Tricon Residential Inc (TCN) 2023 Q1 法說會逐字稿

Good morning, my name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the Tricon Residential's First Quarter 2023 Analyst Conference Call. (Operator Instructions) I'd now like to turn the conference over to your speaker today, Wojtek Nowak, Managing Director of Capital Markets. Thank you. Please go ahead.

早上好，我叫布倫特，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Tricon Residential 的 2023 年第一季度分析師電話會議。 （操作員說明）我現在想將會議轉交給您今天的發言人，資本市場董事總經理 Wojtek Nowak。謝謝。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining us to discuss Tricon's first quarter results for the 3 months ended March 31, 2023, which were shared in the news release distributed yesterday. I'd like to remind you that our remarks and answers to your questions may contain forward-looking statements and information. This information is subject to risks and uncertainties that may cause actual events or results to differ materially.

謝謝你，運營商。大家早上好，感謝您加入我們討論 Tricon 截至 2023 年 3 月 31 日的三個月的第一季度業績，這些業績在昨天發布的新聞稿中分享。我想提醒您，我們對您問題的評論和回答可能包含前瞻性陳述和信息。此信息受風險和不確定因素的影響，可能導致實際事件或結果出現重大差異。

For more information, please refer to our most recent management discussion and analysis and annual information form, which are available on SEDAR, EDGAR and our company website as well as the supplementary package on our website. Our remarks also include references to non-GAAP financial measures, which are explained and reconciled in our MD&A.

欲了解更多信息，請參閱我們最近的管理討論和分析以及年度信息表，這些信息可在 SEDAR、EDGAR 和我們公司網站以及我們網站上的補充包中獲取。我們的評論還包括對非 GAAP 財務指標的引用，這些指標在我們的 MD&A 中進行了解釋和核對。

I would also like to remind everyone that all figures are being quoted in U.S. dollars, unless otherwise stated. Please note that this call is available by webcast on our website and a replay will be accessible there following the call.

我還要提醒大家，除非另有說明，否則所有數字均以美元報價。請注意，本次電話會議可通過我們網站上的網絡直播進行，電話會議後可在此處觀看重播。

Lastly, please note that during this call, we will be referring to a slide presentation that you can follow by joining our webcast or you can access directly through our website. You can find both the webcast registration and the presentation in the Investors section of triconresidential.com under News and Events.

最後，請注意，在本次電話會議期間，我們將參考幻燈片演示，您可以通過加入我們的網絡廣播或直接通過我們的網站訪問。您可以在新聞和活動下的 triconresidential.com 投資者部分找到網絡直播註冊和演示。

With that, I will turn the call over to Gary Berman, President and CEO of Tricon.

有了這個，我將把電話轉給 Tricon 總裁兼首席執行官加里伯曼。

Thank you, Wojtek, and good morning, everyone. We've had a great start to 2023, and I'm excited to discuss our Q1 results with you. Let's turn to Slide 2, so I can share with you our key takeaways for today's call. First, we delivered another solid quarter of operational performance with no evidence of economic weakness in our single-family rental business. We reported same-home NOI growth of 6.2%, a near-record NOI margin of 69.5% and high occupancy of 97.3%, low turnover of 16.8% and consistently strong blended rent growth of 7.2%.

謝謝 Wojtek，大家早上好。我們在 2023 年有了一個良好的開端，我很高興與您討論我們的第一季度業績。讓我們轉到幻燈片 2，以便我可以與您分享我們今天電話會議的要點。首先，我們在單戶租賃業務中沒有出現經濟疲軟的跡象，又實現了另一個穩定的運營業績季度。我們報告同屋 NOI 增長 6.2%，接近創紀錄的 NOI 利潤率為 69.5%，入住率高達 97.3%，營業額低至 16.8%，混合租金持續強勁增長 7.2%。

Second, we continue to grow responsibly acquiring 409 homes during the quarter. In response to significant demand for our homes, we plan to double our acquisitions in the second quarter as the MLS listing volume increases during the spring selling season. We remain committed to growing our business over the long term in a strategic and responsible way.

其次，我們在本季度繼續負責任地收購 409 套房屋。為了響應對我們房屋的巨大需求，我們計劃在第二季度將收購量增加一倍，因為春季銷售旺季期間 MLS 上市量增加。我們仍然致力於以戰略性和負責任的方式長期發展我們的業務。

Third, we are focused on process improvement and cost containment during this period of slower growth by driving cost savings in corporate overhead and property operating expenses. At the same time, we strengthened our balance sheet by refinancing over $100 million of near-term maturities on a proportionate basis and reducing our floating rate debt exposure to 26% from 29% last quarter.

第三，在這個增長放緩的時期，我們通過推動公司管理費用和物業運營費用的成本節約，專注於流程改進和成本控制。與此同時，我們通過按比例對超過 1 億美元的近期到期債券進行再融資，並將我們的浮動利率債務敞口從上一季度的 29% 降至 26%，從而加強了我們的資產負債表。

And finally, when market conditions do improve, we are well positioned to grow with about $55 million of annualized AFFO less dividends and $2.6 billion of available capital, including liquidity in our balance sheet and third-party unfunded equity commitments.

最後，當市場狀況確實改善時，我們有能力實現增長，年化 AFFO 減去股息後約 5500 萬美元，可用資本為 26 億美元，包括我們資產負債表中的流動性和第三方未提供資金的股權承諾。

On Slide 3, as we spoke about at our Investor Day in April, we continue to see a major valuation disconnect between our share price and our fundamental value drivers such as book value per share and NOI growth. When we take a step back and look at it, our net operating income has grown at a compounded rate of 18% per year since 2019. Our book value per share has also grown by 16% per since 2019.

在幻燈片 3 上，正如我們在 4 月份的投資者日所說，我們繼續看到我們的股價與我們的基本價值驅動因素（例如每股賬面價值和 NOI 增長）之間存在重大估值脫節。當我們退後一步看時，我們的淨營業收入自 2019 年以來以每年 18% 的複合增長率增長。自 2019 年以來，我們的每股賬面價值也增長了 16%。

Interestingly, though, our stock price is now back to 2019 levels, which doesn't make much sense when you look at the value that has been created since that time. So now let's look at the interplay between private and public market cap rates on the right-hand side of the page. What's different about single-family rental when compared to other commercial real estate sectors is it is one of the largest, most liquid asset classes in the world.

不過有趣的是，我們的股價現在回到了 2019 年的水平，如果你看看自那時以來創造的價值，這並沒有多大意義。現在讓我們看看頁面右側的私人和公共市場資本化率之間的相互作用。與其他商業房地產行業相比，單戶住宅租賃的不同之處在於它是世界上最大、流動性最強的資產類別之一。

There's no price discovery per se, and there's no bid-ask spread. This is because every single day, there are thousands of transactions to validate pricing. That's why we feel confident about our own internal valuation of a 5% implied cap rate based on stabilized NOI and 6% when including a loss to lease in our portfolio. Green Street derives a similar valuation or an implied weighted average cap rate of 4.7% for our market coverage through the Cap Rate Observer publication.

本身沒有價格發現，也沒有買賣價差。這是因為每天都有數以千計的交易來驗證定價。這就是為什麼我們對自己的內部估值充滿信心，即基於穩定的 NOI 的 5% 隱含上限利率和在我們的投資組合中包括租賃損失時的 6%。 Green Street 通過 Cap Rate Observer 出版物為我們的市場覆蓋得出了類似的估值或隱含的加權平均上限率為 4.7%。

It's true that right now, we're acquiring homes close to a 6% cap rate, but that's only because we're buying a small volume. If we wanted to go back to acquiring a large volume of homes every year or, let's say, 8,000 to 10,000, we believe the cap rate will be closer to 5.25%.

的確，現在我們正在收購接近 6% 的上限率的房屋，但這只是因為我們購買的數量很少。如果我們想回到每年購買大量房屋，或者說 8,000 到 10,000 套，我們認為上限利率將接近 5.25%。

So let's compare that with the public market. Tricon is currently trading at a 7.5% implied cap rate based on stabilized NOI. If you include the loss to lease in our portfolio, we're closer to 9%, and This shows a massive disconnect between where the public and private markets are trading. We think that over time, the public market should catch up. There seems to be a lot of value to unlock for our shareholders, and we believe that this is a tremendous opportunity to own Tricon for those that have a longer-term investment horizon.

因此，讓我們將其與公開市場進行比較。基於穩定的 NOI，Tricon 目前的交易隱含上限率為 7.5%。如果你將租賃損失包括在我們的投資組合中，我們接近 9%，這表明公共市場和私人市場交易之間存在巨大脫節。我們認為，隨著時間的推移，公開市場應該會迎頭趕上。似乎有很多價值可以為我們的股東釋放，我們相信對於那些具有長期投資前景的人來說，這是擁有 Tricon 的巨大機會。

Moving to Slide 4. Demand for our rental homes continues to be robust. To show this, we focus on 2 key indicators: monthly leads and monthly applications per variable home. You can see that seasonality was more pronounced in Q4 than prior years with leads and applications dipping. However, the rebound in Q1 and into April has been very healthy, with leads and applications even higher than what we were seeing before the pandemic. This makes for a very supportive demand backdrop as we head into the busy spring market.

轉到幻燈片 4。對我們出租房屋的需求繼續強勁。為了證明這一點，我們關注 2 個關鍵指標：每月潛在客戶和每個可變家庭的每月申請。您可以看到，第四季度的季節性比前幾年更為明顯，潛在客戶和應用程序有所下降。然而，第一季度和 4 月份的反彈非常健康，潛在客戶和申請量甚至高於我們在大流行之前看到的水平。當我們進入繁忙的春季市場時，這形成了非常有利的需求背景。

Turning to Slide 5. You can see that the rental supply has been increasing post-pandemic. We think this is partly due to the lock-in effect of low in-place mortgage rates, which is incentivizing some homeowners to rent out their homes rather than selling them.

轉到幻燈片 5。您可以看到租賃供應在大流行後一直在增加。我們認為這在一定程度上是由於低抵押貸款利率的鎖定效應，這會激勵一些房主將房屋出租而不是出售。

What's interesting is that supply looks like it's starting to stabilize at levels that are slightly below what we saw pre-pandemic. Anecdotally, this finding in the research that was recently published by the National Rental Home Council showing that over the past decade, the proportion of single-family rents within the overall single-family housing market has actually shrunk by 1.4%. When taken together, the combination of rising demand for rental housing and stabilizing supply of rental homes provides a compelling backdrop for our business.

有趣的是，供應似乎開始穩定在略低於大流行前水平的水平。有趣的是，國家出租房屋委員會最近發表的研究中的這一發現表明，在過去十年中，整個單戶住宅市場中單戶租金的比例實際上縮水了 1.4%。總的來說，出租房屋需求的增加和出租房屋供應的穩定相結合，為我們的業務提供了令人信服的背景。

On Slide 6, you can see how this translates into rent growth, which remains well above pre-pandemic levels that we're already strong to begin with. Our rent growth in April remains resilient and is slightly ahead of Q1, featuring 11.9% growth on new leases and 6.5% renewals for blended rent growth 7.6%.

在幻燈片 6 上，您可以看到這如何轉化為租金增長，租金增長仍遠高於大流行前我們已經很強勁的水平。我們 4 月份的租金增長保持彈性，略高於第一季度，新租約增長 11.9%，續租增長 6.5%，混合租金增長 7.6%。

Turning to Slide 7. Let's talk about the general state of the housing market and what the opportunity set looks like for acquisitions. Within our target markets, prices of homes that meet our [buy box] have declined roughly 4% year-over-year. Loan prices and slightly higher rents has led to an expansion in cap rates of about 30 basis points. While this is directionally positive, MLS listings volume in our market has declined roughly 20% year-over-year, given homeowners' reluctance to sell and forego the attractively priced in-place mortgages, thereby reducing our buying opportunity.

轉到幻燈片 7。讓我們談談房地產市場的總體狀況以及收購的機會集。在我們的目標市場中，符合我們 [購買框] 的房屋價格同比下降了大約 4%。貸款價格和略高的租金導致資本化率上升約 30 個基點。雖然這在方向上是積極的，但我們市場上的 MLS 掛牌量同比下降了約 20%，因為房主不願出售並放棄價格誘人的就地抵押貸款，從而減少了我們的購買機會。

The good news is both prices and rents seem to have stabilized since the beginning of the year and appear to be moving back up. Moreover, listings volume has increased roughly 20% since January and should enable us to acquire homes at a faster pace as we head into the spring and summer months.

好消息是價格和租金自今年年初以來似乎已經趨於穩定，並且似乎正在回升。此外，掛牌量自 1 月以來增加了約 20%，這應該使我們能夠在進入春季和夏季時以更快的速度購房。

As you can see on Slide 8, Q1 was a relatively slow quarter for Tricon's acquisitions, but it's on target with our expectations. As we look out to Q2, we expect seasonally higher listing volume to provide the opportunity to double our acquisition pace from Q1 or remaining disciplined in our acquisition criteria. Recall that we are targeting cap rates of 5.5% to 6%, albeit with a preference closer to 6% to match our expected cost of debt financing and to help us generate the mid-teens IRRs we expect in our joint ventures. That being said, borrowing costs come down, and we're to shift our criteria to a lower target cap rate, let's say, 5.25% to 5.75%, we could buy a lot more homes.

正如您在幻燈片 8 中看到的那樣，第一季度是 Tricon 收購的一個相對緩慢的季度，但它符合我們的預期。當我們展望第二季度時，我們預計季節性增加的上市量將為我們提供機會，使我們的收購速度比第一季度翻一番，或者在我們的收購標準中保持紀律。回想一下，我們的目標是 5.5% 到 6% 的上限利率，儘管偏好接近 6% 以匹配我們預期的債務融資成本，並幫助我們在合資企業中產生預期的十幾歲左右的內部收益率。話雖這麼說，借貸成本下降，我們將把我們的標準轉移到較低的目標上限利率，比方說，5.25% 到 5.75%，我們可以買更多的房子。

With that, I'll now turn it over to our CFO, Wissam Francis, to discuss our financial results.

有了這個，我現在將它交給我們的首席財務官 Wissam Francis 來討論我們的財務結果。

Let's move on to Slide 10 and talk about the drivers of core FFO per share. Our single-family rental portfolio delivered 18% year-over-year growth in Tricon's for 0.2% revenue growth, which was driven by a 5.6% increase in proportionate rental home count, 1.1% of higher occupancy and 8.7% increase in average rent. Our same-home NOI also increased by a solid 6.2% this quarter.

讓我們繼續看幻燈片 10，談談每股核心 FFO 的驅動因素。我們的單戶租賃組合在 Tricon 中實現了 18% 的同比增長，收入增長了 0.2%，這是由於按比例出租的房屋數量增加了 5.6%，入住率增加了 1.1%，平均租金增加了 8.7%。本季度我們的同屋 NOI 也穩步增長了 6.2%。

FFO from fees increased by 3%, primarily driven by higher Johnson development fees, including $3.5 million earned from large bulk sale of commercial lands. This was partially offset by a lower property management fee following the sale of the U.S. multifamily rental portfolio in October.

來自費用的 FFO 增加了 3%，主要是由於 Johnson 開發費用增加，包括從大量商業土地銷售中獲得的 350 萬美元。這部分被 10 月份出售美國多戶住宅租賃組合後物業管理費降低所抵消。

In our adjacent residential businesses, the year-over-year decrease of 6% in FFO reflected strong results in residential development driven by healthy for-sale housing demand, offset by lower FFO following the sale of the U.S. multifamily portfolio. I want to highlight that both of our U.S. residential business and our Johnson business are a great read through into the overall all housing market.

在我們鄰近的住宅業務中，FFO 同比下降 6%，反映出在健康的待售房屋需求推動下住宅開發的強勁業績，被出售美國多戶住宅組合後較低的 FFO 所抵消。我想強調的是，我們的美國住宅業務和 Johnson 業務都很好地了解了整個房地產市場。

And from what we can see today, housing demand is holding up exceptionally well. On the corporate side, interest expense was up as we have a higher debt balance to support the growth of our single-family rental portfolio, along with higher average interest rates. Meanwhile, corporate overhead expenses decreased from last year because of lower AIP, LTIP and performance fee expense, which was partially offset by higher G&A and stable salary expense. As we mentioned last quarter, we are laser-focused on cost containment in this period of slower growth. And as we see, we are delivering on this commitment.

從我們今天所看到的情況來看，住房需求異常強勁。在企業方面，由於我們有更高的債務餘額來支持我們的單戶租賃組合的增長以及更高的平均利率，因此利息支出有所增加。同時，由於較低的 AIP、LTIP 和績效費支出，公司管理費用較去年有所減少，這部分被較高的 G&A 和穩定的工資支出所抵消。正如我們上個季度提到的，在這個增長放緩的時期，我們非常關注成本控制。正如我們所見，我們正在兌現這一承諾。

Lastly, the diluted share count this quarter was 0.5% lower than last year due to the impact of our share repurchase program, where we have repurchased over 1.7 million shares so far.

最後，由於我們的股票回購計劃的影響，本季度稀釋後的股票數量比去年減少了 0.5%，到目前為止我們已經回購了超過 170 萬股股票。

Let's now turn to our proportionate debt profile on Slide 11. We have been proactive with addressing our near-term debt maturities and floating rate debt exposure as we said we would. In Q1, we repaid or refinanced over $140 million of near-term maturities with plans in place to refinance or repay all of our remaining 2023 maturities in the coming months. These near-term maturities include 2 JV subscription lines that are used to fund acquisitions, which will be fully repaid this year by calling on JV capital commitments or we will be refinancing into longer-term debt. We also have a bank term loan with an extension option, and we have already exercised our option to extend this loan by another year.

現在讓我們來看看我們在幻燈片 11 上的比例債務概況。我們一直在積極主動地解決我們的短期債務到期日和浮動利率債務風險，正如我們所說的那樣。在第一季度，我們償還或再融資了超過 1.4 億美元的近期到期債券，併計劃在未來幾個月內再融資或償還我們所有剩餘的 2023 年到期債券。這些短期到期債券包括用於為收購提供資金的 2 條合資認購額度，今年將通過要求合資公司資本承諾全額償還，或者我們將再融資為長期債務。我們還有一筆帶有延期選擇權的銀行定期貸款，我們已經行使了將這筆貸款再延長一年的選擇權。

During the quarter, we also refinanced $101 million of floating-rate warehouse loans maturing in 2025 into fixed-rate loans maturing in 2028. This has helped bring down our floating rate exposure from 29% of total debt last quarter to 26% this quarter. As a reminder, we use floating-rate warehouse loans to fund acquisitions in the short term. This is not a permanent part of our capital structure and is an exposure we seek to actively term out and roll into fixed-rate instruments.

在本季度，我們還將 2025 年到期的 1.01 億美元浮動利率倉庫貸款再融資為 2028 年到期的固定利率貸款。這有助於將我們的浮動利率敞口從上一季度佔總債務的 29% 降至本季度的 26%。提醒一下，我們在短期內使用浮動利率倉庫貸款為收購提供資金。這不是我們資本結構的永久部分，而是我們尋求積極退出並轉入固定利率工具的風險敞口。

Over time, as we continue to grow, our percentage of floating rate debt will also continue to go down. I also want to highlight that more than 74% of our floating-rate debt is subject to caps, which is explained on Slide 12. Rising interest rates have been a headwind for our floating-rate debt as well as new fixed-rate debt used to grow the business. While we mitigate some of these higher debt costs with interest rate caps that are now in the money.

隨著時間的推移，隨著我們的不斷發展，我們的浮動利率債務比例也將繼續下降。我還想強調，我們超過 74% 的浮動利率債務受上限限制，幻燈片 12 對此進行了解釋。利率上升一直是我們浮動利率債務和新使用的固定利率債務的不利因素發展業務。雖然我們通過現在在貨幣中的利率上限來減輕其中一些較高的債務成本。

As you can see on the bottom right-hand chart, our interest rate cap saved us approximately $1.4 million of interest rate costs in Q1. If we sensitize the SOFR rate for an increase of 25 or 50 basis points, you will see that our hedging program effectively cushions 2/3 of that increase.

正如您在右下角的圖表中看到的那樣，我們的利率上限在第一季度為我們節省了大約 140 萬美元的利率成本。如果我們將 SOFR 利率提高 25 或 50 個基點，您會發現我們的對沖計劃有效地緩衝了 2/3 的增長。

I'll finish off with Slide 13. To note that our guidance for 2023 remains unchanged from the initial guidance that we issued last quarter. We believe we are on track towards our guided range for the full year. As Gary mentioned, our acquisitions are on target so far with the expectation of seasonal acceleration in the summer months. FFO per share and same-home NOI growth are also on track. Even though the components of same-home revenue growth and expense growth were both light this quarter against the prior year comps. We expect this to normalize in the year ahead.

我將以幻燈片 13 結束。請注意，我們對 2023 年的指導與我們上個季度發布的初步指導保持不變。我們相信我們正朝著全年的指導範圍邁進。正如 Gary 所提到的，我們的收購目前已達到目標，預計夏季月份會出現季節性加速。每股 FFO 和同屋 NOI 增長也在正常軌道上。儘管本季度同屋收入增長和費用增長的組成部分均低於上年同期。我們預計這將在未來一年正常化。

And now to give more insight into our same-home metrics, I'll turn the call over to the wind beneath my wing, our Chief Operating Officer, Kevin Baldridge.

現在，為了更深入地了解我們的同家指標，我將把電話轉交給我的首席運營官 Kevin Baldridge。

Thank you, Wissam, and good morning, everyone. Our strong first quarter performance is very much a testament to the dedication of our amazing team, our people-first approach and our best-in-class operations. We've had a great start to the year, and we're only getting started.

謝謝 Wissam，大家早上好。我們在第一季度的強勁表現在很大程度上證明了我們出色的團隊的奉獻精神、我們以人為本的方法和我們一流的運營。今年開局不錯，而我們才剛剛開始。

Let's move to Slide 14 to talk about the drivers of our same-home NOI growth of 6.2% for the quarter. On the top line, revenue growth was driven by a 7.4% increase in average in-place rents that were partially offset by a 60 basis point decrease in occupancy. As we shifted slightly towards a rent growth bias going into the 3 months.

讓我們轉到幻燈片 14 來談談我們本季度同屋 NOI 增長 6.2% 的驅動因素。最重要的是，收入增長是由平均就地租金增長 7.4% 推動的，但部分被入住率下降 60 個基點所抵消。隨著我們略微轉向 3 個月的租金增長偏差。

Our rent growth remains healthy, with blended rent growth of 7.2% during the quarter, underpinned by 10.3% growth on new move-ins and 6.5% on renewals. Our renewals reflect our policy of self-governing, which maintains rent growth below market levels for existing residents, helping them stay in their homes longer and as a byproduct keeps our turnover low. As we moved into April, we saw demand continuing to strengthen with rent growth coming in at a healthy 11.9% on new leases, 6.5% on renewals and 7.6% on a blended basis.

我們的租金增長保持健康，本季度混合租金增長 7.2%，這得益於新入住增長 10.3% 和續租增長 6.5%。我們的續約反映了我們的自治政策，該政策使現有居民的租金增長保持在低於市場水平的水平，幫助他們在自己的家中待得更久，並且副產品使我們的營業額保持在較低水平。隨著我們進入 4 月，我們看到需求繼續增強，新租約的租金增長達到 11.9%，續租增長 6.5%，混合增長 7.6%。

Our bad debt expense, which is embedded in the revenue numbers, has been tracking around 1.2% compared to 0.5% in the first quarter of the prior year when we benefited from significant government rental assistance payments. I should note that our bad debt has improved significantly from a pandemic high of 2.9%. And looking ahead, we continue to target bad debt of 1% of revenues by the end of this year.

我們收入數字中包含的壞賬費用一直在 1.2% 左右，而去年第一季度我們受益於政府的大量租金援助付款時為 0.5%。我應該指出，我們的壞賬已從 2.9% 的大流行高點顯著改善。展望未來，我們的目標是到今年年底壞賬佔收入的 1%。

Finally, other revenue decreased by 13% from last year. This was driven by lower late fees as our collections have improved, coupled with more conservative provisioning for resident recoveries to reflect actual collections rather than build amounts. This was partially offset by revenues earned from services that enhance our resident experience like smart home and renters insurance, which saw increased adoption year-over-year.

最後，其他收入比去年下降了 13%。這是由於我們的收款有所改善，滯納金較低，加上對居民回收的準備金更為保守，以反映實際收款而不是累積金額。這部分被增強我們居民體驗的服務所獲得的收入所抵消，例如智能家居和租房者保險，這些服務的採用率逐年增加。

Over time, we do see a path to increasing other revenue as we continue to focus on rolling out additional services that add value to our residents. Let's now turn to Slide 15 to discuss our same-home expense growth of 2%. The slight rise in expenses was driven by property taxes, which were up 10% from last year, reflecting meaningful home price appreciation in our markets. We still expect property taxes to be up around 8% for the full year, but are comping against a relatively low accrual in Q1 of last year.

隨著時間的推移，我們確實看到了增加其他收入的途徑，因為我們繼續專注於推出為我們的居民增加價值的額外服務。現在讓我們轉到幻燈片 15 來討論我們 2% 的同住費用增長。支出的小幅增長是由財產稅推動的，財產稅比去年增加了 10%，反映出我們市場的房價大幅上漲。我們仍然預計全年財產稅將上漲 8% 左右，但與去年第一季度相對較低的應計稅相比。

On the other hand, repairs and maintenance expenses were down this quarter by 20.5%, although we experienced higher work orders as well as cost inflation, we were able to offset this by cost containment initiatives, refining our work scopes and undertaking more work orders in-house. We now have about 75% of our available work orders completed in-house and are on track towards our goal of 80% by the end of the year. We also benefited from higher refunds in the quarter through our vendor rebate program, which helped to bring down R&M expense.

另一方面，本季度維修和維護費用下降了 20.5%，儘管我們的工作訂單增加以及成本上漲，但我們能夠通過成本控制措施、改進我們的工作範圍並在-房子。我們現在有大約 75% 的可用工作訂單在內部完成，並且有望在年底前實現 80% 的目標。我們還通過我們的供應商返利計劃在本季度受益於更高的退款，這有助於降低 R&M 費用。

Turnover expenses were also meaningfully down as our turnover remained low at 16.8%, thanks to our focus on superior customer service, along with a greater proportion of costs being capitalized, given the more extensive work being done on homes with longer resident tenures. Likewise, we put it in place process improvements and cost containment initiatives that have brought down the combined expensed and capitalized turnover costs by 14% compared to last year.

營業額費用也大幅下降，因為我們的營業額保持在 16.8% 的低位，這要歸功於我們專注於優質的客戶服務，以及更大比例的成本被資本化，因為在居民任期較長的房屋上進行了更廣泛的工作。同樣，我們實施了流程改進和成本控制計劃，與去年相比，已將費用化和資本化周轉成本相結合降低了 14%。

Next, homeowners associations costs increased by 14.5%, reflecting about 5% inflation in HOAs as well as a heightened level of violations imposed by HOAs coming out of the pandemic, which drove higher penalties. And finally, other direct expenses increased from having a higher penetration of smart homes in our portfolio and increased utility costs. We remain focused on the things that we can control to offset rising costs, while keeping an emphasis on creating the best resident experience possible.

接下來，房主協會的成本增加了 14.5%，反映了 HOA 約 5% 的通貨膨脹以及 HOA 因大流行而導致的違規行為加劇，這導致了更高的處罰。最後，其他直接費用因智能家居在我們投資組合中的更高滲透率和公用事業成本增加而增加。我們仍然專注於我們可以控制的事情，以抵消不斷上升的成本，同時繼續強調盡可能創造最佳的居民體驗。

With this, I wanted to walk through our proactive approach to managing our cost to maintain on Slide 16. I'm pleased to report we reduced the cost maintained by 3% year-over-year. We really think of 3 main areas of savings: First, our national procurement program, we're focused on negotiating price reductions on materials to help offset inflationary pressures; next, our scope management where we actively refine and manage work scopes; and finally, our internalization efforts where we use our in-house team to undertake a higher number of work orders versus using outside vendors.

有了這個，我想通過我們主動的方法來管理我們在幻燈片 16 上的維護成本。我很高興地報告我們將維護成本同比降低了 3%。我們真正想到了 3 個主要的節省領域：首先，我們的國家採購計劃，我們專注於談判材料降價，以幫助抵消通脹壓力；接下來，我們的範圍管理，我們積極完善和管理工作範圍；最後，我們的內部化努力與使用外部供應商相比，我們使用內部團隊來承擔更多的工作訂單。

Our in-house technicians cost per work order is about $400 cheaper than using a vendor for similar work. We are also seeing a stabilization in the mix between capitalized and expensed items. Recall that over the last few quarters, we have seen a higher mix of CapEx compared to the prior year, given the more extensive work required to turn and maintain our homes. This was partially driven by longer resident tenure, which is almost a year longer than it was at this time last year.

我們的內部技術人員每份工作訂單的成本比使用供應商進行類似工作的成本低約 400 美元。我們還看到資本化項目和費用化項目之間的組合趨於穩定。回想一下，在過去幾個季度中，我們看到與上一年相比更高的資本支出組合，因為改造和維護我們的房屋需要更多的工作。這在一定程度上是由於居民任期延長，比去年同期延長了近一年。

And it's also a function of people spending 24 hours a day in their homes during the pandemic, which created more wear and tear. We are starting to lap those comps, and so the mix of CapEx versus OpEx should be less of a driver of expense variance going forward.

這也是人們在大流行期間每天 24 小時呆在家裡的結果，這造成了更多的磨損。我們開始考慮這些補償，因此 CapEx 與 OpEx 的組合應該不會成為未來費用差異的驅動因素。

Turning to Slide 17. I'm thrilled to introduce to you our proprietary Resident App, which some of you saw as it provides a one-stop shop for our residents where they can control their smart home devices, pay their rent, submit maintenance requests and track their work order progress, all in a single sign-on (inaudible) to our resident experience.

轉到幻燈片 17。我很高興向您介紹我們專有的居民應用程序，你們中的一些人看到它為我們的居民提供一站式服務，他們可以在其中控制他們的智能家居設備、支付租金、提交維護請求並跟踪他們的工作訂單進度，所有這些都在一次登錄（聽不清）到我們的居民體驗中。

Our goal is to invest in technology that improves the lives of our residents, and we're happy to see this app going live in 9 markets so far and serving over 5,000 residents and counting. We have plans to roll out to all markets within the next year. We're not only innovating in our operations and resident experience, but also in our pursuit of our ESG objectives, as shown on Slide 18.

我們的目標是投資改善居民生活的技術，我們很高興看到這款應用程序目前在 9 個市場上線，服務超過 5,000 名居民，而且還在增加。我們計劃在明年向所有市場推廣。我們不僅在運營和居民體驗方面進行創新，還在追求我們的 ESG 目標方面進行創新，如幻燈片 18 所示。

We recently released our third annual ESG report. One of the highlights in this report is the progress we've made on addressing our environmental footprint. We developed an industry-first energy consumption model to estimate the baseline environmental footprint in our SFR portfolio and attract future improvements as we make our homes more sustainable. Given that the utilities in our homes are controlled by our residents, we don't directly control the energy use in each of our single-family homes.

我們最近發布了第三份年度 ESG 報告。本報告的亮點之一是我們在解決環境足跡方面取得的進展。我們開發了行業首創的能源消耗模型來估算我們的 SFR 產品組合中的基準環境足跡，並在我們使我們的房屋更具可持續性時吸引未來的改進。鑑於我們家中的公用設施由我們的居民控制，我們不直接控制每個單戶住宅的能源使用。

However, with our consumption model, we can now measure and meaningfully improve the energy usage and emissions of our homes through the choices we make on our systems and components we install when we build and renovate. Secondly, we officially launched our down payment systems program and made our first down payment contribution to our Atlanta resident, Kelsey. This program provides $5,000 to qualified Tricon residents who want to purchase a home of their choice.

然而，借助我們的消費模型，我們現在可以通過在建造和翻新時對我們安裝的系統和組件所做的選擇來衡量並有意義地改善我們家庭的能源使用和排放。其次，我們正式啟動了首付款系統計劃，並向亞特蘭大居民 Kelsey 支付了第一筆首付款。該計劃向想要購買自己選擇的房屋的合格 Tricon 居民提供 5,000 美元。

We could not be happier for Kelsey in our new chapter as a homeowner, and we wish her all the best. And since then, I'm also pleased to report that we have had another 5 residents benefit from this program and another 1 who is currently in escrow. (inaudible) shortage of housing options.

在我們作為房主的新篇章中，我們對凱爾西感到非常高興，我們祝她一切順利。從那時起，我也很高興地報告，我們有另外 5 名居民從該計劃中受益，另外 1 名目前處於託管狀態。 （聽不清）住房選擇短缺。

Now I'll turn the call back over to Gary for closing remarks.

現在，我將把電話轉回給加里，讓他發表結束語。

Thank you, Kevin. Before we close things off, I did want to highlight the incredible multifamily portfolio that we're quietly building in Toronto, as showcased on Slide 19. The portfolio is advancing quickly with close to 1,300 units delivering this year and the majority of projects already under construction. Our latest project, The Taylor is currently 3 months ahead of schedule, achieving 64% lease-up by the end of March with average monthly rents of CAD 4.55 per square foot.

謝謝你，凱文。在我們結束之前，我確實想強調一下我們正在多倫多悄悄建造的令人難以置信的多戶住宅組合，如幻燈片 19 所示。該組合正在快速推進，今年交付了近 1,300 個單元，大部分項目已經在進行中建造。我們的最新項目 The Taylor 目前比計劃提前 3 個月，到 3 月底實現了 64% 的出租率，平均月租金為每平方英尺 4.55 加元。

As this portfolio has stabilized over the next few years, we estimate it will have a gross asset value close to $3.2 billion, creating a lot of strategic optionality for Tricon. Moreover, the book value per share of our stake in this portfolio is expected to double from $0.89 to $1.74 per share upon stabilization, creating meaningful value for our shareholders.

由於該投資組合在未來幾年內趨於穩定，我們估計其總資產價值將接近 32 億美元，從而為 Tricon 創造大量戰略選擇權。此外，我們在該投資組合中所持股份的每股賬面價值預計在穩定後將從每股 0.89 美元增加一倍至每股 1.74 美元，從而為我們的股東創造有意義的價值。

To finish off on Slide 20, as we look ahead to another exciting year, we want to emphasize the following messages for you: First, the value of our companies underpinned by our SFR portfolio, which continues to perform extremely well and is reflected in our book value per share that is well above our share price; next, we believe in responsible growth. We are prudent in our capital allocation, disciplined with our cap rate criteria and laser-focused on cost containment during this period of slower growth; and finally, we have the platform, people, technology and available capital to grow much faster when the time is right.

在幻燈片 20 的結尾，我們展望又一個激動人心的一年，我們想向您強調以下信息：首先，我們公司的價值以我們的 SFR 投資組合為基礎，它繼續表現得非常好，並反映在我們的每股賬面價值遠高於我們的股價；接下來，我們相信負責任的增長。在這個增長放緩的時期，我們謹慎地進行資本配置，嚴格遵守資本化率標準，並高度重視成本控制；最後，我們擁有平台、人員、技術和可用資本，可以在適當的時候更快地增長。

I will now pass the call back to the operator to take questions. Wissam, Kevin and I will also be joined by John Ellenzweig, Andy Carmody and Andrew Joyner to answer questions.

我現在將把電話轉回給接線員回答問題。 Wissam、Kevin 和我也將與 John Ellenzweig、Andy Carmody 和 Andrew Joyner 一起回答問題。

(Operator Instructions)

（操作員說明）

Your first question is from the line of Mario Saric with Scotiabank.

你的第一個問題來自豐業銀行的 Mario Saric。

A quick question on the guidance. It was maintained, and I may be reading too much into this. But the reiteration of the guidance seemed to be caveated with an early days reference. Does that reference pertain to the uncertainty over potential U.S. economic weakness, which you haven't seen thus far or a possible acceleration in acquisitions, which could be a key towards you hitting the upper end of your guidance range?

關於指南的快速問題。它得到維護，我可能對此讀得太多了。但指南的重申似乎與早期的參考有所不同。該參考是否與美國經濟潛在疲軟的不確定性有關（您迄今為止尚未看到）或可能加速收購，這可能是您達到指導範圍上限的關鍵？

Yes, it's latter. It's latter. I mean, we don't see any weakness in our fundamentals at all. On the ground, the economy and the fundamentals for rental housing are extremely strong. They've moderated obviously a little bit since the pandemic, which was really an anomaly. But as we explained in our presentation, we're stronger than where we were in 2018 and 2019, which we would characterize back then is very strong.

是的，是後者。是後者。我的意思是，我們根本看不到我們的基本面有任何弱點。在實地，經濟和出租房屋的基本面非常強勁。自大流行以來，它們明顯有所緩和，這確實是一種反常現象。但正如我們在演示文稿中解釋的那樣，我們比 2018 年和 2019 年更強大，我們當時認為這非常強大。

So we feel great about the fundamentals. But really, I would say to hit the upper end of the guidance on FFO per share, Mario, it really does depend on us going faster, being able to buy more homes and obviously having the cost of capital to do that. So that's really where the early days caveat lies. But from everything we can see today, things are heading in the right direction, right?

所以我們對基本面感覺很好。但實際上，我想說要達到每股 FFO 指導的上限，馬里奧，這確實取決於我們走得更快，能夠購買更多房屋，並且顯然有資本成本來做到這一點。所以這真的是早期警告所在的地方。但從我們今天所看到的一切來看，事情正在朝著正確的方向發展，對吧？

And as we've been clear, we feel very confident about our ability to double acquisitions in Q2. And if we can continue that, let's say, 800 per quarter in Q3 and Q4, it essentially sets us up to launch JV 3 and really complete the investment program for JV 2 and Homebuilder Direct over the course of the year.

正如我們已經明確的那樣，我們對我們在第二季度實現雙倍收購的能力充滿信心。如果我們能繼續這樣做，比方說，在第三季度和第四季度每季度 800 個，它基本上讓我們啟動 JV 3 並在一年中真正完成 JV 2 和 Homebuilder Direct 的投資計劃。

So we feel really good about that. The housing market is clearly stabilizing. Cost of debt for us seems to be coming in. We've talked about green shoots appearing we see that today. So we feel really good about being able to go a little faster over the course of the year.

所以我們對此感覺非常好。房地產市場顯然正在企穩。我們的債務成本似乎正在增加。我們已經談到我們今天看到的出現的綠芽。因此，我們對能夠在這一年中走得更快感到非常高興。

Perfect. That's great. And just on the cost of debt, what's your sense of -- where it is today on 5- to kind of 7-year terms?

完美的。那太棒了。就債務成本而言，您對 5 至 7 年期限的今天情況有何看法？

Mario, it's Wissam. When we look at securitization market, it is open, but for lower LTVs. Right now, if you're looking at a 60% to 65% LTV, it ranges from 5.5% to almost 6%. So that's kind of the range of the cost of debt today. And we're seeing it more closer to like depending on the day yesterday, had we priced yesterday a deal, it would have been around [5.5%, 6%] or something like that.

馬里奧，是維薩姆。當我們看證券化市場時，它是開放的，但對於較低的 LTV。現在，如果你正在尋找 60% 到 65% 的 LTV，它的範圍從 5.5% 到接近 6%。這就是今天債務成本的範圍。我們看到它更接近喜歡取決於昨天的一天，如果我們昨天定價交易，它會在 [5.5%，6%] 左右或類似的東西。

Got it. And then can you remind us of where those -- where the 5.5% to 6% would have been 3 months ago or so, I suspect it would have been a bit higher?

知道了。然後你能提醒我們那些 - 5.5% 到 6% 在 3 個月左右的時間裡，我懷疑它會更高一點嗎？

Yes, Mario, I would say probably around -- I mean, it easily could have been upwards of 6.5%. So that's significant movement, right? I mean if you look at the 5-year treasury today, I think it's about 3.5% -- 3.5%. spreads look like at 60% LTV at about 200 basis points. So you're looking at 5.5%. That's a big movement in 3 to 6 months. And again, that reflects my earlier comments, which starts to set us off for the ability to go faster because we're buying cap rates really at high 5s.

是的，馬里奧，我想說大概是——我的意思是，它很容易超過 6.5%。所以這是一個重要的動作，對吧？我的意思是，如果你看看今天的 5 年期國債，我認為它大約是 3.5% - 3.5%。在大約 200 個基點時，LTV 的利差看起來是 60%。所以你看到的是 5.5%。這是 3 到 6 個月內的一個大動作。再一次，這反映了我之前的評論，這開始讓我們有能力走得更快，因為我們真正以高 5s 的價格購買資本化率。

If we can borrow at 5.5%, we're really in the money, we get that spread and it allows us to go faster. So now we will say, look, the debt to capital market has been incredibly volatile and they have been oscillating from week to week. But from where we sit today, we definitely see green shoots.

如果我們能以 5.5% 的利率借入資金，我們就真的賺到了錢，我們得到了利差，這讓我們走得更快。所以現在我們會說，看，資本市場的債務一直非常不穩定，而且每週都在波動。但從我們今天所處的位置來看，我們肯定看到了新芽。

Perfect. Okay. And then maybe a question for Kevin, just on the bad debt expense. 1.2% revenue this quarter, still targeting 1% by the end of the year. What factors do you foresee driving that ratio down a bit relative to Q1? And what would you expect kind of rent-to-income ratio be embedded within the 1% target?

完美的。好的。然後也許是凱文的問題，只是關於壞賬費用。本季度收入為 1.2%，年底目標仍為 1%。您預計哪些因素會導致該比率相對於第一季度略有下降？您希望 1% 的目標包含什麼樣的租金收入比？

Mario, yes, we are still expecting to get to 1% by the end of this year. The difference between this quarter and the quarter last year really is the Q1 of last year, we had a lot of government rental assistance money that came in. It was 3.5x what we got this quarter. In addition to that, we also received last year a lot of past due balances, we received that quarter, and we also had a number of payment plans we're paying.

馬里奧，是的，我們仍然期望到今年年底達到 1%。這個季度和去年這個季度的區別實際上是去年第一季度，我們收到了大量的政府租金援助資金。這是我們本季度獲得的 3.5 倍。除此之外，去年我們還收到了很多逾期未付餘額，我們收到了那個季度，我們還有一些我們正在支付的付款計劃。

So we had like a [trifecta] of the payment last quarter of last year. That said, we're still continuing to improve. During the middle of pandemic, we were at 2.9% bad debt. So 1.2%, we're improving. Last quarter in Q4, we were 1.3%. So even in Q1, a bit like this past quarter, we had half the government rental systems that came in that we got last quarter and yet our bad debt improvement.

因此，我們在去年最後一個季度收到了 [trifecta] 付款。也就是說，我們仍在繼續改進。在大流行期間，我們的壞賬率為 2.9%。所以 1.2%，我們正在改進。第四季度的最後一個季度，我們是 1.3%。因此，即使在第一季度，有點像上個季度，我們有一半的政府租賃系統是上個季度的，但我們的壞賬有所改善。

So we continue to see it improving. I think some of the headwinds are, we still see some reports that are backed up a little bit right now. And then with the government rental assistance really coming to an end, that's going to also keep us from getting there faster. On a rent to income rate, I mean, we're still really interestingly at 23%. Interestingly over the periods as rents of clients still have the incomes of our residents, we're now -- (inaudible) in 12 months, we've been, gosh, $95,000 to $100,000 as in the average household income for our residents. It's increased and it's kept the rent to income the same really.

所以我們繼續看到它在改進。我認為一些不利因素是，我們現在仍然看到一些支持的報告。然後隨著政府的租金援助真正結束，這也將使我們無法更快地到達那裡。關於租金收入比，我的意思是，我們仍然非常有趣地處於 23%。有趣的是，在客戶的租金仍然有我們居民的收入的時期，我們現在 - （聽不清）在 12 個月內，天哪，我們居民的平均家庭收入已經達到 95,000 美元到 100,000 美元。它增加了，它實際上使租金與收入保持不變。

So our resident profile has strengthened over the -- FICO scores have also improved. So we see ourselves getting back down to 1% towards the end of the year. Recall, prior to the pandemic, we were at 0.8% for 25 months in a row. So we hope ultimately to get there someday, but we're hoping to get to 1% by the end of the year.

因此，我們的居民檔案比 FICO 分數也有所提高。因此，我們預計自己將在年底前回落至 1%。回想一下，在大流行之前，我們連續 25 個月處於 0.8% 的水平。所以我們希望最終有一天能到達那裡，但我們希望在今年年底前達到 1%。

Okay. The last one for me, just on the same-store expenses, where the growth came in much lower than your peers. You've identified cost containment as a key focus for you. But you did also mention that the R&M benefited from a vendor rebate program, higher refunds on that. Can you quantify what the year-over-year change was for that? Maybe give us a bit more color on the drivers?

好的。最後一個對我來說，只是關於同店費用，增長比你的同行低得多。您已將成本控制確定為您的重點。但你也提到 R&M 受益於供應商回扣計劃，更高的退款。你能量化一下同比變化是什麼嗎？也許給我們更多關於驅動程序的顏色？

Yes. So I mean if you think about the vendor rebate program, which is kind of an ongoing thing, I mean, if we were to isolate that and we would remove the impact of the vendor rebate program, the R&M would have been savings essentially compared to last year would have been cut in half. So the way we would think about it, Mario, is instead of expenses growing 2%, again, if you remove the impact of the rebate, expenses would have grown by 4%.

是的。所以我的意思是，如果你考慮供應商回扣計劃，這是一個持續的事情，我的意思是，如果我們要隔離它並且我們將消除供應商回扣計劃的影響，那麼與去年將被削減一半。因此，馬里奧，我們的思考方式是支出不會增長 2%，同樣，如果你消除回扣的影響，支出會增長 4%。

So that gives you -- and again, that's a little bit closer to where our guidance is. And we see that kind of normalizing over the course of the year. Kevin also talked about the impact of bad debt, right? We also had a bit of an anomaly given that in the previous period bad debt was much lower. So if we isolate that for that, our revenues would have grown close to 6%.

所以這給了你——再一次，這更接近我們的指導方針。我們在一年中看到了這種正常化。凱文也談到了壞賬的影響，對吧？鑑於上一時期的壞賬要低得多，我們也有一點異常。因此，如果我們為此單獨考慮，我們的收入將增長接近 6%。

And overall, same-home NOI would have grown at 7.5%. So again, there's a little bit of noise in those Q1 numbers, but we do think they stabilize over the course of the year, and we feel really good about where the guidance is.

總體而言，同一家庭的 NOI 將增長 7.5%。因此，這些第一季度的數字再次出現一些噪音，但我們確實認為它們在一年中穩定下來，我們對指導的位置感到非常滿意。

Mario, if I can add just a little bit of color just on the vendor rebates, we have several relationships like that with a lot of our national vendors and they come in throughout the year. This just happened to be a little bit bigger than ones in the past. But it's essentially it's based on what we buy from our vendors the year prior, and they calculate what that was, and then we start getting rebates as a percentage of purchases Q1, Q2.

馬里奧，如果我能在供應商回扣上添加一點色彩，我們與許多國家供應商有這樣的關係，他們全年都會進來。這只是恰好比過去的要大一點。但它本質上是基於我們前一年從我們的供應商那裡購買的東西，他們計算出那是什麼，然後我們開始獲得第一季度，第二季度採購的百分比回扣。

Okay. And then in terms of those rebates -- you expected rebates for '23, what percentage of that would have been achieved in Q1 of this year? How much of that have you already recognized?

好的。然後就這些回扣而言——你預計 23 年的回扣，今年第一季度會達到多少百分比？你已經認識到其中的多少？

Probably 50%. Yes, this one was the biggest one that we will get.

可能是 50%。是的，這是我們將得到的最大的一個。

Your next question comes from the line of Brad Heffern with RBC Capital Markets.

你的下一個問題來自 RBC Capital Markets 的 Brad Heffern。

Continuing on the expense front, I think most people are surprised at how low the figures are this quarter, but also how low they've been for several quarters now. So I'm curious, how much of that do you attribute to these streamlining and cost containment initiatives and how much incremental room is there for additional savings from those programs?

繼續在支出方面，我認為大多數人對本季度的數字如此之低感到驚訝，但也對他們現在幾個季度以來的數字如此之低感到驚訝。所以我很好奇，您將這些精簡和成本控制舉措歸因於多少，以及這些計劃的額外節省有多少增量空間？

So I'd say the great majority of what you're seeing is due to the cost containment programs. We've worked really hard to get our expenses down. I mean these are -- this is one of the things that we can really control, right? So we have programs for both on the R&M and the turnover. We're using more internal labor than we did before. And we're finding that on a like-for-like work order, we're saving about $400 per work order when we do something in-house.

所以我想說你所看到的大部分是由於成本控制計劃。我們非常努力地工作以降低開支。我的意思是這些 - 這是我們真正可以控制的事情之一，對吧？因此，我們針對 R&M 和營業額制定了計劃。我們比以前使用了更多的內部勞動力。我們發現，在同類工單中，當我們在內部做一些事情時，每個工單可以節省大約 400 美元。

We're now up to 75% of our work orders -- are in-house by in-house labor. And up to 15% of the work that's done on turns -- are now done by in-house labor, where last year, it was 0. So we're really seeing a pickup there. We've also worked hard with our vendors. We have a price book that we use throughout the country that's consistent, so that we're all using the same type of pricing.

我們現在高達 75% 的工作訂單都是由內部員工完成的。輪流完成的工作中有多達 15% 現在由內部勞動力完成，而去年是 0。所以我們確實看到了那裡的回升。我們還與我們的供應商一起努力工作。我們有一本在全國范圍內使用的一致價格手冊，因此我們都使用相同類型的定價。

And we've been able to get savings on over 670 line items, that's going to save about $1.3 million for the year. And then in addition, we're working to just to work with our vendors and improve. And then we've also been working on scope our refinement. So we have a delegation of authority that we've compressed. We're looking at all scopes in addition to just working to repair more than we replace. So we're repair an HVAC unit more than we would replace, and we're looking to have it work out longer.

我們已經能夠在 670 多個項目上節省開支，這將在今年節省大約 130 萬美元。此外，我們正在努力與我們的供應商合作並進行改進。然後我們也一直在研究我們的改進範圍。所以我們有一個我們壓縮的授權。我們正在研究所有的範圍，除了努力修理比我們更換的更多的東西。因此，我們修理 HVAC 裝置的次數多於我們更換的次數，而且我們希望它的運行時間更長。

Also, we'll do like touch-ups versus painting a whole wall or painting a whole house to help that. It will still look really well. It's clean and functional. And the same as we'll look at carpet replacements or before we might have replaced carpet throughout the whole downstairs and now it just needs 1 or 2 room. So the scope refinement that we've been working on as well as the price book and integrating more people to do in-house has really brought the cost down.

此外，我們會喜歡修飾而不是粉刷整面牆或粉刷整棟房子來幫助解決這個問題。它仍然看起來非常好。它乾淨實用。就像我們將要更換地毯一樣，或者之前我們可能已經更換了整個樓下的地毯，現在它只需要 1 或 2 個房間。因此，我們一直在努力的範圍細化以及價格手冊和整合更多的人在內部做確實降低了成本。

Okay. Got it. Gary, I think you mentioned JV 3 in your prepared comments. I guess, is there any update on how those conversations have been going with your partners?

好的。知道了。加里，我想你在準備好的評論中提到了 JV 3。我想，關於這些對話與您的合作夥伴的進展情況是否有任何更新？

Yes. We've had very good conversations. Obviously, we're in touch with our partners all the time on the existing programs, JV 2 and Homebuilder Direct. They're happy with how that's going. So very positive conversations. Our investors love the asset class. They like how we're performing. They've got capital to do more. So it's really just a question of us being able to get through the existing investment programs staying disciplined on our cap rate criteria, which is important. So that's all -- I would say everything is going well.

是的。我們進行了非常好的對話。顯然，我們一直在與我們的合作夥伴就現有項目 JV 2 和 Homebuilder Direct 保持聯繫。他們對進展情況感到滿意。非常積極的對話。我們的投資者喜歡這個資產類別。他們喜歡我們的表現。他們有資金做更多事情。因此，這實際上只是一個問題，我們能否通過現有的投資計劃，在我們的資本化率標准上保持紀律，這很重要。就是這樣——我想說一切都很順利。

Second -- what was your second question again there, Brad?

第二——布拉德，你的第二個問題是什麼？

On lower leverage.

在較低的槓桿上。

Yes, on lower leverage. Yes, I would say, yes, we will likely -- when we get to JV 3, we will likely look at lower leverage targets. The leverage targets in Homebuilder Direct and JV 2 have been really in that 65% range. And I would expect for JV 3 as we get closer to that later in the year, that leverage will probably come down about 5%. So we might be at 55%, 60%.

是的，以較低的槓桿率。是的，我會說，是的，我們可能會 - 當我們到達 JV 3 時，我們可能會考慮較低的槓桿目標。 Homebuilder Direct 和 JV 2 的槓桿率目標確實在 65% 的範圍內。我預計，隨著我們在今年晚些時候接近 JV 3，槓桿率可能會下降約 5%。所以我們可能是 55%、60%。

Okay. Got it. And then last one for me, just on lack of REIT status, I know in the past, you talked about how sort of the subsidiaries are generating sufficient losses that you wouldn't anticipate paying taxes anytime soon. I'm curious if that's still the case and just any broader thoughts about the need to potentially convert at some point?

好的。知道了。最後一個對我來說，只是因為缺乏房地產投資信託基金的地位，我知道在過去，你談到了什麼樣的子公司正在產生足夠的損失，你預計不會很快納稅。我很好奇情況是否仍然如此，以及是否有任何關於在某個時候可能進行轉換的必要性的更廣泛的想法？

Yes. I think that's still the case. We're not a taxpayer. We're not a cash taxpayer in any significant level right now. So if that becomes more of a headwind and that's a reason to convert, but we don't see that at this point in time. And we don't really think that rather being a corporate REIT is really an impediment, let's say, from index inclusion. So it's not really an IR factor either. It's really about really optimizing cash flow.

是的。我認為情況仍然如此。我們不是納稅人。我們現在不是任何重要級別的現金納稅人。因此，如果這變得更不利，那就是轉換的原因，但我們目前還沒有看到。而且我們並不真的認為作為企業房地產投資信託基金真的是一個障礙，比方說，被納入指數。所以它也不是真正的 IR 因素。這真的是關於真正優化現金流。

And at this point, I think we're fine. Obviously, as a corp, we get the benefit of being able to reinvest more capital. So we're -- I think we're fine to be a corp at this point in time. The question down the road in the future is, if you were to redomicile, that's a different question, where if you did, then it might make more sense to be a REIT.

在這一點上，我認為我們很好。顯然，作為一家公司，我們受益於能夠再投資更多的資本。所以我們 - 我認為我們現在可以成為一家公司。未來的問題是，如果你要重新定居，那是一個不同的問題，如果你這樣做了，那麼成為房地產投資信託基金可能更有意義。

Your next question is from the line of Haendel St. Juste with Mizuho.

你的下一個問題來自 Haendel St. Juste 與 Mizuho 的合作。

First one, I guess, for Wissam on the leverage here, ticked up, I think, about a turn [8.2%]. That -- it seems like some of that might have been tied to the loss of the JV EBITDA. But can you talk overall about leverage, how you think about leverage in this current environment? With the target leverage that you -- you'd like to follow up to and when do you think you'll be able to get there?

第一個，我想，對於 Wissam 來說，這裡的槓桿率，我認為上升了大約一個轉折點 [8.2%]。那——似乎其中一些可能與合資企業 EBITDA 的損失有關。但您能否總體談談槓桿，您如何看待當前環境下的槓桿？有了你的目標槓桿——你想跟進，你認為你什麼時候能到達那裡？

When we look at leverage to really look at our long-term target, which we've mentioned publicly, it's 8 to 9x net debt to EBITDA. So we'll get there. The idea is together over a period of time and also during this period of growth. If I look at what's outstanding today and I look at our near-term maturities, over the next 12 months, we have 1 maturity, which is a term loan that we just -- that we mentioned that we're -- we've extended. We've submitted our extension notice to extend at our option by fill -- by 1 more year.

當我們審視槓桿以真正審視我們公開提到的長期目標時，淨債務是 EBITDA 的 8 到 9 倍。所以我們會到達那裡。想法是在一起一段時間，也是在這段成長時期。如果我看看今天的未償還貸款，看看我們的短期到期貸款，在接下來的 12 個月裡，我們有 1 個到期貸款，這是我們剛剛 - 我們提到的我們 - 我們已經擴展。我們已經提交了我們的延期通知，以根據我們的選擇延長 1 年。

The other 2 would be -- 1 of them will be refinanced and looking at doing some sort of refinancing around June or July time frame and when subscription line will also be paid off. Next year, we have 1 securitization that's maturing in 2017-2. So we've got 2 plans there. One is doing refinancing probably later on this year and do another securitization deal. If the market happens to be closed, we have a backup financing already in place to extend it by another 2 years. Obviously, it's not extending the securitization, you pay it off and you do a term loan for another 2 years and then you see what the right time is.

另外 2 個是——其中 1 個將進行再融資，並考慮在 6 月或 7 月左右進行某種再融資，屆時認購額度也將得到償還。明年，我們將在 2017-2 年完成 1 項證券化。所以我們在那裡有兩個計劃。一個可能在今年晚些時候進行再融資，並進行另一項證券化交易。如果市場碰巧關閉，我們已經準備好備用融資，可以將其再延長 2 年。顯然，這並沒有延長證券化，你還清它，然後再提供 2 年的定期貸款，然後你就會看到合適的時間。

What we're focused on is really reducing the percentage of our short-term debt and also reducing the percentage of our floating-rate debt exposure. Obviously, we have caps in place already and some of those caps mature ended this year, but it's also those exact same deals that we're looking to refinance with the long-term fixed-rate debt.

我們關注的重點是真正降低短期債務的百分比，並降低浮動利率債務敞口的百分比。顯然，我們已經設置了上限，其中一些上限將於今年到期，但我們希望通過長期固定利率債務再融資的交易也完全相同。

Ideal target, again, is 8 to 9x. We're going to ebb and flow. We're going to be in the higher end or lower end to that range on a quarterly basis. But on a full year basis, ideally, we'd like to be between 8 or 9x for now as we continue to grow. If at any point, we decided that we're going to halt growth completely, we could use our AFFO proceeds after dividends and delever over a period of time as well.

同樣，理想目標是 8 到 9 倍。我們會潮起潮落。我們將按季度處於該範圍的高端或低端。但在全年的基礎上，理想情況下，隨著我們繼續增長，我們現在希望保持在 8 或 9 倍之間。如果在任何時候，我們決定完全停止增長，我們也可以在分紅和去槓桿後使用我們的 AFFO 收益一段時間。

That's great color. I appreciate that. And but maybe a follow-up on the decision to pay off the warehouse credit facility versus the subscription line, which I think are a far higher effective interest rate. Was that just to maintain more financial flexibility? Maybe some color on that decision?

那是很棒的顏色。我很感激。但也許是關於還清倉庫信貸額度與訂閱額度的決定的後續行動，我認為這是一個高得多的實際利率。那隻是為了保持更多的財務靈活性嗎？也許這個決定有一些顏色？

Yes. Part of it is maintained flexibility. The other part of it is just sizing as well. So some deals -- the 1 deal that's larger, that's why we refinanced it even though it matures in 2025, but it's better to extend that by another -- do a fixed rate deal for 5 years. The subscription lines we have to pay off because they're in lieu of equity.

是的。其中一部分是保持靈活性。它的另一部分也只是調整大小。所以一些交易——第一筆更大的交易，這就是為什麼我們對其進行再融資，即使它在 2025 年到期，但最好再延長一次——進行 5 年的固定利率交易。我們必須償還的認購額度是因為它們代替了股權。

Just a reminder, we use subscription lines instead of calling on equity from our JV partners. We use them as a tool to allow us to just call in the cash and control the cash. So subscription line always has to be repaid first, warehouse lines. The idea is to extend that into longer-term fixed rate debt.

提醒一下，我們使用訂閱線路而不是從我們的合資夥伴那裡要求股權。我們將它們用作一種工具，使我們能夠收回現金並控制現金。所以訂閱線總是要先償還，倉庫線。這個想法是將其擴展到長期固定利率債務。

Your next question is from the line of Eric Wolfe with Citi.

你的下一個問題來自花旗銀行的 Eric Wolfe。

You talked about your stock trading around the 9% implied cap rate and you're buying homes in the sort of high 5% range. I know the FFO yield is higher when you include the fees, but maybe help us understand how you're thinking through your capital allocation choices and what would cause you to pull back on acquisitions, if anything?

你談到你的股票交易在 9% 的隱含上限率附近，你正在購買 5% 的高範圍內的房屋。我知道當你包括費用時，FFO 收益率會更高，但也許可以幫助我們了解你是如何考慮你的資本配置選擇的，以及什麼會導致你撤回收購，如果有的話？

Yes, for sure. Well, the 9% includes the loss to lease. So not probably an implied cap rate of close to 7%, 7.5% versus where we're buying homes at closer to a 6%. And then I would say, if you add in the fee income, which is -- which can be substantial over time, that gets us to about 7%, 7.5%. So it's basically neutral. And then the other way we look at it is, if we look at a single home, we show this model before where are we acquiring on an FFO multiple basis. At the current time, we're acquiring an FFO multiple of about 12% and we're trading at 14%.

是肯定的。那麼，這 9% 包括租賃損失。因此，隱含的上限利率可能不會接近 7%、7.5%，而我們以接近 6% 的價格購買房屋。然後我會說，如果你加上費用收入，隨著時間的推移，費用收入可能會很大，這會使我們達到大約 7%、7.5%。所以基本上是中立的。然後我們看待它的另一種方式是，如果我們看一個家庭，我們會在我們以 FFO 倍數為基礎收購之前展示這個模型。目前，我們收購的 FFO 倍數約為 12%，我們的交易價格為 14%。

So we think that's accretive to continue to allocate capital to growth. So that's the way we think about it. We do have a small buyback program in place. But in order to do substantially more than that, we'd have to use leverage, and we don't think that makes sense. We don't think this is an environment where we should be levering up to buy back our stock. Again, to the previous point, we run the math on that, and it's not accretive given where we borrow today.

因此，我們認為繼續將資本分配給增長是有好處的。這就是我們的思考方式。我們確實有一個小型回購計劃。但為了做更多的事情，我們必須使用槓桿，我們認為這沒有意義。我們認為在這種環境下我們不應該舉債回購我們的股票。同樣，對於前一點，我們對此進行了數學計算，考慮到我們今天借入的地方，它並沒有增加。

And so we think the best course of action is, again, to grow, but grow at a more moderate pace complete investment programs for JV 2 and Homebuilder Direct, which our investors are very happy with and then prepare ourselves for JV 3.

因此，我們認為最好的行動方案再次是增長，但以更溫和的速度增長，完成 JV 2 和 Homebuilder Direct 的投資計劃，我們的投資者對此非常滿意，然後為 JV 3 做好準備。

Got it. And I think we're about halfway through the quarter at this point. Would you say that you've already bought or under contract for the vast majority of the 800 homes that you're guiding to for this quarter effectively? And if you could maybe share the cap rate for those on a pre and post CapEx basis?

知道了。我認為此時我們已經過了本季度的一半。你會說你已經購買或簽訂了本季度你指導的 800 套房屋中的絕大多數嗎？如果您可以分享資本支出前後的資本化率？

Yes, Jon, do you want to take that?

是的，喬恩，你想接受嗎？

Yes, sure. We're tracking well to that kind of 800-plus target. As you've seen and as we talked about in our materials as well, we've seen listing volume tick up this quarter sequentially versus Q1, which certainly is helping. Also from a rent perspective, we're seeing much more stabilization or actually modest growth sequentially month over month from a rent perspective, which certainly is helping our cap rates.

是的，當然。我們很好地跟踪了那種 800 多個目標。正如您所看到的以及我們在材料中談到的那樣，我們已經看到本季度的掛牌數量與第一季度相比有所增加，這當然有幫助。同樣從租金的角度來看，從租金的角度來看，我們看到更多的穩定性或實際上是逐月溫和增長，這無疑有助於我們的資本化率。

In terms of where we're buying on a nominal basis, it's really targeting a high 5s and low 6s at this point in time. And so again, if we were -- as Gary mentioned earlier, if we were to target, call it, 10,000 homes a year, we're buying closer to 5 in that 5.25%, 5.5% range. But given our targets this year and our guidance range, we're much closer to 6% right now.

就我們在名義上購買的位置而言，它實際上是在這個時間點瞄準高 5s 和低 6s。再一次，如果我們——正如加里之前提到的那樣，如果我們的目標是每年 10,000 套房屋，我們將在 5.25%、5.5% 的範圍內購買接近 5 套房屋。但考慮到我們今年的目標和我們的指導範圍，我們現在更接近 6%。

Your next question is from the line of Keegan Carl with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Keegan Carl。

Maybe first on turnover. Obviously, remains incredibly low. So I'm just kind of curious, is it simply just lower renewal rates that are driving this? Or is there something more? And what's your expectation throughout '23 on your total turnover rate?

也許首先是營業額。顯然，仍然非常低。所以我只是有點好奇，是否只是較低的續訂率推動了這一點？或者還有更多的東西？你對整個 23 年的總失誤率有何期望？

Yes. Certainly, I think that we self-govern our renewals, and I think that has an effect. But we also have -- we pride ourselves in having superior customer service, and we really take care of our residents where when somebody calls, we are -- immediately, we're trying to get the people within 24 to 72 hours, and we try to exceed expectations. So we've talked about being a people-first company, and we have a lot of different programs that we're helping them with.

是的。當然，我認為我們對更新進行自我管理，我認為這會產生影響。但我們也有 - 我們以擁有卓越的客戶服務而自豪，我們真正關心我們的居民，當有人打電話時，我們 - 立即，我們試圖在 24 到 72 小時內聯繫他們，我們嘗試超越預期。所以我們談到要成為一家以人為本的公司，我們有很多不同的項目可以幫助他們。

And so we think that really has a stickiness factor. We also have seen the number of families that are in our portfolio grow. And that creates a stickiness factor. Having said that, we're also -- still have somewhat of remnants of the pandemic. I think as we come into this next -- the leasing season and the summer season, we'll see that turnaround will kind of move up a little bit into the 20 -- low 20% on where we've been now, but that's still really low compared to multifamily or where the industry has been in the past.

所以我們認為這確實有一個粘性因素。我們還看到我們投資組合中的家庭數量在增長。這會產生粘性因素。話雖如此，我們也 - 仍然有一些大流行的殘餘。我認為，當我們進入下一個租賃季節和夏季時，我們會看到周轉率會稍微上升到 20%——比我們現在的水平低 20%，但那是與多戶家庭或該行業過去的水平相比仍然很低。

And then on the of your rental rates, your April spreads were truly impressive, especially in the new lease growth. Just curious what you guys sent out for May and June as far as both new and renewal lease rates?

然後就您的租金而言，您 4 月份的價差確實令人印象深刻，尤其是在新的租賃增長方面。只是好奇你們在 5 月和 6 月發出的新租賃率和續租率是多少？

Yes. So on the renewals, we've -- we're sending them out really at our cap. 75% -- 72%, 75% of our -- of the renewals go out at the cap rate -- at our cap and just depending on where people are on a loss to lease. So we're really -- yes, they're going out like in the mid- to high single digits, which is where our renewal cap rate is, unless somebody is right, is at market, then we're a little bit more into the low single digits.

是的。因此，在續約方面，我們已經 - 我們真的以我們的上限發送它們。 75% - 72%，我們 75% 的續約以上限利率進行 - 在我們的上限下，這取決於人們在哪些地方處於虧損狀態。所以我們真的 - 是的，他們會像中高個位數一樣出去，這就是我們的續約上限率，除非有人是對的，在市場上，然後我們會多一點成低個位數。

Yes. So just -- I mean, let me just clarify that the renewals are going out at 6.5% plus okay? And then the new leases are in the high single digits. And that's really where we would guide to -- really for the rest of the year, right? So if you look at that, if you assume, as Kevin just said, turnover of about 20%, that gets you to blended rent growth in the low 7s, right?

是的。所以只是 - 我的意思是，讓我澄清一下，續約將以 6.5% 以上的速度結束，好嗎？然後新租約是高個位數。這真的是我們要指導的地方——真的是在今年餘下的時間裡，對吧？所以如果你看一下，如果你假設，正如凱文剛才所說，營業額約為 20%，這會讓你的租金增長達到 7 的低水平，對吧？

So we're a little bit ahead of that in April and so far in May. But I think we feel comfortable with guiding really to low 7s on blend rent growth, which is very, very strong.

因此，我們在 4 月份和 5 月份都比這提前了一點。但我認為我們很樂意將混合租金增長真正引導至低 7s，這是非常非常強勁的。

Your next question is from the line of Adam Kramer with Morgan Stanley.

你的下一個問題來自摩根士丹利的 Adam Kramer。

Maybe just a clarification question on your prior comments there, Gary. Just on the renewal, let me just remind us where the cap is and then kind of other exceptions or if a home is well under market, tenants been there for a long time, are there exceptions to the cap? And maybe how you're thinking about the renewal cap going forward? Could it move around? Or is it pretty stable where it is?

加里，也許只是對你之前的評論的澄清問題。就續約而言，讓我提醒我們上限在哪裡，然後是其他例外情況，或者如果房屋處於市場低位，租戶已經在那里呆了很長時間，上限是否有例外？也許你是如何考慮未來的續約上限的？它能四處走動嗎？或者它在哪裡很穩定？

Yes. We don't have exceptions, but we have moved the renewal cap up over time, given the significant loss to lease in the portfolio. So we are taking that into account, but we don't go home by home or market by market. But we've essentially moved the renewal cap up to roughly 7%. So that is moving up, and that provides you with a little bit more clarity why the renewal spreads are also taking up and why we think that instead of being at 6.5%, they might be a little bit higher over the course of the year. So hopefully, that provides you with a little more clarity.

是的。我們沒有例外，但鑑於投資組合中租賃的重大損失，我們已經隨著時間的推移提高了續約上限。所以我們正在考慮到這一點，但我們不會逐個回家或逐個市場。但我們實際上已將續訂上限提高到大約 7%。所以這是在上升，這讓你更清楚為什麼續訂價差也在上升，以及為什麼我們認為它們在一年中可能會高一點，而不是 6.5%。所以希望這能讓你更清楚一點。

That does, yes. That's super helpful. Maybe just on the new lease side. And similar to a prior question, but if I just look at kind of April, new lease versus where kind of February and March were implied based on your prior January disclosure, it looks like a pretty significant acceleration in April versus February, March.

確實如此，是的。這非常有幫助。也許只是在新租約方面。與之前的問題類似，但如果我只看一下 4 月的新租約與根據您之前 1 月披露的隱含的 2 月和 3 月的情況，看起來 4 月與 2 月、3 月相比出現了相當顯著的加速。

Was that just kind of -- was that kind of what the markets allowed to do? Was that kind of more a conscious decision to maybe push new lease maybe at the expense of occupancy is the wrong way to phrase it, but kind of push may be optimized for new lease, not occupancy? Maybe just walk us through that. And if you could just remind us what the loss to leases is as well, that would be really helpful?

那隻是一種 - 是市場允許做的那種嗎？這種以犧牲入住率為代價推動新租約的更有意識的決定是否是一種錯誤的表述方式，但這種推動可能針對新租約而不是入住率進行了優化？也許只是引導我們完成它。如果你能提醒我們租賃損失是多少，那真的會有幫助嗎？

This is Kevin. Loss to lease currently is about 15%. And regarding to the occupancy and the increases, we set ranges depending on where we are in that demand/supply -- supply/demand or economic conditions. And so we'll set an occupancy range. And to the extent we get to the higher end of that occupancy range, we feel comfortable we start pushing rents. And that's where we were -- really where we've been.

這是凱文。目前租賃損失約為15%。關於入住率和增長，我們根據我們在需求/供應中的位置——供應/需求或經濟條件來設定範圍。因此，我們將設置一個佔用範圍。就我們達到入住率範圍的高端而言，我們開始推高租金感到很自在。這就是我們曾經去過的地方——真的是我們去過的地方。

And if we get into that lower end of the occupancy range, then we back off on rent growth. And so you'll see from quarter-to-quarter, we'll try to stay -- right now, we're trying to stay kind of like in a 97% occupancy range, plus or minus. And so we get to the top of that, right, then we'll [keep] that over time.

如果我們進入入住率範圍的低端，那麼我們就會放棄租金增長。所以你會從一個季度到另一個季度看到，我們會努力保持——現在，我們正努力保持在 97% 的入住率範圍內，正負。所以我們達到了頂峰，對，然後我們會 [keep] 隨著時間的推移。

Your next question comes from the line of Stephen MacLeod with BMO Capital Markets.

您的下一個問題來自 BMO Capital Markets 的 Stephen MacLeod。

A couple of questions here. Lots of great color, I just wanted to clarify the Q2 acquisition pace more than doubling. Is that largely due to just seasonality? Or is a portion of it also due to better acquisition math? I think you sort of alluded to both in your -- in the Q&A. So I just wanted to confirm.

這裡有幾個問題。很多很棒的顏色，我只是想澄清 Q2 的收購速度超過一倍。這主要是由於季節性嗎？或者它的一部分也是由於更好的收購數學？我認為您在問答環節中提到了兩者。所以我只是想確認一下。

Yes. It's largely because of seasonality. We've seen a pretty significant increase in listings. Obviously, they're down meaningfully year-over-year. But if you think about where the listings are from January, they've increased about 20%. So that basically allows us to -- if that hits our buy box and allows us to go faster. So that, I would say, is the key reason as to why we go faster from, let's say, 400 to 800 in Q2.

是的。這主要是因為季節性。我們已經看到列表的顯著增加。顯然，它們的同比下降幅度很大。但如果你想想 1 月份的上市情況，它們已經增加了大約 20%。所以這基本上允許我們 - 如果它擊中了我們的購買框並允許我們走得更快。所以，我想說，這是我們在第二季度從 400 加速到 800 的關鍵原因。

The biggest governor overall, though, is the cost of capital, is the cost of debt, right? And so as we get confident that we can borrow at 5.5% or lower, then we can acquire at lower cap rates, which allows us to go faster and faster.

不過，總體上最大的調節因素是資本成本，是債務成本，對吧？因此，當我們確信我們可以以 5.5% 或更低的利率借款時，我們就可以以更低的資本化率收購，這使我們能夠走得越來越快。

So again, I think things are heading in the right direction. But the Q2 guidance to 800 is largely predicated on increased listings. And then to go faster than that, it means we need a lower cost of capital.

因此，我再次認為事情正朝著正確的方向發展。但第二季度 800 的指導主要基於上市數量的增加。然後比這更快，這意味著我們需要更低的資本成本。

Okay. Great. And then just -- could you give a little bit of color around NOI margin in the SFR business, just how you see that evolving through the year?

好的。偉大的。然後 - 你能否在 SFR 業務中給出一些關於 NOI 利潤率的顏色，你如何看待這一年的演變？

Yes. I mean the NOI margin, I think we feel pretty -- look, I mean, we never thought -- I don't think we ever thought, Kevin, right, that it would get up to 69.5% or plus 70% never in a million years. So it's far exceeded our expectations. The initiatives that Kevin has talked about in terms of cost prevention and some of the really exciting things we're doing on the controllable expense side are really driving that.

是的。我的意思是 NOI 餘量，我認為我們感覺很不錯 - 看，我的意思是，我們從未想過 - 我認為我們從未想過，凱文，對，它會達到 69.5% 或 70% 從未在一百萬年。所以它遠遠超出了我們的預期。凱文在成本預防方面談到的舉措以及我們在可控費用方面所做的一些真正令人興奮的事情確實在推動這一點。

But I think I would just say, over the course of the year, we probably feel stable, right, in that kind of high 69% -- or 69% rate change. In order for us to ultimately have a 7 handle on the margin, which I think is clearly possible. It does mean that revenues have to grow faster than expenses. And I would say in our guidance, for this year, we're assuming that revenue over expenses is roughly the same, which would mean that you're not really going to be able to drive margin expansion this year. But over time, I think we're hopeful that we can.

但我想我只想說，在這一年中，我們可能會感到穩定，對，在那種高 69% 或 69% 的利率變化中。為了讓我們最終在保證金上有一個 7 句柄，我認為這顯然是可能的。這確實意味著收入增長必須快於支出增長。我會在我們的指導中說，對於今年，我們假設收入與支出大致相同，這意味著今年你真的無法推動利潤率增長。但隨著時間的推移，我認為我們希望我們能夠做到。

(Operator Instructions) Your next question is from Jade Rahmani with KBW.

（操作員說明）您的下一個問題來自 KBW 的 Jade Rahmani。

This is Jason on for Jade. So what are the implications if rates continue to stay high due to (inaudible) employment and inflation? Would you consider either reaccelerating acquisitions, but focusing on higher cap rate assets or considering raising third-party capital and investing and [leverage].

這是 Jason for Jade。那麼，如果利率由於（聽不清）就業和通貨膨脹而繼續保持高位，這意味著什麼？你會考慮重新加速收購，但專注於更高資本化率的資產，還是考慮籌集第三方資本並進行投資和[槓桿]。

Well, we're not -- we're not going to chase yield. That's not something we're going to do. We're very disciplined on the quality of home that we buy. It's extremely consistent. And the market ultimately dictates what the cap rates are. But we're not going to go out there and try to buy 6.5% or 7% cap rates in order to make the math work and buy an inferior quality home with lower household income. We're just not going to do that. So we are somewhat beholden to where the market's at.

好吧，我們不是——我們不會追求收益。那不是我們要做的事情。我們對購買的房屋質量非常嚴格。它非常一致。市場最終決定了上限利率是多少。但我們不會去那裡嘗試購買 6.5% 或 7% 的上限利率，以使數學可行併購買家庭收入較低的劣質房屋。我們只是不會那樣做。所以我們對市場的位置有點感激。

Could we ultimately look at a model where we go unlevered? It's possible. But I think, as Wissam talked about, we're probably just better off just to use less leverage rather than go unlevered. So rather than go to 65%, maybe we're just better to go to 55% and 60%. And from what we see today, we are seeing positive spreads.

我們最終可以看看我們去槓桿化的模型嗎？這是可能的。但我認為，正如 Wissam 所說，我們可能只是使用更少的槓桿比沒有槓桿更好。所以與其達到 65%，也許我們最好達到 55% 和 60%。從我們今天所看到的情況來看，我們看到了積極的利差。

Again, if that could change -- but from what we see today, we are able to hit that positive spread. So we feel great about that, and we're just going to monitor it kind of week-to-week, month-to-month.

同樣，如果這種情況可以改變——但從我們今天看到的情況來看，我們能夠實現這種積極的傳播。所以我們對此感覺很好，我們將每週、每月監控它。

There are no further questions at this time. I'll turn the call back over to Gary Berman, President and CEO of Tricon Residential.

目前沒有其他問題。我會把電話轉回給 Tricon Residential 的總裁兼首席執行官 Gary Berman。

Thank you, Brent. I'd like to thank all of you on this call for your participation. We look forward to seeing many of you in June at the NAREIT Conference and speaking with all of you again in August to discuss our Q2 results.

謝謝你，布倫特。我要感謝大家在這次電話會議上的參與。我們期待在 6 月的 NAREIT 會議上見到你們中的許多人，並在 8 月再次與你們所有人交談，討論我們的第二季度結果。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。