UDR Inc (UDR) 2024 Q1 法說會逐字稿

Greetings, and welcome to UDR's First Quarter 2024 Earnings Call. (Operator Instructions). As a reminder, this conference is being recorded.

您好，歡迎參加 UDR 2024 年第一季財報電話會議。 （操作員說明）。提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, Vice President of Investor Relations, Trent Trujillo. Thank you. Mr. Trujillo, you may begin.

現在我很高興向您介紹主持人、投資者關係副總裁 Trent Trujillo。謝謝。特魯希略先生，您可以開始了。

Welcome to UDR's Quarterly Financial Results Conference Call. Our press release and supplemental disclosure package were distributed yesterday afternoon and posted to the Investor Relations section of our website ir.udr.com. In the supplement, we have reconciled all non-GAAP financial measures to the most directly comparable GAAP measure in accordance with Reg G requirements.

歡迎參加 UDR 季度財務業績電話會議。我們的新聞稿和補充披露包已於昨天下午分發並發佈到我們網站 ir.udr.com 的投資者關係部分。在補充文件中，我們根據 Reg G 要求將所有非 GAAP 財務指標與最直接可比較的 GAAP 指標進行了核對。

Statements made during this call, which are not historical, may constitute forward-looking statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be met. A discussion of risks and risk factors are detailed in our release and included in our filings with the SEC. We do not undertake a duty to update any forward-looking statements.

本次電話會議中所做的非歷史性陳述可能構成前瞻性陳述。儘管我們認為任何前瞻性陳述中反映的預期都是基於合理的假設，但我們不能保證我們的預期會得到滿足。我們的新聞稿中詳細介紹了風險和風險因素的討論，並包含在我們向 SEC 提交的文件中。我們不承擔更新任何前瞻性陳述的責任。

When we get to the question-and-answer portion, we ask that you be respectful of everyone's time and limit your questions to 1 plus a follow-up. Management will be available after the call for your questions that did not get answered on the call today.

當我們進入問答部分時，我們要求您尊重每個人的時間，並將您的問題限制為 1 個及後續問題。管理階層將在電話會議後為您解答今天電話會議中未得到答覆的問題。

I will now turn the call over to UDR's Chairman and CEO, Tom Toomey.

我現在將把電話轉給 UDR 董事長兼執行長 Tom Toomey。

Thank you, Trent, and welcome to UDR's First Quarter 2024 Conference Call. Presenting on the call with me today are President and Chief Financial Officer, Joe Fisher; and Senior Vice President of Operations, Mike Lacy; Senior Officers, Andrew Cantor; and Chris Van Ens will also be available during the Q&A at the end of the call.

謝謝 Trent，歡迎參加 UDR 2024 年第一季電話會議。今天與我一起參加電話會議的是總裁兼財務長 Joe Fisher；和營運資深副總裁 Mike Lacy；高級官員安德魯·坎托（Andrew Cantor）；克里斯范恩斯 (Chris Van Ens) 也將出席電話會議結束時的問答環節。

2024 is off to a very solid start. Due to better fundamental backdrop than initially expected and the operating strategies we continue to employ to outgrow competitors in our markets. Positive fundamental drivers for industry include: first, year-to-date employment creation of approximately 800,000 jobs has already exceeded initial full year economist consensus growth expectations.

2024 年有一個非常堅實的開端。由於基本面比最初預期更好，並且我們繼續採用超越市場競爭對手的營運策略。產業的正面基本面驅動因素包括：首先，年初至今創造的就業機會約80萬個，已經超越了經濟學家最初對全年成長的普遍預期。

Second, more than 100,000 newly delivered apartment homes were absorbed during the first quarter. The strongest first quarter in over 2 decades. Adding to that, total housing deliveries remained stable and development starts continue to decline. This bodes well for rent growth in the years ahead. And third, renting an apartment is on average 60% more affordable than owning a single-family home in the markets where we operate. A cycle best level of relative affordability.

其次，第一季新交付公寓吸收量超過10萬套。二十多年來最強勁的第一季。除此之外，房屋交付總量保持穩定，而開發案持續下降。這對未來幾年的租金成長來說是個好兆頭。第三，在我們經營的市場中，租公寓平均比擁有單戶住宅便宜 60%。相對承受能力的一個週期最佳水準。

These trends, combined with the operating tactics we utilize have led to positive momentum across all key operating metrics. This includes more robust traffic, higher leasing activity, lower turnover, lower concessions, higher occupancy and better pricing power than originally expected. In all, this translates to what I would characterize as green sprouts. Mike will provide additional details in his remarks.

這些趨勢與我們採用的營運策略相結合，為所有關鍵營運指標帶來了積極的勢頭。這包括比最初預期更強勁的交通、更高的租賃活動、更低的營業額、更低的優惠、更高的入住率和更好的定價能力。總而言之，這就是我所說的綠豆芽。麥克將在講話中提供更多細節。

However, as we only have completed the first 4 months of the year, we remain wary of the volatile and elevated interest rate environment and the effect it may have on pricing and concessions of lease up communities, given the heightened new supply the industry faces in 2024. We feel good about 2024 thus far, but we would like to see more evidence of continued operating momentum as we progress through a peak leasing season before revisiting our full year guidance.

然而，由於我們僅完成了今年的前 4 個月，鑑於該行業在2024 年。到更多持續營運勢頭的證據。

Big picture, I remain optimistic on the long-term growth prospects of the multifamily industry and UDR's unique competitive advantages that should enhance that growth. We have a strong culture, a talented team with a robust track record of performance, and we continue to invest in our associates and embrace technology to create value for all of UDR stakeholders.

總體而言，我對多戶住宅產業的長期成長前景以及 UDR 獨特的競爭優勢保持樂觀，這應該會促進這種成長。我們擁有強大的文化、一支才華橫溢、業績記錄良好的團隊，我們將繼續投資於我們的員工並採用技術，為所有 UDR 利害關係人創造價值。

Finally, I'd like to take a moment to celebrate the upcoming retirement of Senior Vice President and Chief Investment Officer, Harry Alcock who will soon be transitioning to a consulting role with a focus on sourcing transactions. Harry and I have worked together for approximately 30 years, and he has been a trusted partner through all of it. He helped UDR grow to be a thriving $20 billion enterprise we are today while also grooming our next wave of talented investment and development professionals. Harry, thank you for all you have done and we all look forward to working with you in your new role.

最後，我想花點時間慶祝資深副總裁兼首席投資長 Harry Alcock 即將退休，他很快就會轉任顧問職位，專注於採購交易。哈利和我一起工作了大約 30 年，在整個過程中他一直是值得信賴的合作夥伴。他幫助 UDR 成長為一家欣欣向榮的 200 億美元企業，同時也培養了我們下一波有才華的投資和開發專業人士。哈利，感謝您所做的一切，我們都期待在您的新職位上與您合作。

With that, I will turn the call over to Mike.

這樣，我會將電話轉給麥克。

Thanks, Tom. Today, I'll cover the following topics. Our first quarter same-store results, early second quarter 2024 trends and how they factor into our full year 2024 same-store growth guidance. An update on our various innovation initiatives and expectations for operating trends across our regions.

謝謝，湯姆。今天，我將討論以下主題。我們第一季的同店業績、2024 年第二季初的趨勢以及它們如何納入我們 2024 年全年同店成長指引。有關我們各種創新舉措的最新資訊以及對我們各地區營運趨勢的期望。

To begin, first quarter year-over-year same-store revenue and NOI growth of 3.1% and 1.2%, respectively, and 0.4% sequential same-store revenue growth were slightly above our expectations. These results were driven by: first, 0.8% blended lease rate growth, which resulted from nearly 4% renewal rate growth and new lease rate growth of negative 2.5%. New lease rate growth improved 260 basis points versus fourth quarter results as concessions decreased by approximately half of a week on average.

首先，第一季同店營收和 NOI 年比分別成長 3.1% 和 1.2%，同店營收季增 0.4% 略高於我們的預期。這些結果的推動因素是：首先，混合租賃率成長 0.8%，這是由於續租率成長近 4%，新租賃率負成長 2.5%。由於優惠平均減少約半週，新租賃費率成長較第四季提高了 260 個基點。

Second, 35% annualized resident [turn] was 400 basis points better than the prior year. The 630 basis point delta between new and renewal rate growth when combined with higher retention led to a favorable outcome. And third, occupancy remained strong at 97.1%, supported by healthy traffic and leasing volume.

其次，35% 的居民年化成長率比前一年好 400 個基點。新成長率和續約成長率之間 630 個基點的增量與更高的保留率相結合，帶來了良好的結果。第三，在健康的交通和租賃量的支持下，入住率維持在 97.1% 的強勁水準。

New York, Washington, D.C., San Francisco and Seattle, which collectively constitute 36% of our same-store pool for standouts, averaging nearly 98% during the quarter.

紐約、華盛頓特區、舊金山和西雅圖，合計占我們傑出同店池的 36%，本季平均接近 98%。

Shifting to expenses. Year-over-year same-store expense growth of 7.5% in the first quarter was in line with our expectations and inflated by a tough comp against the onetime $3.7 million payroll tax credit we recorded and disclosed in the first quarter of 2023. After excluding this credit, our year-over-year same-store expense growth would have been a more reasonable 4%.

轉向支出。第一季同店費用年增 7.5%，符合我們的預期，但由於與我們在 2023 年第一季度記錄和披露的一次性 370 萬美元工資稅抵免的嚴格比較，該增長有所誇大。計算，我們的同店費用年增率應該是4% 更為合理。

Moving on, strong core operating trends have continued into the second quarter and every key revenue metric is exceeding our expectations through the first 4 months of the year. First, blended lease rate growth continued to accelerate from approximately 1% in March to roughly 2% in April, with concessions stabilizing at lower levels than the fourth quarter of 2023. All regions have demonstrated sequential blended lease rate growth improvement versus March. With our West Coast and mid-Atlantic regions showing the most strength at approximately 3.5%.

接下來，強勁的核心營運趨勢持續到第二季​​度，今年前 4 個月的每項關鍵收入指標都超出了我們的預期。首先，混合租賃率成長持續從3 月的約1% 加速至4 月的約2%，優惠穩定在低於2023 年第四季的水平。 。我們的西海岸和大西洋中部地區表現最為強勁，約 3.5%。

Based on current trends, we expect May blended lease rate growth to demonstrate further sequential improvement.

根據當前趨勢，我們預計 5 月混合租賃率成長將顯示出進一步的環比改善。

Second, resident retention continues to compare well against historical norms. Due in part to our customer experience project, which I will touch on later, April retention is 400 basis points above prior year levels, representing the 12th consecutive month our year-over-year turnover has improved.

其次，居民保留率繼續與歷史正常水平相比。部分歸功於我們的客戶體驗專案（我稍後會談到），4 月的留存率比去年同期水準高出 400 個基點，這意味著我們的營業額連續第 12 個月同比增長。

Third, occupancy is holding firm in the high 96% range. Strong demand from continued job and wage growth has allowed us to simultaneously operate with high occupancy and push rental rate while maintaining rent income levels in the low 20% range.

第三，入住率穩定在 96% 的高點。持續的就業和薪資成長帶來的強勁需求使我們能夠同時維持高入住率和推高租金率，同時將租金收入水準維持在 20% 的低水準。

And fourth, other income continued to grow at approximately 10% in April, similar to what we achieved in the first quarter. As a reminder, other income constitutes roughly 10% of our total revenue. We remain pleased with the trajectory of our other income initiatives such as the rollout and penetration of building-wide WiFi, which contributes significantly to incremental same-store revenue growth.

第四，4 月其他收入繼續以 10% 左右的速度成長，與我們第一季的業績類似。提醒一下，其他收入約占我們總收入的 10%。我們對其他收入措施的發展軌跡仍然感到滿意，例如建築物範圍內 WiFi 的推出和普及，這對同店收入的增量增長做出了重大貢獻。

Looking ahead, we reaffirmed our full year 2024 same-store growth guidance in conjunction with our release. We are encouraged by the strength of macroeconomic indicators, such as year-to-date job growth and wage growth and the effect those demand drivers have had on our key performance indicators thus far. But we remain somewhat cautious given the volatile and elevated interest rate environment combined with peak supply deliveries yet to come.

展望未來，我們在發佈時重申了 2024 年全年同店成長指引。我們對宏觀經濟指標的強勁表現感到鼓舞，例如年初至今的就業成長和薪資成長，以及這些需求驅動因素迄今為止對我們關鍵績效指標的影響。但考慮到波動和利率上升的環境以及尚未到來的供應高峰，我們仍然保持謹慎態度。

Turning to regional trends. Our coastal results have been above our expectations, while Sunbelt markets are in line and trending better. More specifically, the East Coast, which comprises approximately 40% of our NOI, was our strongest region in the first quarter. Boston, Washington, D.C. and New York all performed well with weighted average occupancy of 97.5%.

轉向區域趨勢。我們的沿海業績超出了我們的預期，而陽光地帶市場則符合預期並且趨勢更好。更具體地說，東海岸約占我們 NOI 的 40%，是我們第一季表現最強勁的地區。波士頓、華盛頓特區和紐約均表現良好，加權平均入住率為 97.5%。

Blended lease rate growth was nearly 2.5%, and same-store revenue growth was 4.25%, which is slightly above the high end of our full year expectations for the region. We expect this regional strength to continue.

混合租賃率成長近2.5%，同店營收成長4.25%，略高於我們對該地區全年預期的上限。我們預計這種區域優勢將持續下去。

The West Coast, which comprises approximately 35% of our NOI has performed better than expected. At the beginning of the year, we anticipated San Francisco and Seattle would lag our West Coast markets. While revenue growth results in the first quarter show this to be true on an absolute basis, both markets saw new lease rate growth improved by nearly 900 points compared to our fourth quarter results. The momentum in these markets has exceeded our expectations due to various employers, more strictly enforcing return to office mandates as well as increased office leasing activity from technology and AI companies.

西海岸約佔 NOI 的 35%，表現優於預期。今年年初，我們預計舊金山和西雅圖將落後於我們的西海岸市場。雖然第一季的營收成長結果表明這在絕對基礎上是正確的，但與我們第四季的結果相比，兩個市場的新租賃率成長均提高了近 900 個點。由於各種雇主、更嚴格地執行返回辦公室的規定以及科技和人工智慧公司辦公室租賃活動的增加，這些市場的勢頭超出了我們的預期。

Lastly, our Sunbelt markets, which comprise roughly 25% of our NOI, continue to lag our coastal markets due to elevated levels of new supply, but have performed in line with our expectations. Better drop growth in these markets appear to be bolstering demand and absorption. And similar to other regions, we have seen Sunbelt concessions stabilize.

最後，我們的陽光地帶市場約佔 NOI 的 25%，由於新增供應水準上升，繼續落後於沿海市場，但表現符合我們的預期。這些市場的更好的下降成長似乎正在提振需求和吸收。與其他地區類似，我們看到陽光地帶的特許權穩定下來。

Sequential blended lease rate growth accelerate and retention improve. We remain cautious on the Sunbelt in the near term but have been pleasantly surprised by its recent trajectory. These regional dynamics reinforce the value of a diversified portfolio across markets and price points that allow us to pivot our short- and long-term operating strategies to maximize revenue and NOI growth.

混合租賃率連續成長加速，保留率提高。短期內我們對陽光地帶保持謹慎態度，但對其最近的發展軌跡感到驚訝。這些區域動態增強了跨市場和價位的多元化投資組合的價值，使我們能夠調整短期和長期營運策略，以最大限度地提高收入和 NOI 成長。

Moving on, we continue to make progress on various innovation projects that will benefit same-store growth in 2024 and beyond. One example of this is our customer experience project. We have consistently outperformed the public and private markets on NOI and margins over time due to the focus on our leading operating platform and innovative culture, which has historically driven all aspects of income growth, operating efficiencies and contained our cost structure.

展望未來，我們將繼續在各種創新項目上取得進展，這將有利於 2024 年及以後的同店成長。我們的客戶體驗項目就是一個例子。隨著時間的推移，由於我們專注於我們領先的營運平台和創新文化，我們的NOI 和利潤率一直優於公共和私人市場，這在歷史上推動了收入成長、營運效率的各個方面並控制了我們的成本結構。

We are now turning to the next phase of our platform which focuses on customer experience and retention. Through our proprietary data hub and the millions of data points we have accumulated over the last 7 years, we have found that 50% of resident turnover is controllable. In that, those residents with positive experiences and scores were new at a rate, 20% higher than those with bad experiences. Knowing this, we see an opportunity to improve retention by 5% to 10% versus the industry average of 50%, resulting in a $15 million to $30 million incremental NOI opportunity.

我們現在正在轉向平台的下一階段，專注於客戶體驗和保留。透過我們專有的資料中心和過去7年累積的數百萬個數據點，我們發現50%的居民流動率是可控的。其中，那些有積極經歷和得分的居民的新入居率比那些有不良經歷的居民高出 20%。了解這一點後，我們發現有機會將保留率提高 5% 至 10%，而行業平均為 50%，從而帶來 1500 萬至 3000 萬美元的增量 NOI 機會。

To capture this upside, we now track and score every interaction with our residents. This has allowed us to make a transformational shift in the way we do business with a move from being transactional in nature to a focus on the lifetime value of our customer. We are equipping our UDR team members with tools, training and the ability to prevent or rectify bad customer experiences which we believe over the coming 2 to 3 years will materially improve the [rent] experience and our relative turnover. This should positively impact pricing occupancy, other income, expenses and margin as well.

為了抓住這一優勢，我們現在對與居民的每一次互動進行追蹤和評分。這使我們能夠對業務方式進行轉型，從交易性轉向專注於客戶的終身價值。我們正在為 UDR 團隊成員提供工具、培訓以及預防或糾正不良客戶體驗的能力，我們相信這將在未來 2 到 3 年內顯著改善[租賃]體驗和我們的相對營業額。這也將對定價入住率、其他收入、支出和利潤產生正面影響。

My thanks go out to the UDR associates nationwide, they remain committed to delivering on our strategic priorities. You rightfully deserve credit for embracing our innovative culture and improving how we conduct our business.

我要感謝全國範圍內的 UDR 同事，他們仍然致力於實現我們的戰略重點。您擁護我們的創新文化並改善我們的業務開展方式，理應受到讚揚。

I will now turn over the call to Joe.

我現在會把電話轉給喬。

Thank you, Mike. The topics I will cover today include our first quarter results and our updated full year guidance, a summary of recent transactions and capital markets activity and a balance sheet and liquidity update. Our first quarter FFO as adjusted per share of $0.61 achieved the midpoint of our previously provided guidance and was supported by same-store revenue and NOI growth that was slightly above our expectations. The modest sequential FFOA decline was driven by an approximately [$0.015] decrease from same-store NOI, primarily due to higher expenses attributable to seasonal patterns and approximately [$0.005] decrease from higher interest expense and G&A.

謝謝你，麥克。我今天將討論的主題包括我們的第一季業績和更新的全年指導、近期交易和資本市場活動的摘要以及資產負債表和流動性更新。我們第一季的 FFO 調整後每股 0.61 美元，達到了我們之前提供的指導的中點，並得到了略高於我們預期的同店收入和 NOI 增長的支持。 FFOA 環比小幅下降是由於同店 NOI 下降約 [0.015 美元]，主要是由於季節性模式導致費用增加，以及利息費用和一般管理費用增加導致約 [0.005 美元] 下降。

Looking ahead, our second quarter FFOA per share guidance range is $0.60 to $0.62 with a $0.61 midpoint flat compared to the first quarter due to nominal expected changes across NOI, interest expense and G&A.

展望未來，我們第二季每股 FFOA 指引範圍為 0.60 美元至 0.62 美元，與第一季相比，中點持平 0.61 美元，原因是 NOI、利息費用和一般管理費用的名目預期變化。

Year-to-date, operating results are trending above our initial expectations. But with macro uncertainty and peak leasing season ahead of us, we have reaffirmed our full year 2024 same-store growth guidance ranges and plan to revisit them in the future. However, we did increase our full year FFOA per share guidance range by $0.02 due to the joint venture successful refinancing of its senior construction loan at our DCP investment in Philadelphia with no additional investment from UDR. Having addressed this risk, there are no remaining DCP senior loan maturities until 2025.

今年迄今為止，經營業績趨勢高於我們最初的預期。但鑑於宏觀不確定性和租賃旺季即將到來，我們重申了 2024 年全年同店成長指引範圍，並計劃在未來重新審視它們。然而，我們確實將全年 FFOA 每股指引範圍提高了 0.02 美元，因為合資企業在我們費城的 DCP 投資中成功為其高級建築貸款進行了再融資，而 UDR 沒有進行額外投資。解決了這項風險後，到 2025 年為止，將不再有剩餘的 DCP 優先貸款到期。

In addition to the Philadelphia investment, there remain 3 additional DCP investments totaling approximately $50 million on our watch list with no material changes since the fourth quarter. Beyond this, our remaining $440 million of DCP investments are performing well as they were primarily 2021 and 2022 vintage developments, which have not encountered material construction cost overruns or delays and are performing in line to above pro forma on rents.

除了費城投資外，我們的觀察名單上還有另外 3 項 DCP 投資，總金額約 5,000 萬美元，自第四季以來沒有重大變化。除此之外，我們剩餘的4.4 億美元DCP 投資表現良好，因為它們主要是2021 年和2022 年的老式開發項目，沒有遇到材料建設成本超支或延誤的情況，並且租金表現與預估水平相符。

Next, a transactions and capital markets update. First, in alignment with our capital-light strategy, we made no acquisitions, new DCP investments or development starts during the first quarter. We remain active in evaluating potential acquisitions through our joint venture with LaSalle and are optimistic on the ability to complete additional accretive deals in the coming quarters.

接下來是交易和資本市場的更新。首先，根據我們的輕資本策略，我們在第一季沒有進行收購、新的 DCP 投資或開發專案。我們仍然積極評估透過與拉薩爾的合資企業進行的潛在收購，並對未來幾季完成更多增值交易的能力持樂觀態度。

Second, during the quarter, we completed construction of a $54 million 85-unit townhome community in Dallas, Texas. This community adds density to our existing Addison portfolio while offering residents a complementary living option. Our current development pipeline consists of just 1 community in Tampa, Florida, totaling 330 homes at a budgeted cost of $134 million with 94% of this cost already incurred, thereby limiting our forward funding commitments.

其次，本季度，我們在德州達拉斯完成了價值 5,400 萬美元、擁有 85 個單元的聯排別墅社區的建設。這個社區增加了我們現有的艾迪生投資組合的密度，同時為居民提供了補充的生活選擇。我們目前的開發案僅包括佛羅裡達州坦帕市的 1 個社區，共有 330 套住宅，預算成本為 1.34 億美元，其中 94% 已經發生，從而限制了我們的遠期融資承諾。

And third, during the quarter, we completed the previously disclosed sale of Crescent Falls Church, a 214-home apartment community in the Washington, D.C. area at a mid-5% buyer's cap rate for proceeds of approximately $100 million.

第三，在本季度，我們完成了先前披露的 Crescent Falls Church 的出售，這是華盛頓特區的一個擁有 214 套住宅的公寓社區，買家上限率為 5%，收益約為 1 億美元。

Finally, our investment-grade balance sheet remains liquid and fully capable of funding our capital needs. Some highlights include: first, we have nearly $1 billion of liquidity as of March 31. Second, we have only [$113] million of consolidated debt or approximately 0.6% of enterprise value scheduled to mature through the end of the year and only 11% of total consolidated debt scheduled to mature through 2026, thereby reducing future refinancing risk.

最後，我們的投資等級資產負債表仍然具有流動性，完全有能力滿足我們的資本需求。一些亮點包括：首先，截至3 月31 日，我們擁有近10 億美元的流動性。只有11%預計到 2026 年到期的合併債務總額，從而降低未來的再融資風險。

Our proactive approach to manage on our balance sheet has resulted in the best 3-year liquidity outlook in the sector and the lowest weighted average interest rate amongst the multifamily peer group at 3.4%. And third, our leverage metrics remain strong. Debt-to-enterprise value was just 30% at quarter end, while net debt-to-EBITDAre was 5.7x, which is approximately a half turn better versus pre-COVID levels.

我們採用積極主動的資產負債表管理方法，實現了該行業最佳的 3 年流動性前景，以及多戶住宅同行中最低的加權平均利率（3.4%）。第三，我們的槓桿指標仍然強勁。截至季末，債務與企業價值之比僅為 30%，而淨債務與 EBITDA 比率為 5.7 倍，比新冠疫情前的水平高出約半倍。

In all, our balance sheet and liquidity remain in excellent shape. We remain opportunistic in our capital deployment, and we continue to utilize a variety of capital allocation competitive advantages to drive long-term accretion. With that, I will open it up for Q&A. Operator?

總而言之，我們的資產負債表和流動性仍然保持良好狀態。我們在資本配置上保持機會主義，並持續利用各種資本配置競爭優勢來推動長期增值。這樣，我將打開它進行問答。操作員？

(Operator Instructions). Your first question comes from Nick Joseph with Citi.

（操作員說明）。你的第一個問題來自花旗銀行的尼克約瑟夫。

Maybe just starting on the same-store revenue. Obviously, the first quarter was a bit better than what you expected, but hoping you could actually quantify kind of what your expectations were versus the 3.1% that you put up?

也許只是從同店收入開始。顯然，第一季比您的預期要好一些，但希望您能夠真正量化您的預期與您提出的 3.1% 的情況嗎？

Nick, it's Mike. I'll take the first crack at it. What we're looking at, and as a reminder, we had 70 basis points of blends for the year. And I would tell you, our blends right now in the first quarter, running about 20 basis points higher to start the year. But April, May trend even higher, I'd say, about 100 basis points higher than what we had in our original business plan going into the year.

尼克，是麥克。我會先試試看。我們正在關注的是，作為提醒，我們今年有 70 個基點的混合。我想告訴你，我們的混合物目前在第一季度，年初時上漲了約 20 個基點。但我想說，四月、五月的趨勢甚至更高，比我們今年最初的業務計畫高出約 100 個基點。

So to quantify that, if we were able to sustain that 1%, that equals to about $8 million and for us on our revenue line, that's about 50 basis points. So again, it's early in the season right now. We want to see how the next 30, 60 days play out, but right now, we feel really good about where we're trending.

因此，為了量化這一點，如果我們能夠維持這 1%，則相當於約 800 萬美元，對於我們的收入線來說，這大約是 50 個基點。再說一次，現在還處於賽季初期。我們想看看接下來的 30、60 天會如何發展，但現在，我們對自己的趨勢感到非常滿意。

That's helpful. And how about on the occupancy and the other income side relative to initial expectations?

這很有幫助。相對於最初的預期，入住率和其他收入方面又如何呢？

Occupancy in the first quarter was about 10, 20 basis higher than we expected. And over the last 30 days or so, we brought that down. So we're running right around [96.9%] today. Expectations are, we'll continue to see that probably migrate down maybe 10 or 20 bps as we continue to push our blends a little bit higher. So overall, I'd say occupancy is pretty much on target through the first 4 months or so.

第一季的入住率比我們的預期高出約 10、20 個基點。在過去 30 天左右的時間裡，我們解決了這個問題。所以我們今天的運行速度約為 [96.9%]。預計，隨著我們繼續推高混合價格，我們將繼續看到價格可能會下降 10 或 20 個基點。總體而言，我認為前 4 個月左右的入住率基本上達到目標。

Other income, though, great. I mean I'll tell you, we were 10% above last year to start the year. April is trending in the same direction. That's probably 200 to 300 basis points higher than we originally thought. And a lot of that has to do with the success from the teams and it is really driving these initiatives home. So right now, other income feels really strong. And a lot of this just point back to our strategy, and we've talked about this over the last couple of months. It's start the year with high occupancy, start to push our blends, test the water as we have demand, and it's all starting to play out for us today.

不過其他收入也不錯。我的意思是，我會告訴你，今年年初我們的業績比去年成長了 10%。四月份的趨勢是相同的。這可能比我們最初的預期高出 200 到 300 個基點。這在很大程度上與團隊的成功有關，這確實推動了這些舉措的落地。所以現在其他收入感覺非常強勁。其中很多都回到了我們的策略，我們在過去幾個月已經討論過這個問題。新年伊始，入住率很高，開始推廣我們的混合物，根據我們的需求進行測試，今天這一切都開始為我們發揮作用。

That's helpful. And then you touched on the prepared remarks about the benefits of the low turnover that continues to drive lower the high retention. When you look at the renewals you've sent out for May and June, I guess. First of all, where are those renewals going out? And then is there anything from a take perspective or a negotiating perspective that gives you any indications that turnover won't continue to stay low or even trend lower from here?

這很有幫助。然後你談到了關於低流動率的好處的準備好的評論，低流動率繼續降低高保留率。我想，當您查看五月和六月發出的續訂時。首先，這些續訂都去哪了？那麼，從採取的角度或談判的角度來看，是否有任何跡象表明營業額不會繼續保持在低水平，甚至從現在開始呈下降趨勢？

Mike, again, good question, Nick. Right now, we're sending out around, was around [3.8%] through June on renewals. And then in July, we just sent out about 4.5% growth. So we are getting a little bit more aggressive on renewals, but at the same time, we're really pushing our market rents. So we're trying to compress the new and renewals. And I think what you saw from us in the first quarter was about a 600 basis point difference between new and renewal. My expectations -- that's going to come down to around 300 to 400 basis points as we move throughout the second quarter. And that's really setting us up to drive total blends, which is equating to total revenue growth a little bit ahead of our expectations.

麥克，又是一個好問題，尼克。目前，到 6 月份，我們發送的續約量約為 [3.8%]。然後在 7 月份，我們剛剛公佈了約 4.5% 的成長。因此，我們在續約方面變得更加積極，但同時，我們確實在推高市場租金。因此，我們正在努力壓縮新增內容和續訂內容。我想你在第一季從我們身上看到的是新的和續約的之間有大約 600 個基點的差異。我的預期是，隨著第二季的進展，這一數字將降至 300 至 400 個基點左右。這確實讓我們能夠推動總混合，這相當於總收入成長略高於我們的預期。

Next question, Austin Wurschmidt with KeyBanc Capital Markets.

下一個問題是來自 KeyBanc Capital Markets 的 Austin Wurschmidt。

Mike, you commented -- I want to hit back on the leasing trends about May, lease rate growth improving versus April. You talked about how things have kind of trended. I think, through the first quarter into April relative to expectation. But which markets are really driving that improvement into May? And maybe where are you becoming a little bit more aggressive on the renewal rate growth. And then do you think you can kind of keep retention or keep occupancy high while pushing a little bit harder?

麥克，你評論道——我想回擊五月份的租賃趨勢，租賃率增長較四月份有所改善。你談到了事情的發展趨勢。我認為，從第一季到四月相對於預期而言。但哪些市場真正推動了 5 月的改善？也許你在哪些方面對續訂率成長變得更加激進了。然後你認為你可以在稍微努力一點的同時保持保留率或保持高入住率嗎？

Yes. Great question, Austin. We are seeing more strength based on our own expectations coming into the year really out of the West Coast. Right now, we've talked a little bit about what we've experienced in Seattle and San Francisco. And we're starting to see same thing coming out of the East Coast, New York is really picking up as demand picks up. So a lot of strength coming out of our coastal markets, and that's where we're seeing on an absolute basis, the highest rents.

是的。好問題，奧斯汀。根據我們自己的預期，我們看到今年西海岸的實力更加強勁。現在，我們已經討論了一些我們在西雅圖和舊金山的經歷。隨著需求的增加，我們開始看到紐約東岸的情況也確實有所改善。因此，我們的沿海市場產生了很大的力量，這就是我們在絕對基礎上看到的最高租金的地方。

And I'll tell you the one that's benefit price as of late and thankfully, it's 15% of our NOI is D.C. It's really starting to come on strong, starting to see blends in that plus 4% to 5% growth. And a lot of that has to do with getting more aggressive to your point on renewal, seeing that they're very sticky, and it's allowing us to drive our market ramp up as well and it's translating into positive new lease growth. So overall, the Coast feel very strong. But in addition to that, Sunbelt's hanging in there. And what I'm experiencing today is momentum on a month-over-month basis, seeing positive trends coming out of those parts of the country as well. So overall, things feel very positive there.

我會告訴你最近的福利價格，值得慶幸的是，我們 NOI 的 15% 是華盛頓特區。這在很大程度上與您在續約方面更加積極主動有關，因為它們非常具有黏性，這也使我們能夠推動我們的市場成長，並轉化為積極的新租賃成長。所以整體來說，Coast的感覺非常強烈。但除此之外，Sunbelt 也依然存在。我今天所經歷的是逐月的勢頭，看到該國這些地區也出現了積極的趨勢。總的來說，那裡的情況感覺非常積極。

So yes, my follow-up kind of wanted to dig in a little further on sort of the positive surprise or seemingly like you're -- I feel fairly good about the Sunbelt relative to expectations. So I mean, would you be willing to say that the worst is behind you in the Sunbelt and that potentially the benefit of better job growth and maybe easier comps in the back half of the year could lead to continued acceleration? What are sort of the updated thoughts on the outlook through the balance of the year?

所以，是的，我的後續行動想要進一步挖掘一些正面的驚喜，或者看起來像你一樣——相對於預期，我對陽光地帶的感覺相當好。所以我的意思是，您是否願意說陽光地帶最糟糕的情況已經過去，下半年更好的就業成長和更輕鬆的薪酬可能帶來的潛在好處可能會導致持續加速？對今年剩餘時間的前景有何最新看法？

Yes, Austin. That's been getting a lot of questions on the Sunbelt. So maybe let me step back a second, just give you a little bit more color. And as a reminder to the group is, that's about 25% of our NOI. And to your point, we know supply is -- it's a certainty. And it's in front of us. Peak deliveries are still right around the corner, but at the same time, it's during peak demand. So that's a positive, and we're seeing stronger job growth as well as demand is a little bit stronger. And a lot of that has to do with record absorption. So overall, while it feels good, we're cautiously optimistic just given that supply is still coming.

是的，奧斯汀。關於陽光地帶，人們提出了許多問題。所以也許讓我退一步，給你更多的色彩。需要提醒大家的是，這大約占我們 NOI 的 25%。就你的觀點而言，我們知道供應是確定的。它就在我們面前。交付高峰即將到來，但同時也處於需求高峰時期。所以這是正面的，我們看到就業成長更加強勁，需求也更加強勁。這在很大程度上與創紀錄的吸收有關。因此，總體而言，雖然感覺良好，但考慮到供應仍在增加，我們持謹慎樂觀態度。

But just to give you a little bit more color on what we're seeing on the ground, I think things that we look at, first and foremost, are the concessions. And I would point to, in Texas today, we're seeing 1.5 weeks. And in Florida, it's about a half a week of concession on our portfolio, which is a pretty significant improvement over the last 6 months and lower than what we're seeing from some of the comps in those areas.

但為了讓大家對我們在實地看到的情況有更多的了解，我認為我們首先關注的是讓步。我想指出的是，今天在德克薩斯州，我們看到了 1.5 週。在佛羅裡達州，我們的投資組合大約有半週的讓步，這在過去 6 個月中是一個相當顯著的改善，並且低於我們從這些地區的一些比較中看到的情況。

In addition to that, occupancy in the Sunbelt, we're running around 96.5% to 96.7% today. So still very healthy occupancy. And again, we're seeing blends improving on a month-over-month basis. And just to give you a couple of stuff. In April, we were negative 1.5% in the Sunbelt for blends. That compares to negative 2.2% during the first quarter. And I'd tell you, May is shaping up to be even better. So overall, blends continue to improve. But where I'm most excited is our other income. And we've been driving home some of our initiatives in the Sun Belt, I think specifically the bulk Internet rollout that's really taking hold. It's allowing us to drive our other income above 10% in that part of the country, and it's allowing us to drive our total revenue. So again, cautiously optimistic given that peak supply is in front of us. But it's a much better position knowing that demand is also coming at the same time.

除此之外，陽光地帶的入住率目前約為 96.5% 至 96.7%。所以入住還是很健康的。我們再次看到混合物逐月改善。只是為了給你一些東西。 4 月份，Sunbelt 的混合酒價格為負 1.5%。相比之下，第一季的成長率為負 2.2%。我想告訴你，五月會變得更好。總體而言，混合物繼續改進。但最令我興奮的是我們的其他收入。我們一直在陽光地帶推行一些舉措，我認為特別是大規模網路的推出確實正在紮根。它使我們能夠將該國該地區的其他收入提高到 10% 以上，並且使我們能夠提高總收入。因此，考慮到供應高峰即將到來，我們再次保持謹慎樂觀。但知道需求同時到來，這是一個更好的位置。

And then can you just clarify, did you guys underwrite 5% other income growth for the year?

然後你能澄清一下，你們今年是否承擔了 5% 的其他收入成長？

We were between 5% to 7% growth on our other income line. And again, we're holding around 10% today. So that's a 200 to 300 basis points improvement from what we originally expected.

我們其他收入線的成長率在 5% 到 7% 之間。再說一次，我們今天持有 10% 左右的股份。因此，這比我們最初的預期提高了 200 到 300 個基點。

Next question is Steve Sakwa with Evercore ISI.

下一個問題是 Evercore ISI 的 Steve Sakwa。

Mike, I appreciate all the comments on some of the trends by market. I'm just curious in the Sunbelt, given that we've got heavy deliveries coming over the next 4 quarters. Is it your expectation that the better trends continue? Or has this maybe been either a little bit of low in supply or maybe stronger demand? And like, I guess, how are you thinking about those concession trends maybe over the next several quarters?

麥克，我感謝所有關於市場趨勢的評論。我只是對陽光地帶感到好奇，因為我們在接下來的 4 個季度內將有大量交付。您是否期望更好的趨勢持續下去？或者這可能是供應有點低或需求更強？我想，您如何看待未來幾季的這些讓步趨勢？

Yes, Steve, we still think that peak supply is -- it's going to hit us here in the next couple of quarters. So we're going to continue to watch that, lean into the things that we control. And again, that's where we're hitting our other income and driving our results against the peers on a relative basis. But we do expect that we're going to continue to take the headwind just given supplies in front of us for the next 6 to 12 months in that market.

是的，史蒂夫，我們仍然認為供應高峰將在接下來的幾個季度內衝擊我們。因此，我們將繼續關注這一點，專注於我們所控制的事情。再說一次，這就是我們打擊其他收入並在相對基礎上推動我們的業績與同行相比的地方。但我們確實預計，鑑於該市場未來 6 至 12 個月的供應量，我們將繼續承受逆風。

Steve, this is Toomey. Just to add some more color, and I think we had it in our prepared remarks. The record absorption in the first quarter, high for 2 decades. The jobs number, I think, has surprised us all through the balance of the year. If that continues, the Sunbelt has a pretty good path, if you will, and absorb it. I'm not sure betting on the jobs market, going into an election cycle is a very strong bet on that piece of equation.

史蒂夫，這是圖米。只是為了添加更多色彩，我想我們已經在準備好的演講中提到了這一點。第一季吸納量創20年來新高。我認為今年剩下的時間裡，就業數據讓我們所有人都感到驚訝。如果這種情況持續下去，陽光地帶就會有一條非常好的道路，如果你願意的話，並吸收它。我不確定押注於就業市場、進入選舉週期是否是一個非常強烈的賭注。

Second, we're still a little low from last September, October when we saw interest rates spike and we saw a developer's panic and go to a heavy concession template in that supply type market, setting.

其次，與去年九月、十月相比，我們的利率仍然有點低，當時我們看到利率飆升，而且我們看到開發商的恐慌，並在供應型市場環境中採取了沉重的優惠模板。

And I think we just will kind of be prudent for us to just play it through and see how it falls. I wouldn't get overly optimistic or pessimistic. It's just easier for us to say we're going to play it month by month and see what the traction is with respect to new and renewals. But right now, after 4 months, headed into the (inaudible) feel better than we expected.

我認為我們會謹慎地玩下去，看看它會如何下降。我不會變得過於樂觀或悲觀。對我們來說，更容易說我們將逐月地玩它，看看新的和續訂的吸引力有多大。但現在，4 個月後，（聽不清楚）感覺比我們預期的還要好。

Okay. And then maybe one for Joe. Just as you think about maybe any opportunities for capital deployment. I know you probably don't like where your stock is trading, but how are you thinking about any kind of investment opportunities, whether it's DCP or land purchases for future developments? Like just kind of where are the recurrent opportunities? Where is the opportunity set today?

好的。然後也許是給喬的。正如您所考慮的，也許有任何資本部署的機會。我知道您可能不喜歡您的股票交易位置，但您如何考慮任何類型的投資機會，無論是 DCP 還是為未來開發購買土地？就像經常出現的機會在哪裡？今天的機會在哪裡？

Yes. Steve. So I'd say number one, balance sheet remains in a phenomenal position. So liquidity-wise, maturities sources and uses all look to be in a really good position. So we're able to kind of sit back and be in this capital environment and wait to pivot to offense. I'd say opportunity wise, the transaction market was finding -- footing there in terms of agreement on where cap rates were and buyers and sellers were coming together. Obviously, this recent surge in rates creates a little bit more of an unknown in that environment. And so we're kind of sit back trying to see where valuation starts to settle out here a little bit.

是的。史蒂夫.所以我想說第一，資產負債表仍然處於驚人的位置。因此，就流動性而言，到期日來源和用途看起來都處於非常有利的位置。因此，我們可以在這種資本環境中坐下來，等待轉向進攻。我想說的是，就機會而言，交易市場正在尋找立足點，就上限利率達成一致，買家和賣家正在走到一起。顯然，最近的利率飆昇在這種環境下造成了更多的未知數。因此，我們有點坐下來，試著看看估值在哪裡開始穩定下來。

But where we probably tried to target today 2 different areas. One is on the JV acquisition side. JV that we put together with LaSalle last year, we'd, of course, like to continue to deploy with them as we did in the fourth quarter. So trying to find deals in our existing markets, deals down the street and then get the additional upside from the fee stream that comes off of that. So continue to show them a lot of transactions to help to get some things done here in the coming quarters with them.

但今天我們可能試圖瞄準兩個不同的領域。一是合資收購方面。去年我們與拉薩爾建立的合資企業，我們當然希望繼續與他們一起部署，就像我們在第四季度所做的那樣。因此，我們試圖在現有市場中尋找交易，進行後續交易，然後從由此產生的費用流中獲得額外的收益。因此，繼續向他們展示大量交易，以幫助他們在未來幾個季度在這裡完成一些事情。

The other area is within the DCP pipeline, while we're not seeing much on traditional DCP given that we're not seeing a lot of new starts and activity there. We are seeing a little bit more on the recap opportunity side. And so as we look ahead to potential paydowns or payoffs that may come out of that DCP pipeline in the next 12 months, we're starting to evaluate some opportunities for redeployment to put some capital out there on that front.

另一個領域是在 DCP 管道內，而我們在傳統 DCP 上看到的不多，因為我們在那裡沒有看到很多新的啟動和活動。我們在回顧機會方面看到了更多。因此，當我們展望未來 12 個月內 DCP 管道可能產生的潛在回報或回報時，我們開始評估一些重新部署的機會，以便在這方面投入一些資本。

On the development side, you mentioned that we've got a really good land pipeline right now with a lot of deals that are shovel ready. And so that team has just continued to work out cost and monitor the market and wait to see where we get on some of those yields before we start some of those. But we've got a really good opportunity to hit that hard as well once the market comes into our favor.

在開發方面，您提到我們現在有一個非常好的土地儲備，有很多交易已經準備就緒。因此，該團隊只是繼續計算成本並監控市場，並等待看看我們在開始其中一些收益率之前會得到哪些收益。但一旦市場對我們有利，我們就有一個非常好的機會來大力打擊。

The next question, Josh Dennerlein with Bank of America.

下一個問題是美國銀行的 Josh Dennerlein。

Just wanted to hit on some of the expenses. I was looking at Attachment 8. There's a couple of markets where you had some pretty big jumps year-over-year like Seattle, Boston, Monterey Peninsula. Anything going on in those markets that we should be aware of on the expense side?

只是想解決一些費用。我查看了附件 8。這些市場在費用上有什麼值得我們注意的嗎？

Yes. Josh, I would say, first and foremost, you have to remember the CARES, we're anniversarying off of that. So as a whole, that had about, call it, 350 basis point growth rate. So if we didn't have that, we would have been 4% overall. But specific to some of these markets, Seattle, as an example, we had taxes go up about 9%. So that drove a little bit more growth there, a place like Monterey Peninsula, utilities were up 7%. So you have some of these other factors that are in play in addition to what we're anniversarying off of given the CARES Act. So that's driving some of the higher growth if you will.

是的。喬什，我想說，首先也是最重要的是，你必須記住關懷，我們正在慶祝這一周年紀念。整體而言，成長率約為 350 個基點。因此，如果我們沒有這個，我們的整體比例將是 4%。但具體到其中一些市場，以西雅圖為例，我們的稅收上漲了約 9%。因此，這推動了那裡的成長，像蒙特利半島這樣的地方，公用事業成長了 7%。因此，除了我們紀念《關懷法案》的周年紀念之外，還有一些其他因素也在發揮作用。因此，如果你願意的話，這會推動一些更高的成長。

Just to add to that because we did get a couple of questions overnight on the expense number. I think we did a great job of telegraphing what was going on there with the CARES Act comp in 1Q. And I think a lot of notes noted that, but that was in line to slightly better than we had expected. So that 7.5% overall expense growth number was definitely not a surprise to us. So as it relates to the range for the rest of the year, we definitely see the path to see that year-over-year number come down here for the next 3 quarters. And when you look at the initiatives around that, be it additional automation of leasing, more no staff properties, some of the stuff we're doing with sweet spot maintenance, some of the purchasing. We still got a lot of initiatives out there to keep that expense number controlled as we have in the past. So I would not let 1Q scare you in terms of is that going to be a recurring issue for us.

補充一下，因為我們確實在一夜之間收到了一些關於費用數字的問題。我認為我們在第一季透過 CARES 法案補償來傳達那裡發生的情況方面做得很好。我認為很多筆記都指出了這一點，但這比我們的預期略好一些。因此，7.5% 的整體費用成長數字對我們來說絕對不足為奇。因此，由於它與今年剩餘時間的範圍相關，我們肯定會看到未來 3 個季度的同比數字會下降。當你看看圍繞這方面的舉措時，無論是額外的租賃自動化、更多的無員工財產、我們在最佳點維護方面所做的一些事情，以及一些採購。我們仍然採取了許多措施來控制開支數量，就像過去一樣。因此，我不會讓 1Q 嚇到您，因為這將成為我們反覆出現的問題。

Okay. I appreciate that. And then back on other income, just kind of curious what's driving the outperformance in the other income line? You mentioned the building-wide WiFi. Is that like people can sign up any time? Or I kind of thought is that like lease renewal or when there's a new lease signed. So any color there would be great.

好的。我很感激。然後回到其他收入，只是有點好奇是什麼推動了其他收入線的優異表現？您提到了整棟大樓的 WiFi。是不是就像人們可以隨時註冊一樣？或者我的想法是，就像續租或簽訂新租約時一樣。所以任何顏色都會很棒。

Yes. So let me give you a little bit more color just again -- the other income, it does make up over 10% of our total revenue. And so on our stack, we're looking at about, call it, $40 million and 1/4 of that growth came from the rollout of our bulk Internet. And so we did see about $1 million benefit during the quarter compared to about $100,000 last year. So the majority of it is coming from rolling out that initiative.

是的。那麼，讓我再給大家介紹一下——其他收入確實占我們總收入的 10% 以上。因此，在我們的堆疊中，我們正在考慮大約 4000 萬美元，其中 1/4 的增長來自我們批量互聯網的推出。因此，我們確實在本季看到了約 100 萬美元的收益，而去年約為 10 萬美元。因此，其中大部分來自於該計劃的推出。

In addition to that, I'd tell you, the team is doing a really good job just driving some of our other initiatives as it relates to running out common area spaces or adding parking, in terms of more of sign spots there. We're pushing up some of our short-term furnished rentals and then will continue to lean into some of the package lockers. So you put all that together and you're looking at about a 10% increase on a year-over-year basis. And again, April, May look like they're tracking the same.

除此之外，我想告訴你，團隊在推動我們的一些其他舉措方面做得非常好，因為它與耗盡公共區域空間或增加停車位有關，就那裡有更多的標誌點而言。我們正在提高一些帶家具的短期租金，然後將繼續傾向於一些包裹儲物櫃。因此，將所有這些加在一起，您將看到同比增長約 10%。再說一次，四月、五月他們似乎也在追蹤同樣的情況。

Next question, Jamie Feldman with Wells Fargo.

下一個問題是富國銀行的傑米費爾德曼 (Jamie Feldman)。

I was hoping you could talk a little bit more about how Class A versus B is performing across the markets, across your portfolio?

希望您能多談談 A 類與 B 類在整個市場、整個投資組合中的表現如何？

Sure. I'll take that. So B outperformed our A's on a blended basis at the portfolio level by about 50 basis points. So what we saw was 1% growth versus 0.5%. And I'll tell you the Sunbelt deviated from the recent trends we talked about last year where B's were underperforming A's across the board. And this does suggest that the supply dynamics are impacting A's more than B's across the Sunbelt, which is more in line with traditional supply dynamics. So overall, it feels like it's normal steady state today, and these are doing a little bit better.

當然。我會接受的。因此，在投資組合層面上，B 的綜合表現優於我們的 A 約 50 個基點。所以我們看到的是 1% 的成長與 0.5% 的成長。我會告訴你，Sunbelt 與我們去年討論過的近期趨勢有所不同，當時 B 的表現全面落後於 A。這確實表明，供應動態對整個陽光地帶 A 的影響大於 B，這更符合傳統的供應動態。總的來說，今天感覺是正常的穩定狀態，而這些都做得更好了一些。

Okay. And then you talked broadly about the Sunbelt, but can you just get a little bit more granular on the trends? You mentioned Texas, but as Dallas different than Austin and then even Florida, Tampa, Orlando and then Nashville, which, of course, it's not Florida. But can you just talk more granularly about those markets? Or are they all pretty much doing exactly what you said in your broader Sunbelt comments?

好的。然後你廣泛地談論了陽光地帶，但你能更具體地了解趨勢嗎？你提到了德克薩斯州，但達拉斯不同於奧斯汀，甚至佛羅裡達州、坦帕、奧蘭多，然後是納許維爾，當然，它不是佛羅裡達州。但您能更詳細地談談這些市場嗎？或者他們幾乎都在做你在更廣泛的陽光地帶評論中所說的事情嗎？

I may give you a little bit more color on the makeup of those regions and what we're seeing today. I think first and foremost, starting with Florida. Florida makes up about 10% of our NOI, and it's really split between Tampa and Orlando. Let's say, Tampa, we have about 20% urban, 80% suburban portfolio. We're seeing concessions around 0.3 weeks today. Occupancy is running in that mid-96% range. and Orlando is very similar. So we're seeing about 0.3% weeks concession. Occupancy is a little bit higher at 96.9%. Blends are still slightly negative, but they continue to improve. And so Florida feels like it's on track with our original expectations for the year, specific to Texas, similar in the sense that Texas is about 10% of our NOI, but the majority of this is coming out of Dallas.

我可能會為您提供更多有關這些地區的組成以及我們今天所看到的情況的資訊。我認為首先也是最重要的，從佛羅裡達州開始。佛羅裡達州約占我們 NOI 的 10%，並且實際上分佈在坦帕和奧蘭多之間。假設在坦帕，我們擁有大約 20% 的城市投資組合和 80% 的郊區投資組合。今天我們看到了 0.3 週左右的優惠。入住率處於 96% 的中間範圍。和奧蘭多很相似。所以我們看到每週有大約 0.3% 的折扣。入住率稍高一些，為 96.9%。混合仍然略有負面，但它們繼續改善。因此，佛羅裡達州感覺它正符合我們對今年的最初預期，特別是德克薩斯州，從某種意義上說，德克薩斯州約占我們 NOI 的 10%，但其中大部分來自達拉斯。

So Dallas is 8% of our NOI market, where 15% urban, 85% suburban. We are seeing elevated concessions around 1.5 weeks today, but that has improved from 2.5 weeks about 60 days ago. And we're able to run occupancy in that mid-96% range. So overall, pretty decent numbers coming out of Dallas.

因此，達拉斯占我們 NOI 市場的 8%，其中 15% 為城市，85% 為郊區。今天我們看到 1.5 週左右的優惠有所增加，但這比大約 60 天前的 2.5 週有所改善。我們能夠將入住率控制在 96% 左右的範圍內。總的來說，達拉斯的數據相當不錯。

Austin, probably one of the weaker-performing markets today for us. And again, this is only 2% of our NOI. So it's a relatively small market, seeing concessions in that 2-week range, which is probably the highest in our entire portfolio, and that's where we're facing the majority of our supply. But we're still running 96.7% occupancy. You can see in here, volumes are still negative, but they are improving. So again, cautiously optimistic on a lot of these Sunbelt markets. But today, they're performing at expectations.

奧斯汀，可能是我們今天表現較弱的市場之一。再說一次，這只是我們 NOI 的 2%。因此，這是一個相對較小的市場，在兩週的範圍內看到了優惠，這可能是我們整個投資組合中最高的，這就是我們面臨大部分供應的地方。但我們的入住率仍為 96.7%。您可以在這裡看到，成交量仍然為負，但正在改善。因此，我們對許多陽光地帶市場持謹慎樂觀的態度。但今天，他們的表現符合預期。

Next question is Anthony Paolone with JPMorgan.

下一個問題是摩根大通的 Anthony Paolone。

Maybe, Mike, for you -- I mean you talked about how high the retention is and just the strength of the renewal rates. And so I'm just wondering, like is there a loss-to-lease in portfolio still? Or as we look over the course of the year, does -- do you think this flips to like a gain-to-lease, or how should we think about that and that divergence between new and renewal spreads?

也許，麥克，對你來說 - 我的意思是你談到了保留率有多高以及續訂率的強度。所以我只是想知道，投資組合中是否仍有租賃損失？或者當我們回顧這一年的過程時，您是否認為這會轉變為租賃收益，或者我們應該如何考慮這一點以及新利差和續約利差之間的差異？

Yes. Tony, what we're seeing today is a loss to lease right around, call it, 2% to 2.5%. Typically, that grows as you go through the demand period over the next 3 to 6 months, and then it starts to trail off towards the end of the year. But right now, our loss-to-lease is hovering right around that 2% to 2.5% range today.

是的。東尼，我們今天看到的是租賃損失，可以稱之為 2% 到 2.5%。通常情況下，隨著您在接下來的 3 到 6 個月內經歷需求期，這一數字會增長，然後在年底開始下降。但目前，我們的租賃損失徘徊在 2% 至 2.5% 的範圍內。

And I got to tell you, I'm really excited about what the team has done with the customer experience project. And I gave a lot of high level information in my prepared remarks. But I think it's important just to dive into some of the things that we're doing. And I think, first and foremost, our intention was to capture millions of data points. And by that, I mean, we captured every voice mail, text message, e-mail, surveys, service requests, every personal interaction.

我必須告訴你，我對團隊在客戶體驗專案上所做的事情感到非常興奮。我在準備好的發言中提供了很多高層次的資訊。但我認為深入研究我們正在做的一些事情很重要。我認為，首先也是最重要的，我們的目的是捕捉數百萬個數據點。我的意思是，我們捕獲了每一則語音郵件、簡訊、電子郵件、調查、服務請求以及每一次個人互動。

And so secondary to that was to develop these proprietary resident community-specific dashboards that chronologically align interactions. I think that's the keyword. It's chronologically putting these in order, so our teams know exactly what's happening at any given time. And I'll tell you finally taking all this information and scoring each experience to gauge real-time sentiment to orchestrate a better leading experience has been huge for us.

因此，其次是開發這些專有的居民社區特定儀表板，按時間順序排列互動。我認為這就是關鍵字。它按時間順序排列這些內容，因此我們的團隊可以準確地知道在任何給定時間發生的情況。我會告訴您，最終獲取所有這些資訊並對每次體驗進行評分，以衡量即時情緒，從而精心策劃更好的領先體驗，這對我們來說意義重大。

And so while it doesn't go unnoticed that people aren't moving out to buy homes as much as they were, say, last year or the year before, this is a big dial mover for us and something that our teams are really leaning into.

因此，雖然人們不會像去年或前年那樣搬出去買房，但這對我們來說是一個很大的推動因素，也是我們團隊真正傾向於的東西進入。

One, just one other thing, too, in terms of kind of that momentum and that loss to lease question, I think probably one of the things we're most excited about on a year-to-date basis, when you look at the combination of our gross rents and that concessionary number coming down since the start of the year, we're actually up plus or minus 3% on effective rents on a year-to-date basis, which through the first 120 days is a really good result relative to historical averages. Obviously, that's being led by East and West Coast doing a little bit better. But even Sunbelt, as Mike talked about, we're seeing market rents move higher there. And so when you worry about that gain to lease, the fact that market rents continue to move higher at the same time that we're pushing our blends both on renewal and new base is higher. We feel pretty good about that trajectory in terms of -- as a forward indicator.

一，還有另一件事，就這種勢頭和租賃損失問題而言，我認為這可能是我們今年迄今為止最興奮的事情之一，當你看看結合我們的總租金和自年初以來下降的優惠數字，我們實際上在年初至今的有效租金基礎上上漲了正負3%，這在前120 天確實是一個很好的結果相對於歷史平均水平的結果。顯然，東海岸和西海岸的表現稍好。但正如麥克所說，即使是陽光地帶，我們也看到那裡的市場租金上漲。因此，當您擔心租賃收益時，事實是市場租金繼續走高，同時我們在更新和新基地上推動我們的混合公寓的價格更高。作為一個前瞻性指標，我們對這一軌跡感覺非常好。

Okay. That's helpful. And then just the other one, can you comment on what bad debts were in 1Q and whether you expect any improvement from here for the rest of the year?

好的。這很有幫助。那麼另一個問題，您能否評論一下第一季的壞帳情況以及您預計今年剩餘時間是否會有任何改善？

Yes. So when we put together guidance, we had assumed a flat year-over-year number from '23 to '24 for bad debts. Most of that really being due to the fact that we think we did a really good job of assessing the AR balances historically and knowing kind of what we are going to receive over time. And I'd say that's continued to play out.

是的。因此，當我們總結指導意見時，我們假設 23 至 24 年間壞帳的年比數字持平。這主要是因為我們認為我們在歷史上評估應收帳款餘額方面做得非常好，並了解隨著時間的推移我們將收到什麼。我想說這種情況仍在繼續。

The good thing is, from a trend perspective, we are seeing some of those long-term delinquents, but a number of them as well as our average balances, have actually been coming down a little bit as we've seen some of those eviction moratoriums come off and seeing the courts open up. And so we're seeing the numbers get better there. We're seeing end of month and subsequent to month-end collections, continue to improve and be some of the strongest that we've seen throughout COVID.

好消息是，從趨勢的角度來看，我們看到了一些長期拖欠的人，但其中一些人以及我們的平均餘額實際上已經有所下降，因為我們看到了其中一些被驅逐的情況暫停令結束，法院開放。所以我們看到那裡的數字變得更好。我們看到月底和月底之後的收集將繼續改善，並成為我們在整個新冠疫情期間看到的最強收集之一。

And so the trends right now look pretty good. I'd say, so we're probably a little bit ahead from a bad debt perspective. So I think when we revisit guidance in the future, we'll iron out that number and talk about it a little bit more. But we are really excited about the potential perhaps this year, but definitely going into the future, the actions we're taking and the opportunity that it creates. We've talked about the kind of 1.5% bad debt that we're running at. That's about $25 million a year.

所以現在的趨勢看起來相當不錯。我想說的是，從壞帳的角度來看，我們可能會領先一點。因此，我認為當我們將來重新審視指導意見時，我們將解決這個數字並更多地討論它。但我們對今年的潛力感到非常興奮，但對未來、我們正在採取的行動及其創造的機會也肯定感到興奮。我們已經討論過我們目前的壞帳率為 1.5%。每年約 2500 萬美元。

But when you factor in all the other costs from vacancy, turn costs, legal spots, CapEx, that's another $25 million right there. So it's kind of a $50 million total opportunity. I'd say the actions on the front door being taken today, be it the ID and income verification and utilizing some of those AI-based tools, adjusting some of our processes and oversight and just getting more eyes on that area. And then raising some of the thresholds around deposit requirements, income verification requirements, credit scores, some of that. We're pretty excited about what that has the potential to do as we move forward into the back half of this year and into next year. And so we hope that that's another leg up in terms of that collection percentage and some of the delinquency stats as we move into the back half. But I think by middle of year this year, we'll hopefully have a little bit more visibility to speak to on some of that.

但當你考慮到空缺、週轉成本、合法席位、資本支出等所有其他成本時，那就又是 2500 萬美元。所以這是一個總價值 5000 萬美元的機會。我想說的是今天在前門採取的行動，無論是身份和收入驗證，還是利用一些基於人工智慧的工具，調整我們的一些流程和監督，並讓更多人關注該領域。然後提高存款要求、收入驗證要求、信用評分等方面的一些門檻。當我們進入今年下半年和明年時，我們對它的潛力感到非常興奮。因此，我們希望，當我們進入後半部分時，這在收款百分比和一些拖欠統計數據方面是另一條腿。但我認為到今年年中，我們希望有更多的知名度來討論其中的一些問題。

Next question, Michael Goldsmith with UBS.

下一個問題是瑞銀集團的麥可‧戈德史密斯。

This is Amy with Michael. San Francisco and Seattle get a lot of attention, but the UDR portfolio has some significant exposure to Orange County and Monterey within the West Coast markets as well. So I was hoping that you could touch on the supply-demand trends in those markets.

這是艾米和邁克爾。舊金山和西雅圖受到廣泛關注，但 UDR 投資組合在西海岸市場的橘郡和蒙特雷也有一定的投資。所以我希望你能談談這些市場的供需趨勢。

Yes. Let me give you a little bit of color on all of them. I think first, starting with Seattle and San Francisco because we do get a lot of questions regarding those markets. First and foremost, performing better than we would have expected. And a lot of this has to do with things that are unique to our portfolio. So I'll give you an example. Seattle for us, we're not located down in Seattle. So we're not facing as much of the supply pressure as some others are. We're more located in Bellevue and then out in the suburbs. And what we're seeing in a place like Seattle is Amazon's return to work has really helped demand.

是的。讓我為您提供一些關於所有這些的顏色。我認為首先從西雅圖和舊金山開始，因為我們確實收到了很多有關這些市場的問題。首先也是最重要的，表現比我們預期的還要好。這很大程度上與我們產品組合的獨特之處有關。所以我給你舉個例子。對我們來說西雅圖，我們不是在西雅圖。因此，我們沒有像其他一些國家那樣面臨那麼大的供應壓力。我們更多位於貝爾維尤，然後是郊區。我們在西雅圖這樣的地方看到的是，亞馬遜的復工確實促進了需求。

And in addition to that, the light rail actually just opened up in the last week or so, and that's allowing people who get to Redmond in at least every 10 minutes. So that's allowing some of the Microsoft employees to live in more of these urban settings and have EV access to the suburbs. So that's helped out demand to some degree.

除此之外，輕軌實際上在上週左右剛剛開通，這使得人們至少每 10 分鐘就可以到達雷蒙德。因此，這使得一些微軟員工可以居住在更多的城市環境中，並且可以使用電動車前往郊區。所以這在一定程度上幫助了需求。

I'll tell you what we're seeing in Seattle today, it blends are around 4.5%, and our occupancy is running around 97%. So overall, the fact that we don't have a lot of supply there, it's definitely been helpful. San Francisco, we're 50-50, urban, suburban, we're down in SoMa as well as the Peninsula.

我會告訴你我們今天在西雅圖看到的情況，它的混合率約為 4.5%，我們的入住率約為 97%。總的來說，我們那裡沒有大量供應，這絕對是有幫助的。舊金山，我們是 50-50，城市，郊區，我們在 SoMa 以及半島。

We're seeing concessions come down pretty significantly. We're right around 1 week today compared to 2 to 3 weeks, just (inaudible) days ago. And a lot of this has to do with return to office. I would tell you, incremental steps to cleaning up the city. And then we're seeing AI and biotech jobs return, and we're seeing jobs return as well.

我們看到讓步大幅減少。與幾天前（聽不清楚）的 2 到 3 週相比，今天大約是 1 週。這在很大程度上與重返辦公室有關。我想告訴你的是，要採取漸進的措施來清潔城市。然後我們看到人工智慧和生物技術工作回歸，我們也看到工作回歸。

So a little bit more demand in San Francisco and not a lot of supply to speak to. So those markets have allowed us to really drive our blends into 2Q. And again, both markets are in that, call it, 4% to 4.5% range.

因此，舊金山的需求稍多一些，但供應量卻不多。因此，這些市場使我們能夠真正推動我們的混合產品進入第二季。同樣，兩個市場都處於 4% 至 4.5% 的範圍內。

Specific to Orange County, that is 11% of our NOI, was mainly suburban, seeing a lot more growth in the Newport Beach area than call it Huntington Beach as well as Irvine just because we have a little bit more supply that's putting pressure on us there. But overall, Orange County is performing as expected and feels pretty good today.

具體到奧蘭治縣，占我們 NOI 的 11%，主要是郊區，紐波特海灘地區的增長比亨廷頓海灘和歐文要多得多，因為我們的供應量多一點，這給我們帶來了壓力那裡。但總體而言，橘郡的表現符合預期，今天感覺相當不錯。

Great. And then a quick question on the other income. Improving turnover is certainly positive both for the revenue and expense side. But I'm hoping that you can provide some examples of what sort of that experiences you're seeing that you think that you can do better on from a resident experience side? Like is this, people complaining about loud trash removal or their neighbors or how do you think that you can do better on these items?

偉大的。然後是關於其他收入的快速問題。營業額的提高對於收入和支出來說無疑都是正面的。但我希望你能提供一些例子，說明你所看到的那種體驗，你認為你可以從居民體驗方面做得更好？就像這樣，人們抱怨大聲清理垃圾或他們的鄰居，或者你認為你可以如何在這些項目上做得更好？

That's a really good question. And you'd be surprised to know that rent increases meanwhile, it's a factor, it's 1 of 15 factors, and it's not even in the top 5. And so some of the things that we're finding with going through these millions of data points, it comes down to what you're saying. It comes down to trash, pet waste, noise, the move-in experience. You have to make sure that that's bulletproof. As well as even [pet] issues.

這是一個非常好的問題。你會驚訝地發現，同時，租金上漲，這是一個因素，它是15 個因素中的第一個，而且它甚至不在前5 名之內。發現了一些事情點，這取決於你所說的。歸根究底是垃圾、寵物糞便、噪音、入住體驗。你必須確保它是防彈的。甚至還有[寵物]問題。

And so a lot of things that are very controllable, and that's why we're leaning into it. The team is very focused on it. If we can adjust some of these things, we think we can change the trajectory and we're seeing it play out in front of us. But I'll tell you there's a lot more to come. I think there's probably another year to 2 years of learning, and we're going to continue to put training in place. We'll continue to do (inaudible) testings, and we'll drive this even further as we move throughout this year and into next year.

所以很多事情都是非常可控的，這就是我們傾向於它的原因。團隊非常專注於此。如果我們可以調整其中一些事情，我們認為我們可以改變軌跡，並且我們會看到它在我們面前上演。但我會告訴你還有更多的事情要做。我認為可能還需要一年到兩年的學習時間，我們將繼續進行培訓。我們將繼續進行（聽不清楚）測試，隨著今年和明年的進展，我們將進一步推動這一點。

Next question, Nicholas Yulico with Scotiabank.

下一個問題是豐業銀行的尼古拉斯·尤利科 (Nicholas Yulico)。

I guess first question, Mike, sorry if I missed this, but -- did you give the new lease rate growth, how that's looking in April for the Northeast? Could you also just explain why that number was a little bit weaker than some other markets in the portfolio in the first quarter.

我想第一個問題，麥克，抱歉，如果我錯過了這個，但是 - 你是否給出了新的租賃率增長情況，東北地區四月份的情況如何？您能否解釋為什麼第一季這個數字比投資組合中的其他一些市場略弱一些？

So we did not provide that, but I'm trying to look through some of my notes here quickly. What I would tell you is new lease growth continues to improve. And when you think about what we just put out there as a whole, on our blends being roughly around call it 2% in April. Our new lease growth is roughly flat. And as we move throughout May, expectations are that's going to turn positive. And I think what we're seeing across the board, whether it's the Northeast or even the West and Southwest regions we're seeing improvement there. And a lot of that has to do with pushing our retention up, holding our renewals at a pretty steady rate and trying to find a happy medium on those blends between new and renewal. We're going to continue to test the water as well we can and see where it takes us. But overall, what we're seeing is a positive momentum pretty much across the board.

所以我們沒有提供這一點，但我正在嘗試快速瀏覽我的一些筆記。我要告訴你的是，新租賃成長持續改善。當你考慮我們剛推出的整體產品時，我們的混合產品在 4 月大約是 2%。我們的新租賃成長大致持平。隨著整個五月的到來，人們的預期將會變得積極。我認為我們所看到的全面情況，無論是東北地區還是西部和西南地區，我們都看到了改善。這在很大程度上與提高我們的保留率、保持我們的續訂率保持相當穩定的速度有關，並試圖在新產品和續訂品之間的融合中找到一個愉快的媒介。我們將繼續盡可能地進行測試，看看它會把我們帶到何處。但總體而言，我們看到的幾乎是全面的正面動力。

Okay. Second question is maybe for Tom or Joe, in terms of -- it seems like you have the policy of not revising same-store guidance in the first quarter. And I know you talked about you still want to see the leasing season in the spring play out, and there are some reasons to be cautious in some instances, but you are, it sounds like you are trending above the guidance. So I guess I'm just wondering what is the reason at this point to have that policy since a lot of your peers do adjust in the first quarter. And in fact, I'd say much of the broader REIT market is willing to adjust guidance in the first quarter. So if you could just remind us sort of why you feel strongly about that policy? Or if this is just an instance of situation on the ground. There's still a reason for caution, Sunbelt supply, whatever it is driving that decision.

好的。第二個問題可能是針對湯姆或喬而言的——看來你們的政策是不修改第一季的同店指導。我知道您談到您仍然希望看到春季的租賃季節結束，並且在某些情況下有一些理由保持謹慎，但您確實如此，聽起來您的趨勢高於指導。所以我想我只是想知道目前製定該政策的原因是什麼，因為許多同行確實在第一季進行了調整。事實上，我想說，更廣泛的房地產投資信託市場中的大部分都願意在第一季調整指引。那麼您能否提醒我們為什麼您對該政策有強烈的感受？或者這只是實際情況的一個例子。無論是什麼推動了這項決定，陽光地帶的供應仍然值得謹慎。

Yes. Nick, it's Joe. I'd say as it relates to the broader REIT market, we don't pay a lot of attention to their policies, but I'd just remind everybody, by and large, the broader REIT market is a longer lease duration sector. So maybe a little bit less exposed to the volatility of supply or macros that comes quarter-to-quarter. So as we look at ours -- we've traditionally had that policy with the exception of during COVID when we saw meaningful outperformance to start the year back in '22.

是的。尼克，是喬。我想說，因為它與更廣泛的房地產投資信託市場有關，我們不太關注他們的政策，但我只是提醒大家，總的來說，更廣泛的房地產投資信託市場是一個租賃期限較長的行業。因此，可能會減少受到每季供應或宏觀波動的影響。因此，當我們審視我們的政策時，我們傳統上一直採用這種政策，但在新冠疫情期間我們看到了 22 年年初的有意義的優異表現。

And so we traditionally said we're only 120 days in the year. We've got a lot of the leasing season left. We've got a lot of actions that we can take from a capital markets activity perspective, a lot of opportunity to innovate and drive performance, but also a lot of opportunities for supply to creep up on us or macro to creep up on us. And so we typically like to stay conservative, see how the market comes to us, focus on what we can control. And then as we have that news to deliver, we deliver the good news throughout the year and try not to get out of our SKUs.

所以我們傳統上說一年只有 120 天。我們的租賃季節還剩很長一段時間。從資本市場活動的角度來看，我們可以採取許多行動，有很多創新和推動績效的機會，但也有很多供應增加或宏觀增加的機會。因此，我們通常喜歡保持保守，看看市場如何走向我們，專注於我們可以控制的事情。然後，當我們有訊息要傳達時，我們全年都會傳達好消息，並盡量不放棄我們的 SKU。

Last year, as Tom mentioned, we were surprised by the reaction from some of the developers on the concessionary side to higher rates and some of the new supply coming on. And that surprised us September, October and November, and we had to reduce guidance. By no means is that something that we want to repeat this year at any point in the future. And so that's definitely in the back of our minds as well.

去年，正如湯姆所提到的，我們對一些優惠開發商對更高的利率和一些新供應的反應感到驚訝。這讓我們在 9 月、10 月和 11 月感到驚訝，我們不得不減少指導。今年我們絕不想在未來的任何時候重複這樣的事情。所以這也絕對是我們的想法。

And I would say, as it relates to the range, we think the range is still good. If we were well outside the range, then I think we'd have to give it a good thought. But as Mike said, we're trending ahead, ahead does not mean we're exceeding the high end of the range at this point in time based off our internal forecast. So that range is still a good range at this point in time, and we're just doing better than the midpoint.

我想說，因為它與範圍有關，我們認為範圍仍然不錯。如果我們遠遠超出了範圍，那麼我想我們必須好好考慮一下。但正如麥克所說，我們的趨勢是領先的，領先並不意味著我們目前已經超出了基於我們內部預測的範圍的上限。因此，目前該範圍仍然是一個不錯的範圍，我們只是比中點做得更好。

Next question, John Kim with BMO Capital Markets.

下一個問題是 BMO 資本市場的 John Kim。

I don't think anyone's asked it yet, so I'll give it a shot. Your Attachment 8(E), you no longer provide the market detail on new and renewal spreads. And I was just wondering why decrease that disclosure. I found it very helpful in the past.

我認為還沒有人問過這個問題，所以我會嘗試一下。在您的附件 8(E) 中，您不再提供新價差和續訂價差的市場詳細資訊。我只是想知道為什麼要減少披露。我發現它在過去非常有幫助。

John. So that's part of our annual review that we do with the disclosure committee. They go through and look at best practices throughout the broader REIT space, but also adjust within the multifamily peer group. And so when we looked at what others did around disclosure and the blends, we found that some do regional, some just do portfolio, but we're definitely an outlier with the level of detail that we provided on 20 different markets.

約翰。這是我們與揭露委員會進行的年度審查的一部分。他們仔細研究並研究整個房地產投資信託基金領域的最佳實踐，同時也在多戶同業群體中進行調整。因此，當我們查看其他人在披露和混合方面所做的事情時，我們發現有些人做區域性的，有些人只做投資組合的，但就我們在20 個不同市場提供的詳細程度而言，我們絕對是一個異常值。

And so when we looked at that and looked at the fact that some of these markets may only have 1,000 units in them. When you look at L.A. or Monterey Peninsula, at Richmond and Austin, those are 3 or 4 assets. And I know a lot of investors and analysts utilize us as a read-through to some of the other portfolios that are out there, be it Coastal or Sunbelt.

因此，當我們考慮這一點並考慮到其中一些市場可能只有 1,000 套的事實時。當你看看洛杉磯或蒙特利半島、里士滿和奧斯汀時，這些是 3 或 4 個資產。我知道很多投資者和分析師都利用我們來閱讀其他一些投資組合，無論是 Coastal 還是 Sunbelt。

To the extent that you only have 1,000 units in the market, you can get more volatility off of a couple of assets. It's probably not fair for a REIT to do, carry on to others. So we felt that regional, still provided everybody across those 6 or so regions, the amount of detail that they needed to understand, what was going on with our portfolio and potentially regionally for other portfolios. But we did want to remove the detail on individual markets, which Mike can still speak to, but I just want to pull it back a little bit.

如果您在市場上只有 1,000 個單位，您可以從幾種資產中獲得更大的波動性。對於房地產投資信託基金來說，繼續這樣做可能不公平。因此，我們認為區域仍然為這 6 個左右區域的每個人提供了他們需要了解的詳細信息，我們的投資組合以及其他投資組合可能在區域內發生了什麼。但我們確實想刪除個別市場的細節，麥克仍然可以談論這些細節，但我只想把它拉回來一點。

Okay. Got it. Joe, you also mentioned on the DCP, the watch list remains at $50 million over 3 investments. It didn't move despite the favorable resolution of 1,300 Fairmount. Can I ask what investment got added to the watch list and what's the likelihood of consolidating when these assets are among these 3 investments?

好的。知道了。 Joe，您也在 DCP 中提到，觀察名單中的 3 項投資仍為 5,000 萬美元。儘管費爾蒙特的分辨率為 1,300，但它並沒有移動。請問哪些投資被加到觀察名單中？

Yes. So I'd say it's no change to the watch list. So there's a total of 4 assets on that watch list. It's that Philadelphia DCP that we just went through the successful refi for, plus the 3 others that were still in their last quarter. So 4 in total totaling $150 million.

是的。所以我想說觀察名單沒有改變。觀察名單上總共有 4 項資產。我們剛剛成功完成了費城 DCP 的改裝，另外 3 個仍處於最後一個季度。所以4個總共1.5億美元。

So while we are obviously very pleased on the 1,300 Fairmount transaction to see that refi get done, with no additional investment required from us or the equity partner. That buys 2 years plus a 1-year extension to continue to focus on operations there. Get the NOI trajectory up, get into a potential of different capital markets environment and work through a lot of the supply that's in that submarket right now. So it's kind of a live to fight another day situation. And I'd say, thus far, really pleased with the leasing trends in the last 30 to 60 days. As we see that occupancy number start to pick up from the, call it, high 70s into the mid-80s. And so like the trajectory they're on, but we're still keeping them on the watch list for the time being.

因此，雖然我們顯然對 1,300 Fairmount 交易完成再融資感到非常高興，但我們或股權合作夥伴不需要額外投資。這意味著兩年的期限加上一年的延期，以繼續專注於那裡的運作。提升 NOI 軌跡，進入不同資本市場環境的潛力，並利用該子市場目前的大量供應。所以這有點像是一場再戰的情況。我想說，到目前為止，我對過去 30 到 60 天內的租賃趨勢非常滿意。如我們所見，入住率從 70 年代高點到 80 年代中期開始回升。就像他們所處的軌跡一樣，但我們暫時仍將他們保留在觀察名單上。

The 3 others are roughly $50 million across 3 investments. No change there, it's just simply the NOI yields or the debt yields on those are kind of in that 6% to 7% range. We'd like to see those in the high-single digits as the rest of our portfolio is.

其他 3 項投資的 3 項投資金額約為 5 千萬美元。沒有變化，只是 NOI 收益率或債務收益率在 6% 到 7% 的範圍內。我們希望看到這些股票與我們投資組合的其他產品一樣達到高個位數。

And specific to those 4 deals, they kind of had a confluence of the 3 major risks that are out there, right? They had delays or cost overruns due to COVID because they are older vintages. They had challenging submarkets, which pushed down rents and the cash flow stream. And then what everybody is dealing with, which is lower valuations, higher interest rates. So those are kind of the 4 assets that really have only the confluence of those 3. The rest of the portfolio were different vintages, kind of '21, '22 type of vintages where they're in lease-up, the pro formas are in line ahead of expectations. And so debt yields are materially higher. And so we just don't see risk in the rest of the portfolio at this point.

具體到這 4 筆交易，它們有點融合了 3 個主要風險，對嗎？由於新冠疫情，它們的年份較老，因此出現延誤或成本超支。他們的子市場充滿挑戰，導致租金和現金流下降。然後每個人都在面對更低的估值和更高的利率。因此，這些是 4 種資產，實際上只有這 3 種資產的匯合。 。因此債務收益率大幅提高。因此，目前我們還沒有看到投資組合的其餘部分有風險。

Does your current guidance contemplate unfavorable outcome for any of these 3 investments? In other words, could there be other upside?

您目前的指導是否考慮到這 3 項投資中的任何一項都會出現不利的結果？換句話說，還有其他好處嗎？

No, that's -- yes, it's a great question. I should have clarified that. Thank you. Now the upgraded guidance took the downside risk from the Philadelphia out of the equation. So no FFOA risk related to that or the other 3 that we see this year. The next maturity for one of those is January of '25. And thereafter, the other 3 are in mid-'26 generally. And so we have time on all of those. I'd say if you wanted to bracket the potential downside, if all 4 of those transactions, that $150 million, if we had to go off of the accrual and buy in at the lower yield, it'd probably be about $0.03. But between now and 2 years from now, obviously, we expect upside on NOI from those assets. And so we don't see that full risk into fruition, even if all 3 of those did eventually have to be taken back at their maturity.

不，那是——是的，這是一個很好的問題。我應該澄清這一點。謝謝。現在，升級後的指導消除了費城的下行風險。因此，沒有與此相關的 FFOA 風險或我們今年看到的其他 3 個風險。其中一個的下一個到期日是 25 年 1 月。此後，其他 3 個一般都在 26 年中期。所以我們有時間處理所有這些問題。我想說，如果你想將潛在的下行風險包括在內，如果所有4 筆交易，即1.5 億美元，如果我們必須放棄應計費用並以較低的收益率買入，則可能約為0.03美元。但顯然，從現在到兩年後，我們預計這些資產的 NOI 將會上升。因此，即使所有這三個因素最終都必須在成熟時收回，我們也看不到完全的風險會實現。

Next question Adam Kramer with Morgan Stanley.

下一個問題是摩根士丹利的亞當克萊默 (Adam Kramer)。

Just wanted to ask maybe a little bit more of a high level, maybe theoretical conceptual question. You talked a little bit about the kind of robust job growth we've had so far this year, and I think it's something to certainly focus on when it comes to apartment demand. Maybe just walk us through, is there any kind of -- I don't know if it's a rule of thumb or a way that you guys think about for x number of new jobs created. How many apartment renters are created or what that does in terms of kind of quantifying apartment demand for you guys?

只是想問一些高層次的、理論概念的問題。您談到了今年迄今為止我們的強勁就業成長，我認為在公寓需求方面，這肯定是值得關注的事情。也許請告訴我們，是否有任何一種——我不知道這是一條經驗法則，還是你們為創造x數量的新就業機會考慮的一種方式。創建了多少公寓租戶，或者這對你們量化公寓需求有何影響？

Yes, it's good because we kind of took a look at that as we step back, if you remember, when we put together our initial guidance, we have put together our top-down perspective as well as the bottom-up budgeting process that we always do. And our assumptions that led to that plus or minus 1% rent growth or roughly 70 basis points of blends for the year, that was driven by a multitude of factors, including GDP, wages, job growth, all being low-single digits based off consensus. We had a decline in homeownership rate and then the higher supply number that we [knew]and expected.

是的，這很好，因為我們在退後一步時考慮了這一點，如果你還記得的話，當我們整理我們的初步指導時，我們已經整理了我們自上而下的觀點以及我們自下而上的預算流程。我們的假設導致今年租金成長正負 1% 或約 70 個基點，這是由多種因素驅動的，包括 GDP、薪資、就業成長，所有這些都是基於低個位數的共識。我們的房屋擁有率下降了，然後我們[知道]和預期的供應量增加了。

And so the general rule of thumb is that for the 2 biggest drivers of that number, wages and jobs, about 1% in the combination of those 2 relates to about 1% increase in rents. And so really, the only changes to our forecast at this point that we're seeing from a macro perspective. Supply, homeownership, GDP, all trending as we expected. It's really been jobs and wages have been coming in about 1% or so better. And so that percent better would translate, if you will, and to maybe 1% or so better rents over this year. If that holds obviously, that's consensus, and it can change. But I think that's a lot of why you're seeing some of the performance that Mike talked about coming in better than we expected. It's been a much better backdrop in terms of the demand environment to date.

因此，一般經驗法則是，對於該數字的兩個最大驅動因素，即薪資和工作，這兩個因素的組合約 1% 與租金上漲約 1% 相關。事實上，我們目前從宏觀角度看到的預測的唯一變化。供應、房屋擁有率、GDP，所有趨勢都符合我們的預期。工作和工資確實提高了 1% 左右。因此，如果你願意的話，這個百分比的提高將轉化為今年租金可能提高 1% 左右。如果這顯然成立，那就是共識，並且可以改變。但我認為這就是為什麼你會看到麥克所說的一些表現比我們預期的要好的主要原因。到目前為止，就需求環境而言，這是一個更好的背景。

Great. That's really helpful. Maybe just one a little bit more on the ground, if you will. You talked about it a little bit earlier, but just, I think you guys were really kind of present and clear with the narrative last fall post-Labor Day. It's kind of what happened with the 10-year at that time and kind of what that meant for concession usage on the ground. And maybe taking about the 10-year is today, maybe not quite where it peaked out, but certainly could be higher than it has been in the last number of months. Maybe just walk us through, are you seeing kind of elevated level of concessions again, are you seeing developers maybe change their behavior given where the 10-year is relative to 2, 3, 4 months ago.

偉大的。這真的很有幫助。如果你願意的話，也許在地面上再多一點點。你早些時候談到過這個問題，但我認為你們在去年秋天勞動節後的敘述中確實很在場並且很清楚。這有點像當時 10 年期所發生的情況，也有點像這對實際特許權使用的意義。也許以今天的十年為例，也許還沒有達到峰值，但肯定會高於過去幾個月的水平。也許請告訴我們，您是否再次看到了更高水準的讓步，您是否看到開發商可能會改變他們的行為，因為 10 年相對於 2、3、4 個月前。

Adam, I'll kick it off and kick it over to Joe. I'll tell you what we're seeing on the ground, and as you can see it in our numbers, concessions have been coming down. And I think, this is due in large part to the fact that a lot of these deliveries are coming at a time where you also have demand picking up. And that's the big difference between what we experienced back in 3Q of last year. You had a lot of deliveries coming when -- very demand was starting to go the other way. And so there's a big difference there. There's still more supply to come. So we're, again, cautiously optimistic of where this is headed. But from what we can see on the ground today, concessions have actually come down a little better.

亞當，我會把它踢掉並把它踢給喬。我會告訴你我們在實地看到的情況，正如你從我們的數據中看到的那樣，讓步已經在減少。我認為，這在很大程度上是因為許多交付都是在需求增加的時候進行的。這就是我們在去年第三季所經歷的巨大差異。當需求量開始下降時，您會收到大量貨物。所以這裡面有很大的差別。還有更多的供應即將到來。因此，我們再次對事態發展持謹慎樂觀態度。但從我們今天所看到的情況來看，讓步實際上有所改善。

This is Toomey. I'd probably just add a little bit more to it. And in the developer's mindset, he's looking to add this rollover loan in what terms you can get in proceeds. And so in case of last year or third quarter, we really faced with falling rates, slow traffic, 50 bps spike in your refi and your proceeds coming off 10% to 20%. So that you got squeezed from every angle possible, and you just drop rate to try to fill up to get some level of cash flow because what's probably your most stressful point isn't necessarily the rate. It's the proceeds number. And on a debt service coverage ratio, that squeeze right there means your check to rebalance your loan, if it's $100 million and it went from $10 million to $20 million, you don't have extra $20 million in your pocket. So you hit the panic button, then you try to respond that way. And can that happen again unlikely, but it can. And I think we want to be prudent and see how that emerges. And anyone that can figure out where the 10-year treasury is headed. Please call me because it's a lot easier than buying lottery tickets.

這是圖米。我可能只是添加一點內容。在開發商的想法中，他希望以您可以獲得收益的條件添加這筆展期貸款。因此，就去年或第三季而言，我們確實面臨費率下降、流量緩慢、再融資 50 個基點高峰以及收益下降 10% 到 20% 的情況。這樣你就會從各個可能的角度受到擠壓，你只需降低利率來試圖填補以獲得一定水平的現金流，因為你最有壓力的點可能不一定是利率。這是收益數。就償債覆蓋率而言，這種擠壓意味著你需要用支票來重新平衡你的貸款，如果它是1 億美元，而它從1000 萬美元增加到2000 萬美元，那麼你的口袋裡就沒有多餘的2000 萬美元了。所以你按下了恐慌按鈕，然後你嘗試以這種方式做出反應。這種情況再次發生的可能性不大，但確實有可能。我認為我們要保持謹慎，看看情況會如何發展。任何人都可以弄清楚十年期國庫的走向。請給我打電話，因為這比買彩票容易得多。

Next question, Alexander Goldfarb with Piper Sandler.

下一個問題是亞歷山大·戈德法布（Alexander Goldfarb）和派珀·桑德勒（Piper Sandler）。

Two questions. First, just looking at New York with the recent rent law changes. One, do you see any DCP opportunities for you to help finance third-party office to resi conversions? And then two, with the new laws really do you see any buildings where either they're pre-2009 or you don't see a sightline to exceeding the luxury rents to escape good cause that you would look to prune?

兩個問題。首先，看看紐約最近的租金法變化。第一，您認為 DCP 是否有機會協助您為第三方 Office 到 Resi 轉換提供資金？第二，根據新的法律，您是否真的看到任何建築物要么是 2009 年之前的建築，要么您看不到超出豪華租金的視線，以逃避您想要修剪的正當理由？

Alex, this is Andrew. I'll take the first question and then pass it off to Chris for the second one. As it relates to DCP opportunities, we're always open to underwriting any transactions that we see in the marketplace. To date, we haven't seen anything yet. But we evaluate each opportunity based on its merits. And if it's the right deal, then we'll move forward. So at this point, there's nothing we're working on, but it's not [red bind] by any stretch.

亞歷克斯，這是安德魯。我將回答第一個問題，然後將其傳遞給克里斯來回答第二個問題。由於它涉及 DCP 機會，我們始終願意承銷我們在市場上看到的任何交易。到目前為止，我們還沒有看到任何東西。但我們會根據每個機會的優點來評估它。如果這是正確的交易，那麼我們就會繼續前進。所以在這一點上，我們沒有任何工作要做，但無論如何它都不是[紅色綁定]。

Yes, Alex, it's Chris. Before I dive into New York rent control, maybe let me first step back, talk to the big picture a little bit more on the regulatory side. So first, I would say many of our state legislative sessions have convened for the year while we continue to see bill signed and a lot that impact our -- really our business at the margin. This really was the second year in a row where major legislation like extremely restricted rent control, I would say, for example, that could negatively impact our business in a significant way. It was largely defeated in most of the areas we operate. Obviously, a good trend for the industry, trend we hope continues in the year ahead. So really big things goes out to our advocacy partners around the country.

是的，亞歷克斯，是克里斯。在我深入探討紐約的租金管制之前，也許讓我先退後一步，多談談監管方面的大局。首先，我想說，今年我們的許多州立法會議已經召開，同時我們繼續看到法案的簽署以及許多影響我們的——實際上是我們的邊緣業務。這確實是連續第二年出現重大立法，例如極其嚴格的租金管制，我想說，這可能會對我們的業務產生重大負面影響。在我們經營的大部分領域，它基本上都被擊敗了。顯然，這對行業來說是一個良好的趨勢，我們希望這種趨勢在未來一年繼續下去。因此，我們在全國各地的倡導合作夥伴都會做出重大的事情。

As far as New York rent control, you talked about pre -- or 2009 buildings, it really seems like it will be business as usual for us right now. I mean we've lived with similar restrictions in California and Oregon for a number of years now. We've continued to generate good growth, good returns in those areas. We don't see it being much different moving forward in New York. It's only very rare years, I would say, where market rent growth is likely to be above CPI plus 5 or a cap of 10.

至於紐約的租金管制，你談到了 2009 年之前或 2009 年的建築，現在看來我們真的會一切如常。我的意思是，我們在加州和俄勒岡州已經接受了類似的限制很多年了。我們在這些領域繼續實現良好的成長和良好的回報。我們認為紐約的發展不會有太大不同。我想說，市場租金成長可能高於 CPI 加 5 或上限 10 的年份是非常罕見的。

Lastly, I'd say, of course, there's always the risk of a slippery slope, right? The CPI plus 5 become more restrictive over time. Something we'll continue to monitor. But again, we had the same concerns when 1482 was passed in California, and those concerns have not manifested today. So all in all, New York included, we feel relatively, I would say, okay, about the regulatory environment right now.

最後，我想說，當然，總是存在著滑坡的風險，對吧？隨著時間的推移，CPI+5 變得更加嚴格。我們將繼續監控。但同樣，當 1482 號法案在加州通過時，我們也有同樣的擔憂，而這些擔憂今天並沒有反映出來。總而言之，包括紐約在內，我們對目前的監管環境感覺相對良好。

Okay. And then the second question is, you guys have spoken about a pretty strong operating environment echoing your peers. It's interesting because on the office front, there's still a sense of corporates outside of maybe Midtown Manhattan still being hesitant to lease or to take space. So what are your property managers seeing is driving the demand? Is it really -- is it just a lot of small businesses hiring and there's a disconnect? Or are they seeing a lot of corporate jobs that are coming in to rent -- employees renting apartments and therefore, that's -- you guys are indicating a sign that the corporates are going to return in a growth mode. Just trying to understand the disconnect between what the apartments and you guys are saying about healthier-than-expected demand versus some of the comments from other REIT sectors.

好的。第二個問題是，你們談到了一個相當強大的營運環境，與你們的同行相呼應。這很有趣，因為在辦公室方面，曼哈頓中城以外的企業仍然對租賃或佔用空間猶豫不決。那麼，您的物業經理認為是什麼推動了需求？真的是——只是很多小企業在招聘，而且有脫節嗎？或者他們是否看到大量企業工作正在出租——員工出租公寓，因此——你們正在表明一個跡象，表明企業將以成長模式回歸。只是想了解公寓和你們所說的比預期更健康的需求與其他房地產投資信託行業的一些評論之間的脫節。

Alex, it's Mike. Funny enough, I actually spent last week with our teams out there in New York and ask them that same question and a lot of this comes back to lifestyle. So they're still saying that people are coming back to the market. They just want to live in Manhattan. They want to feel the experience of being there. And expectations are that they've somewhat plateaued in terms of people returning to the office, but there's still room for that to continue to grow. And if and when that happens, that will only help demand even more.

亞歷克斯，這是麥克。有趣的是，實際上我上週在紐約和我們的團隊一起問了他們同樣的問題，其中許多都回到了生活方式。所以他們仍然說人們正在回到市場。他們只想住在曼哈頓。他們想要感受身臨其境的體驗。人們預計，重返辦公室的人數已趨於穩定，但仍有持續成長的空間。如果這種情況發生，只會有助於需求增加。

But we're continuing to see occupancy of almost 98%, and our blends are back up in that 4% range.

但我們的入住率仍然接近 98%，而且我們的混合飯店的入住率又回到了 4% 的範圍內。

So very strong demand in that market. And we expect that to continue throughout the summer months just given the fact that there's not a lot of supply to speak to in the city. You definitely have more in the -- in, call it, Brooklyn, Long Island City, places like that. And as long as they don't go to 2- to 3-month concession, that's not going to pull people out of the city. And so we feel really good about New York today.

該市場的需求非常強勁。鑑於該市沒有太多供應，我們預計這種情況將持續整個夏季。在布魯克林、長島市這樣的地方，你肯定有更多的東西。只要他們不做出 2 到 3 個月的讓步，就不會讓人們離開這座城市。所以我們今天對紐約感覺非常好。

Right. But Mike, across all markets that you guys are in, you're seeing a similar dynamic. It's just people wanting to live in the different markets, not necessarily meaningful job growth? I'm just trying to understand the difference.

正確的。但是麥克，在你們所處的所有市場中，你們都看到了類似的動態。只是人們想生活在不同的市場，不一定有意義的就業成長？我只是想了解其中的差異。

Yes, Alex, I think that's a fair point. I don't think every market is created equal. And I think as an example, I talked a little bit about San Francisco earlier, that market is still getting cleaned up. And I think once they get that cleaned up a little bit more, people want to live down there, and it will be a similar dynamic to what we're facing in a place like New York. But every market is created a little bit different. But overall, I'd say, yes, those sentiments are the same across the board.

是的，亞歷克斯，我認為這是一個公平的觀點。我不認為每個市場都是平等的。我想作為一個例子，我早些時候談到了舊金山，那個市場仍在清理中。我認為一旦他們把這個問題清理乾淨一點，人們就會想住在那裡，這將與我們在紐約這樣的地方面臨的情況類似。但每個市場的創建都略有不同。但總的來說，我想說，是的，這些情緒在所有方面都是相同的。

And I'd say too Alex, just as it relates to the demand. I mean, we talked about jobs and wages both coming in ahead of expectations. The consensus is well over 1 million jobs at this point in time. And so while we focus a lot on the multifamily supply picture as we should, and kind of that national picture of, call it, 600,000 or so units being delivered this year. Keep in mind, the lion share housing is over on the single-family side, which has seen minimal increase on a year-over-year supply basis at around 1.1 million units. You're also seeing from an existing supply perspective, really no homes being sold, you're back to kind of GSE lows. And so you kind of do get into this environment where what's available for all those jobs that are being created and therefore new households that are being created.

我也會說亞歷克斯，因為它跟需求有關。我的意思是，我們談到了就業和薪資都超出了預期。目前的共識是就業機會遠遠超過 100 萬個。因此，儘管我們應該像我們應該的那樣重點關注多戶住宅的供應情況，也就是今年交付的 60 萬套左右單元的全國情況。請記住，單戶住宅的最大份額住房已經結束，其供應量同比增幅微乎其微，約 110 萬套。從現有供應的角度來看，實際上沒有房屋出售，GSE 又回到了低點。因此，你確實進入了這樣一個環境，​​在那裡，所有正在創造的就業機會以及因此正在創建的新家庭都可以使用。

And when you have the relative affordability component in multi where we are 60% less expensive than a single-family home and then if you come around with us, you can put an extra $35,000 a year in your pocket versus buying a home. That's pretty darn compelling. And so you're seeing renter shift gain more than their fair share of that demand that's been put out there into the market right now. And so I think that's a big driver of what we're seeing.

當您擁有多戶住宅的相對負擔能力時，我們的價格比單戶住宅便宜 60%，然後如果您選擇我們，您每年可以比買房多存 35,000 美元。這真是太有說服力了。因此，你會看到租屋者的收益超過了他們目前投入市場的需求的公平份額。所以我認為這是我們所看到的一個重要推動因素。

Next question, Linda Tsai with Jefferies.

下一個問題是 Linda Tsai 和 Jefferies 的問題。

In terms of April retention improving 400 bps from a year ago, is this consistent across your portfolio? Or are there regional differences?

就 4 月的保留率而言，較一年前提高了 400 個基點，這在您的投資組合中是否一致？還是有地區差異？

It's pretty consistent. Again, what we're seeing is a lot of these actions that are put in place from what we're doing with the customer experience project. And so I'd say relatively consistent across the board. The only difference I would tell you is in a place like the Sunbelt, historically, what we would have experienced is call it, 20% of our move-outs were leaving to buy a home. Today, that's closer to 10%. And so significantly less people moving out to buy homes in places where it was historically more affordable. But other than that, a lot of this has to do with the actions that we're putting in place through our innovation.

這是相當一致的。同樣，我們所看到的許多行動都是我們在客戶體驗專案中採取的。所以我想說的是，整體上相對一致。我要告訴你的唯一區別是在像陽光地帶這樣的地方，從歷史上看，我們所經歷的就是這樣，20% 的搬遷者是為了買房子而離開的。如今，這一比例已接近 10%。因此，搬到歷史上房價較便宜的地方買房的人明顯減少了。但除此之外，這在很大程度上與我們透過創新採取的行動有關。

And then in terms of automation, as you move forward, does it ever become apparent that automation is being relied upon too soon that efficacy falls short and impact service levels and then you have to recalibrate and move people back into seats. If so, how do you monitor and correct that?

然後，在自動化方面，隨著您的前進，是否會發現過早依賴自動化，導致效率下降並影響服務水平，然後您必須重新調整並將人們重新安排到座位上。如果是這樣，您如何監控和糾正？

Yes, Linda, that's a fair point. That's something we've experienced as we transition from, call it, Platform 1.0, where the intention was to go to that self-service model, and we reduced our headcount by about 40%. We have found that there are cases where you have to add bodies back that will drive value in the long term. And so we've been going through that over probably the last 12 months or so. And we're still trying to find opportunities where we can run what we call the unmanned sites. And today, we're around 20% of the portfolio. We are adding back from the customer service type positions in the field to make sure that we're acting all these items that we mentioned earlier as it relates to how you change that trajectory and retention.

是的，琳達，這是一個公平的觀點。這是我們從平台 1.0 過渡時所經歷的事情，我們的目的是轉向自助服務模式，我們將員工人數減少了約 40%。我們發現，在某些情況下，您必須重新增加機構，以便從長遠來看推動價值。因此，在過去 12 個月左右的時間裡，我們一直在經歷這個問題。我們仍在努力尋找可以運行我們所謂的無人站點的機會。如今，我們約佔投資組合的 20%。我們正在從該領域的客戶服務類型職位中增加回來，以確保我們正在執行我們之前提到的所有這些項目，因為它與您如何改變軌跡和保留有關。

So I think there are cases where you can find opportunities to drive value and sometimes if you have to add bodies back.

因此，我認為在某些情況下，您可以找到推動價值的機會，有時您必須重新增加人員。

Next question is (inaudible) with Baird.

下一個問題是（聽不清楚）貝爾德的問題。

Have your views changed for the Sunbelt and the timing to absorb all the new supply, given the strong absorption trends you've been seeing?

鑑於您所看到的強勁吸收趨勢，您對陽光地帶以及吸收所有新供應的時機的看法是否改變了？

I don't think, as we kind of look through it, obviously, we go through the peak delivery cycle here over the next couple of quarters. And so 2Q, 3Q is kind of your peak, but it's not a dramatic drop off. It's going to take a while to work through the lease-up of those deliveries. But even into 2025, when you look at overall deliveries coming that year, it's going to be a pretty normal year in terms of relative to long-term averages with the Coast actually coming in a little bit lower as they start to see it drop off a little bit quicker in terms of new starts and permits activity.

我認為，正如我們所看到的那樣，顯然，我們在接下來的幾個季度中不會經歷高峰交付週期。因此，第二季、第三季是您的峰值，但並不是急劇下降。完成這些交付的租賃工作需要一段時間。但即使到了2025 年，當你看看那一年的總體交付量時，相對於長期平均水平而言，這將是相當正常的一年，海岸實際上會稍微低一些，因為他們開始看到交付量下降在新的啟動和許可活動方面要快一些。

So Sunbelt still stays a little bit elevated as you go into '25. I think it's still late '25 that you really get the benefit of that, call it, fourth quarter of '23 drop-off and [seize] up in capital markets where you saw starts fall of a cliff down. They're going to $200,000, $250,000 on an annualized business in 4Q '23.

因此，進入 25 年後，Sunbelt 仍然保持較高的水平。我認為，直到 25 年末，你才能真正從中受益，稱之為 23 年第四季的下跌和資本市場的上漲，你看到資本市場開始出現懸崖式下跌。 2023 年第四季的年化業務收入將達到 20 萬美元、25 萬美元。

And so next year is probably a little bit more normal year, still some pressure on the Sunbelt. '26 has the potential to be a pretty phenomenal year in terms of the lack of housing that's available out there and what that could mean for fundamentals for our sector.

因此，明年可能會是比較正常的一年，陽光地帶仍然面臨一些壓力。就可用住房的缺乏以及這對我們行業的基本面意味著什麼而言，26 年有可能成為相當驚人的一年。

I would like to turn the floor over to Tom Toomey for closing remarks.

我想請湯姆·圖米 (Tom Toomey) 致閉幕詞。

Thank you, operator, and thanks to all of you for your interest and support of UDR. And we look forward to seeing many of you at the Wells Fargo conference next week and NAREIT in June. So with that, we'll close this today. We're always available to take your follow-up calls and take care.

謝謝運營商，也感謝大家對UDR的關注與支持。我們期待在下週的富國銀行會議和 6 月的 NAREIT 會議上見到你們。那麼，我們今天就結束這個話題。我們隨時可以接聽您的後續電話並提供照顧。

This concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路，感謝您的參與。