這次的表現可能會比過去更差？

Well, this is Brad. And as we look at certainly the demand fundamentals in our region of the country, no, I mean, we would not think that if there were a slowdown in the economy that we would expect any type of different performance in our region of the country than we have experienced historically.

嗯，這是布拉德。當我們審視我們所在地區的需求基本面時，不，我的意思是，我們不會認為，如果經濟放緩，我們所在地區的表現會與我們歷史上經歷過的任何不同。

Certainly, as you mentioned, if you go back to the three previous downturns that we've seen, whether it's the 2002 or '03 tech bubble, the 2009 GFC, or 2020 COVID, the performance of our portfolio significantly exceeded what we saw out of our peers.

當然，正如您所提到的，如果回顧我們經歷過的之前三次經濟衰退，無論是 2002 年或 2003 年的科技泡沫、2009 年的全球金融危機，還是 2020 年的新冠疫情，我們的投資組合的表現都遠遠超過了同行。

And we have every reason to believe that that continues. And I would say, certainly when the economy slows, we have historically seen our high growth markets hold up better than the national norms as the broad diversification of industries and employers, coupled with more affordable employment costs, as compared particularly to other regions of the country have tended to drive that resiliency you just talked about uh within our markets.

我們完全有理由相信這種情況將會持續下去。我想說的是，當經濟放緩時，從歷史上看，我們的高成長市場表現優於全國平均水平，因為與全國其他地區相比，行業和雇主的多樣化，加上更實惠的就業成本，往往會推動我們市場具有您剛才談到的彈性。

And I think for us specifically our unique diversification by market and sub market, our product types, our price point, and then the diversification between large and mid-tier markets has continued to provide steadier performance for us. And we think that is a component that will certainly continue.

我認為，對我們來說，特別是我們獨特的市場和子市場的多樣化、我們的產品類型、我們的價格點，以及大中端市場之間的多樣化，繼續為我們提供更穩定的表現。我們認為，這項因素必將持續下去。

And then the other thing that we've seen in the Sunbelt, particularly over the last five years or so, is just the Sunbelt job machine continues to outperform. We've seen numerous knowledge-based employment growth come to our region of the country.

我們在陽光地帶看到的另一件事，特別是過去五年左右，就是陽光地帶就業機器繼續表現出色。我們看到，我們這個地區出現了大量知識型就業的成長。

And then, what we also have seen that I think is very important is the local and municipal governments are stronger than they are in other regions of the country. And I think that really supports the pro-business view of this region of the country.

然後，我們也看到，我認為非常重要的是，地方政府和市政府比全國其他地區更強大。我認為這確實支持了該地區的親商觀點。

It also supports the ability to add subsidies and incentives to really support the job locations and relocations that we've seen. So no, we think, especially as potential onshoring continues and picks up speed, the Sunbelt's in a pretty good position to take advantage of that.

它還支持增加補貼和激勵措施的能力，以真正支持我們所看到的工作地點和遷移。所以，我們認為，特別是隨著潛在的在岸化持續並加速，陽光地帶處於非常有利的位置來利用這一點。

And then the other point I would just make relative to demand, certainly job growth is a component of that. And as I just laid out, we think that continues to perform quite well in our region of the country going forward.

然後我想說的另一點是關於需求的，就業成長當然是其中的一個組成部分。正如我剛才所說，我們認為未來我們地區的表現將繼續相當良好。

But there are other demand drivers in our region of the country that continue to perform pretty well. Migration trends continue to be positive. The single family availability and affordability is a challenge in our region of the country.

但我們地區還有其他需求驅動因素持續表現良好。移民趨勢持續保持正面。在我們這個地區，單戶住宅的供應和可負擔性是一個挑戰。

And that's also a challenge that I think is a newer challenge to our region of the country, it's perhaps always existed in some of the coastal markets, but it's newer in our region of the country. But I do think that's a phenomenon that's going to drive retention rates up over the long term.

我認為，這對我們這個地區來說也是一個較新的挑戰，它可能一直存在於一些沿海市場，但在我們這個地區卻是較新的挑戰。但我確實認為這種現象將會長期提高留存率。

And today, our turnover is 41.5%, two years ago It was It was 46%. So that 5% reduction is a long-term trend that I think will stay low, and there's significant implications for that. So long term, we think that the Sunbelt continues to perform quite well, regardless of the economic view that's out there. And then we think that our portfolio, in particular for the diversification reasons I mentioned, continues to perform well.

今天，我們的營業額是 41.5%，兩年前是 46%。因此，我認為 5% 的減幅是一個長期趨勢，並且會保持在低位，這具有重大意義。因此，從長遠來看，無論外界的經濟觀點如何，我們認為陽光地帶將繼續表現良好。然後我們認為我們的投資組合，特別是由於我提到的多樣化原因，繼續表現良好。

Great, thank you. That's all for me.

太好了，謝謝。對我來說就這些了。

John Kim, BMO Capital Markets.

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

Good morning. Based on your second quarter and your full year guidance, you'll need to achieve about a 2.5% to 3% increase in FFO per share compared to what you'll achieve in this first half of the year. I'm wondering how much of that is driven by seasonality and rents, and what are some of the other factors that would be sure to get to ramp up in earnings.

早安.根據您第二季和全年的指導，與今年上半年相比，您需要將每股 FFO 成長約 2.5% 至 3%。我想知道其中有多少是由季節性和租金驅動的，還有哪些因素可以確保增加收入。

Yeah, John, I think in addition to some seasonality factors that you pointed out, the other piece of that should continue to benefit FFO over the course of the remainder of the year is our lease-up properties as they continue to gain some velocity and go back to the points that Brad and Tim mentioned earlier, the pricing power that those properties that continue to show are ahead of our performance.

是的，約翰，我認為除了您指出的一些季節性因素之外，另一個應該會在今年剩餘時間內繼續使 FFO 受益的因素是我們的租賃物業，因為它們繼續獲得一些速度並回到布拉德和蒂姆之前提到的點，這些物業的定價能力繼續領先於我們的表現。

So we think that there's pricing and also an NOI yield basis. So all of that, we think, well, is really what's going to drive that continued acceleration and performance over the course of the year.

因此我們認為存在定價和 NOI 收益基礎。因此，我們認為，所有這些才是真正推動全年持續加速和表現的因素。

And you reiterated your outlook to roll out Wi-Fi in 23 of your projects this year. Can you just remind us what a contribution that is to your same-store revenue for this year, and what's the timing of the completion or the rollout of the remainder of your portfolio?

您也重申了今年將在 23 個專案中推出 Wi-Fi 的前景。您能否提醒我們這對您今年的同店收入有何貢獻，以及您投資組合中剩餘部分的完成或推出時間是什麼時候？

John, it's Tim. So it's not a huge component this year. So we have the four that we completed late last year and then the 23 that as I mentioned are under construction now. We're down at about between $1 million and $1.5 million combined between those 27 projects, I guess it is, for 2025 just based on the rollout and how those roll out over lease expirations and the timing of the construction.

約翰，我是蒂姆。所以它今年並不是一個很大的組成部分。其中 4 個已於去年年底完工，另外 23 個正如我所提到的，目前正在建設中。我猜，根據這 27 個項目的推出情況、租賃到期情況以及施工時間，到 2025 年，我們的總成本將下降約 100 萬至 150 萬美元。

Those 27 in general we expect would contribute close to $6 million once everything gets fully rolled out. And so we're doing the 23 this year. We'll want to make sure that sort of goes as planned, and we would potentially look to accelerate that even more so in 2026. But it is going to be a multi-year project, over the next four or five years would be my guess as we continue to accelerate it and ultimately look to roll it out to most, if not all, of the portfolio.

我們預計，一旦一切全面展開，這 27 家公司將貢獻近 600 萬美元。因此，我們今年將舉辦 23 屆。我們希望確保一切按計劃進行，並且我們可能希望在 2026 年進一步加快這一進程。但這將會是一個多年的項目，我猜在接下來的四五年裡，我們將繼續加速推進，並最終將其推廣到大部分（如果不是全部）投資組合。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Hey, good morning, everyone. Can you talk about maybe your markets that are surprising to the upside and to the downside versus initial expectations?

嘿，大家早安。您能否談談與最初的預期相比，市場可能出現哪些令人意外的上漲或下跌？

Sure, Wes. This is Tim. The good ones, and I mentioned several of them in the prepared comments, not any huge surprises there. The ones that have been pretty strong for the last 12 months or so continue to be strong. Tampa's one that I highlighted, I believe, in the last quarter that we could see some upside, and that has started to play out. So that'd be one that I would point to that's on the up cycle.

當然，韋斯。這是蒂姆。好的，我在準備好的評論中提到了其中的幾個，沒有什麼大的驚喜。過去 12 個月左右表現強勁的企業將持續保持強勁勢頭。我相信，在上個季度，我強調了坦帕，我們可以看到一些好處，而且這種好處已經開始顯現。所以我想指出的是，這是一個處於上升週期的現象。

I mentioned Atlanta being an improvement relative to where that one had been. And then Jacksonville is another where it's still a laggard in general, but it's showing some pretty good acceleration and some resilience despite some heavy supply there.

我提到亞特蘭大相對於那裡來說已經有了進步。傑克遜維爾是另一個總體上仍然落後的城市，但儘管供應量很大，但它仍表現出相當不錯的加速和一定的彈性。

So that's another one that was in one of our bottom three or four markets last year that that I would put in the little bit of the surprise category and then really mention the ones that are still laggers, Austin, Phoenix, and Nashville are the three that I would point out there that just continue to work through quite a bit of supply.

所以這是我們去年排名墊底的三四個市場之一，我會把它放在有點令人驚訝的類別中，然後真正提到那些仍然落後的市場，奧斯汀、菲尼克斯和納什維爾是我要指出的三個繼續通過大量供應來運作的市場。

Okay, and then for your insurance renewal that's coming up, any change in thought there?

好的，那麼對於您即將續保的保險，您有什麼想法改變嗎？

Yeah, we're still kind of in the process of working through that. Still early on, we'll have more to say about it whenever we release second quarter earnings. But just the initial conversations we've had have been positive, and so we'll have more to come.

是的，我們仍在努力解決這個問題。目前還為時過早，當我們發布第二季度收益時，我們會對此有更多評論。但我們最初的對話都是正面的，所以我們還會有更多對話。

Haendel St. Juste, Mizuho.

亨德爾聖朱斯特，瑞穗。

Good morning. This is Mike on with Haendel. My question is, can you just provide a little bit more detail on the cadence you're expecting in both your blended spreads throughout the remaining three quarters of the year and your same store rev?

早安.這是麥克和韓德爾的合照。我的問題是，您能否提供一些更詳細的信息，說明您預計今年剩餘三個季度的混合利差和同店銷售額的節奏？

Well, as far as the blended trends, I mean, pretty consistent with what we talked about last quarter, and pretty consistent with what I would say is more normal seasonality. So we continue to expect -- our blended for Q1 was negative 0.5. We continue to expect to see that push forward in both Q2 and Q3 and then moderate a little bit in Q4.

嗯，就混合趨勢而言，我的意思是，與我們上個季度討論的趨勢非常一致，並且與我所說的更正常的季節性趨勢非常一致。因此，我們繼續預期—第一季的綜合成長率為-0.5。我們繼續預期第二季和第三季的成長率將有所上升，但在第四季會略有放緩。

But we talked about the trajectory of new lease pricing, what we're seeing there. Encouragingly, all the renewals, May and June, look really strong, and sending out July right now, which we expect to be strong as well.

但我們討論了新租賃定價的軌跡以及我們所看到的情況。令人鼓舞的是，5 月份和 6 月份的所有續約情況看起來都非常強勁，而且現在發出的 7 月份續約情況也同樣強勁，我們預計 7 月份的續約情況也會很強勁。

So we think the renewals will continue to have a bigger part of that mix. We continue to see the renewal accept rates be stronger than what they were last year, and then obviously the rates we're getting there. So I think the mix between new lease and renewals is probably a little heavier weighted towards renewals than what we had in right at the beginning of the year, but generally the trends and trajectory is about the same as what we started the year with.

因此我們認為續約將繼續佔據更大的比重。我們繼續看到續約接受率比去年更高，顯然我們正在達到這個水準。因此，我認為新租約和續約的組合可能比年初時更傾向於續約，但整體趨勢和軌跡與年初大致相同。

Thank you, that's helpful. And just one follow up, can you give any color on potential impact of immigration policy and demand trends for the Sunbelt markets that are lagging in the second half of this year.

謝謝，這很有幫助。接下來還有一個問題，您能否談談移民政策的潛在影響以及今年下半年滯後的陽光地帶市場的需求趨勢？

Well, this is Brad. Certainly, we're keeping an eye on the immigration trends. We're frankly not seeing much of an impact on that at this point from an operating perspective. We're not seeing much of an impact either on the construction side, which is, I think, where perhaps we are likely to see some impact there if it manifests itself. But at this point, we're not seeing much of an impact on immigration -- the immigration policy changes at this point..

嗯，這是布拉德。當然，我們正在關注移民趨勢。坦白說，從營運角度來看，我們目前還沒有看到太大的影響。我們在建築方面也沒有看到太大的影響，我認為，如果它表現出來，我們可能會看到一些影響。但目前，我們還沒有看到對移民產生太大的影響——移民政策目前已經改變了。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布、派珀·桑德勒。

Hey, good morning down there. First question is, when do you think that you guys would have a sense of how much of the competitive supply potentially slips into next year? Just curious.

嘿，大家早安。第一個問題是，您認為什麼時候你們才能知道有多少競爭性供應可能會進入明年？只是好奇。

Well, I mean nothing that we're seeing right now. There's been a little bit of slowdown in some lease-ups in some sub-markets, but broadly the supply picture looks pretty much like it has or like we've thought for the last few quarters where we're continuing to see it slowly moderate.

嗯，我的意思是我們現在什麼都沒看到。一些子市場的租賃成長略有放緩，但總體而言，供應情況與過去幾季的情況大致相同，或者說，我們繼續看到供應緩慢放緩。

I mean, we're still obviously at a higher than normal delivery cadence. So even though 2025 is lower than 2024, it's still, what I would call above normal. But 2026, we expect that to drop pretty significantly to where it's below a long-term average.

我的意思是，我們的交付節奏顯然仍高於正常水平。因此，儘管 2025 年低於 2024 年，但我仍然認為它高於正常水平。但到 2026 年，我們預計這一數字將大幅下降至低於長期平均值。

So as we've said kind of all along, I think where you really start to see that strength is late 2025, which will be offset by some normal seasonality that tends to wane. But 2026 is when we really expect to see that acceleration.

因此，正如我們一直所說的那樣，我認為你真正開始看到這種優勢是在 2025 年末，這將被一些趨於減弱的正常季節性所抵消。但我們真正預計到 2026 年才會看到這種加速。

And then the second question is, on the leasing front, you guys have spoken about good visibility out 60 days. But do you see leasing as a good healthy leading indicator? Or your view is still apartments are lagging because if there's any job disruption or any tightening of the belt, it takes a while before the renter ends up downsizing or doing something different?

第二個問題是，在租賃方面，你們談到了 60 天內的良好可見性。但您是否認為租賃是一個良好健康的領先指標？或者您認為公寓市場仍然處於滯後狀態，因為如果出現任何工作中斷或緊縮政策，租屋者需要一段時間才能縮小住房規模或採取其他措施？

I think leasing is one, it's a better leading indicator than it has been I think we just have more transparency and more data and more information that we look at and different cuts of it to where you know talked about pre-leasing earlier we can see what's out there.

我認為租賃就是其中之一，它是一個比以往更好的領先指標，我認為我們只是擁有更多的透明度、更多的數據和更多的信息，以及不同的版本，就像你之前談到的預租一樣，我們可以看到那裡的情況。

And so the new lease new lease rates in particular are that nice edge that's somebody who's out in the market, they're looking for somewhere to live they can shop all the comps, I think it's a leading indicator. And then as much or more so things like collections and move-outs and reasons for move-outs, those can be pretty good indicators as well.

因此，新的租賃價格，特別是新的租賃利率，對於市場上正在尋找居住地的人來說，是一個不錯的優勢，他們可以購買所有同類房產，我認為這是一個領先指標。然後，諸如收集和搬出以及搬出的原因等事情也可以成為很好的指標。

Typically, you're going to start to see, along with new lease pricing, you're going to see people having to move out perhaps before their lease term or early terms with job loss or other things, or people not able to pay their rents and see delinquency uptick. So between the three of those, those are relatively good leading indicators, but not seeing any concerns there certainly on any of those right now.

通常情況下，隨著新的租賃定價的出台，您會看到人們可能不得不在租賃期滿之前搬走，或者由於失業或其他原因提前搬走，或者人們無力支付租金，從而導致拖欠租金的情況上升。因此，這三個指標相對較好，但目前還未看到任何令人擔憂的跡象。

Rob Stevenson, Janney Montgomery Scott.

羅伯史蒂文森、珍妮蒙哥馬利史考特。

Brad, are you seeing any meaningful changes in the acquisition volumes in your markets and pricing expectations given this market turmoil rates and the potential that not all the tax cuts get passed in reconciliation?

布拉德，考慮到市場動盪程度以及並非所有減稅措施都能在和解中得到通過的可能性，您是否看到您所在市場的收購量和定價預期發生了任何有意義的變化？

Well, we've certainly seen a reduction in terms of the number of deals here in April. I mean, first quarter is hard to gauge because a lot of the deals that closed in first quarter went under contract in 2024. We did see a slight uptick in the number of deals that we tracked in the first quarter.

嗯，我們確實看到四月份交易數量減少。我的意思是，第一季很難衡量，因為第一季完成的許多交易都是在 2024 年簽訂的合約。我們確實看到第一季追蹤的交易數量略有上升。

I'd say the volume of deals on the market here in April has dropped significantly in our market. So I would say the volume definitely has dropped. The pricing that we've seen, I would say, has been still pretty consistent, sub-5% cap rates in general on everything that we've seen trade. So there's certainly uncertainty out there that's impacting volume, but at this point it doesn't seem to be impacting price.

我想說，我們市場四月的交易量已經大幅下降。所以我想說音量肯定下降了。我想說，我們看到的定價仍然相當一致，我們看到的所有交易的資本化率一般都低於 5%。因此，肯定存在影響交易量的不確定性，但目前看來似乎並未影響價格。

All right, that's helpful. And then, Tim, what's the cadence of the comps on a year-over-year basis for throughout the year. Do you get consistently easier comps on a same-store revenue basis as we move throughout the year, with the fourth quarter being the easiest? Or are there pockets between now and the end of the year where you had particular strengths in 2024 and that the comps aren't as easy?

好的，這很有幫助。那麼，提姆，全年同比的同步成長節奏是怎麼樣的呢？隨著我們全年的發展，您是否會持續獲得更容易的同店收入比較，而第四季是最容易的？或者從現在到年底，您是否在某些時候在 2024 年具有特別的優勢，而競爭並不那麼容易？

Well, certainly as we get late in the year in the fourth quarter, those will be quote, the easiest comps in terms of -- that's when our new lease pricing troughs. But I will say even during Q2 and Q3 of last year, while that was our biggest strength on the new lease rates on a relative basis, we saw our best rates, if you will, that part of 2024, we didn't see quite the acceleration in those quarters that we typically do last year.

嗯，當然，隨著我們進入今年第四季度末，這些將是報價，最簡單的比較 - 那時我們的新租賃定價將達到低谷。但我要說的是，即使在去年第二季度和第三季度，雖然這是我們在新租賃利率方面相對最大的優勢，但我們看到了最好的利率，如果你願意的話，在 2024 年的那個季度，我們並沒有看到像去年那樣在那些季度出現加速。

In other words, the new lease rates didn't accelerate as much in Q2 and Q3 last year as they typically do. So while the new lease rates were the absolute highest the middle of last year, I think they still present some decent comps in terms of where they are compared to normal.

換句話說，去年第二季和第三季的新租賃利率並沒有像往常那樣大幅上升。因此，儘管去年年中新的租賃價格絕對最高，但我認為與正常水平相比，它們仍然具有不錯的競爭力。

So there's a bit of comp benefit the rest of the year, but certainly the most as you get late in the year. And then you factor in, obviously, we expect to continue to see less impact from supply, so that can help to accelerate some of that in the late in 2025.

因此，在一年中剩餘的時間裡，您將獲得一些補償福利，但是隨著年末的到來，補償福利肯定會最多。然後，顯然，我們預計供應的影響將繼續減少，因此這有助於在 2025 年後期加速其中的一些進程。

Okay, thanks guys.

好的，謝謝大家。

Ann Chan, Green Street.

安‧陳 (Ann Chan)，綠街。

Hey, good morning. Just jumping back to the topic of lease-ups, or more specifically, can you provide some context on what issues are causing occupancy to decline at the MAA Vale lease-up in Raleigh?

嘿，早安。回到租賃問題的話題，或者更具體地說，您能否提供一些背景信息，說明導致羅利 MAA Vale 租賃入住率下降的原因是什麼？

Yeah, this is Tim. I can hit on that one. And certainly we saw some slowdown just seasonally in terms of traffic and leads and the qualified traffic. There were some flooding issues there, frankly, that slowed down the lease up as well that we have now fixed.

是的，這是蒂姆。我可以打那個。當然，我們看到流量、潛在客戶和合格流量在季節性方面有所放緩。坦白說，那裡存在一些洪水問題，這也減緩了租賃進度，現在我們已經解決了這個問題。

And what we've seen over the last 45 days or so is that the leads and leasing both have picked up pretty significantly. So lead volume is up 50% or so in April as compared to March, and we've done 39 net leases over the last 45 days, which is about double where we were trending before.

在過去 45 天左右的時間裡，我們看到銷售線索量和租賃量都大幅增加。因此，與 3 月相比，4 月的銷售線索量增加了 50% 左右，我們在過去 45 天內完成了 39 筆淨租賃，大約是先前趨勢的兩倍。

So we're trending back towards 70% now, so there's a little bit of uniqueness there, and then combine that with the time of the year and seasonality, but I feel like it's back on track at this point.

所以我們現在的趨勢是回到 70%，所以那裡有一點獨特性，然後將其與一年中的時間和季節性結合起來，但我覺得它現在已經回到正軌了。

Okay, thank you. And just a second question for me. Are there any expense line items that you expect may deviate meaningfully from your initial guidance as the year progresses?

好的，謝謝。我還有第二個問題。隨著時間的推移，您是否預期某些費用項目可能會與最初的指導出現重大偏差？

This is Clay. No, I would say at this point in the year, we're still pretty lined up with what the expectations we had presented at just a couple of months ago. No real changes across the board on any of those line items.

這是克萊。不，我想說，在今年的這個時候，我們仍然與幾個月前提出的預期基本一致。所有這些項目均未發生任何實質的全面變化。

Buck Horne, Raymond James.

巴克霍恩、雷蒙詹姆斯。

Hey, thanks. Good morning. I wonder if you could speak a little bit about the trends you saw in terms of move-outs to buy or purchase a single-family home. I think you mentioned that that hit a new record low in the quarter. Just wondering, like what kind of anecdotal feedback you're hearing from customers that either in that decision process and really wondering how sustainable you think those trends are going forward.

嘿，謝謝。早安.我想知道您是否可以談談您所看到的關於搬出購買或購買獨棟住宅的趨勢。我想您提到過，該數字在本季度創下了新低點。只是想知道，在決策過程中您從客戶那裡聽到了什麼樣的軼事回饋，並且真的想知道您認為這些趨勢在未來的可持續性如何。

Yeah, this is Tim. We did see a continued significant drop in move-outs to buy a home. It represented about 12% of our move-outs in Q1, which was down 16% or so from where it was this time last year. I think it's a combination of two things.

是的，這是蒂姆。我們確實看到搬出購買房屋的人數持續大幅下降。它占我們第一季遷出量的 12% 左右，比去年同期下降了 16% 左右。我認為這是兩件事的結合。

The biggest one, obviously, is just the affordability issue of single-family home pricing. Even as rents have moderated, call it over the last 12 to 18 months, single family home prices continue to go up. And then mortgage rates obviously are pretty elevated as well.

顯然，最大的問題就是單戶住宅價格的可負擔性問題。儘管租金在過去 12 到 18 個月內有所緩和，但單戶住宅價格仍在繼續上漲。而且抵押貸款利率顯然也相當高。

So even if you were to put a 20% down payment right now to buy a house on average in one of our markets would be about 40% to 50% higher costs before you even consider things like tax and insurance. So I think affordability continues to be the biggest thing.

因此，即使你現在支付 20% 的首付來在我們的某個市場購買房屋，在考慮稅收和保險等因素之前，成本也會高出約 40% 到 50%。所以我認為負擔能力仍然是最重要的因素。

And then I think with some of the increased uncertainty in the economy, people just tend to stay put where they are. I think that's helping to benefit our turnover and people just a little more hesitant to make big life decisions like that.

然後我認為，隨著經濟不確定性的增加，人們傾向於留在原地。我認為這有助於提高我們的營業額，並且讓人們在做出這樣的重大人生決定時更加猶豫。

And then, thirdly, I think there is a transition over the last few years just in terms of how many people want to buy a house or want the flexibility or the lifestyle that the apartments can provide. So while I don't think it stays this low forever, I don't think it gets back to the levels that we saw in past times either.

第三，我認為過去幾年發生了轉變，就有多少人想買房或想要公寓所能提供的彈性或生活方式而言。因此，雖然我認為它不會永遠保持這麼低的水平，但我也不認為它會回到我們過去看到的水平。

Gotcha. But you weren't seeing a concurrent uptick and move out to rent a single family house necessarily, were you?

明白了。但您沒有看到同時出現的上漲趨勢，也沒有看到必然搬出去租住獨棟住宅的情況，對嗎？

No. It was down a little bit as well, frankly.

不。坦白說，它也下降了一點。

Gotcha. And just one last quick one. Just thinking about Houston and maybe some of the Texas markets, given where energy prices are in this particular cycle, are you watching the energy sector in particular as it relates to kind of your Texas markets? And how do you think job growth trends might play out in this particular cycle there?

明白了。最後再簡單說一下。想想休士頓和一些德州的市場，考慮到能源價格在這個特定的週期中的位置，您是否特別關注能源產業與德州市場的關係？您認為在這特定週期中就業成長趨勢將如何發展？

I mean, nothing that we're necessarily watching more than we ever do. I mean, Houston, for one, has diversified their economy quite a bit. It's still heavily energy dependent, but has a lot of other industries that have popped up. And it's continued to be a strong market for us.

我的意思是，我們沒有必要比以前看得更多。我的意思是，休士頓的經濟已經相當多元了。它仍然嚴重依賴能源，但許多其他行業已經興起。對我們來說，這仍然是一個強勁的市場。

Supply there has been really, really low -- between that and D.C., our lowest supply markets, and continues to have good household formation, job growth, and population growth. So no concerns there, and I think all the Texas markets will continue to be huge job generators and job machines regardless of what's going on in the energy sector.

那裡的供應量真的非常低——那裡和華盛頓特區之間，是我們供應量最低的市場，而且家庭組成、就業成長和人口成長持續良好。所以不用擔心，我認為無論能源產業發生什麼，所有德州市場都將繼續成為巨大的就業創造者和就業機器。

Alex Kim, Zelman and Associates.

亞歷克斯金 (Alex Kim)、澤爾曼 (Zelman) 和同事。

Hey, thanks for taking my question. Just one for me here. The spread between renewals and new moving rent growth tightened slightly from the end of last year this quarter, and it still remains historically wide. I was just curious how renewal rent growth has remained as resilient despite the gap and what this dynamic means for your higher expectation for renewals as a percentage of signed leases.

嘿，謝謝你回答我的問題。這裡只有我一個。本季度，續約租金與新入住租金成長之間的差距較去年年底略有縮小，但仍處於歷史較大水平。我只是好奇，儘管存在差距，續約租金的增長為何仍保持彈性，以及這種動態對於您對續約佔已簽署租約的百分比的更高期望意味著什麼。

Well, as you said, the gap did narrow a little bit in Q1 and even more so in April. And so even though on a percentage basis, it's a pretty wide gap on a dollar basis for April, for example, it's about $130 or so gap between the absolute rents on new leases versus renewals.

嗯，正如你所說，差距在第一季確實縮小了一點，在四月縮小得更多。因此，即使按百分比計算，以美元計算，4 月份的差距仍然很大，例如，新租約與續租之間的絕對租金差距約為 130 美元左右。

So it's not as huge as you may think. But we've continued -- we've had this larger than normal, if you will, gap now for six, seven quarters and continue to get in that 4.25%, 4.5% range on renewals. And if I look out for what we're achieving for both May and June renewals, we're in the 4.7%, 4.8% range on those and continuing to get even higher accept rates than we did last year, which was record level accept rates.

所以它並不像你想像的那麼大。但我們仍在繼續——如果你願意的話，我們已經有比正常情況更大的差距，現在已經有六、七個季度了，而且續約率繼續保持在 4.25% 到 4.5% 的範圍內。如果我關注我們在 5 月和 6 月的續約情況，我們的接受率分別在 4.7% 和 4.8% 之間，並且繼續獲得比去年更高的接受率，去年的接受率創下了歷史新高。

So I think you got to remember the process we go through and the customer service that's involved and everything that goes into renewal, it's a lot more than just what is that absolute rate maybe compared to street rents.

所以我認為你必須記住我們經歷的過程和所涉及的客戶服務以及續約所涉及的一切，這不僅僅是與街道租金相比的絕對費率。

There's a lot of other factors and costs that play into it. We do a very detailed analysis of what we are going to send out as our renewal rates. And then Brad mentioned in his comments, have the highest Google scores of anybody in the sector, and that certainly plays into it. So nothing right now we can look out even into July and still seeing strong renewal accept rates and rental rates.

還有許多其他因素和成本在起作用。我們對即將發送的續訂率進行了非常詳細的分析。然後布拉德在他的評論中提到，他擁有該領域中最高的 Google 分數，這當然起了作用。因此，現在我們無法預測，即使到了 7 月份，我們仍然可以看到強勁的續約接受率和租賃率。

Got it. That's helpful. I guess just a quick follow-up here then. Any markets in particular where that spread is tighter than the average or even just wider than average just to provide some basis?

知道了。這很有幫助。我想這裡只是進行一個快速的跟進。是否有任何特定市場，其價差比平均水平更小，甚至比平均水平更大，以提供一些基礎？

It varies a little bit here and there, but not significantly. I mean, with what we've seen in the cadence of supply being pretty consistent across most markets, the seasonality or the gaps and all that have been relatively consistent across most of our markets.

這裡和那裡略有不同，但並不顯著。我的意思是，我們看到大多數市場的供應節奏相當一致，季節性或差距以及所有這些都在大多數市場中相對一致。

Brad Heffern, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的布拉德‧赫弗恩 (Brad Heffern)。

Yeah, thanks. Hi, everybody. For new lease spreads, I think you said last quarter that the full year average would be around minus 1.5%. You now have a third of the year locked in. I think the math on that would be like high minus 5s, and that might imply something close to zero for the rest of the year. So I guess are you still confident in the minus 1.5%, or is the higher renewal acceptance rate offsetting maybe a lower new lease target?

是的，謝謝。大家好。對於新租賃利差，我記得您上個季度說過，全年平均值將在-1.5%左右。現在你已經鎖定了今年的三分之一。我認為這個數字相當於高位減 5，這可能意味著今年剩餘時間的數字接近零。所以我猜你對-1.5%還有信心嗎，或者更高的續約接受率是否能抵消更低的新租賃目標？

Yeah, we did. We tweaked our forecast a little bit in terms of that mix. I mean, generally, we're -- as we said with our guidance, maintaining the guidance where we were, our overall expectation of blended pricing is pretty much in the same spot it was before.

是的，我們做到了。我們根據該組合稍微調整了我們的預測。我的意思是，一般來說，正如我們在指導中所說的那樣，我們維持原來的指導，我們對混合定價的整體預期與以前基本相同。

But we did dial in a little bit heavier mix, a little bit more on the renewal side. A little bit -- we tweaked our new lease expectations a little bit, not significantly, but down a little bit just really based on the uncertainty and some of the economics and seeing how that will play out over the next few months, but broadly haven't changed a lot from where we were coming out of Q4.

但我們確實在更新方面投入了更多精力，做了更多努力。有一點——我們稍微調整了我們的新租賃預期，不是大幅下調，而是基於不確定性和一些經濟因素，並觀察未來幾個月將如何發展，但總體上與我們第四季度的情況相比並沒有太大變化。

Okay. Got it. And then on D.C., obviously, a pretty small exposure for you guys, but I'm hoping that leads to maybe an unbiased opinion. Are you seeing anything there from DOGE? And what do you expect to happen as the layoffs and buyouts sort of accumulate?

好的。知道了。然後關於華盛頓特區，顯然你們對它的了解很少，但我希望這能帶來一個公正的意見。您從 DOGE 那裡看到什麼了嗎？隨著裁員和收購的不斷增加，您預計會發生什麼？

Yeah, right now, we're not seeing anything. It's -- if I look at April and some of the more leading indicators in our D.C. market, the move-outs are down in April, even where they were this time last year. We're well over 96% occupancy in that market.

是的，現在我們什麼也沒看到。如果我看一下四月份的情況以及我們華盛頓特區市場的一些領先指標，就會發現四月份的搬出數量有所下降，甚至與去年同期相比有所下降。我們在該市場的入住率已超過 96%。

And to your point, it's not a huge market for us. We have one property in the district, but it's a JV property that we only own 35%. We have four Northern Virginia, two that are a little more close in depending on City and Tysons quarter and then two that are a little further out.

正如您所說，這對我們來說不是一個巨大的市場。我們在該地區擁有一處房產，但這是合資房產，我們僅擁有 35% 的股份。我們有四個北維吉尼亞大學，兩個距離稍微近一點，取決於城市和泰森斯區，然後兩個距離稍微遠一點。

And then we have four or five properties in Fredericksburg, which Fredericksburg is our best market across the portfolio right now. And so I think on Tysons, for example, any weakness we're seeing in terms of job loss is being offset by return to work and some tech jobs that are in that market that are having to return to work as well.

我們在弗雷德里克斯堡有四、五處房產，弗雷德里克斯堡目前是我們投資組合中最好的市場。因此，我認為，以泰森斯為例，我們看到的失業方面的任何疲軟都會被重返工作崗位以及該市場中一些必須重返工作崗位的技術崗位所抵消。

And then we're seeing nothing really changed with some of the ones that are a little further out. So a long way of saying no impact as of right now and anything we're looking at and continues to be a strong, yet not a super high concentration market for us.

然後，我們發現一些稍微遠一點的地方並沒有什麼變化。因此，到目前為止，我們還沒有看到任何影響，而且對我們來說，這仍然是一個強勁的市場，但還不是一個超高集中度的市場。

And we have no further questions, I'll return the call to MAA for closing remarks.

我們沒有其他問題了，我會回電給 MAA 做結束語。

All right. No other comments for us. If you guys have any questions, feel free to reach out and we look forward to seeing you guys in about a month.

好的。我們沒有其他評論。如果你們有任何疑問，請隨時聯繫我們，我們期待在大約一個月後見到你們。

This concludes today's program. Thank you for participating. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。