Mid-America Apartment Communities Inc (MAA) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the MAA first quarter 2026 earnings conference call. During the presentation, all participants will be in a listen-only mode. Afterward, the company will conduct a question-and-answer session. As a reminder, this conference call is being recorded today, April 30, 2026. (Operator Instructions)

各位女士、先生，早安，歡迎參加 MAA 2026 年第一季財報電話會議。簡報期間，所有與會者將處於僅收聽模式。隨後，公司將進行問答環節。提醒各位，本次電話會議於今日 2026 年 4 月 30 日錄音。（接線員指示）

I will now turn the call over to Andrew Schaeffer, Senior Vice President, Treasurer, and Director of Capital Markets at MAA for opening comments.

現在我將把電話交給 MAA 資深副總裁、財務長兼資本市場總監 Andrew Schaeffer，請他發表開場致詞。

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，Regina，各位早安。我是 MAA 的財務長兼資本市場總監 Andrew Schaeffer。今天早上參與電話會議的管理團隊成員包括 Brad Hill、Tim Argo、Clay Holder 以及 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. We encourage you to refer to the forward-looking statements section in yesterday's earnings release and our '34 Act filings with the SEC, which describe risk factors that may impact future results.

在我們開始今天早上的預先準備發言之前，我想指出，作為本次討論的一部分，公司管理層將發表前瞻性陳述。實際結果可能與我們的預測存在重大差異。我們鼓勵各位參閱昨日財報新聞稿中的前瞻性陳述章節，以及我們向美國證券交易委員會（SEC）提交的《1934 年證券交易法》（'34 Act）申報文件，其中說明了可能影響未來結果的風險因素。

During this call, we will also discuss certain non-GAAP financial measures. And 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. 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.

在本次電話會議中，我們也將討論若干非 GAAP 財務衡量指標。與其最直接可比的 GAAP 財務衡量指標之呈現，以及非 GAAP 與可比 GAAP 指標之間差異的調節表，均可在我們的財報新聞稿與補充財務資料中找到。我們的財報新聞稿與補充資料目前可於我們網站 www.maac.com 的「投資人」頁面取得。我們的預先準備發言稿與本次電話會議的音訊錄音也將於今日稍晚在我們網站提供。

After some brief prepared comments, the management team will be available to answer questions. (Event Instructions)

在簡短的預先準備發言之後，管理團隊將開放回答問題。（活動指示）

I will now turn the call over to Brad.

現在我將把電話交給 Brad。

Well, thanks, Andrew, and good morning, everyone. As highlighted in our release, we delivered first-quarter results that exceeded our expectations, driven by the resilient demand in our footprint, strong resident retention, as well as our focus on expense management and some timing-related items.

謝謝你，Andrew，各位早安。如同我們新聞稿所強調的，我們第一季的業績表現超出預期，主要受惠於我們營運版圖內具韌性的需求、強勁的住戶續住率，以及我們對費用管理的專注與部分時點相關因素。

New lease pricing continued to reflect supply pressure in several markets, but despite this pressure, new lease pricing improved sequentially. And supported by our continued strong renewal performance, blended lease-over-lease pricing improved 140 basis points from the fourth quarter. With the bulk of the leasing season ahead, we like our positioning and momentum going into summer with stable occupancy and better 60-day exposure than a year ago.

新租約定價在若干市場仍持續反映供給壓力，但儘管如此，新租約定價仍較前一季改善。在我們持續強勁的續約表現支持下，綜合（新租與續租）租金的同租約比較（lease-over-lease）定價較第四季提升 140 個基點。隨著租賃旺季的主要期間仍在前方，我們對於以穩定的入住率、以及較去年更佳的 60 天到期曝險狀況進入夏季的布局與動能感到滿意。

Our high-growth markets are producing solid demand to absorb the new supply in a steady manner that we believe will enable continued stable occupancy, favorable renewal pricing, strong collections, and overall earnings performance in line with the outlook we provided in our prior guidance.

我們的高成長市場展現穩健需求，能以穩定的步調吸收新增供給；我們相信這將使我們得以維持穩定的入住率、有利的續約定價、強勁的收款表現，以及整體獲利表現與我們先前指引所提供的展望一致。

Our leasing traffic remains strong and positive migration trends, strong wage growth, and stable employment conditions across our diversified portfolio and markets combined to drive solid demand, as evidenced by first quarter absorption exceeding new supply deliveries in our footprint.

我們的租賃來客量仍然強勁；正向的人口遷移趨勢、強勁的薪資成長，以及我們多元化投資組合與市場中穩定的就業環境，共同推動了穩健需求。第一季的吸收量超過我們版圖內的新供給交付量，即為明證。

Operationally, our on-site teams, actively supported by our asset management team, continue to execute at a high level, controlling expenses while delivering an excellent resident experience as reflected in our sector-leading Google scores. As a result of our strong customer service and the ongoing single-family affordability challenges, renewals remain consistent, helping to deliver year-over-year blended lease improvement for five consecutive quarters.

在營運面，我們的現場團隊在資產管理團隊的積極支援下，持續以高水準執行，在控管費用的同時提供卓越的住戶體驗，這也反映在我們於同業領先的 Google 評分上。受惠於我們強大的客戶服務，以及單戶住宅可負擔性持續面臨挑戰，續約表現仍維持一致，協助我們連續五個季度實現年對年綜合租金改善。

We continue to allocate capital in a balanced and disciplined manner, taking advantage of the current pricing dislocation of our existing portfolio in the public market to buy back shares as well as executing on initiatives to deliver long-term earnings growth while protecting our strong balance sheet.

我們持續以均衡且嚴謹的方式配置資本，利用公開市場對我們既有投資組合的定價失衡來回購股票，同時推動可帶來長期獲利成長的各項計畫，並維持我們強健的資產負債表。

With acquisition cap rates around 4.5% for high-quality properties in our footprint, our excel growth efforts are predominantly focused on new development through our existing pipeline of owned and controlled land sites, representing over 4,300 units of future growth.

在我們營運版圖內，高品質物件的收購資本化率約在 4.5% 左右，因此我們的外部成長（excel growth）工作主要聚焦於透過既有的自有與可控土地案源管線進行新開發，代表未來超過 4,300 戶的成長量。

We started construction on our first project for the year in April, a 286-unit community in the Kansas City market. Based on our current approval and construction timelines, we now expect to start construction on four projects this year, reducing our expected development spend for the year to $350 million. While this is down from the $400 million in our original forecast, it's up from the $315 million we invested in the two projects we started in 2025.

我們於 4 月啟動今年第一個開工案，位於堪薩斯市市場、共 286 戶的社區。根據目前的核准與施工時程，我們現在預期今年將開工四個專案，並將今年預期的開發支出下調至 3.5 億美元。雖然這低於我們原先預估的 4 億美元，但高於我們在 2025 年啟動兩個專案所投入的 3.15 億美元。

The projects we expect to start this year will deliver in 2028 and 2029 during what we believe will be a more favorable supply-demand environment.

我們預期今年啟動的專案將於 2028 年與 2029 年交付，屆時我們認為供需環境將更為有利。

As we look forward, we remain encouraged by underlying demand across our markets, declining new deliveries, and the strength of our resident base with continued strong collections and affordable rents at a 20% rent-to-income ratio. Our high-growth markets continue to offer attractive long-term appeal for employers, households and investors. With positive absorption, stable demand, and market level occupancy is improving, we are optimistic we will continue to build momentum through the spring and summer, supporting improved new lease pricing as the year progresses.

展望未來，我們仍對各市場的基本面需求、新交付量下降，以及住戶基礎的強勁表現感到鼓舞，收款持續強勁，且租金可負擔性良好，租金占收入比為 20%。我們的高成長市場對雇主、家庭與投資人仍具長期吸引力。隨著吸收量為正、需求穩定，且市場層級的入住率正在改善，我們對於在春季與夏季持續累積動能感到樂觀，並可隨著年度推進支持新租約定價改善。

In addition to capturing increased organic growth from our existing asset base through the year, we expect a growing NOI contribution from a number of areas, including new initiatives to drive efficiencies and higher operating margin from our existing portfolio, our growing redevelopment opportunities as well as a growing development pipeline that continues to lease up.

除了在今年透過既有資產基礎取得更高的內生成長之外，我們也預期 NOI（淨營運收入）將來自多個領域的貢獻並逐步增加，包括推動效率提升的新計畫、既有投資組合更高的營運利潤率、日益增加的改造（redevelopment）機會，以及持續進入招租期並逐步滿租的開發案管線。

Today, we believe our more diversified and higher quality portfolio, our stronger operating platform, and our stronger balance sheet position us to capture improving performance and to deliver meaningful shareholder value over the approaching recovery cycle. We're excited about the outlook over the next few years. To all our associates across our properties and corporate offices, thank you for your continued dedication and focus.

我們相信，今天我們更為多元且品質更高的投資組合、更強的營運平台，以及更強健的資產負債表，使我們能在即將到來的復甦循環中掌握改善的表現並為股東創造可觀價值。我們對未來幾年的展望感到振奮。也向遍布各物業與總部辦公室的所有同仁致謝，感謝各位持續的投入與專注。

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

接下來，我把電話交給 Tim。

Thank you, Brad, and good morning, everyone. For the first quarter, same-store NOI beat our expectations with in-line same-store revenue, combining with lower same-store expenses to drive the favorability. From a pricing standpoint, new lease-over-lease growth improved 110 basis points sequentially from the fourth quarter, but continues to be under pressure due to elevated but moderating new supply combined with more macro level economic uncertainty.

謝謝你，Brad，各位早安。第一季同店 NOI 優於我們的預期；同店營收符合預期，再加上同店費用低於預期，共同帶動了優於預期的表現。就定價而言，新租約的同租約比較成長較第四季依序改善 110 個基點，但在新增供給仍偏高（但正在趨緩）以及較宏觀層面的經濟不確定性下，仍持續承壓。

On the renewal side, similar to the last several quarters, retention rates and lease rates remain strong. Renewal lease-over-lease growth improved 70 basis points sequentially from the fourth quarter, driving blended lease-over-lease growth up 140 basis points from the fourth quarter.

在續約方面，與過去幾個季度相同，續住率與續約租金水準仍然強勁。續約租金的同租約比較成長較第四季依序改善 70 個基點，帶動綜合租金的同租約比較成長較第四季提升 140 個基點。

Average physical occupancy remained strong at 95.5% for the quarter. Additionally, we had another quarter of strong collections with net delinquency representing to 0.3% of bill grants in line with the last several quarters.

本季平均實體入住率維持強勁，為 95.5%。此外，我們本季收款表現再度強勁，淨逾期金額約占帳單金額的 0.3%，與過去幾個季度一致。

From a market standpoint, many of the markets where we saw a strong performance in the fourth quarter and most of last year continued to show strength in the first quarter. We have noted on several occasions the performance of our mid-tier markets particularly in Virginia and South Carolina. Richmond, Greenville, the DC area markets and Charleston all demonstrated strong pricing power and strong occupancy in the quarter.

從市場角度來看，我們在第四季以及去年大部分時間表現強勁的許多市場，在第一季仍持續展現強勢。我們也多次提到中階市場的表現，特別是在維吉尼亞州與南卡羅來納州。里奇蒙、格林維爾、華盛頓特區周邊市場以及查爾斯頓，在本季皆展現強勁的定價能力與高入住率。

Encouragingly, our three largest markets in terms of same-store NOI contribution, Atlanta, Dallas, and Orlando, all outperformed the portfolio in the first quarter and blended lease underlease pricing. Austin, though improving, is still a challenge, particularly on the new lease pricing side. Charlotte and Savannah are two other markets facing challenges in the wake of heavy supply pressure.

令人鼓舞的是，以同店 NOI 貢獻計算的三大市場——亞特蘭大、達拉斯與奧蘭多——在第一季的表現皆優於整體投資組合，且綜合租金的同租約比較定價亦優於投資組合。奧斯汀雖有所改善，但仍具挑戰，特別是在新租約定價方面。夏洛特與薩凡納則是另外兩個在大量供給壓力下仍面臨挑戰的市場。

In our lease-up portfolio, MAA Liberty Row in Charlotte and MAA Breakwater in Tampa completed construction in the fourth quarter and moved into our lease-up portfolio. We now have five properties in lease-up with a combined occupancy of 68.3% as of the end of the first quarter and an additional two development properties that are actively leasing units.

在我們的招租期（lease-up）投資組合中，位於夏洛特的 MAA Liberty Row 與位於坦帕的 MAA Breakwater 於第四季完工，並轉入我們的招租期投資組合。截至第一季末，我們目前共有五個處於招租期的物業，合計入住率為 68.3%，另有兩個開發物業正在積極出租單位。

Elevated concessions remain the case for some of these lease-up properties with up to eight weeks of certain floor plans. However, these projects are still expected to achieve our underwritten yields as markets continue to improve and therefore, retain their long-term value creation opportunity.

對於其中部分處於出租爬坡期（lease-up）的物業而言，較高的讓利（concessions）仍然存在，某些戶型最高可提供八週的優惠。然而，隨著市場持續改善，這些專案仍預期可達成我們承銷的收益率，因此仍保有其長期價值創造的機會。

We're off to a quick start in the first quarter on our various targeted redevelopment and repositioning initiatives. During the first quarter of 2026, we completed 1,386 interior unit upgrades, up from just over 1,100 units that we renovated in the first quarter of 2025. We achieved rent increases of $104 about non-upgraded units on average unit level spend of $7,349, representing a cash-on-cash return of approximately 17%. These units continue to lease faster than nonrenovated units when adjusted for the additional turn time, averaging about nine days quicker.

在我們各項鎖定的改造（redevelopment）與重新定位（repositioning）計畫上，第一季開局迅速。2026 年第一季，我們完成了 1,386 戶室內單元升級，高於 2025 年第一季翻新的一千一百多戶。以平均每戶投入 7,349 美元計算，我們相較未升級單元的租金平均提高 104 美元，現金對現金報酬率（cash-on-cash return）約為 17%。在考量額外的換租整備時間（turn time）後，這些單元的出租速度仍快於未翻新單元，平均約快九天。

For our common area and amenity repositioning program, we are over 90% repriced at six recent projects with an average NOI yield above 10% and rent growth for exceeding peer MAA properties. Five additional projects were nearing construction and completion and will begin repricing between May and August. And then six additional properties are in the planning phase with expectations to be complete in time for repricing in the spring of 2027.

在我們的公共區域與設施重新定位計畫方面，近期六個專案已有超過 90% 完成重新定價（repriced），平均 NOI 收益率超過 10%，且租金成長超越同業的 MAA 物業。另有五個專案接近施工與完工，將於 5 月至 8 月間開始重新定價。再者，另有六處物業仍在規劃階段，預期可在 2027 年春季重新定價前完工。

Our WiFi retrofit initiative that began in 2024 and expanded in 2025 continues to grow. We have 27 live properties where the service is rolling out to residents as leases are signed, and we are further expanding this initiative in 2026 to an additional 35-plus properties.

我們自 2024 年開始、並於 2025 年擴大的 WiFi 改造（retrofit）計畫持續成長。目前已有 27 個已上線（live）的物業，服務會隨著住戶簽約而逐步開通；我們也將在 2026 年把此計畫進一步擴展至另外 35 個以上的物業。

As we head into the busier part of the leasing season, we are well positioned. Average physical occupancy for April is 95.5%, in line with April 2025. And 60-day exposure is currently 8.3%, 20 basis points better than where we ended April 2025.

隨著我們進入租賃旺季較繁忙的階段，我們已具備良好布局。4 月平均實體入住率（physical occupancy）為 95.5%，與 2025 年 4 月一致；目前 60 天曝險（60-day exposure）為 8.3%，較 2025 年 4 月底改善 20 個基點。

With increased absorption in our markets in the first quarter where the number of incrementally occupied units exceeded new deliveries, supply pressure continues to moderate. And despite the previously mentioned economic uncertainty, feed volume remained strong and ahead of last year.

第一季我們市場的吸納量（absorption）增加，新增入住單元數超過新交付量（new deliveries），供給壓力持續緩和。儘管先前提到的經濟不確定性仍在，導流量（feed volume）仍維持強勁，且高於去年。

Strong renewal performance continued in the second quarter, with retention rates and lease-over-lease growth rates on renewals accepted remaining consistent with what we have seen in the last few quarters. With an assumed backdrop of steady demand, we expect gradual seasonal improvement in new lease rates through the second and early third quarters along with consistent renewal growth and retention. As we get later in the year, improving fundamentals will become even more impactful to setting up a stronger 2027.

第二季續租表現持續強勁，續租留存率（retention rates）以及已接受續租的租約對租約（lease-over-lease）成長率，均與過去幾季所見一致。在假設需求維持穩定的背景下，我們預期第二季至第三季初新租租金將隨季節性逐步改善，同時續租成長與留存維持一致。隨著進入年末，基本面改善將對我們打造更強勁的 2027 年更具影響力。

That's all I have in the way of prepared comments. Now I'll turn the call over to Clay.

以上是我準備好的所有評論。現在我把電話會議交給 Clay。

Thank you, Tim, and good morning, everyone. We reported core FFO for the quarter of $2.13 per diluted share, which was $0.02 ahead of our first quarter guidance. For the quarter, same-store expenses were favorable to our guidance by $0.015 along with non-same-store NOI favorable by $0.01, offset by unfavorable interest expense of $0.005.

謝謝你，Tim，各位早安。我們本季每股稀釋後核心 FFO 為 2.13 美元，較我們第一季指引高出 0.02 美元。本季同店費用（same-store expenses）較指引有利 0.015，加上非同店 NOI（non-same-store NOI）較指引有利 0.01，但被不利的利息費用（interest expense）0.005 所抵銷。

Same-store repair and maintenance expenses, personnel costs, and marketing costs were all below our expectations and were reflected by our disciplined expense control along with expense timing.

同店修繕與維護費用、人事成本以及行銷成本均低於我們的預期，反映出我們嚴謹的費用控管以及費用認列時點（expense timing）的影響。

During the quarter, we funded approximately $100 million in development cost. At quarter end, our development pipeline was at $623 million, leaving an expected $234 million to be funded on the current pipeline over the next three years.

本季我們投入約 1 億美元的開發成本資金。季末，我們的開發管線（development pipeline）為 6.23 億美元，意味著在未來三年內，現有管線預計尚有 2.34 億美元需要投入。

As previously discussed, we did adjust the number of development starts from our initial guidance and accordingly lowered our development spend for the year by $50 million. While the size of our pipeline at a point in time can vary based on starts and deliveries during the quarter, we expect the pipeline to grow throughout the year as we begin construction on new projects.

如先前所討論，我們已依據最初指引調整開工（development starts）數量，並相應將本年度開發支出下調 5,000 萬美元。雖然在某一時點的管線規模會因當季開工與交付而波動，但隨著我們開始新專案施工，我們預期管線將在全年持續成長。

Our balance sheet remains in great shape to support this and other growth initiatives. At the end of the quarter, we had nearly $840 million in combined cash and borrowing capacity under our revolving credit facility, and our net debt-to-EBITDA ratio was 4.5 times. At quarter end, our outstanding debt had an average maturity of 6.1 years at an effective rate of 3.9%. During February, we issued $200 million of seven-year public bonds at an effective rate of just over 4.6% using proceeds to repay borrowings under our commercial payment program.

我們的資產負債表仍維持非常良好的狀態，可支撐此項及其他成長計畫。季末，我們在現金與循環信用額度（revolving credit facility）下的可借款額度合計接近 8.4 億美元，淨負債對 EBITDA 比率為 4.5 倍。季末未償債務的平均到期年限為 6.1 年，有效利率為 3.9%。2 月期間，我們發行 2 億美元、七年期的公開公司債（public bonds），有效利率略高於 4.6%，並以所得款項償還我們商業付款計畫（commercial payment program）下的借款。

Also during the quarter, we repurchased 558,000 shares of our common stock at a weighted average share price of $130.46 for a total of $73 million.

此外，本季我們以加權平均股價 130.46 美元回購 558,000 股普通股，總金額為 7,300 萬美元。

As for our full year outlook, with the bulk of the leasing season ahead of us, we are reaffirming the midpoint of our same-store and core FFO guidance for the year while tackling the core FFO range. For the quarter, we expect core FFO to be in the range of $2 and $2.12 per diluted share or $2.06 per share at the midpoint.

至於全年展望，在租賃旺季的大部分仍在前方之際，我們重申全年同店與核心 FFO 指引的中點，同時收窄核心 FFO 區間。就第二季而言，我們預期核心 FFO 將落在每股稀釋後 2.00 至 2.12 美元區間，中點為每股 2.06 美元。

Our second quarter guidance reflects the typical seasonal increase in leasing as well as higher maintenance-related operating costs. The increase in interest expense from first to second quarter is largely attributable to the delivery of additional developed units and incremental borrowings associated with share repurchases and the litigation settlement. These impacts on interest expense are expected to be partially offset by proceeds from property dispositions.

我們的第二季指引反映租賃活動典型的季節性增加，以及較高的維護相關營運成本。利息費用自第一季到第二季的增加，主要歸因於更多已開發單元的交付，以及與股票回購與訴訟和解相關的新增借款。這些對利息費用的影響，預期將部分由處分物業的所得款項所抵銷。

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

以上就是我們準備好的所有評論。Virginia，接下來我們把電話會議交回給你進行提問。

(Operator Instructions) Eric Wolfe, Citi.

（接線員指示）Eric Wolfe，花旗。

Based on your guidance, you're expecting blended rates to ramp through the year. I think you just said a moment ago that you're expecting sort of a typical seasonal impact in the second quarter. Could you just talk about sort of specifically what you expect to see over the next couple of months? I think last quarter, you actually gave sort of the guidance for first quarter blends. So I was hoping you could do the same for the second quarter blends and talk about whether you're finally starting to see some of the supply impact easing in some of your markets.

根據你們的指引，你們預期混合租金（blended rates）會在全年逐步走升。我想你剛剛也提到第二季會有某種典型的季節性影響。能否更具體談談你們預期未來幾個月會看到什麼？我記得上季你們其實提供了第一季混合租金的指引，所以我希望你們也能對第二季混合租金做同樣的說明，並談談你們是否終於開始看到部分市場的供給影響正在緩解。

Yeah, Eric, this is Tim. I'll answer that. And I'll walk you through kind of how we're thinking about our blended guidance for the year. So guidance remains 1% to 1.5% blended for the full year. As we reported, we did negative 0.3% blended in Q1, but we are starting to see some steady incremental improvement on the new lease side and then continue to see the steady renewals.

好的，Eric，我是 Tim，我來回答。我會帶你走一遍我們對全年混合指引（blended guidance）的思考方式。全年指引仍為 1% 到 1.5% 的混合成長。如我們所報告，第一季混合為負 0.3%，但我們開始在新租端看到穩定的逐步改善，同時續租仍維持穩健。

So as we think about the rest of the year, to your point, like we expect new lease pricing to continue to accelerate through to about July and then start to moderate seasonally, though we expect that seasonal moderation to be less so in the back part of the year and it typically is, as we continue to see the supply impact moderate, continue to think that renewals will be in that 5-plus range and stay pretty consistent.

因此，當我們看待今年剩餘時間時，如你所說，我們預期新租定價將持續加速至約 7 月，之後會因季節性而開始趨緩；不過，隨著供給影響持續緩和，我們預期年後段的季節性趨緩幅度會小於以往的典型情況。同時，我們仍認為續租將維持在 5% 以上的區間，並保持相當一致。

So if you see through all that, get to our 1% to 1.5%, you're kind of 1.3% to 1.8% blended for the last three quarters of the year. So you can kind of think about how that trajectory will work out from where we are here and using that seasonal curve that I've talked about.

所以把這些因素都納入後，要達到我們 1% 到 1.5% 的全年目標，意味著今年最後三個季度的混合成長大約需要在 1.3% 到 1.8% 之間。你可以從我們目前的位置出發，搭配我剛提到的季節性曲線，來理解這條軌跡會如何展開。

Jana Galan, Bank of America.

Jana Galan，美國銀行。

Sorry, Tim, a question for you again. Can you maybe speak to performance on both the concessions and supply absorption in Atlanta and in Dallas?

抱歉，Tim，又要問你一個問題。你能否談談亞特蘭大與達拉斯在讓利（concessions）以及供給吸收（supply absorption）兩方面的表現？

Yeah. So Atlanta and Dallas, we continue to see some pretty solid performance, particularly in Dallas. If I look at Dallas for a moment and you look at where we are from a pricing standpoint right now on an occupancy standpoint compared to, say, this time last year, we saw about a 240 basis point improvement in blended pricing from Q1 '25 to Q1 '26 and steady occupancy along with that.

好的。亞特蘭大和達拉斯，我們持續看到相當穩健的表現，尤其是在達拉斯。以達拉斯為例，若看我們目前在定價與入住率（occupancy）的狀況，並與例如去年同期相比，我們看到從 2025 年第一季到 2026 年第一季，綜合定價（blended pricing）約提升了 240 個基點，同時入住率也維持穩定。

Similarly, in Atlanta, we saw about a 50 basis point increase from winded pricing last year to this year and about a 20 basis point increase in occupancy. So Atlanta probably started to recover for us a little bit early, and we've seen that continue to stabilize and move forward on Dallas was a little bit later, but we're seeing some good strength out of that.

同樣地，在亞特蘭大，我們看到從去年到今年，綜合定價約增加 50 個基點，入住率約增加 20 個基點。因此亞特蘭大對我們而言可能較早開始復甦，而我們也看到這種情況持續穩定並向前推進；達拉斯則稍晚一些，但我們正看到不錯的強勁動能。

As I just mentioned, I expect Dallas to be one of our stronger performing markets this year. We're seeing it pretty broad-based. There's still some pressure in Allen McKinney areas, but Uptown is performing well, some of the other suburban markets.

如我剛才提到的，我預期達拉斯會是我們今年表現較強的市場之一。我們看到這是相當廣泛的表現。Allen、McKinney 一帶仍有一些壓力，但 Uptown 表現良好，其他一些郊區市場也是如此。

And then similarly in Atlanta, we're seeing still some of the in-town and downtown Midtown Buckhead submarket outperformed some of the suburbs. Duluth and Smyrna are still a little bit weaker, still seeing higher concessions.

同樣在亞特蘭大，我們仍看到市區與市中心的 Midtown、Buckhead 等子市場表現優於部分郊區。Duluth 和 Smyrna 仍稍弱，讓利仍偏高。

But for Dallas we've seen concessions come down a little bit. They're not as broad based in Dallas as some of the other markets. So we have seen some relief there, particularly in the urban areas. And then we talked about Atlanta. The concessions were coming down a little bit last quarter, and they made pretty consistent with where they were last quarter. It still has a month or so out there on average, but the submarkets that I talked about have come down quite a bit.

但就達拉斯而言，我們看到讓利有所下降。在達拉斯，讓利不像其他一些市場那麼普遍。因此我們確實看到一些緩解，特別是在都會區。至於亞特蘭大，我們談到讓利在上一季有些下降，而本季大致與上一季持平；平均而言仍大約有一個月左右的讓利，但我提到的那些子市場已經下降了不少。

Austin Wurschmidt, KeyBanc.

Austin Wurschmidt，KeyBanc。

Kind of sticking with Tim here. One on new lease rate growth. I know you had some weather disruption in the first quarter. I guess, were you surprised though at the pace of improvement in new lease rate growth versus the fourth quarter? And are you seeing that pace improve or accelerate, I guess, into the second quarter? Or is it more similar from what you saw from the fourth quarter of last year into the first quarter of this year?

延續 Tim 的話題，關於新租約租金成長（new lease rate growth）。我知道第一季有一些天氣造成的干擾。我想問的是，你是否對新租約租金成長相較第四季的改善速度感到意外？以及你是否看到這個速度在第二季有所改善或加速？還是說更像是去年第四季到今年第一季的那種變化？

Yeah. I mean, if you remember last year, we were seeing some strong acceleration in new lease rates through about April, and then it really kind of plateaued with Liberation Day, and we saw it sort of peak there, not really get momentum past May. I think what we're seeing this year is more of a steady acceleration.

是的。如果你記得去年，我們在新租約租金方面一直到大約 4 月都看到相當強的加速，然後在 Liberation Day 之後就差不多進入平台期，我們看到它大概在那裡見頂，到了 5 月之後就沒有再延續動能。我認為今年我們看到的是更為穩定的加速。

To your point, February kind of stalled out for a little bit and brought Q1 new lease pricing a little bit down from where we expected, but then we saw it quickly return in March. And then we're seeing some momentum play out in April as well.

如你所說，2 月一度稍微停滯，讓第一季的新租約定價比我們預期略低一些，但我們在 3 月很快就看到回升。而且我們也看到 4 月動能正在延續。

And then we think about where we are with exposure and occupancy. I would expect May to outperform where we were in May last year, where we -- again, where it kind of stalled out. So I would say we're seeing a more seasonal or more normal acceleration new lease rates this year. Last year was a little quicker, but then it slowed to a complete halt. I think we would expect that not to continue. And all the stats we look at where we are with exposure, where we are with lead volume, where we are with occupancy, and kind of seeing what's out there with pre-leasing, we would expect that momentum to continue beyond May unlike it did last year.

再來看我們在曝險（exposure）與入住率方面的狀況，我預期 5 月會優於去年 5 月的表現——去年 5 月又一次出現停滯。因此我會說，今年我們看到的是更具季節性或更正常的新租約租金加速。去年雖然起步更快，但之後完全停滯；我們預期今年不會重演。我們觀察的各項數據——曝險、來客量（lead volume）、入住率，以及市場上的預租（pre-leasing）情況——都讓我們預期這股動能會延續到 5 月之後，不像去年那樣。

Yeah. And I would just add a couple of points to what Tim is saying, just speaking more broadly. I mean, I think one of the things that gives us encouragement about the trajectory, as Tim was mentioning a moment ago, as we go throughout the balance of the year is first, if you look at just the broad demand fundamentals in our region of the country, continue to screen quite well really across the board.

是的。我也想補充幾點，從更宏觀的角度呼應 Tim 的說法。我認為讓我們對走勢感到鼓舞的一點是，正如 Tim 剛才提到的，當我們走過今年剩餘期間時，首先，如果你看我們所在區域的整體需求基本面，整體而言在各方面都持續表現相當不錯。

Job growth continues to be resilient. The other demand factors migration trends, population growth, all continue to be very resilient within our region of the country. And then if you look at just the momentum that Tim was just talking about, market-level occupancies in the first quarter continue to firm up. You look at absorption numbers exceeding deliveries in the first quarter. With the renewal positioning that we have right now, as Tim mentioned, our occupancy is stable, and our exposure is in a better position than it was this time last year, puts us in a really good position to continue the momentum that we've seen in April as we get into May and June.

就業成長仍具韌性。其他需求因素——移民趨勢、人口成長——在我們所在區域也都持續非常有韌性。再者，若看 Tim 剛才提到的動能，第一季各市場層級的入住率持續走強。你會看到第一季的吸收量（absorption）超過交付量（deliveries）。以我們目前的續租定位（renewal positioning）來看，如 Tim 所說，我們的入住率穩定，而曝險狀況也比去年同期更好，這讓我們在 5 月與 6 月期間能延續 4 月所見的動能，處於非常有利的位置。

And so we feel like the momentum is building from the dashboards that we have to date. That momentum continues to build in the second quarter, which is what we need to see in order to continue to see new lease progression throughout the year, which aligns with what our expectations are for the year.

因此，從我們目前的儀表板數據來看，我們覺得動能正在累積。這股動能在第二季持續增強，而這正是我們需要看到的，才能在全年持續看到新租約的改善，這也與我們對今年的預期一致。

Haendel St. Juste, Mizuho.

Haendel St. Juste，瑞穗（Mizuho）。

Maybe a question on capital deployment. I understand the decision to lower the acquisition guide, given market pricing and your cost of capital, but maybe expound a bit more on the decision to pull back on some of the new development starts. And with that lower use of capital, I guess, lower capital deployment overall suggest you might be more open to doing more stock buybacks here in the near term, given the compelling yield on that side.

我想問一個關於資本部署（capital deployment）的问题。我理解在市場定價與你們資金成本（cost of capital）的考量下，下調收購指引（acquisition guide）的決策；但能否再多談一些，為何決定縮減部分新開發案的動工（new development starts）？在資本使用降低、整體資本部署下降的情況下，是否意味著你們在短期內可能更願意進行更多庫藏股回購（stock buybacks），畢竟那一端的殖利率相當具吸引力？

Yeah. Hey, Haendel. This is Brad. Well, as I mentioned in my opening comments, the pullback in development spend, just development is a little bit fluid with timing of when deals can start approvals, can take a little bit longer than you think things of that nature. So that's the nature of the reduction from -- as we mentioned in the prior call, we could start between five and seven deals this year. Just based on where we are in the approval cycle of those, it looks like be closer to 4%.

好的。嗨，Haendel。我是 Brad。正如我在開場評論中提到的，開發支出的縮減——開發在時點上本來就比較有彈性，因為案子何時能啟動、核准（approvals）何時到位，可能會比你想像的更久，諸如此類。因此這就是我們下調的原因——如我們在上一通電話會議提到的，今年我們可能會啟動 5 到 7 個案子。就目前這些案子的核准流程進度來看，看起來會更接近 4 個。

But you never know, some of those could get approvals earlier. And if the economics make sense, we could start those towards the back part of the year, but that's where we certainly expect to be in terms of development for the year.

但你永遠不知道，其中一些可能會更早取得核准。如果經濟效益合理，我們也可能在今年後段啟動它們，但就今年的開發而言，這是我們目前確實預期的水準。

And we continue to believe that's one of the best uses of our capital, to deliver long-term value for shareholders. So we'll continue to focus on that. As Clay mentioned in his comments, we expect that size of that pipeline to continue to grow. Our spend for the year is down from what we originally expected, but still up from where it was last year, and we expect that on an ongoing basis to be into that $300 million to $400 million range. So no real change in terms of that.

而且我們仍然相信，這是我們資本最好的用途之一，能為股東創造長期價值。因此我們會持續聚焦於此。正如 Clay 在他的評論中提到的，我們預期這條管線（pipeline）的規模會持續成長。我們今年的支出低於原先預期，但仍高於去年水準；我們也預期在持續性的基礎上，會落在 3 億到 4 億美元的區間。因此在這方面沒有實質改變。

But I think in terms of share repurchases, as we think about really how best to allocate capital, we're really focused on generating high-quality compounding earnings growth that supports a steady and growing dividend. We really think that's the best way to drive TSR performance over the full cycle.

但我認為就股票回購而言，當我們思考如何最佳配置資本時，我們真正聚焦的是產生高品質、可複利的盈餘成長（compounding earnings growth），以支持穩定且成長的股利。我們確實認為，這是推動全週期總股東報酬（TSR）表現的最佳方式。

And when we do that, there are three things that we're considering when we decide where do we put our capital. And the first is, we want to take a very balanced approach. And that balanced approach really helps us take advantage of near-term opportunities, which right now just happens to be the share buybacks. And so you've seen us be active in that space. But we also want to be able to take advantage of opportunities that we think, again, contribute to that long-term TSR performance. And that's where development comes in. We still think that's the best opportunity for us to drive long-term TSR performance.

而在這樣做的過程中，當我們決定資本要投向哪裡時，我們會考量三件事。第一，我們希望採取非常均衡的方法。這種均衡的方法能幫助我們把握短期機會——而目前剛好就是股票回購。因此你看到我們在這方面相當積極。但我們也希望能把握我們認為同樣能貢獻長期 TSR 表現的機會，而這就是開發所扮演的角色。我們仍然認為，這是我們推動長期 TSR 表現的最佳機會。

We're getting accretive returns. And today, those are in the mid-6s. And our development importantly has been able to deliver higher NOI growth, about 50 to 100 basis points on a long-term basis versus our existing portfolio. So we want to be balanced in terms of what we're doing.

我們正在取得具增益性的報酬。而且在今天，這些報酬大約在 6% 中段。更重要的是，我們的開發業務已能帶來更高的 NOI 成長，長期而言相較於我們既有投資組合約高出 50 到 100 個基點。因此，我們希望在我們所做的事情上保持平衡。

The second thing is we want to protect our balance sheet capacity. And so you're not going to see us go out and leverage up our balance sheet because we want to protect what we're able to do with our balance sheet.

第二點是，我們希望保護資產負債表的承載能力。因此，你不會看到我們出去把資產負債表的槓桿拉高，因為我們想要保護我們能夠運用資產負債表所做的事情。

And then the third thing really is we like our portfolio. We like where we're located. We like the markets we're in. So we don't have a need to go and really materially reallocate capital amongst our markets, which can drive certainly higher dispositions and capital redeployment. So that's really how we're looking at our various opportunities for capital allocation and where share repurchases falls within that.

第三點其實是，我們喜歡我們的投資組合。我們喜歡我們所在的位置。我們喜歡我們所處的市場。因此，我們沒有必要在各個市場之間大幅重新配置資本；那樣做當然可能會帶來更高的處分與資本再部署。所以，這就是我們如何看待各種資本配置機會，以及股票回購在其中所處的位置。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

Just a question on the guidance. You guys talked pretty optimistically about the balance of the year, acceleration. You're talking about this year's leasing trends not looking to stall like last year did, but yet you adjusted guidance. You basically tightened the range. A lot of your peers sort of left it open ended to revisit guidance in the second quarter.

想問一下關於指引的問題。你們對今年剩餘期間、加速的部分談得相當樂觀。你們提到今年的租賃趨勢看起來不會像去年那樣停滯，但你們卻調整了指引。你們基本上是把區間收窄了。你們很多同業則是選擇先保持開放，等到第二季再重新檢視指引。

So based on your commentary, it would sound like you think there's potential for upside, but yet you trimmed the top end and tightened the range. So can you just talk a little bit more about your decision to revisit guidance now versus waiting to the second quarter?

所以依照你們的評論，聽起來似乎有上行空間，但你們卻下修了上緣並收窄區間。能否再多談談，為什麼選擇現在就重新檢視指引，而不是等到第二季？

Yea, Alex, this is Clay. Just the real reason that we kind of brought down the guidance there, at least a range, keeping our midpoint the same as we came out with our initial guidance. But we were a little wider in our range as we started the year than what we would typically do. And we did that because of the macro uncertainty that Tim mentioned earlier, some of the demand concerns that were out there at that time.

是的，Alex，我是 Clay。我們之所以把指引區間往下調整（至少是區間），中點仍維持與我們最初發布指引時相同。只是我們在年初給的區間比我們通常會給的更寬。我們之所以這麼做，是因為 Tim 先前提到的總體環境不確定性，以及當時市場上對需求的一些疑慮。

As we sit here today, that's lesson we've gotten one quarter behind us. And so we tightened that range down to a range that we would typically go out the year with. And so that's really all that we were reflecting by tightening the range. Still feel very confident in our overall guidance as we move in throughout the year, though.

以今天的情況來看，我們已經走過一個季度。因此我們把區間收窄到我們通常在年初會給出的區間。這就是我們收窄區間所反映的全部內容。不過，隨著今年推進，我們對整體指引仍然非常有信心。

Adam Kramer, Morgan Stanley.

Adam Kramer，Morgan Stanley。

Just wanted to ask a little bit about sort of the renewal growth with regards to concessions and if there's any way to sort of maybe disaggregate or break down what sort of percentage of the renewal growth that you guys are able to sort of get each quarter comes from concession burn-off versus sort of gross rent increases.

想再問一下關於續租成長與讓利（concessions）的部分：是否有辦法把你們每季能取得的續租成長拆解一下，看看其中有多少比例來自讓利到期消退（concession burn-off），以及有多少來自名目租金（gross rent）的上調？

And then maybe just a second part there with regards to concessions, and I think you mentioned it for some specific markets, but just maybe across the portfolio, what are you offering today in terms of concessions? And how does that compare for the same period a year ago?

另外第二個部分也關於讓利：我知道你們提到某些特定市場，但就整體投資組合而言，你們目前提供的讓利大概是什麼？與一年前同一期間相比如何？

Yeah. This is Tim. So for the first part of your question, there's not a lot there. I mean, with our portfolio, we don't use a ton of concessions. We're were mostly in net effective pricing.

好的。我是 Tim。就你問題的第一部分，其實沒有太多可拆的。我們的投資組合並不常使用大量讓利。我們主要採用淨有效租金（net effective pricing）。

If you look at our financials, concessions represent about 0.6% of our net potential rent. So for us, the burn-off of concessions in our same-store renewal base is very minimal, probably maybe 10 basis points or something like that. It's more impactful in our lease-up properties. We're getting 8%, 9%, 10% renewals on lease-ups where there is some burn off concessions that is driving part of that, so you can kind of distinguish between those two there.

如果你看我們的財報，讓利約占我們淨可實現租金（net potential rent）的 0.6%。因此對我們而言，在同店續租基礎中，讓利到期消退的影響非常小，可能大概只有 10 個基點左右。它在我們的租賃爬坡（lease-up）物件上影響更大。我們在爬坡物件上取得 8%、9%、10% 的續租漲幅，其中確實有一部分是讓利消退所帶動，所以你可以在這兩者之間做區分。

As far as the concession market across our portfolio, across our markets, I would say, for Q1, pretty consistent with what it was in Q4. We're seeing 60%, 65% of our competitors offering some level of concession somewhere between four and five weeks is sort of a standard and so that's broadly across the portfolio. We have seen it tick down just ever so slightly as we got into April, where not only the percent of competitors offer concessions come down a little bit and then a little bit decrease in the overall average concession. So I think that's perhaps a sign some of the momentum to come.

至於我們投資組合、各市場的讓利情況，我會說第一季與第四季大致一致。我們看到有 60% 到 65% 的競爭對手在某個程度上提供讓利，標準大概是 4 到 5 週左右，這在整體投資組合中相當普遍。我們確實看到進入 4 月後略有下降：不僅提供讓利的競爭對手比例稍微下降，平均讓利幅度也小幅降低。我認為這或許是一些動能即將到來的跡象。

Absorption was positive this quarter, so fewer lease-up units out there. So we are starting to see it take down just a little bit.

本季吸納量（absorption）為正，因此市場上的爬坡單位更少。所以我們開始看到讓利略微下滑。

Michael Goldsmith, UBS.

Michael Goldsmith，UBS。

This is Ami on with Michael. We were wondering, how much of an impact does hiring from new college grads have on your peak leasing season? Do you tend to see more people trading up into MAA units? Or are they more first-time renters?

我是 Ami，代 Michael 提問。我們想了解，從新畢業的大學畢業生招募（就業）對你們的旺季租賃有多大影響？你們通常會看到更多人換租到 MAA 的單位（trade up）嗎？還是他們多半是首次租屋者？

It's pretty consistent throughout the year. We've been looking at some of that, our younger age demographic with all the talk around some of the unemployment rates for that group in particular. And so if we look at Q1, for example, about 20% of our move-ins are 25 or under in age. And that's been really consistent over the last several years. That hasn't really picked up or down.

這在全年其實相當一致。我們一直在觀察這部分，尤其在大家都在談某些年輕族群失業率的背景下。如果以第一季為例，我們約有 20% 的入住（move-ins）年齡在 25 歲或以下。過去幾年一直都很一致，沒有明顯上升或下降。

And then we look at also to try to gauge some of that pressure. Are there more of our residents needing a guarantor, indicating perhaps that their economic situation is great, and that's actually come down a little bit. But I would say, on average, it's about 20%-ish of our move-ins are in that 25 age group or under, but we're not seeing really any pressure or any changes in that as of yet.

另外我們也會看一些指標來衡量壓力，例如是否有更多住戶需要保證人（guarantor），這可能意味著他們的經濟狀況不佳；而這個比例其實略有下降。但我會說，平均而言，大約 20% 左右的入住者屬於 25 歲及以下的年齡層，而目前我們尚未看到任何壓力或變化。

Jamie Feldman, Wells Fargo.

Jamie Feldman，Wells Fargo。

I think you had mentioned pulling back on development starts this year. Obviously, supply has come down in a pretty meaningful way, and some of your competitors are actually talking about ramping up into '28 and '29. Can you talk about that decision and how we should be thinking about development going forward? Is it more project specific? Or is there a bigger picture story we should be thinking about?

我想你們提到今年會縮減開發動工。顯然供給已經相當明顯地下滑，而你們有些競爭對手其實在談到 2028、2029 年會再加速。你能談談這個決策，以及我們應該如何看待未來的開發嗎？這比較是專案層級的考量？還是有更大的整體故事脈絡需要我們理解？

Yeah, Jamie, this is Brad. Yeah, I mean, again, the development of reduction for the year of $50 million really is just a couple of months delay on average in terms of starts for deals, and that's really deal specific, to your point. That does not signal in any way a change in our posture toward development. We still continue to believe in the merits of developing, in particular, the benefits of that for long-term TSR performance.

好的，Jamie，我是 Brad。是的，我的意思是，今年把開發額度下調 5,000 萬美元，其實只是就個別案子而言，平均把動工時間延後了幾個月，正如你所說，這是專案特定的因素。這完全不代表我們對開發的立場有任何改變。我們仍然相信開發的價值，特別是其對長期 TSR（總股東報酬）表現的益處。

So you'll continue to see us focus on development. I mean, we own or control, I think, 16 sites with approvals for over 4,000 units. So that will be a continued focus of us.

所以你們會持續看到我們聚焦在開發上。我想我們擁有或控制 16 個已取得核准的基地，可開發超過 4,000 個單位。因此這會是我們持續的重點。

We'll continue to focus on spending $300 million to $400 million a year. The start level numbers for each year can vary a little bit as it can be a little bit lumpy. You've got to go through approved -- the approval process, which can take a little longer than you expect sometimes. But our strategy and focus on development is the same as it has, and we'll continue to expand that pipeline to the $1 billion, $1.2 billion range that we've talked about previously.

我們也會持續把每年支出維持在 3 億到 4 億美元。每年的動工水位可能會有些變動，因為它可能會比較不均勻（lumpy）。你必須走完核准——核准流程，有時候可能比你預期花更久。但我們的策略與對開發的聚焦與過去一致；我們也會持續擴大這條管線到我們先前談過的 10 億到 12 億美元的區間。

Steve Sakwa, Evercore ISI.

Steve Sakwa，Evercore ISI。

I guess kind of a big picture question. If I told you that you could double the size of your portfolio today, I guess, what are the pluses and minuses of managing a substantially large or larger portfolio than what you currently have? Is the data flow that much better that gives you better insight on pricing? Are there just more operational challenges? Like how do you sort of think about size and whether you need to be much bigger than you currently are?

我想這算是一個比較宏觀的問題。如果我告訴你，你今天可以把你的投資組合規模加倍，那麼，管理一個顯著更大、或比你目前更大的投資組合，有哪些優點和缺點？資料流是否會好很多，讓你對定價有更好的洞察？還是只是營運上的挑戰更多？你大概怎麼看規模這件事，以及你是否需要比現在大很多？

Well, I think certainly, size isn't everything. We have been through, obviously, two significant events in our recent history as an organization, and those events are very, very difficult to do and take a lot of time, and there's risk associated with them. But there certainly could be a lot of upside if they're done right, and the cultures align well between the organizations.

嗯，我認為當然，規模並非一切。很明顯地，作為一個組織，我們在近期歷史中經歷了兩個重大事件，而這些事件都非常、非常難做，也需要花很多時間，並且伴隨風險。但如果做得對，而且兩個組織之間的文化能夠很好地契合，確實可能有很大的上行空間。

I would say, at the scale that we are today, to double our portfolio size, I wouldn't think there's a material improvement in information flow, data flow, and things of that nature that you mentioned. Cost of capital is probably very similar. It really is going to depend on, I would say, what we can get operational efficiency wise, some of the things that we're doing on the operating side from centralization and specialization and how we're approaching podding properties and things of that nature.

我會說，以我們今天的規模來看，要把投資組合規模加倍，我不認為在你提到的資訊流、資料流等方面會有實質性的改善。資金成本可能也非常相近。真正要看的，我會說，是我們在營運效率上能拿到什麼成果——包括我們在營運端所做的一些事情，例如集中化與專業化，以及我們如何推動物業分組（podding）等諸如此類的做法。

Having scale near to one another within a particular market is very meaningful in that process. So certainly, you could see some ability to drive some level of operating efficiencies depending on where the properties are located.

在特定市場內，讓資產彼此距離接近、形成規模，是這個流程中非常有意義的一點。因此，視物業所在位置而定，你確實可能看到推動一定程度營運效率的能力。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

So about a year ago, Brad, we had a dinner with the group, and there was some -- at least some indication from my perspective that this time, a year later, we would be talking about a lot more in the way of stabilized new lease rate growth and so on. And obviously, it hasn't quite happened yet. I'm curious, in your mind, taking over CEO around that time 13 months ago, are you surprised by the tail of supply impacting that line item in particular? Or is everything kind of lining up the way you thought?

大約一年前，Brad，我們和團隊一起吃過一頓晚餐；至少從我的角度來看，當時有一些跡象顯示，一年後的現在，我們會談到更多關於新租約租金成長趨於穩定之類的事情。但很明顯，這還沒有真正發生。我很好奇，在你心中，你大約在13個月前接任CEO，那麼你是否對供給尾端（supply tail）對這個項目、尤其是對該項目造成的影響感到意外？還是說一切大致都如你所預期地在發展？

We all know the biblical nature of the supply that came online in your markets over the past couple of years. I'm just curious if all this is coming as more of a surprise and not necessarily in alignment with past cycles of supply that you guys have been through. I just wanted to get your -- take your temperature on that topic.

我們都知道，過去幾年你們市場新增供給的規模可說是「聖經級」的。我只是好奇，這一切是否更像是一個意外，並不一定與你們過去經歷過的供給週期相一致。我想聽聽你對這個議題的感受——了解一下你的看法。

Yeah. No, thanks. Yeah, I recall our dinner. And certainly, at that time, believe that we would certainly see better improvement on new lease rate side over the past year, which is what our expectations have been as related to our forecast for last year and going into this year.

是的。沒有，謝謝。對，我記得那次晚餐。當時我們確實相信，在過去一年裡，新租約租金這一端應該會看到更好的改善，這也是我們在去年預測以及進入今年時的預期。

And I think it's also -- you mentioned the biblical size of supply, but I do think it's important to put that in perspective. In a three-year period, we had five years' worth of supply delivered into our markets. And so there is a level of lingering impact associated with that supply.

而且我認為——你提到供給規模「聖經級」，但我也覺得把它放在正確的脈絡下很重要。在三年的期間內，我們的市場交付了相當於五年量的供給。因此，這些供給確實會帶來一定程度的延續性影響。

The good news is, though, that absorption is happening. Market level occupancies are improving. When we had that dinner, I didn't think that new lease rates would take as long as they have to see improvement that we've seen.

不過好消息是，吸納正在發生。市場層級的入住率正在改善。當我們那次吃飯時，我沒想到新租約租金要花這麼久，才看到我們目前所看到的改善。

But the good news is we are seeing improvement. The other positives are that the demand within our region continues to hold in there quite well, outperforming other regions of the country, sometimes a factor of 2 to 3.

但好消息是我們確實正在看到改善。其他正面因素還包括：我們區域內的需求持續表現得相當穩健，優於全國其他地區，有時甚至高出2到3倍。

The other good news is that supply pipeline is significantly declining. If you look at the size of what's being delivered in our region this year, it's down 40% from last year. So while it is taking a little bit longer, if you keep in perspective just the size and the magnitude of the decline that we're seeing in supply in our region of the country, which is declining to a larger degree than it is in other regions of the country, balanced with the fact that demand continues to be resilient, we're pretty excited about what the trajectory looks like for here -- from here.

另一個好消息是，供給管線正在顯著下滑。如果你看今年我們區域交付的規模，較去年下降了40%。所以雖然確實花的時間稍微久一點，但如果你把我們區域供給下滑的規模與幅度放在脈絡中——而且我們區域的下滑幅度比全國其他地區更大——再加上需求仍具韌性，我們對接下來的走勢非常興奮，也很看好從現在開始的軌跡。

Yes, last year, I would have hoped that it would have improved a little bit quicker, but that's not where we are. And certainly, I think as we look forward, based on supply and demand fundamentals, we're pretty excited.

是的，去年我本來希望它能改善得更快一些，但現況並非如此。而且我們往前看，基於供需基本面，我們相當興奮。

Mason Guell, Baird.

Mason Guell，Baird。

Do you expect to continue buying additional land parcels for the balance of the year?

你們是否預期在今年剩餘時間內繼續購買額外的土地地塊？

Well -- this is Brad. I think it depends. We will likely have additional land parcels that we purchase later in the year. But the way that we are approaching buying land at this point is we are not looking to land bank various sites. We do not want to buy land that is speculative. We want to buy land that we have a clear and near-term path to being able to put that land into production.

嗯——我是Brad。我認為要看情況。我們很可能會在今年稍晚再購買一些土地地塊。但我們目前買地的方式是：我們不打算囤地（land bank）各種地點。我們不想買投機性的土地。我們想買的是那種我們有清楚且短期內可行的路徑，能把土地投入開發生產的土地。

So you could -- based on timing, you can see us buy a piece of land at some point this year that maybe starts construction next year and certainly not with the intent to buy it and hold it for a few years before we're able to start construction on it. That's not what we're looking to do. We want to keep the balance sheet very efficient and be able to put land into production pretty quickly after we buy it.

所以你可能會看到——視時點而定——我們今年某個時候買下一塊地，可能明年開始動工；而且絕對不是抱著買了之後先放著、等幾年才開始施工的意圖。我們不是要做這件事。我們希望資產負債表維持非常高的效率，並且在買地後能相當快地把土地投入開發生產。

Julien Blouin, Goldman Sachs.

Julien Blouin，Goldman Sachs。

Maybe following on from Steve's question. I mean, you guys are probably the best authorities in the space on public-to-public apartment deals, just given the Post and Colonial deals. Obviously, there's the initial G&A and overhead benefit that can be realized. But I guess you mentioned the potting benefit. How long does that sort of take to realize?

也許延續Steve的問題。我是說，考量到Post和Colonial兩筆交易，你們大概是公對公（public-to-public）公寓交易領域最具權威的團隊。很明顯，一開始可以實現一些G&A與管理費用的節省。但我想你提到了分組（potting）的效益。那通常需要多久才能實現？

And then if we think about what's different today versus when you did the Post and Colonial transactions, are there any additional benefits today, whether it's on, I don't know, the technology front, the AI front, WiFi rollout and scale with vendors that would maybe make a deal make even more sense today?

另外，如果我們思考今天和你們做Post與Colonial交易時相比有什麼不同，今天是否有任何額外的效益——不管是我不知道，科技面、AI面、WiFi佈建，以及與供應商的規模效應——可能會讓今天做一筆交易更有意義？

Hey, Julien. This is Brad. I think in terms of potting, that's more related to the quality of the property managers that you have and just opportunities that present themselves in terms of how quickly those can manifest themselves. Those can be relatively quick endeavors. But you got to make sure you have the right people.

嗨，Julien。我是Brad。我認為就分組（potting）而言，那更多取決於你擁有的物業經理的品質，以及在多快的時間內出現、並能把握住相關機會。這些可以是相對快速的工作，但你必須確保你有對的人。

As you know, this is a very -- in any merger, this is a very people-intensive business. And so they can quickly determine whether or not you have success or not at a property level. So you've got to be really careful with what you're doing there.

如你所知，在任何併購中，這都是一個非常——非常仰賴人的業務。因此，他們很快就能決定你在物業層級是否成功。所以你在這方面必須非常謹慎。

And I'm sorry, on the second part of this question?

抱歉，你問題的第二部分是？

Any additional benefit were there --?

是否有任何額外的效益——有沒有——？

Yeah. In terms of the other benefits, they're different than executed the Post and Colonial merger is on the technology front, like you talk about. I think the cost of technology today continues to increase. But I also think the ability to spread that cost across, obviously, a bigger footprint, bigger platform. One of the things that we've been focused on as an organization is continuing to improve our platform capabilities and be able to drive more out of our portfolio than what others are able to do. And part of that is the technology.

有。就其他效益而言，和我們執行Post與Colonial合併時相比，差異在於你提到的科技面。我認為今天的科技成本持續上升。但我也認為，能把這些成本分攤到——很明顯——更大的覆蓋範圍、更大的平台上。作為一個組織，我們一直專注於持續提升平台能力，並且能從我們的投資組合中榨取出比其他人更多的價值，而其中一部分就是科技。

Part of that is the centralization of specialization that we have and that we're focused on so that the marginal G&A cost associated and technology costs associated with adding additional units is less. So I do think that's a different -- a difference today versus what it was 10 or so years ago when we've gone through mergers.

其中一部分是我們所擁有、並且正在聚焦的集中化與專業化，讓新增額外戶數所帶來的邊際G&A成本，以及邊際科技成本更低。所以我確實認為，這是今天相較於大約10年前我們經歷併購時的一個不同之處。

Alex Kim, Zelman & Associates.

Alex Kim，Zelman & Associates。

I wanted to ask about how lease-up velocity has trended so far year-to-date and kind of fitting that into the context of acquiring projects that are in lease up. Is that still a strategy that you maintain on a go-forward basis?

我想請教一下，今年以來的出租去化速度（lease-up velocity）目前趨勢如何？以及把這點放在收購仍處於出租去化階段的專案這個脈絡下來看。這仍然是你們未來會持續維持的策略嗎？

Yeah, Alex, this is Tim. Related to the first part of that question, we have seen the lease-up velocity pick up, particularly as we got into late Q1 and into April. Obviously, it's a little bit slower in Q1 -- Q4 and Q1, just with traffic patterns, seasonal patterns. But if we look at April, for example, the five properties that are in our lease-up bucket averaged about 23 move-ins in the -- on average in the month of April.

是的，Alex，我是 Tim。就你問題的第一部分而言，我們確實看到出租去化速度有所加快，特別是進入第一季末以及 4 月之後。顯然，第一季會稍微慢一些——第四季和第一季因為來客量與季節性因素的關係。但以 4 月為例，我們在「出租去化」類別中的 5 個物業，4 月平均每個物業大約有 23 戶入住（move-ins）。

So we're starting to see that momentum pick up. We got a really good lead volume. We're starting to see -- we're not seeing things that get slower. We're not seeing concessions go up anything like that. We're starting to see the momentum there. And I think as we get into the spring and summer, much like we've talked about with our same-store portfolio, we would expect to continue to see some momentum in that group.

所以我們開始看到動能回升。我們有非常好的潛在客源（lead）量。我們開始看到——我們沒有看到速度變慢，也沒有看到讓利（concessions）上升之類的情況。我們開始看到動能出現。我認為隨著進入春夏季，就像我們談到同店（same-store）投資組合時所說的，我們預期這一組也會持續看到一些動能。

In terms of acquisitions, I think you asked if we're focused on buying properties and lease-up. I mean, I think at this point, the best use of our capital is not acquiring. So we're not active in that market today. We continue to evaluate projects. I would also say we haven't seen as many lease-up trades or lease-ups coming to market to trade as we have historically.

就收購而言，我想你問的是我們是否仍聚焦於收購處於出租去化階段的物業。我的意思是，就目前來看，我們資本的最佳用途不是用來收購，所以我們今天在那個市場並不活躍。我們仍會持續評估專案。我也想補充，我們看到的「出租去化中的交易」或「出租去化物業拿出來出售」的數量，沒有像過去歷史上那麼多。

I think if a seller is bringing a property to market today, they want it as leased up and occupied as they get so that there's less risk out there for the buyer so that they can get better pricing at the moment. So we'll continue to look at lease-ups as they come to market. And if we find an opportunity that that makes sense, we certainly wouldn't -- for the right price, we wouldn't hesitate to execute there. But we're just not seeing a lot of opportunities in that front that makes sense today.

我認為如果賣方現在把物業拿到市場上，他們會希望在出售前盡可能把出租率與入住率拉高，這樣買方承擔的風險更小，賣方也能在當下取得更好的定價。所以我們會持續關注市場上出現的出租去化物業；如果我們看到合理的機會，當然——在合適的價格下，我們不會猶豫去執行。但目前我們在這方面並沒有看到很多合理的機會。

Ann Chan, Green Street.

Ann Chan，Green Street。

So going back to other income, were there any unusual or non-recurring items that caused a drag or a boost on other income in first quarter? And related, when do you expect the benefit from the delayed WiFi rollout in the '25 to start flowing to '26, if not already?

回到其他收入（other income），第一季其他收入是否有任何不尋常或一次性的項目，造成拖累或帶來提振？另外相關地，原本延後的 WiFi 推出在 2025 年的效益，你們預期何時會開始反映到 2026 年（如果現在還沒有的話）？

Ann, just to confirm, are you referring to same-store other income?

Ann，我確認一下，你指的是同店（same-store）的其他收入嗎？

Correct.

是的。

Yeah. So in Q1 -- this is Clay, by the way. So in Q1, we have seen -- to your point, we have seen the continued rollout of WiFi that we saw a little bit there, but not much, not really driving that in the quarter itself. What we would expect again to really begin to see that benefit showing itself in the numbers would be as we move into the spring and summer leasing seasons, and we start having those leases turn, and that would be the time that we would push the WiFi revenue to the residents and along with the expense that we have for that as well. So that should come forward in the middle towards the latter part of the year.

好的。第一季——順帶一提，我是 Clay。第一季我們確實看到——如你所說，我們持續推進 WiFi 的導入，雖然有一些進展，但不多，並沒有在本季本身形成主要驅動。我們預期真正開始在數字上看到效益，會是在進入春夏租賃旺季之後，當租約開始到期、房源周轉（units turn）時，那會是我們把 WiFi 收入轉嫁給住戶的時點，同時也會反映我們相應的費用。因此，這應該會在年中到下半年開始顯現。

Yeah. I'll just add one point to that. It's Tim. We're expecting somewhere in the neighborhood of $3 million or so of revenue in 2026 related to those WiFi projects, which is certainly backloaded. As Clay mentioned, most of these projects got completed late Q4, early Q1, and we price those out the leases expire in the units turn. So expect a lot more impact from those as we get through the year, and then it will compound certainly in 2027 and beyond.

我再補充一點。我是 Tim。我們預期 2026 年與這些 WiFi 專案相關的收入大約在 300 萬美元左右，這部分確實會偏向後段認列。正如 Clay 提到的，多數專案在第四季末、第一季初才完工，而我們是在租約到期、房源周轉時把價格反映到租約上。所以隨著今年推進，你會看到更大的影響，並且在 2027 年及之後會持續累積放大。

Nick Yulico, Scotiabank.

Nick Yulico，Scotiabank。

This is Elemer Chang on with Nick. I just wanted to go back on the concession topic. And just ask, how is concession burn-off trending in some of your maybe underperforming markets of late, like Charlotte, Austin, Nashville, et cetera? And when do you expect you'll reach a normalized level of concessions in those markets this year? I know you mentioned concession usage ticking down through April and that you expect new lease rates will improve throughout the year. But I was just wondering whether that outlook is mostly driven by your stronger markets like Atlanta, Dallas, Orlando.

我是 Elemer Chang，代 Nick 提問。我想回到讓利（concession）的話題，請問在你們近期可能表現較弱的一些市場，例如 Charlotte、Austin、Nashville 等，讓利的消退（burn-off）趨勢如何？以及你們預期今年在這些市場何時能回到正常化的讓利水準？我知道你們提到讓利使用在 4 月持續下降，且你們預期新租金（new lease rates）會在全年改善。但我想確認一下，這個展望是否主要是由你們較強的市場（如 Atlanta、Dallas、Orlando）所帶動？

Yeah, Elmer, this is Tim. I mean, we have started to see in some of those weaker markets concessions come down a little bit. I've talked a few times about some of the more urban submarkets where -- and that have a lot of lease-up where they were averaging closer to three months. And I would say now that's more in the 8- to 10-week type of concession environments have come down a little bit there.

是的，Elmer，我是 Tim。我的意思是，我們確實開始看到一些較弱市場的讓利略有下降。我之前多次提到一些較偏市中心的次市場——那裡有大量正在出租去化的供給，讓利曾經平均接近 3 個月。我會說現在那邊的環境更接近 8 到 10 週的讓利水準，確實有些下降。

Market like Austin, we have started to see it come down a little bit. We were pushing across the entire market close to almost two months broadly, and that started to tick down slowly. We're particularly seeing better performance in the southern part of Austin, Northern Austin, Georgetown, and that area is still seeing a lot of pressure, not seeing much relief there.

像 Austin 這個市場，我們也開始看到讓利略有下降。我們之前在整個市場層面普遍推到接近 2 個月左右，而現在開始緩慢下滑。我們特別看到 Austin 南部表現較好；Austin 北部、Georgetown 以及那一帶仍然承受很大壓力，沒有看到太多緩解。

Phoenix is probably another one where we started to see concessions come down a little bit. Occupancy in that market stabilized, at least for us, over the last couple of quarters and now starting to see still underperforming broadly, but starting to see some good momentum out of Phoenix.

Phoenix 可能也是另一個我們開始看到讓利略有下降的市場。至少對我們而言，該市場的入住率在過去幾個季度已趨於穩定；現在雖然整體仍偏弱，但開始看到 Phoenix 出現一些不錯的動能。

You mentioned Charlotte, that's one that -- it's still right in the mix of it. It got double-digit percent of inventory delivered over the last couple of years. I think that one's going to be a struggle, I think, through 2026. And that one is probably more of 2027 recovery story in Charlotte, but feel great about that market long term, tons in demand terms coming there, but just a whole lot of supply there right now.

你提到 Charlotte，那個市場——仍然處在供給壓力的核心。過去幾年交付了雙位數百分比的新增庫存。我認為那個市場可能會一路辛苦到 2026 年。Charlotte 可能更像是 2027 年的復甦故事；但長期來看我對那個市場感覺很好，需求面有大量動能進來，只是目前供給真的太多。

We have no further questions. I'll return the call to MAA for closing comments.

我們沒有其他問題了。我將把電話交回給 MAA 作結語。

All right. We appreciate everyone joining, and we'll see you soon in various conferences. Thank you.

好的。感謝各位參與，我們很快會在各個會議上再見。謝謝。

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

今天的活動到此結束。感謝您的參與。您可隨時掛線。