NexPoint Residential Trust Inc (NXRT) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Christina, and I will be your conference operator today. At this time, I would like to welcome everyone to the NexPoint Residential Trust second-quarter 2024 earnings call. (Operator Instructions)

謝謝你的支持。我叫克里斯蒂娜，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 NexPoint Residential Trust 2024 年第二季財報電話會議。（操作員說明）

And I will now turn the floor over to Kristen Thomas, Investor Relations. Kristen, you may begin the call.

現在我將把發言權交給投資人關係部門的 Kristen Thomas。克里斯汀，你可以開始通話了。

Thank you. Good day, everyone, and welcome to NexPoint Residential Trust conference call to review the company's results from the second quarter in mid-June 30, 2024.

謝謝。大家好，歡迎參加 NexPoint Residential Trust 電話會議，回顧該公司 2024 年 6 月 30 日中旬第二季的業績。

On the call today are Brian Mitts, Executive Vice President and Chief Financial Officer; Matt McGraner, Executive Vice President and Chief Investment Officer; and Bonner McDermett, Vice President, Asset and Investment Management.

今天參加電話會議的是執行副總裁兼財務長 Brian Mitts； Matt McGraner，執行副總裁兼首席投資長；和邦納·麥克德梅特，資產和投資管理副總裁。

As a reminder, this call is being webcast through the company's website at nxrt.nexpoint.com. Before we begin, I would like to remind everyone that this conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions and beliefs.

提醒一下，本次電話會議正在透過公司網站 nxrt.nexpoint.com 進行網路直播。在開始之前，我想提醒大家，本次電話會議包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，這些陳述是基於管理層當前的預期、假設和信念。

Listeners should not place undue reliance on any forward-looking statements and are encouraged to review the company's most recent annual report on Form 10-K and the company's other filings with the SEC for a more complete discussion of risk and other factors that could affect any forward-looking statements. The statements made during this conference call speak only as of today's date and except as required by law, NXRT does not undertake any obligation to consulate update or revise any forward-looking statements.

聽眾不應過度依賴任何前瞻性陳述，並鼓勵聽眾查看該公司最新的10-K 表格年度報告以及該公司向SEC 提交的其他文件，以便更全面地討論可能影響任何前瞻性陳述的風險和其他因素。本次電話會議期間發表的聲明僅代表今天的情況，除非法律要求，NXRT 不承擔任何更新或修改任何前瞻性聲明的義務。

This conference call also includes an analysis of non-GAAP financial measures. For a more complete discussion of these non-GAAP financial measures, see the company's earnings release that was filed earlier today.

本次電話會議也包括非公認會計準則財務指標的分析。有關這些非公認會計準則財務指標的更完整討論，請參閱該公司今天稍早提交的收益報告。

I would now like to turn the call over to Brian Mitts. Please go ahead, Brian.

我現在想把電話轉給布萊恩·米茨。請繼續，布萊恩。

Thanks, Kristen. Welcome to everyone joining us this morning. I appreciate your time. I'm Brian Mitts. I will be joined today by Matt McGraner and Bonner McDermett.

謝謝，克里斯汀。歡迎大家今天早上加入我們。我很感激你的時間。我是布萊恩·米茨。今天，馬特·麥格拉納和邦納·麥克德梅特將加入我的行列。

I'll start the call and cover our Q2 results, updated NAV and guidance outlook for the year. I'll turn it over to Matt and Bonner to discuss some of the specifics in the leasing environment and metrics driving our performance and guidance.

我將開始電話會議並介紹我們第二季的業績、更新的資產淨值和今年的指導展望。我將把它交給馬特和邦納討論租賃環境中的一些細節以及推動我們績效和指導的指標。

Results for the second quarter are as follows. Net income for the second quarter was $10.6 million or $0.40 per diluted share on total revenue of $64 million. This includes an $18.7 million gain on the sale of Radbourne Lake that was completed on April 30.

第二季的結果如下。第二季淨利為 1,060 萬美元，或稀釋後每股收益 0.40 美元，總收入為 6,400 萬美元。其中包括 4 月 30 日完成的 Radbourne Lake 出售獲得的 1,870 萬美元收益。

The $10.6 million net income for the quarter compares to a net loss of $4 million or $0.15 loss per diluted share for the same period in 2023 on total revenue of $69.6 million. For the second quarter of 2024, NOI was $38.9 million on 36 properties compared to $42 million for the second quarter of 2023 on 40 properties.

本季淨利為 1,060 萬美元，而 2023 年同期的淨虧損為 400 萬美元，即稀釋後每股虧損 0.15 美元，總收入為 6,960 萬美元。2024 年第二季度，36 處房產的 NOI 為 3,890 萬美元，而 2023 年第二季度，40 處房產的 NOI 為 4,200 萬美元。

For the quarter, same-store rent decreased 1%, while same-store occupancy held stable at 94.1%. This, coupled with an increase in same-store revenues of 2.3% led to an increase and same-store NOI of 2.4% as compared to Q2 2023. As compared to Q1 2024, rents for second quarter on a same-store portfolio were up 0.4% or $6 sequentially. We reported Q2 core FFO of $18 million or $0.68 per diluted share compared to $0.77 per diluted share in Q2 of '23.

本季同店租金下降 1%，同店入住率穩定在 94.1%。再加上同店營收成長 2.3%，導致同店 NOI 較 2023 年第二季成長 2.4%。與 2024 年第一季相比，第二季同店組合的租金較上季上漲 0.4%，即 6 美元。我們報告第二季度核心 FFO 為 1800 萬美元，或攤薄後每股 0.68 美元，而 23 年第二季度攤薄後每股 0.77 美元。

During the second quarter for the properties in our portfolio, we completed 59 full and partial upgrades, and 36 -- sorry, and leased 56 upgraded units, achieving an average monthly rent premium of $240 and a 20.1% return on investment.

在第二季度，我們投資組合中的物業完成了59 次全面和部分升級，以及36 次——抱歉，並租賃了56 套升級後的單位，實現了平均每月租金溢價240 美元和20.1% 的投資報酬率。

Since inception for the properties currently in our portfolio, we've completed 8,271 full and partial renovations; 4,659 kitchen and laundry appliance installs; and 11,389 technology package installs, resulting in $175, $48, and $43 average monthly rental increase per unit and a 20.8%, 62.9%, and 37.2% return on investment, respectively.

自從我們投資組合中的現有物業成立以來，我們已完成 8,271 次全面和部分翻修；安裝 4,659 台廚房和洗衣設備；安裝了 11,389 個技術包，每單位平均每月租金分別增加 175 美元、48 美元和 43 美元，投資報酬率分別為 20.8%、62.9% 和 37.2%。

NXRT paid a second quarter dividend of $0.46 per share of common stock on June 28. Since inception, we've increased our dividend 124.5%. For the second quarter, our dividend was 1.48 times covered by core FFO with a payout ratio of 68%.

NXRT 於 6 月 28 日支付了每股普通股 0.46 美元的第二季股息。自成立以來，我們的股息增加了 124.5%。第二季度，我們的股利是核心 FFO 的 1.48 倍，股利發放率為 68%。

During the second quarter, NXRT completed the sale of Radbourne Lake for a sales price of $39.25 million. This generated $18.6 million of net sales proceeds and resulted in a 19.2% levered IRR and 3.6 times multiple on invested capital.

第二季度，NXRT以3,925萬美元的售價完成了Radbourne Lake的出售。這產生了 1860 萬美元的淨銷售收益，槓桿 IRR 為 19.2%，投資資本倍數為 3.6 倍。

In the second quarter, the company purchased and subsequently retired $14.6 million of its common stock. The retired stock was purchased at a weighted average price of $33.19 per share, which represented an attractive 37% discount to the midpoint of our Q1 '24 NAV range. On June 27, NXRT is cash on hand to retire the $15.3 million mortgage on the Stone Creek at Old Farm property.

第二季度，該公司購買並隨後退役了價值 1,460 萬美元的普通股。這檔退役股票的購買價格為每股 33.19 美元的加權平均價，這比我們 24 年第一季資產淨值範圍的中位數有 37% 的誘人折扣。6 月 27 日，NXRT 手頭上有現金，可以償還 Old Farm 房產 Stone Creek 的 1,530 萬美元抵押貸款。

As of June 30, 2024, we had $21.3 million of cash and $350 million of available liquidity on the corporate credit facility.

截至 2024 年 6 月 30 日，我們的企業信貸安排擁有 2,130 萬美元現金和 3.5 億美元可用流動資金。

Turning to NAV. Based on our current estimated cap rates in our markets, and forward NOI, we're reporting an NAV per range as follows, per share range as follows. $49.77 on the low end, $61.97 from the high end, and $55.87 at the midpoint. These are based on average cap rates ranging from 5.25% on the low end to 5.75% on the high end which revised down 25 basis points this quarter based upon recent market intelligence and transaction activity.

轉向資產淨值。根據我們目前估計的市場資本化率和遠期 NOI，我們報告的每個範圍的資產淨值、每股範圍如下。低端為 49.77 美元，高端為 61.97 美元，中點為 55.87 美元。這些利率是基於從低端 5.25% 到高端 5.75% 的平均上限利率，根據最近的市場情報和交易活動，本季下調了 25 個基點。

NXRT is updating 2024 guidance range for core FFO per diluted share. Same-store revenue, same-store expenses, and same-store NOI as follows. Core FFO per diluted share, $2.66 and low end, $2.79 on the high end and a midpoint of $2.72.

NXRT 正在更新 2024 年稀釋後每股核心 FFO 指引範圍。同店收入、同店支出及同店NOI如下。稀釋後每股核心 FFO 為 2.66 美元，高階為 2.79 美元，中位數為 2.72 美元。

Total revenue, 1.3% increase in low end, 2.2% increase on the high end, a 1.7% increase at the midpoint. Total expenses, 4.4% increase on the low end, 3.7% -- sorry, 3% increase on the high end and a midpoint of 3.7%. The same-store NOI, a negative 0.6% increase in the low end -- or sorry, decreased, 1.6% increase on the high end and a 0.5% increase at the midpoint.

總收入中，低階成長1.3%，高端成長2.2%，中端成長1.7%。總費用，低端增長 4.4%，3.7%——抱歉，高端增長 3%，中位數增長 3.7%。同店 NOI，低階負成長 0.6%，或抱歉，下降，高端成長 1.6%，中階成長 0.5%。

That completes my prepared remarks. I'll now turn it over to Matt.

我準備好的發言就到此結束。我現在把它交給馬特。

Thanks, Brian. Let me start by reviewing our second quarter same-store operational results.

謝謝，布萊恩。首先讓我回顧一下我們第二季的同店營運表現。

Same-store rental revenue was 2.6% with 5 of 10 markets averaging at least 2% growth. While our Las Vegas and Atlanta markets led the way at 9.2% and 6.6% growth, respectively. Total same-store revenues for the portfolio were up 2.3% year over year. We're also pleased to report some continued moderation in expense growth for the quarter. Second quarter same-store operating expenses were up just 1.2% year over year.

同店租金收入為 2.6%，10 個市場中有 5 個市場平均成長至少 2%。而我們的拉斯維加斯和亞特蘭大市場分別以 9.2% 和 6.6% 的成長率領先。該投資組合的同店總營收年增 2.3%。我們也很高興地報告本季費用成​​長持續放緩。第二季同店營運費用較去年同期僅成長 1.2%。

Specifically, marketing and payroll declined 5.2% and 80 basis points, respectively. Year over year, our R&M expense growth continued to moderate up just 80 basis points from 2Q 2023. And we finalized several prior year property tax appeals, resulting in 1.6% reduction year over year and are still in active property tax appeals on 14 assets.

具體而言，行銷和薪資分別下降 5.2% 和 80 個基點。與去年同期相比，我們的 R&M 費用成長持續放緩，較 2023 年第二季僅成長 80 個基點。我們完成了上一年的幾項財產稅上訴，導致同比減少 1.6%，並且仍在對 14 項資產進行積極的財產稅上訴。

Second quarter same-store NOI maintained a healthy growth in our markets with the portfolio averaging 2.4%. 5 of 10 markets achieved year-over-year NOI growth of 3.7% or greater, with Las Vegas and Atlanta leading the way at 12.3% and 9.6% growth, respectively. Our Q2 same-store NOI margin registered a healthy 61.1%, which was up 10 basis points from the prior year.

第二季同店 NOI 在我們的市場中維持健康成長，投資組合平均為 2.4%。 10 個市場中有 5 個市場的 NOI 年比成長達到或超過 3.7%，其中拉斯維加斯和亞特蘭大領先，分別成長 12.3% 和 9.6%。我們第二季的同店 NOI 利潤率達到了 61.1%，比上年增長了 10 個基點。

Operationally, on the income front, the portfolio experienced continued positive revenue growth in Q2 with 5 out of our 10 markets achieving growth of at least 2.3% or better. Our top five markets were Las Vegas at 8.4%; Charlotte at 6.8%; Atlanta at 5.5%; South Florida, 4%; and Raleigh, 2.4%. The renewal conversions for eligible tenants were 65% for the quarter, with 8 out of 10 markets executing renewal rate growth of at least 1.1% and a blended average of 2.11%.

在營運方面，在收入方面，該投資組合在第二季度經歷了持續的積極收入成長，我們 10 個市場中有 5 個市場實現了至少 2.3% 或更高的成長。我們前五名的市場是拉斯維加斯，佔 8.4%；夏洛特 6.8%；亞特蘭大 5.5%；南佛羅裡達州，4%；羅利，2.4%。本季符合資格租戶的續約轉換率為 65%，十分之八的市場續約率成長率至少為 1.1%，混合平均成長率為 2.11%。

On the occupancy front, the portfolio registered a healthy 94.1% as of the close of the quarter, and as of today, remaining 94.1%, occupied; 96.5%, leased; and a healthy trend, a healthy 60-day trend of 92%.

在入住率方面，截至本季末，該投資組合的入住率為 94.1%，截至目前，入住率仍為 94.1%； 96.5%，已出租；以及健康趨勢，健康的60天趨勢為92%。

Operationally, heading into the second half of the year, as Brian mentioned, we have [bumped] it higher. While supply continues to be a challenge, demand outperformed expectations in the first half of the year and was really exceptional on a historic basis, even though we have still seen resistance to growing rents and a focus on occupancy to grow revenue.

從操作上來說，正如布萊恩所提到的，進入下半年，我們已經將其推高了。儘管供應仍然是一個挑戰，但今年上半年的需求超出了預期，在歷史基礎上確實非常出色，儘管我們仍然看到租金上漲的阻力和對入住率的關注以增加收入。

Demand has stayed resilient going into the second half of the year, but we expect seasonality to play a role as deliveries peak throughout the rest of 2024. Also positive additions continue to come down, and we're optimistic that we will see bad debt surprise the upside in the second half of the year also.

進入今年下半年，需求一直保持彈性，但我們預計季節性因素將發揮作用，因為 2024 年剩餘時間交付量將達到高峰。此外，積極的增量繼續下降，我們樂觀地認為，今年下半年壞帳也將出現意外的上升。

In addition, supply demand imbalances continue to favor landlords as we will enter 2025 and beyond. Some notice on starts from our quarterly updates with RealPage and consultants tracking starts and deliveries are as follows.

此外，進入 2025 年及以後，供需失衡繼續對房東有利。我們透過 RealPage 進行季度更新並追蹤開工和交付情況的顧問發布了一些有關開工的通知，如下所示。

Annual starts are now at their lowest level in 10 years, approximately 280,000 units on a run rate. The year-over-year drawdown in starts from 2023 is approximately 40%. 2Q 2024 starts came in at just 38,000 units, which would represent an annual run rate of 150,000 units or 50% of the trailing 10-year average.

年度開工量目前處於 10 年來的最低水平，開工量約為 28 萬套。從 2023 年開始，年減約 40%。2024 年第二季的開工量僅為 38,000 套，這意味著年開工率為 150,000 套，相當於過去 10 年平均水準的 50%。

Trailing 12 month starts are way down from the peak across all major metros, including Sunbelt markets, down anywhere from 40% to 60% versus the 2020 peak with Sunbelt markets down 54%. Finally, RealPage forecast a return of normal 2% to 4% annual rent growth in 2025.

包括 Sunbelt 市場在內的所有主要城市的過去 12 個月開工率均較峰值大幅下降，與 2020 年高峰相比下降了 40% 至 60%，其中 Sunbelt 市場下降了 54%。最後，RealPage 預測 2025 年租金將恢復正常的 2% 至 4% 年增長率。

Turning to perhaps one of the bigger items of the balance sheet. On the heels of deleveraging and retiring the entire credit facility. And as we alluded to at NAREIT, we have been working to take advantage of the spread tightening in the real estate debt markets broadly.

轉向也許是資產負債表中較大的項目之一。緊接著去槓桿化和退出整個信貸安排之後。正如我們在 NAREIT 中提到的那樣，我們一直在努力利用房地產債務市場利差收緊的機會。

Today, we're pleased to announce we have signed an application with JPMorgan and Freddie Mac to refinance 17 properties at SOFR plus 109 basis points, 49 basis points below the portfolio average spread of 158.

今天，我們很高興地宣布，我們已與摩根大通和房地美簽署了一份申請，以 SOFR 加 109 個基點為 17 處房產提供再融資，比投資組合平均利差 158 低 49 個基點。

We're also in agreement with Freddie to refinance the remaining portfolio at the same terms by the end of 2024, thereby refinancing the entirety of our first mortgage debt. By executing this strategy, we would bring our weighted average interest rate spread to 109 basis points. We expect the first tranche of refinancings to close by October 1 of this year, and the remaining assets will be refinanced shortly after the lockup period expires on November 1.

我們也與房地美達成協議，在 2024 年底之前以相同的條件為剩餘的投資組合進行再融資，從而為我們的全部第一筆抵押貸款債務進行再融資。透過執行此策略，我們將使加權平均利差達到 109 個基點。我們預計第一筆再融資將於今年 10 月 1 日結束，剩餘資產將在 11 月 1 日禁售期結束後不久進行再融資。

The full-year core earnings benefit is forecasted to provide $0.15 to $0.20 of earnings annually. One significant added benefit to this refinancing initiative beyond extending maturities out another seven years is to offset the expected impact of our interest rate swaps maturing over the next three years.

全年核心收益預計每年帶來 0.15 至 0.20 美元的收益。除了將期限再延長七年之外，這項再融資計畫的另一個重要好處是抵銷未來三年到期的利率掉期的預期影響。

As we project core FFO into the future, it's our expectation that we can, at a minimum, maintain our 2024 core performance throughout swap expirations by achieving at least a 3% compounded annual growth in NOI, a metric we have historically doubled over our operating history. We see this initiative bolstering our balance sheet, shoring up FFO estimates in the out years and positioning the company for future success and growth.

當我們對未來的核心 FFO 進行規劃時，我們期望至少能夠在掉期到期期間保持 2024 年的核心業績，實現 NOI 至少 3% 的複合年增長率，這一指標歷來是我們運營的兩倍歷史。我們認為這項措施將增強我們的資產負債表，支撐未來幾年的 FFO 預測，並為公司未來的成功和成長做好準備。

Importantly, these refinancings remain flexible and allow us to sell assets with minimal breakage fees and no defeasance and, or yield maintenance penalties. And as always, we'll look to hedge this exposure opportunistically on a latter basis as inflation expectations moderate.

重要的是，這些再融資仍然靈活，使我們能夠以最低的破壞費出售資產，並且沒有廢止和/或收益維持罰款。像往常一樣，隨著通膨預期溫和，我們將在後者的基礎上機會主義地對沖這種風險。

Finally, on the NAV. As Brian mentioned, our new NAV midpoint is $55.87 per share using a 5.5% cap rate on our revised 2024 NOI. We made a 25 basis point downward adjustment to our cap rate assumption to 5.25% to 5.75% based upon current knowledge of successful trades on comparable assets in our markets. In addition, the Blackstone ARC deal and the Lennar transaction with KKR, both of which were struck in the low 5% to 5.25% cap rate range.

最後，關於資產淨值。正如 Brian 所提到的，我們新的 NAV 中點為每股 55.87 美元，根據我們修訂後的 2024 年 NOI 的上限率為 5.5%。根據目前對市場上可比較資產成功交易的了解，我們將上限利率假設下調 25 個基點至 5.25% 至 5.75%。此外，Blackstone ARC 交易以及 Lennar 與 KKR 的交易均在 5% 至 5.25% 的低上限利率範圍內達成。

At today's prices, our implied cap rate is roughly 6.22%. And as we have recently done in the past and to the extent we stay at these levels, we'll use our NAV as our guidepost and utilize free cash flow and, or look to sell assets to free up liquidity, buy back stock at a discount or purchase new assets utilizing a 1031 exchange.

以今天的價格計算，我們的隱含上限利率約為 6.22%。正如我們最近所做的那樣，在我們保持在這些水平的範圍內，我們將使用我們的資產淨值作為我們的路標，並利用自由現金流，或者尋求出售資產以釋放流動性，以一定的價格回購股票利用 1031 交易所折扣或購買新資產。

In closing, I'll just reiterate, we're excited about the near-term outlook for the company, our current refinancings, and we'll work hard to generate another year of outperformance. That's all I have for prepared remarks. Thanks to our teams here at NexPoint and BH for continuing to execute. Brian?

最後，我重申，我們對公司的近期前景和當前的再融資感到興奮，我們將努力創造另一年的優異表現。這就是我準備好的發言。感謝 NexPoint 和 BH 的團隊繼續執行。布萊恩？

Appreciate it, Matt. Let's open it up for questions.

欣賞它，馬特。讓我們打開它來提問。

(Operator Instructions) Kyle Katorincek, Janney Montgomery Scott.

（操作說明）Kyle Katorincek、Janney Montgomery Scott。

Hey. Good morning, guys. You noted that Raleigh real estate taxes has accounted for 33% of your total expenses year to date due to the four-year reassessment. Did that come in materially higher than you guys initially estimated?

嘿。早安，夥計們。您注意到，由於四年的重新評估，羅利房地產稅已佔您年初至今總支出的 33%。這比你們最初估計的要高得多嗎？

Yes. So right now, in Raleigh, it's kind of a tale of two deals, right? The Six Forks asset, we actually came in ahead of our consultants estimates. We're pretty satisfied that outcome. The Mooresville asset, the in-house asset, that one having to do a little bit more fighting.

是的。所以現在，在羅利，這是兩筆交易的故事，對嗎？對於六叉資產，我們實際上超出了顧問的估計。我們對這個結果非常滿意。穆爾斯維爾資產，內部資產，必須多做一點鬥爭。

So you see us still accruing at a higher rate. We think that there's savings there. If you look at our spread for full year numbers, there's about $0.5 million range of outcomes, that referenced the 14 deals that are actively in protest for 2024. High House asset there is one of those, and that could be one of the more material drivers if we can get that down.

所以你會看到我們仍然以更高的速度累積。我們認為那裡有節省。如果你看我們全年數據的分佈，你會發現大約有 50 萬美元的結果範圍，其中引用了 2024 年積極抗議的 14 筆交易。高級住宅資產就是其中之一，如果我們能把它降下來，這可能是更重要的驅動因素之一。

So we're still working on that. It certainly is a big impact. But as you mentioned, it's kind of a four-year opportunity bought at the Apple and then it will be fixed for the next three. So we're going to do everything we can to control that outcome. But hopefully, we have more to report come Q3.

所以我們仍在努力。這當然是一個很大的影響。但正如你所提到的，這是在蘋果購買的四年機會，然後在接下來的三年內修復。因此，我們將盡一切努力來控制這一結果。但希望我們在第三季能有更多報告。

Okay. And then are there any other multi-year tax reassessments that 14 and into larger markets that are going to be coming up within the second half of '24?

好的。還有其他 14 年的多年稅收重新評估以及更大的市場將在 24 年下半年進行嗎？

No, that's the one. So Charlotte, Mecklenburg County was last year, Nashville last year as well. So those are the three with kind of odd tax situations, but we're dealing with Raleigh's now. I think we're pleasantly surprised with Six Forks outcome, and we think we can, through some sale data, some income approach, get the High House result down.

不，就是那個。去年是梅克倫堡縣的夏洛特，去年也是納許維爾。這三家企業的稅務狀況有些奇怪，但我們現在正在處理羅利的企業。我認為我們對六叉的結果感到驚喜，我們認為我們可以透過一些銷售數據、一些收入方法來降低 High House 的結果。

Okay. And then could you guys provide an update on the sales process with Stone Creek in Houston? Should we still expect it to close the year-end '24?

好的。那麼你們能提供休士頓 Stone Creek 銷售流程的最新資訊嗎？我們還應該期待它在 24 年底結束嗎？

Yes. We're still marketing it and negotiating with a couple of different buyers do have offers attractive offers that we think we can execute on. And believe we can transact before year-end.

是的。我們仍在對其進行行銷，並與幾個不同的買家進行談判，確實提供了我們認為可以執行的有吸引力的報價。相信我們可以在年底前成交。

Omotayo Okusanya, Deutsche Bank

Omotayo Okusanya，德意志銀行

Yes. Good morning, everyone. Just in terms of the refinancing of the debt, one, could you talk about any fees -- fee payments you may have to deal with now as it pertains to kind of refinancing these assets, if that exists?

是的。大家早安。就債務再融資而言，第一，您能否談談您現在可能需要處理的任何費用，因為它涉及這些資產的再融資（如果存在）？

And then second of all, the ongoing process to refinance, I know sometimes with Hud and GFC that it can take a while. There's a lot of paperwork. You can be very administrative. Just kind of talk us through a little bit about how easy that process will be to kind of get it done.

其次，正在進行的再融資過程，我知道有時 Hud 和 GFC 可能需要一段時間。有很多文書工作。你可以非常有行政性。請向我們介紹一下完成這個過程是多麼容易。

Tayo, it's Matt. So the fees because we're sticking within our -- the Freddie Mac currently has, I think, all the debt on the portfolio. It's really considered a modification versus a complete refinancing for accounting purposes. There's going to be some breakage costs, but they're negligible $10 million, $15 million that can be amortized over the life of the seven years. So that's that.

泰約，我是馬特。所以費用是因為我們堅持我們的——我認為房地美目前擁有投資組合上的所有債務。它確實被認為是出於會計目的的修改而不是完整的再融資。會有一些破損成本，但可以在七年的生命週期內攤提的 1000 萬美元、1500 萬美元可以忽略不計。就是這樣。

And then the execution on the Freddie side, with JPMorgan. JPMorgan is a current lender. And then Freddie Mac obviously is we're a select sponsor with Freddie and have refinanced and financed with them, I think, over $6 billion in the history of the company.

然後是房地美方面與摩根大通的處決。摩根大通是目前的貸方。然後，房地美顯然是我們的精選贊助商，我認為，在公司歷史上，我們已經與他們進行了再融資和融資，超過 60 億美元。

So we're in a very good cadence with them. We have signed applications. We'll be working through this over the next 30 days, third parties, and would like to and believe we can close by the end of the third quarter on the first tranche.

所以我們和他們的節奏非常好。我們已經簽署了申請書。第三方，我們將在接下來的 30 天內解決這個問題，並且希望並相信我們可以在第三季末之前完成第一筆付款。

And we're concurrently -- while we're doing the first tranche, we're concurrently on the second tranche and then close out a month later. And so we expect this to be pretty routine for us. And again, pretty excited about it.

我們同時進行第一批付款，同時進行第二批付款，然後在一個月後結束。所以我們希望這對我們來說是很平常的事。再說一次，我對此感到非常興奮。

That's helpful. And then the same-store revenue guidance -- I'm sorry, same-store revenue in second quarter, again, it seems like occupancy was somewhat flattish year-over-year. Rents, again, were kind of down a little bit, but your same-store revenue numbers I think the -- for the quarter, you were up a little bit.

這很有幫助。然後是同店收入指引——抱歉，第二季的同店營收再次顯示，入住率似乎與去年同期相比有些持平。租金再次下降了一點，但我認為本季的同店收入數字有所上升。

Just curious, again, is that ancillary income doing better? Is that bad debt doing better? Could you talk a little bit through that and potential implications for the rest of the year?

再次好奇的是，輔助收入是否表現較好？壞帳狀況是否有改善？您能否談談這一點以及對今年剩餘時間的潛在影響？

Yeah. Brian, you can give me the specifics. But I think a lot of it is bad debt. And as we go forward, the second half of the year, we're underwriting a GPR reduction of roughly $2 million, but also lower vacancy loss of about $300,000 and then better bad debt of upwards of $800,000. And I think that's what drove the income total revenue for the first half of [period].

是的。布萊恩，你可以告訴我具體情況。但我認為其中很多都是壞帳。隨著我們的前進，今年下半年，我們將承保 GPR 減少約 200 萬美元，同時還將空缺損失降低約 30 萬美元，然後減少高達 80 萬美元的壞帳。我認為這就是推動上半年收入總收入的原因[時期]。

Yeah. I think one of the things that might get lost in translation here. So we report 630 physical occupancy at 94.1% through the same-store pool. The full-quarter effect of occupancy, financial occupancy was 94.9%. We carried a pretty strong occupancy end of the quarter and the average occupancy throughout higher.

是的。我認為翻譯中可能會失去的事情之一。因此，我們透過同店池報告了 630 家實體入住率，率為 94.1%。全季入住效果，金融入住率為94.9%。本季末我們的入住率相當強勁，整個季度的平均入住率也更高。

So overall, we had a pickup in occupancy. We also have -- our bad debt is down about 1.7% year over year. So we're pleasantly surprised there. I think we've done well to work through kind of the [fiction] activity overhang from COVID. And so the quarter, we did 1.9% growth in revenue. A lot of that is in, I think, a pickup in occupancy and bad debt.

總的來說，我們的入住率有所上升。我們的壞帳也較去年同期下降了約 1.7%。所以我們對此感到驚喜。我認為我們在解決新冠疫情帶來的[小說]活動方面做得很好。因此，本季我們的營收成長了 1.9%。我認為，其中很大一部分原因是入住率和壞帳的增加。

(Operator Instructions) With no further questions, I'll turn the floor over to the management team.

（操作員說明）沒有其他問題，我將把發言權交給管理團隊。

Yes. Appreciate everyone on this morning, and we'll talk again next quarter. Thank you.

是的。感謝今天早上的大家，我們下個季度再談。謝謝。

Thank you. This does conclude today's conference call. You may now disconnect. Have a great day.

謝謝。今天的電話會議到此結束。您現在可以斷開連線。祝你有美好的一天。