NexPoint Residential Trust Inc (NXRT) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Carly, and I will be your conference operator today. At this time, I would like to welcome everyone to the NexPoint Residential Trust Q1 2026 earnings call. (Operator Instructions)

感謝各位稍候。我叫 Carly，今天將擔任本次電話會議的接線員。此刻，我謹代表 NexPoint Residential Trust 歡迎各位參加 2026 年第一季（Q1 2026）財報電話會議。（接線員指示）

I would now like to turn the call over to Kristen Griffith, Investor Relations. Please go ahead.

現在我想把電話交給投資人關係 Kristen Griffith。請開始。

Thank you. Good day, everyone, and welcome to NexPoint Residential Trust conference call to review the company's results for the first quarter ended March 31, 2026. On the call today are Paul Richards, 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. As a reminder, this call is being webcast through the company's website at nxrp.nextpoint.com.

謝謝。各位好，歡迎參加 NexPoint Residential Trust 的電話會議，一同回顧公司截至 2026 年 3 月 31 日止第一季的營運結果。今天與會者包括：執行副總裁兼財務長 Paul Richards；執行副總裁兼投資長 Matt McGraner；以及資產與投資管理副總裁 Bonner McDermett。提醒各位，本次會議將透過公司網站 nxrp.nextpoint.com 進行網路直播。

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. 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 risks and other factors that could affect any forward-looking statements.

在開始之前，我想提醒各位，本次電話會議包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述，係基於管理層目前的預期、假設與信念。聽眾不應過度依賴任何前瞻性陳述，並建議查閱公司最新的 Form 10-K 年報及公司向 SEC 提交的其他文件，以更完整了解可能影響任何前瞻性陳述的風險與其他因素。

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 publicly update or revise any forward-looking statements. 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.

本次電話會議中所作之陳述僅截至今日有效，且除法律要求外，NXRT 不承擔公開更新或修訂任何前瞻性陳述之義務。本次電話會議亦包含對非 GAAP 財務衡量指標的分析。關於這些非 GAAP 財務衡量指標的更完整說明，請參閱公司今日稍早提交的財報新聞稿。

I would now like to turn the call over to Paul Richards. Please go ahead, Paul.

現在我想把電話交給 Paul Richards。Paul，請開始。

Thank you, Kristen, and welcome to everyone joining us this morning. We appreciate your time. I'll cover our Q1 2026 financial results and then walk through a refresher on our full year outlook. Matt will then discuss the operating environment, our technology platform, and AI strategy as well as portfolio positioning. Q1 2026 results are as follows. Net loss for the first quarter was $6.8 million or $0.27 per diluted share on total revenue of $63.5 million. This compares to a net loss of $6.9 million or $0.27 per diluted share in Q1 2025 on total revenue of $63.2 million.

謝謝你，Kristen，也歡迎今天早上加入我們的各位。我們感謝各位撥冗參與。我將先說明 2026 年第一季的財務結果，接著回顧我們對全年展望的更新。之後 Matt 將討論營運環境、我們的科技平台與 AI 策略，以及投資組合配置。2026 年第一季結果如下：第一季淨損為 680 萬美元，稀釋後每股淨損 0.27 美元，總營收 6,350 萬美元。相較之下，2025 年第一季淨損為 690 萬美元，稀釋後每股淨損 0.27 美元，總營收 6,320 萬美元。

Total NOI was $37.6 million across 36 properties, including Sedona and Lone Mountain, which we acquired last December. This compares to $37.7 million on 35 properties for Q1 2025. On a same-store basis across our 35 legacy properties and 12,984 units, total income was $61.4 million, down 2.2% year-over-year.

總 NOI 為 3,760 萬美元，涵蓋 36 項物業，包括我們去年 12 月收購的 Sedona 與 Lone Mountain。相較之下，2025 年第一季在 35 項物業上的總 NOI 為 3,770 萬美元。以同店基礎計算，在我們 35 項既有物業與 12,984 個單位中，總收入為 6,140 萬美元，年減 2.2%。

Total operating expenses declined 1.6% to $24.8 million resulting in same-store NOI of $36.7 million, a 2.7% decrease and an NOI margin of 59.8%, and same-store occupancy closed the quarter at 93.6%. While the year-over-year comparison reflects the tail end of supply-driven pricing reset, our mostly trajectory is improving materially. And Matt will walk you through that cadence on the structural factors driving our confidence in the second half.

總營運費用下降 1.6% 至 2,480 萬美元，使同店 NOI 為 3,670 萬美元，下降 2.7%，NOI 利潤率為 59.8%；同店入住率於季末為 93.6%。雖然年對年比較反映了供給驅動的價格重置尾聲，但我們的整體走勢正明顯改善。Matt 將說明推動我們對下半年信心的結構性因素與節奏。

Reported Q1 core FFO of $17.3 million or $0.68 per diluted share, $0.03 better than consensus, compared to $0.75 per diluted share in Q1 2025. The year-over-year decline is primarily driven by interest expense, which I'll address now. We have always been transparent that 2026 carries a meaningful expense headwind as certain swap positions fall off.

第一季核心 FFO（core FFO）為 1,730 萬美元，稀釋後每股 0.68 美元，較市場共識高 0.03 美元；相較之下，2025 年第一季稀釋後每股為 0.75 美元。年對年下滑主要由利息費用所致，我現在說明。我們一向透明揭露，2026 年因部分利率交換（swap）部位到期而帶來顯著費用逆風。

Q1 total interest expense was $15.4 million versus $14.4 million in Q1 with the swap benefit declining from $8.4 million to $5.5 million. Since we issued initial guidance in February, the forward store for curve has shifted 7 basis points to 47 basis points higher across the remaining quarters of '26. This adds approximately $2.2 million or roughly $0.08 per diluted share of incremental interest expense versus our original assumptions.

第一季總利息費用為 1,540 萬美元，相較第一季的 1,440 萬美元；其中 swap 帶來的利益由 840 萬美元降至 550 萬美元。自我們於 2 月發布初始指引以來，2026 年剩餘季度的遠期曲線（forward curve）上移 7 個基點至 47 個基點。相較原先假設，這將增加約 220 萬美元、或稀釋後每股約 0.08 美元的額外利息費用。

Q1 came in essentially in line with our prior model. Q2 modestly higher, Q3 steps up as swap positions begin to expire, and Q4 reflects the full run rate impact. Full year '26 interest expense is now projected at $69.3 million versus $67.1 million in our in model. We do not attempt to forecast rates, we manage the risk. The same volatility that has moved the curve against us in recent weeks creates the entry points for our next swap execution.

第一季結果基本符合我們先前模型。第二季略高；第三季隨 swap 部位開始到期而上升；第四季則反映完整的常態化影響。2026 全年利息費用目前預估為 6,930 萬美元，相較我們模型中的 6,710 萬美元。我們不嘗試預測利率，而是管理風險。近幾週同樣推動曲線不利於我們的波動，也為我們下一次執行 swap 提供進場點。

We have visibility into the maturity schedule, the optionality to execute forward starting hedges before September, and we will move when economics are compelling as we did with the $100 million GPM forward swap last April at 3.49% and we are not waiting for the September 1.

我們對到期時程具備可視性，也可在 9 月前選擇執行遠期起始避險（forward starting hedges）；當經濟條件具吸引力時，我們將採取行動，就如去年 4 月以 3.49% 執行 1 億美元 GPM 遠期 swap 一樣，我們不會等到 9 月 1 日。

Interest rate swaps currently fixed the rate on $917.5 million or 62% of floating rate mortgage debt, we continue to evaluate opportunities to layer additional hedges and will act when risk-adjusted economics are compelling.

目前利率交換已將 9.175 億美元、或 62% 的浮動利率房貸債務利率固定。我們將持續評估加碼避險的機會，並在風險調整後的經濟性具吸引力時採取行動。

Moving to expense detail. On the expense side, same-store operating expenses improved 1.6% year-over-year, payroll declined 4.3%, a direct output of centralized operating model and AI-enhanced leasing platform and Matt will discuss in detail.

接著說明費用細項。在費用方面，同店營運費用年減 1.6%；薪資年減 4.3%，這是集中化營運模式與 AI 強化租賃平台的直接成果，Matt 將進一步詳述。

Real estate tax decreased 11.2% and insurance declined 23.5% and partially offset by a 15.2% increase in repairs and maintenance, which included bulk fiber service contract costs offset by revenue gains and a 50.5% increase in marketing spend as we invested in lease-up velocity at properties below target occupancy.

不動產稅下降 11.2%，保險費下降 23.5%；部分被維修與保養（R&M）增加 15.2% 所抵銷，其中包含整批光纖服務合約成本（並由收入成長抵銷），以及行銷支出增加 50.5%，因我們在入住率低於目標的物業上投資以提升出租速度。

The R&M increase reflects two primary drivers. First, we accelerated deferred maintenance at several properties as part of a deliberate portfolio quality initiative. Second, we incurred elevated onetime costs associated with lender required CapEx at select Florida properties. These are episodic expenses that position the affected units for improved performance and do not reflect a structural change in our cost base.

R&M 的增加反映兩項主要因素。第一，作為提升投資組合品質的既定策略之一，我們在數個物業加速處理遞延維護。第二，我們在佛羅里達州部分物業因貸方要求的資本支出（CapEx）而產生較高的一次性成本。這些屬於偶發性費用，可使受影響單位的表現改善，並不代表我們成本結構出現根本性變化。

Importantly, our expense outlook is steady relative to our original model. Operating expense is on track as is corporate G&A. On insurance specifically, we settled rates for our new policy renewal on April 1, achieving 13.3% reduction year-over-year better than the strongest end of our originally guided range of 0% to negative 10%.

重要的是，我們的費用展望相較原先模型維持穩定。營運費用與公司一般及行政費用（G&A）均按計畫進行。就保險而言，我們已於 4 月 1 日完成新保單續保費率談判，年減 13.3%，優於我們原先指引區間 0% 至負 10% 的最佳情境。

Moving to value-add update. During the first quarter, NXRT completed 252 floor and partial upgrades leased 225 upgraded units, achieving an average monthly rent premium of $69 and a 19% ROI. Since inception, NXRT has completed over 10,100 full and partial interior upgrades across the portfolio, generating average monthly premiums of 13.3% and inception-to-date ROIs of 20.7%. In addition, we have completed 5,027 kitchen and laundry appliance upgrades and 11,199 tech packages, generating ROIs of 63.5% and 37.2%, respectively.

接著更新增值（value-add）進度。第一季期間，NXRT 完成 252 戶全套地板與部分升級，並出租 225 戶已升級單位，平均每月租金溢價 69 美元，投資報酬率（ROI）為 19%。自計畫啟動以來，NXRT 已在整體投資組合完成超過 10,100 戶全套與部分室內升級，平均每月溢價 13.3%，迄今 ROI 為 20.7%。此外，我們已完成 5,027 組廚房與洗衣家電升級，以及 11,199 套科技套件（tech packages），其 ROI 分別為 63.5% 與 37.2%。

For Q1, we declared a dividend of $0.53 per share paid March 31, 2026. Since inception, we have increased our dividend 157.3%. We remain fully committed to current distribution level, and our core FFO guidance midpoint coverage stands at approximately 1.21x and we expect coverage to improve as revenue trends strengthen through peak season into 2027.

就第一季而言，我們宣告每股股利 0.53 美元，並於 2026 年 3 月 31 日支付。自成立以來，我們已將股利提高 157.3%。我們仍完全致力於維持目前的配息水準；以核心 FFO 指引中位數計算的覆蓋倍數約為 1.21 倍，且我們預期隨著營收趨勢在旺季走強並延續至 2027 年，覆蓋倍數將進一步改善。

On the balance sheet and liquidity. On January 30, 2026, the company entered into a 55% LTV million mortgage loan secured by Sedona at Lone Mountain with Newmark. The loan matures on February 1, 2033, with all principal due at maturity and bears interest rate based on 30-day average silver plus a margin of 1.23%.

關於資產負債表與流動性。於 2026 年 1 月 30 日，本公司與 Newmark 簽訂一筆以 Sedona at Lone Mountain 作為擔保、LTV 為 55% 的百萬美元抵押貸款。該貸款於 2033 年 2 月 1 日到期，本金於到期日一次償還，利率以 30 日平均白銀利率加計 1.23% 利差計息。

As of March 31, 2026, total indebtedness was approximately $1.6 billion at an adjusted weighted average interest rate of 3.3% with $18.5 million of unrestricted cash and $143 million of undrawn capacity on our credit facility, providing approximately $161.5 million of available liquidity.

截至 2026 年 3 月 31 日，總負債約為 16 億美元，調整後加權平均利率為 3.3%；另有 1,850 萬美元不受限制現金，以及本公司信用額度項下尚未動用的 1.43 億美元額度，合計提供約 1.615 億美元的可用流動性。

We have no scheduled debt maturities until 2028 when our $33.8 million 4.24% fixed-rate loan matures at residences at West Place. That loan should be easily refinanced with a new agency see when the time comes.

我們在 2028 年之前沒有排定的債務到期；屆時我們位於 West Place 的 residences 之 3,380 萬美元、4.24% 固定利率貸款將到期。屆時該筆貸款應可透過新的機構貸款輕鬆再融資。

NAV per share. Our estimated net asset value per quarter, at quarter end is $47.70 per diluted share at the midpoint using a blended cap rate of 5.5% across the portfolio. The range spans $40.56 at a 5.75% cap rate to $54.74 at 5.25% and based on approximately 25.6 million diluted shares outstanding, the closing stock price as of yesterday at $26.36 represents a 44.7% discount to point NAV.

每股 NAV。我們估計每季期末的每股淨資產價值（NAV），以全投資組合 5.5% 的混合資本化率（cap rate）在中位數計算，為每股稀釋後 47.70 美元。區間範圍為：以 5.75% cap rate 計算為 40.56 美元；以 5.25% cap rate 計算為 54.74 美元。以約 2,560 萬股稀釋後流通股數計算，截至昨日收盤股價 26.36 美元，較中位數 NAV 折價 44.7%。

Even at the most conservative end of our range, stock trades at a 27% discount to estimated liquidation value. We believe the disconnect between public market pricing and the underlying real estate value is significant, and the capital recycling initiatives we will discuss providing a path to validating these values through third-party transactions.

即使在我們區間中最保守的一端，股價相對於估計清算價值仍以 27% 折價交易。我們認為公開市場定價與標的房地產價值之間的落差相當顯著，而我們將討論的資本循環（capital recycling）措施，將透過第三方交易提供一條驗證這些價值的路徑。

2026 guidance reaffirmed. We are reaffirming our full year 2026 core FFO guidance range of $2.42 to $2.71 per diluted share as well as our same-store NOI range of negative 0.5% at the midpoint. Two months ago, we issued initial guidance. Since then, we have absorbed two distinct headwinds and realize meaningful offsets that, in aggregate, fully neutralize the pressure.

重申 2026 年指引。我們重申 2026 全年核心 FFO 指引區間為每股稀釋後 2.42 至 2.71 美元，以及同店 NOI 區間中位數為負 0.5%。兩個月前我們發布初始指引；此後我們承受了兩項不同的逆風，並實現了具意義的抵銷因素，合計可完全中和相關壓力。

On the headwind side. A 7 basis points to 47 basis points shift in the forward silver curve adds approximately $0.08 per share of incremental interest expense and a slightly lower than model Q1 leasing environment.

就逆風而言。遠期白銀曲線上移 7 個基點至 47 個基點，將增加約每股 0.08 美元的額外利息費用，且第一季租賃環境略低於模型預期。

On the offset side, a stronger insurance renewal, expense discipline and strategic fee income from our adviser private capital platform, which Matt will address in a moment, together fully absorb those pressures. Our core FFO and same-store guidance range is unchanged. We're also reaffirming our same-store sub-metric ranges for the year.

就抵銷因素而言，更強勁的保險續保結果、費用控管，以及來自我們顧問私募資本平台的策略性費用收入（Matt 稍後將說明），共同完全吸收上述壓力。我們的核心 FFO 與同店指引區間維持不變；我們也重申本年度同店各子指標的區間。

To reiterate, our full year targets, we see the range are as follows: Same-store rental income growth of 0% to positive 1.9% with a midpoint of 0.9%. Same-store revenue growth of positive 0.1% to positive 2% with a midpoint of 1.1%. Same-store expense growth of positive 2.8% to positive 4.2% with a midpoint of 3.5%. And lastly, our same-store NOI growth of negative 2.5% to positive 1.5% and with a midpoint of negative 0.5%.

再次重申，我們的全年目標區間如下：同店租金收入成長 0% 至正 1.9%，中位數 0.9%；同店營收成長正 0.1% 至正 2%，中位數 1.1%；同店費用成長正 2.8% 至正 4.2%，中位數 3.5%；最後，同店 NOI 成長負 2.5% 至正 1.5%，中位數為負 0.5%。

With that financial overview, let me turn it over to Matt.

以上為財務概覽，接下來我把時間交給 Matt。

Thank you, Paul. Let me start with the macro backdrop because the structural setup for our portfolio has become increasingly compelling. And even the largest real estate investors in the world are now publicly validating the thesis we have been articulating. Last week, John Gray described real estate as a sleeping giant at Blackstone and signaled conviction that an acceleration is approaching particularly around sectors with favorable supply-demand fundamentals.

謝謝你，Paul。我先從總體背景談起，因為我們投資組合的結構性配置正變得愈發具吸引力。甚至全球最大的房地產投資人如今也在公開場合驗證我們一直闡述的論點。上週，John Gray 在黑石（Blackstone）將房地產形容為「沉睡的巨人」，並表達其信念：加速期正在逼近，尤其是在供需基本面有利的產業領域。

Reinforcing this point, they highlighted the collapse of new supply will be very supportive of fundamentals over time across major sectors, including multifamily where industry forecasts call for deliveries this year to be at their lowest level in 12 years. That's the headline that multifamily deliveries in 2026 will be at their lowest level since 2014. That is precisely the supply backdrop we are operating in, and it is the primary structural driver of our confidence in the second half of the year and into 2027.

為了強化這一點，他們指出新供給的崩塌將在時間推移下，對主要產業的基本面形成強力支撐，其中包括多戶住宅（multifamily）；產業預測顯示今年的交付量將降至 12 年來最低。這個重點是：2026 年多戶住宅交付量將是自 2014 年以來最低。這正是我們所處的供給背景，也是我們對今年下半年以及延伸至 2027 年充滿信心的主要結構性驅動因素。

Let me put some numbers around it. National multifamily deliveries peaked near 700,000 units in 2024 and are declining sharply. New construction starts have fallen 70% from their peak and units under construction nationally had declined 29% from their Q1 2024 high of 760,000 units. By Q4 of this year, net deliveries are projected to fall to roughly 69,000 units nationally, the lowest level in a decade.

我用一些數字說明。全美多戶住宅交付量在 2024 年接近 70 萬戶達到高峰，之後快速下滑。新建開工量自高點下跌 70%；全美在建戶數亦自 2024 年第一季高點 76 萬戶下降 29%。預計到今年第四季，全美淨交付量將降至約 6.9 萬戶，為十年來最低水準。

In our Sunbelt markets, this deceleration is even more pronounced. In NXRT specific submarkets, the demand picture is compelling. Q1 net absorption was positive 1,307 units against supply of 2,426 units with total demand of 3,733 units. For the full year, our submarkets are projected to see 10,158 units of supply against 10,239 units of demand, effectively a balanced market with demand now outpacing the remaining supply wave.

在我們的陽光帶（Sunbelt）市場，這種放緩更為明顯。在 NXRT 特定子市場中，需求面相當具吸引力：第一季淨吸納量為正 1,307 戶，對比供給 2,426 戶，總需求為 3,733 戶。就全年而言，我們的子市場預計供給 10,158 戶、需求 10,239 戶，基本上是供需平衡的市場，且需求如今正超越剩餘的供給浪潮。

On the demand side, homeownership remains increasingly out of reach. Today, average monthly mortgage payments run 36.7% above average multifamily rent nationally. Move-outs to purchase a home fell to 7.9% for the quarter, down from 10.6% a year ago. The longer-term demographic picture remains favorable as I covered last quarter.

在需求端，自有住宅的可負擔性仍愈來愈遙不可及。如今全美平均每月房貸付款比平均多戶住宅租金高出 36.7%。本季因購屋而搬離的比例降至 7.9%，低於一年前的 10.6%。如同我在上季所述，較長期的人口結構趨勢仍然有利。

The bottom line here, while near-term fundamentals are weaker than initially expected in select markets, the structural setup is improving quarter-by-quarter. The supply cliff, the construction starts collapse, the demand supply convergence, these are all intact and accelerating.

總結而言，雖然部分市場的短期基本面弱於最初預期，但結構性配置正一季一季改善。供給斷崖、開工量崩跌、供需收斂，這些因素都仍然存在，且正在加速。

The recovery is asymmetric rather than synchronize with roughly 35% of our NOI already at or near equilibrium and another 44% reaching that threshold through the balance of the year. We expect fundamentals to stabilize and then accelerate as the back half of 2026 unfolds.

復甦是非對稱的，而非同步進行；我們約 35% 的 NOI 已處於或接近均衡，另有 44% 將在今年剩餘期間達到該門檻。我們預期基本面將先趨於穩定，並在 2026 年下半年展開後加速改善。

On to operating performance. Let me walk through the leasing cadence because the monthly trajectory tells the story. Across 1,388 new leases signed in Q1, our new lease rate out was a negative 6.6% or $97 per unit decrease. On 1,500 renewal transactions, we achieved positive 2.3% or $33 per unit increase. The blended rate across 2,916 total transactions was negative 1.9%. The monthly progression is what matters.

接著談營運表現。我來說明租賃節奏，因為每月走勢最能說明情況。第一季共簽署 1,388 份新租約，我們的新租約租金調整（rate trade-out）為負 6.6%，即每戶下降 97 美元。在 1,500 筆續租交易中，我們達成正 2.3%，即每戶增加 33 美元。合計 2,916 筆交易的混合調整幅度為負 1.9%。關鍵在於每月的變化趨勢。

New lease trade-outs improved from negative 7% in January to negative 5.6% in March. Blended trade-offs narrowed from negative 1.9% in January to negative 1.7% in March. And the momentum has continued into April. New lease trade-outs have improved to approximately negative 4% a month to date a 300 basis point improvement from January to April. Blended trade-outs approximately negative 1.2%.

新租約 trade-out 從 1 月的負 7% 改善至 3 月的負 5.6%。混合 trade-out 從 1 月的負 1.9% 收斂至 3 月的負 1.7%。而這股動能延續到 4 月：截至本月目前，新租約 trade-out 已改善至約負 4%，較 1 月至 4 月改善 300 個基點；混合 trade-out 約為負 1.2%。

At the market level, Las Vegas renewals led the portfolio at positive 12.2% or $164 per unit increase. Raleigh renewals grew 2.2% with new lease trade-outs at a negative 3.8% and the shallowest decline in the portfolio. Dallas even generated $181 renew at a positive 1.9%. On the occupancy front, the same-store portfolio closed Q1 at 93.6% fiscal occupancy up from 92.6% at the start of the quarter and 92.7% at the end of Q4. April month-to-date has improved to 93.9% and our lease percentage reached 95.9%, the highest since Q3 of 2025.

在市場層面，拉斯維加斯續租領先全投資組合，達正 12.2%，即每戶增加 164 美元。羅利（Raleigh）續租成長 2.2%，新租約 trade-out 為負 3.8%，為投資組合中跌幅最小。達拉斯續租亦達每戶 181 美元、正 1.9%。在入住率方面，同店投資組合第一季以 93.6% 的財務入住率收官，高於季初的 92.6% 與第四季末的 92.7%。4 月截至目前已改善至 93.9%，而我們的出租率（lease percentage）達到 95.9%，為 2025 年第三季以來最高。

Per apartment IQ data, our portfolio is outperforming market comps by 136 basis points in occupancy, which validates both our pricing discipline and the effectiveness of our centralised leasing program. Resident turnover was 44.4%, essentially flat sequentially, but down from 46.3% a year ago. Resident retention improved to 55.6% with March reaching 57.2%.

依據 Per Apartment IQ 數據，我們的投資組合在入住率方面較市場可比物件高出 136 個基點，這驗證了我們的定價紀律以及集中式租賃計畫的有效性。住戶周轉率為 44.4%，環比基本持平，但較一年前的 46.3% 下降。住戶留存率提升至 55.6%，其中 3 月達到 57.2%。

Same-store total income was $61.4 million, down 2.2% year-over-year. Rental revenue declined 3.1%, partially offset by a 39% increase in other income, driven primarily by resident amenity fee programs, which added $469,000 of incremental revenue versus the prior year.

同店總收入為 6,140 萬美元，年減 2.2%。租金收入下降 3.1%，部分被其他收入增加 39% 所抵銷；其他收入的成長主要由住戶設施費（amenity fee）方案帶動，較去年增加 46.9 萬美元的增量收入。

The standout within revenue is bad debt. We achieved 55 basis points of gross potential rent in Q1, down 45.7% year-over-year from 1.02% of GPR. This is a structural improvement driven by AI enhanced screening and centralized credit evaluation, not a one-quarter anomaly. On to concessions, let me address concessions directly because I know this is in the front of mind of -- for our investors. First, the context.

收入中最突出的項目是壞帳。我們在第一季壞帳占總可收租金（GPR）的 55 個基點，較去年同期的 1.02%（GPR）年減 45.7%。這是由 AI 強化篩選與集中式信用評估所驅動的結構性改善，而非單一季度的異常。接著談租金讓利（concessions），我想直接說明讓利，因為我知道這是——我們投資人最關心的議題之一。首先，先談背景。

Our portfolio level concession rate is 1.9% of gross potential rent. Per apartment, the competitive set in our submarkets is running 5.7%. That is a 380 basis point advantage, and it reflects a deliberate operating philosophy. We compete on occupancy through operational execution and technology not through concession givebacks. Our revenue per available unit exceeded comps by 3.77% in Q1.

我們投資組合層級的讓利率為總可收租金（GPR）的 1.9%。依 Per Apartment 數據，我們各子市場的競品組合為 5.7%。這代表我們有 380 個基點的優勢，反映的是一套刻意為之的營運理念。我們透過營運執行與科技來競爭入住率，而不是透過讓利回饋來競爭。我們第一季每可用單位收入（RevPAU）較競品高出 3.77%。

Second, the concentration. Total concessions were approximately $1.15 million in the quarter up from $271,000 in Q1 of 2025. However, a 39% of the year-over-year increase, or $342,000 was driven by a single asset of one timer lines where a concentrated competitive supply wave entered the submarket in Q4 of 2025. Concessions were deployed proactively to the fill occupancy and market position, and that strategy has worked. We closed Q1 at 94.1% occupancy at Penbrook and have continued to build, reaching 94.9% quarter-to-date.

第二，集中度。本季讓利總額約 115 萬美元，較 2025 年第一季的 27.1 萬美元增加。然而，年增幅中的 39%（即 34.2 萬美元）來自單一資產的一次性因素：2025 年第四季該子市場出現集中式的競爭供給潮。為了主動填補入住率並鞏固市場定位，我們提前部署讓利，而該策略已奏效。我們在 Q1 以 Penbrook 94.1% 的入住率收官，且持續提升，迄今本季（quarter-to-date）已達 94.9%。

Concessions at Pembrook have already been reduced from one month free to a $500 incentive which is a 75% reduction. Excluding Avon, the portfolio concession increase was approximately $535,000 or roughly 2x the prior year. Elevated, but a fundamentally different story than the headline. Third and most importantly, the forward trajectory. Our full year 2026 operating forecast projects cushion utilization declined 75% and from Q1 levels by the second half of the year.

Pembrook 的讓利已從「免 1 個月租金」下調為 500 美元獎勵，降幅達 75%。排除 Avon 後，投資組合讓利增加約 53.5 萬美元，約為去年同期的 2 倍。雖然偏高，但本質上與標題所呈現的情況不同。第三，也是最重要的，是未來走勢。我們 2026 全年營運預測顯示，讓利使用率將在下半年較第一季水準下降 75%。

Q1 again ran at 2% of GPR, Q2 at 1% of GPR, Q3 at 50 basis points in Q4 of 40 basis points. Simultaneously, financial occupancy improves from 92.8% in Q1 to 94% in Q2, and 94.1% in Q3. 6 of our 10 markets showed improving concession environments sequentially in Q1 versus Q4 of 2025. Those are Atlanta, Las Vegas, Nashville, Orlando, Raleigh and South Florida. Even the four markets still facing supply-driven pressure, the rate of deterioration has stopped.

第一季讓利約為 GPR 的 2%，第二季為 GPR 的 1%，第三季為 50 個基點，第四季為 40 個基點。同時，財務入住率將由第一季的 92.8% 提升至第二季的 94%，以及第三季的 94.1%。我們 10 個市場中有 6 個在第一季相較 2025 年第四季的讓利環境呈現環比改善，分別為亞特蘭大、拉斯維加斯、納什維爾、奧蘭多、羅利與南佛羅里達。即便仍面臨供給驅動壓力的 4 個市場，惡化速度也已停止。

As one-month free concessions roll off, we realized an approximately 8% pop in effective rents without raising prices. This embedded tailwind begins to materialize through the balance of the year as supply deliveries decelerate and seasonal demand strengthens. We believe Q1 was the trough for concession deployment in this cycle.

隨著「免 1 個月租金」的讓利到期退出，我們在不調漲標價的情況下，實現了約 8% 的有效租金跳升。隨著供給交付放緩與季節性需求轉強，這股內嵌的順風將在今年剩餘期間逐步顯現。我們認為第一季是本輪週期中讓利投放的谷底。

Let me spend a few minutes on the technology platform, as Paul alluded to, because Q1 results are a direct product of the investments we have been making. We are deploying a two-layer architecture model for technology. Layer 1 is property operations, BH Management and their funnel leasing AI CRM platform handling day-to-day leasing, maintenance and resident services under their centralized operating model. Layer 2 is what we are building at the adviser level. NexPoint Intelligence and asset management platform that drives better decisions at the portfolio, market and unit level. We are literally building agents per property across the portfolio to enhance predictive analytics.

接著我想花幾分鐘談談科技平台，如 Paul 所提到的，因為第一季的成果直接來自我們持續投入的投資。我們正在部署一個雙層架構的科技模型。第一層是物業營運：BH Management 及其 Funnel 租賃 AI CRM 平台，在其集中式營運模式下處理日常租賃、維修與住戶服務。第二層是我們在顧問（adviser）層級所打造的：NexPoint Intelligence 與資產管理平台，用以在投資組合、市場與單位層級做出更佳決策。我們正在為整個投資組合的每個物業實際打造代理（agents），以強化預測分析。

This architecture is delivering. Self-managed peers investing in AI must spend across both layers simultaneously. Our model delivers a disproportionate share of the AI impact at a fraction of the capital outlay. The management's funnel AI platform gives us the property operations layer as a managed service, and we focus our investment on the intelligence layer for the highest value judgment happen. We will provide the full AI product road map and financial impact thesis at REIT Week in early June.

這套架構正在產生成效。自行管理的同業若要投資 AI，必須同時在兩層都投入支出。我們的模式能以較低的資本支出取得不成比例的 AI 影響力。管理方的 Funnel AI 平台以託管服務形式提供物業營運層，而我們將投資聚焦在智慧層，讓最高價值的判斷在此發生。我們將在 6 月上旬的 REIT Week 提供完整的 AI 產品路線圖與財務影響論述。

Q1 results from the platform. Our AI-powered leasing platform processed $31,882 a leads and converted them into 1,571 signed leases during the quarter, a 4.9% lead-to-lease conversion rate versus the industry benchmark of 3.2%. The year-over-year, leads were up 26% and applications were up 34% with move-ins up 53%. Our total application conversion hit 36.8% for the quarter, the best of the four quarters since we launched our new AI-enabled CRM system.

第一季平台成果如下：我們的 AI 驅動租賃平台在本季處理了 31,882 筆潛在客戶（leads），並轉化為 1,571 份已簽署租約，線索到簽約轉換率為 4.9%，高於產業基準的 3.2%。年增方面，線索增加 26%，申請（applications）增加 34%，入住（move-ins）增加 53%。本季總申請轉換率達 36.8%，為我們導入新的 AI 賦能 CRM 系統以來四個季度中的最佳表現。

Self-guided touring technology enabled 24.7 of our leases to be executed after business hours, demand that would have been lost entirely without technology-enabled engagement. We hosted nearly 800 self-guided tours during the quarter and expect to surpass 1,000 per quarter as we move into peak leasing season. 59% of self-guided visitors submit a lease application and extraordinary conversion rate that speaks to the quality of the funnel.

自助看房（self-guided touring）技術使我們有 24.7% 的租約能在非營業時間完成簽署；若沒有科技賦能的互動，這些需求將會完全流失。本季我們接待了近 800 次自助看房，並預期在進入租賃旺季後，每季將超過 1,000 次。自助看房訪客中有 59% 會提交租賃申請，這是極高的轉換率，反映了 Funnel 的高品質。

A 4.3% payroll reduction, the 45.7% improvement in bad debt, the 136 basis point occupancy advantage over comps, and concessions at point GPR versus 5.7% for the comps. These are all outputs of the centralized data-driven model.

薪資成本降低 4.3%、壞帳改善 45.7%、入住率較競品高出 136 個基點，以及讓利僅占 GPR 的 1.9%（競品為 5.7%）。這些都是集中式、數據驅動模型的產出。

Turning to Sedona at Lone Mountain as a quick update on our latest acquisition. As a reminder, we acquired this 321-unit community in North Las Vegas in December for $73.25 million. Occupancy closed Q1 at 87.9% and as of April 28, the property is approximately 90.3% with a projected 30-day trend of 92.2%. The rent roll cleanup and operating recovery is ahead of our underwriting and tracking well ahead of budget. Q1 rental income beat budget by 6.7% or approximately $88,000 driven by lower-than-expected bad debt write-offs.

接著快速更新我們最新收購案 Sedona at Lone Mountain。提醒一下，我們於 12 月以 7,325 萬美元收購了位於北拉斯維加斯、共 321 戶的社區型物業。第一季期末入住率為 87.9%，截至 4 月 28 日，該物業約為 90.3%，且 30 天趨勢預估為 92.2%。租金名冊（rent roll）整理與營運復甦進度優於我們的承作假設（underwriting），並且明顯優於預算。第一季租金收入較預算高 6.7%，約 8.8 萬美元，主要由低於預期的壞帳沖銷所帶動。

Total expenses be budgeted by 13.4% or $71,000. All in, NOI is leading budget by 13.4% or $130,000 through Q1. We continue to target a 7.2% NOI CAGR through 2029 and taking this asset from a high five cap acquisition to a 7.5% stabilized yield.

總費用較預算低 13.4%，約 7.1 萬美元。整體而言，截至第一季，NOI 較預算領先 13.4%，約 13 萬美元。我們仍以 2029 年前 NOI 年複合成長率（CAGR）7.2% 為目標，並將該資產從「5% 多」資本化率（cap）收購，提升至 7.5% 的穩定化收益率（stabilized yield）。

On to the transaction market, capital recycling and other earnings opportunities. For Walker & Dunlop. Q1 2026 institutional multifamily sales volume was $15.1 billion across 213 deals at a weighted average cap rate of 5.9% and $260,000 per unit. Full year 2025 volume reached $161.6 billion, up 9.1% year-over-year. Institutional capital is returning selectively with institutions and REITs comprising 36.6% of multifamily acquisitions in 2025, the highest share since 2019.

接著談交易市場、資本循環（capital recycling）與其他獲利機會。依 Walker & Dunlop 資料，2026 年第一季機構型多戶住宅（multifamily）銷售量為 151 億美元，共 213 筆交易，加權平均資本化率為 5.9%，每戶約 26 萬美元。2025 全年成交量達 1,616 億美元，年增 9.1%。機構資金正選擇性回流，2025 年機構與 REITs 合計占多戶住宅收購的 36.6%，為 2019 年以來最高占比。

Related to our capital recycling and transaction activity, I wanted to address proactively one element of our potential earnings growth that Paul touched on. The role of strategic fee and interest income generated through our advisers DST platform.

關於我們的資本回收與交易活動，我想主動說明一項潛在獲利成長的要素，Paul 先前也提到過：透過我們顧問的 DST 平台所產生的策略性費用與利息收入之角色。

Some context. Our adviser NexPoint is one of the largest sponsors of Delaware Statutory Trust in the United States, distributing through the NexPoint Securities broker-dealer network. Since 2017, NexPoint has sponsored over $4 billion of DSTs across a variety of property types, including core and core+ multifamily.

先提供一些背景。我們的顧問 NexPoint 是美國最大的 Delaware Statutory Trust（DST）發起人之一，並透過 NexPoint Securities 的券商經紀商網路進行銷售與分銷。自 2017 年以來，NexPoint 已在多種不動產類型上發起超過 40 億美元的 DST，其中包括核心與核心+ 的多戶住宅。

The DST market itself reached a record of $8.4 billion of equity raised in 2025, a 49% year-over-year and multifamily is the largest category within it. Each DST transaction generates fee opportunities for sponsors financing, acquisition, asset management fees and creates lending and bridge capital opportunities where our balance sheet partners needed.

DST 市場本身在 2025 年創下募得股權 84 億美元的紀錄，年增 49%，而多戶住宅是其中最大的類別。每一筆 DST 交易都能為發起人帶來費用機會（融資費、收購費、資產管理費），並在我們的資產負債表合作夥伴需要時，創造放款與過橋資金的機會。

Looking forward, a meaningful potential for additional activity of this type within NXRT. The DST platform is active, the multifamily category within it continues to grow and in NXRT's balance sheet positioning is well suited to participate selectively. While we are not embedding additional transactions in our 2026 guidance, we believe the platform represents a credible source of income earnings optionality, potentially in the range of $0.10 to $0.20 of core FFO over the next 12 months under favorable conditions, balanced against our risk-adjusted return discipline and capital availability.

展望未來，NXRT 內部存在此類活動進一步增加的可觀潛力。DST 平台持續活躍，其中的多戶住宅類別仍在成長，而 NXRT 的資產負債表配置也很適合選擇性參與。雖然我們未在 2026 年指引中納入額外交易，但我們認為該平台代表一個可信的收入／獲利選擇權來源；在有利條件下，未來 12 個月可能為核心 FFO 帶來約 0.10 至 0.20 美元的貢獻，同時仍會以我們的風險調整後報酬紀律與資本可用性作為平衡。

More broadly, this reflects a deliberate strategy to diversify NXRT's earnings streams. Larger peers like Prologis, Welltower, Realty Income, into, Equinix of all built private capital platforms in response to capital markets dynamics publicly where public equity costs can be prohibited. NXRT through its external adviser possesses the core infrastructure to pursue a similar appropriately scaled strategy. We will be outlining about our vision at this at NAREIT in early June.

更廣泛而言，這反映了我們有意識地分散 NXRT 獲利來源的策略。像 Prologis、Welltower、Realty Income 以及 Equinix 等較大型同業，都因應資本市場動態而建立私募資本平台，因為在某些情況下，公開股權的資金成本可能高到難以承受。NXRT 透過其外部顧問，具備推動類似且規模適當策略的核心基礎設施。我們將在 6 月初的 NAREIT 進一步說明我們對此的願景。

Let me close with this. We are entering the most favorable supply backdrop in over a decade. Again, Blackstone is calling multifamily of sleeping giant. New construction starts are down 70% from the peak. Deliveries are projected at their lowest level in 12 years, and demand is absorbing the remaining supply wave in our submarkets. The setup is asymmetric. 2026 absorbs the swap repricing in the supply tail. 2027 captures the supply cliff and earn-in to put numbers around that earn-in.

最後我想用這點作結：我們正進入十多年來最有利的供給環境。再次強調，Blackstone 稱多戶住宅是「沉睡的巨人」。新建開工量較高峰下滑 70%。交屋量預估將降至 12 年來最低，而需求正在吸收我們各子市場剩餘的供給浪潮。這樣的局面是不對稱的：2026 年吸收掉供給尾端的換約重新定價；2027 年則掌握供給斷崖，以及把這個「earn-in」量化後所帶來的收益。

If new lease growth returns 2% by Q4 of this year, consistent with the deliveries cliff, the carryover earning alone delivers 150 basis points to 200 basis points of 2027 same-store revenue growth before a single new 2027 leases signed. We're not providing 2027 guidance today, obviously, but the structural drivers are clear and they compound in our favor.

如果新租約租金成長在今年第 4 季回到 2%，並與交屋量斷崖相一致，那麼僅靠結轉效應（carryover earnings），在尚未簽下任何 2027 年新租約之前，就能為 2027 年同店營收成長貢獻 150 至 200 個基點。我們今天當然不會提供 2027 年指引，但結構性驅動因素很清楚，而且會朝對我們有利的方向疊加。

Against that backdrop, our operating platform is performing. Bad debt is at a multiyear low, payroll is declining, insurance renewed significantly better than expected. Leasing conversion rates are at record levels, concessions at 1.9% of gross potential rent versus 5.7% for the competitive set, occupancy is building again, 93.9% in April and rising.

在這樣的背景下，我們的營運平台表現良好。呆帳降至多年低點，人事成本下降，保險續保結果顯著優於預期。租賃轉換率創新高，讓利（concessions）僅為總潛在租金的 1.9%，相較之下同業組合為 5.7%；入住率也再次回升，4 月為 93.9% 且仍在上升。

Potential for DST transactions generate incremental fee and interest income to diversify our earnings streams, but the operating thesis still stands on its own. The monthly trajectory is encouraging. New lease trade-outs improved 300 basis points from January to April, and we're entering the peak leasing season with strong conversion metrics, declining supply and really tepid expectations.

DST 交易的潛力可帶來額外的費用與利息收入，以分散我們的獲利來源，但即使不靠這些，我們的營運論點本身仍然成立。每月走勢令人鼓舞。新租約價差（trade-outs）從 1 月到 4 月改善了 300 個基點；我們正以強勁的轉換指標、下降的供給，以及相當溫和的市場預期，進入租賃旺季。

Indeed, the trends and trajectories give us reason for optimism. We appreciate everyone continued hard work here at NexPoint and BH, and with that, we'll turn the call over to the operator for questions.

確實，這些趨勢與軌跡讓我們有理由保持樂觀。我們感謝 NexPoint 與 BH 團隊每一位持續的辛勤付出；接下來我們把電話交給主持人進入問答。

(Operator Instructions)

（主持人指示）

Michael Lewis, Truist Securities.

Michael Lewis，Truist Securities。

My first question, I wanted to ask, you talked about it a little bit, this 200-basis point difference between the occupied and lease percentages I was just wondering if there's any opportunity to narrow that. And likewise, the resident retention in the mid-50% range looks like it was going up the last couple of months. Do you see upside there through operational efficiencies as well?

我的第一個問題是，你們稍微提到過，已入住與已出租比例之間有 200 個基點的差距；我想了解是否有機會縮小這個差距？另外，住戶續住率在 50% 中段，看起來過去幾個月在上升。你們是否也看到透過營運效率帶來的上行空間？

Yes, thanks Michael. Yes, we definitely see an opportunity to continue to drive renewals and also retention particularly as you get to the summer months, folks don't want to move in our Southeastern, southwestern markets. So that's always been a core focus and any incremental improvement there, just obviously, it allows us to do a lease growth as the supply wave captures. Paul, I don't know if you have anything to add to the first point.

是的，謝謝 Michael。是的，我們確實看到持續推動續約與留住住戶（retention）的機會，特別是進入夏季月份時，在我們的美國東南部與西南部市場，大家不太想搬家。所以這一直是我們的核心重點；而任何額外的改善，顯然都能讓我們在供給浪潮被消化的過程中實現租金成長。Paul，我不確定你是否要補充第一點。

Yes. I think on that spread, I mean, here we are in April, right? The start of kind of peak leasing season, the properties are looking great, traffic flows. I think in the highlight section, you can kind of see last year traffic patterns, right? This is where we -- our demand funnel is the widest getting out these percentage higher -- that helps us with pricing power, right?

是的。我認為就那個差距而言，我們現在是 4 月，對吧？算是租賃旺季的開始，物件狀況看起來很好，人流也在進來。我想在重點摘要裡，你可以看到去年的人流型態，對吧？這段時間我們的需求漏斗最寬，這些較高的比例——能幫助我們取得定價能力，對吧？

Fewer units available. We're able to push pricing dynamics a little bit more, try to continue to narrow that gap on the new lease pricing side. So that's the focus, pushing as Matt alluded to, going into the back half of the year, continuing to hopefully start to inflect positively on rates. So the more leases we can sign, I think the better pricing dynamics we have.

可供出租的單位更少。我們就能在新租約定價端把定價動能再往上推一點，並嘗試持續縮小那個缺口。所以重點就是如 Matt 所提到的，進入下半年後，希望租金能開始正向轉折。租得越多，我認為我們的定價動能就越好。

And then you talked about the core portfolio like it was essentially in line. You kept the full year same-store guidance. But occupancy was up quite a bit. In almost all the markets. Vegas was up a lot sequentially. I was wondering if the occupancy increase surprised you at all? And is it fair that 1Q kind of ran in line with your expectations? Or are you running a little bit ahead to start the year? How would you kind of frame that?

另外，你提到核心投資組合基本上是符合預期，你們也維持全年同店指引。但入住率在幾乎所有市場都上升不少。拉斯維加斯的季比增幅也很大。我想問，入住率的提升有讓你們感到意外嗎？以及 1Q 是否大致符合你們的預期？還是說年初你們其實跑得稍微超前？你會怎麼描述？

I think Q1 to me and Bonner, you can give your thoughts. But to me, Q1 felt better. I wouldn't say we hit our budget. In fact, we missed -- I think we missed our NOI budget by $0.25 million or $300,000, but it did feel better from a demand perspective in that we saw the rent rolls continue to firm. We saw trends build, and we didn't particularly give up that much or at least give up that much relative to the prior quarters.

我認為就我和 Bonner 的感受而言，第一季感覺更好。我不會說我們達到預算；事實上我們沒有達到——我想我們的 NOI 預算少了 25 萬美元或 30 萬美元，但從需求角度確實感覺更好，因為我們看到租金名冊（rent rolls）持續走穩。我們看到趨勢在累積，而且我們並沒有特別讓步太多，至少相對於前幾季並沒有讓步太多。

And so I personally was pleased with -- and as you can tell from my prepared remarks, I think it's firming out there, and I'm pleased with the trajectory and the trends and occupancy. Bonner, if you have anything to add to that?

所以我個人對此感到滿意——而且從我事先準備的發言你也看得出來，我認為市場正在走穩，我對目前的軌跡、趨勢與入住率感到滿意。Bonner，你有要補充的嗎？

Yes, I think, look, on our aggressive forecast internally. I think we put the squeeze 10 basis points, 20 basis points higher in occupancy. It is improving, and that's structurally where we're looking to go in the peak leasing season, I would say that the major wins and Matt described in the call, the ability to squeeze that debt back down to 50 basis points. I mean that that's lateral in. And I think that we utilize a software technology called 2 dots.

是的，我想——就我們內部較積極的預測而言，我們原本把入住率再擠高 10 個基點、20 個基點。它確實在改善，而這在結構上就是我們在租賃旺季想要達到的方向。我會說主要的勝利點，如 Matt 在電話會議中描述的，是能把呆帳再壓回到 50 個基點。我是說，那就是直接反映在數字上。另外，我們使用一套名為 2 dots 的軟體技術。

We're getting to a point now where we can get to a credit screening approval on app in a 15-minute interaction and being able to close those leads same day, same interaction where some of our prospects may be applying here and across the street, that time to decision is really important to us.

我們現在正走到一個階段，可以在 App 上透過 15 分鐘的互動完成信用審核核准，並能在同一天、同一次互動中把這些潛在客戶成交；因為有些看屋者可能同時在我們這裡以及街對面都在申請，決策時間對我們來說非常重要。

So that's helping some of the occupancy of the operating platform that we're building is really helping. So I would say, we're happy with occupancy. We'd love to continue to build it. we described a little bit of an uptick in concession utilization, hoping to see that moderate. But overall, revenue expectations within $0.01 of kind of our optimistic goal for the quarter.

所以，這確實有助於我們正在打造的營運平台的部分入住率，效果很明顯。因此我會說，我們對入住率感到滿意。我們也希望能持續提升。我們提到特許權使用率略有上升，希望這個趨勢能保持溫和。但整體而言，本季營收預期與我們較為樂觀的目標相比，差距在 0.01 美元以內。

And then lastly for me, this seems like the most interesting question. I don't know exactly how to frame it or if you can answer it. But -- so the interest expense is going to be higher because rates are higher. It sounds like the offset is the fee income that you talked about. Is there anything -- you said you're going to give more details at a -- is there anything more to say about how that's kind of offsetting this year?

最後一個問題對我來說似乎是最有意思的。我不確定該怎麼表述，或你是否能回答。不過——利息費用會因為利率較高而上升。聽起來抵銷因素是你提到的費用收入。還有沒有其他——你說你會在某個場合提供更多細節——今年這部分是如何抵銷的，還有沒有更多可以補充？

What you need to -- what you're investing or what you're earning or what exactly you're going to be doing to earn, I think you said $0.10 to $0.20 over the next 12 months? Is there any more detail you could share on that?

你需要——你在投資什麼、你在賺取什麼，或你究竟會做什麼來賺取，我想你說未來 12 個月大約是 0.10 到 0.20 美元？你能否分享更多細節？

Yes, happy to. So the one thing we know is that we're going to be wrong on the curve. It's bouncing around. It has bounced around. And I think unfortunately, for us, the sell side tends to model max rate pain, and we get fundamentals out there possibly. So that's the backdrop.

可以，很樂意。首先我們知道的一件事是：我們在利率曲線上的判斷一定會有偏差。它一直在波動，也確實波動過。而且不幸的是，對我們而言，賣方分析師往往會用「利率痛點最大化」來建模，而基本面可能會在外部逐步顯現。所以這是背景。

As our as the NexPoint platform, we manage about $20 billion or so across a variety of property types and have built out broker-dealer and infrastructure across those property types. And that allows NXRT to utilize that broker-dealer infrastructure. And what I mean by that is NXRT would sponsor the DST program.

以 NexPoint 平台而言，我們在各種不同的資產類型上管理約 200 億美元，並在這些資產類型上建立了券商（broker-dealer）與相關基礎設施。這使得 NXRT 能夠運用這套券商基礎設施。我所說的意思是，NXRT 會作為 DST 計畫的發起人（sponsor）。

And so basically utilizing the balance sheet, we could be a lender to the transaction and make a spread above our credit line, you have 300 basis points to 400 basis point spread there. The sponsor typically takes acquisition fees. We could be 1% to 2% of the gross purchase price of the deal.

因此，基本上透過運用資產負債表，我們可以作為交易的放款人，在我們的信用額度之上賺取利差，這裡大約有 300 到 400 個基點的利差。發起人通常會收取收購費（acquisition fees）。我們可能是交易總購買價格的 1% 到 2%。

So you can estimate that fee income to be typically $1 million to $2.5 million per transaction. And so it adds up. And given the fact that we -- I think we've been an aligned shareholder here since inception when we took public with fee deferrals, fee waivers, extraordinary side-by-side alignment and ownership. This is just another tool in our toolkit to help earnings and diversify earnings. And so we think it's the right thing to do for the business.

因此你可以估算，這類費用收入通常每筆交易約 100 萬到 250 萬美元。累積起來就很可觀。鑑於我們——我認為自成立以來，我們一直是高度一致的股東：在上市時就有費用遞延、費用減免、非常強的並肩一致（side-by-side）對齊與持股。這只是我們工具箱中的另一項工具，用來提升盈餘並分散盈餘來源。我們認為這對公司是正確的做法。

And look, I hope is we don't need it. The curve comes our way. We're able to swap appropriately and opportunistically and I just add this extra earnings layer on top of it. So we see it as a good thing.

而且你看，我希望我們不需要靠它。若利率曲線朝有利方向發展，我們能夠適當且在有利時機進行利率交換（swap），那我只是把這一層額外的盈餘再疊加上去。所以我們把它視為一件好事。

Buck Horne, Raymond James.

Buck Horne，Raymond James。

I was just wondering if you could give us a little bit more detail on the real estate taxes line. And I guess, what were the good guys and kind of how that year-over-year comps are looking as you peer into the back half in terms of appraisals or potential recoveries? Or just kind of what's going on with taxes this quarter and the outlook for the remainder of the year.

我想請問你能否就不動產稅（real estate taxes）這一項提供更多細節。我想了解，哪些因素帶來正面影響，以及當你展望下半年時，按年比較在估值（appraisals）或可能的追溯退稅／回收（recoveries）方面看起來如何？或者說，本季稅務到底發生了什麼，以及今年剩餘期間的展望。

Yes, I'll be happy to help you that. So Q1, we were still fighting last year's taxes, right? We've got a couple of wins on the board. I think, in particular, a Dallas County. DFW had a number of favorable protests from last year roll into the Q1 booking.

可以，我很樂意說明。第一季我們仍在處理去年的稅務爭議，對吧？我們已經拿下幾個勝利。我想特別是在達拉斯郡（Dallas County）。DFW 有不少有利的抗辯／申訴（protests）結果從去年延續到第一季入帳。

In terms of kind of the overall, I would say, we've been working with our tax consultants, right? We've gotten kind of initial values, notices in May in Texas and a couple of other of our municipalities and overall, I think our outlook is pretty stable. Valuations are down. There's less ammunition, there's less sales, that are really pushing kind of the equal and uniform story for us. So we believe in access should be favorable this year to the last couple.

就整體而言，我會說我們一直與稅務顧問合作。我們在德州以及其他幾個城市於 5 月收到了初步估值通知（notices），整體來看，我認為我們的展望相當穩定。估值在下降，可用的「彈藥」變少了，能夠支撐我們「公平且一致」（equal and uniform）論點的成交案例也變少了。因此我們相信，今年的稅負相較於過去兩年應該會更有利。

I think we've got in our numbers roughly 4.1% year-over-year growth at the midpoint with some savings in the Q1 bookings. So we're going to continue to shoot to outperform that, work to do there. Some of those flights roll into the next year. But overall, the outlook is kind of in the 3% to 4% range, and we booked, I think, three- or four settlements in Q1 to help that quarterly number.

在我們的預估中，以中位數來看，按年成長大約是 4.1%，其中第一季入帳也反映了一些節省。我們會持續努力爭取優於這個水準，這方面還有工作要做。有些爭議案件會延續到下一年。但整體展望大概在 3% 到 4% 的區間，而第一季我們大概入帳了三到四筆和解（settlements），有助於該季的數字。

And just on the repairs and maintenance expenses, you mentioned you pulled forward some deferred CapEx. Is that trend going to continue into the second quarter? When does that kind of deferred CapEx spending or that maintenance spend start to normalize?

另外在修繕與維護費用（repairs and maintenance）方面，你提到你們把一些遞延的資本支出（deferred CapEx）提前了。這個趨勢會延續到第二季嗎？這種遞延 CapEx 的支出或維護支出，何時會開始回到正常水準？

Yes. I think there were a few things that were a little bit noisy. Again, it's one quarter. Some of that is seasonal. Some of that is lender-driven on the 2024-'25. We think R&M broadly stabilizes. And when you look at the component parts of R&M that we report One of the things that's in there is that service contract revenue, it probably deserves some better specification outside that.

是的。我認為有幾件事讓數字看起來有些雜訊。再次強調，這只是一個季度。其中一部分是季節性因素；一部分是放款人對 2024-’25 年的要求所驅動。我們認為整體 R&M 會趨於穩定。而當你看我們揭露的 R&M 組成項目時，其中一項是服務合約收入（service contract revenue），這部分可能值得在 R&M 之外做更清楚的分類說明。

That includes our bulk fiber contract billing. So it looks a little bit outsized, but there is a revenue offset there. So Q1, I would say, we got hit by a couple of kind of onetime things, a few of the deferred maintenance items Matt mentioned. But I think the outlook for the year generally is pretty favorable, again, kind of inflation level of R&M growth. And then we're certainly working to outperform.

其中包含我們的大宗光纖（bulk fiber）合約帳單，因此看起來可能偏大，但其實有相對應的收入抵銷。所以第一季我會說，我們受到幾個一次性因素影響，包括 Matt 提到的一些遞延維護項目。不過我認為全年展望整體相當不錯，大致就是 R&M 以通膨水準成長。我們也會努力做到優於預期。

Congrats, good job.

恭喜，做得很好。

Thanks, Bob.

謝謝，Bob。

And there are no further questions at this time.

目前沒有其他問題。

All right. Thanks for everyone's participation and look forward to speaking, seeing everyone at NAREIT in June. Have a good day.

好的。感謝大家的參與，也期待 6 月在 NAREIT 與各位交流、見面。祝各位有美好的一天。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。