UDR Inc (UDR) 2025 Q3 法說會逐字稿

Ladies and gentlemen, greetings and welcome to the UDR, Inc. third quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, the Vice President of Investor Relations, Trent Trujillo. Please go ahead.

女士們、先生們，歡迎參加 UDR 公司 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。現在，我榮幸地向大家介紹主持人，投資者關係副總裁特倫特·特魯希略。請繼續。

Thank you and 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 at ir.udr.com.

謝謝各位參加UDR季度財務業績電話會議。我們的新聞稿和補充揭露文件包已於昨天下午分發，並發佈在我們網站 ir.udr.com 的投資者關係部分。

In the supplement, we have reconciled all non-GAAP financial measures to the most directly comparable GAAP measure in accordance with Reg G requirements. Statements made during this call, which are not historical, may constitute forward-looking statements.

在補充文件中，我們已按照 G 條例的要求，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。本次電話會議中所作的非歷史性陳述可能構成前瞻性陳述。

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 press release and included in our filings with the SEC. We do not undertake a duty to update any forward-looking statements.

儘管我們認為任何前瞻性聲明中所反映的預期都是基於合理的假設，但我們無法保證我們的預期將會實現。有關風險和風險因素的詳細討論已在我們的新聞稿中列出，並包含在我們向美國證券交易委員會提交的文件中。我們不承擔更新任何前瞻性陳述的義務。

(Event Instructions)

（活動須知）

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

現在我將把電話交給 UDR 的董事長、總裁兼執行長湯姆·圖米。

Thank you, Trent, and welcome to UDR's third quarter 2025 conference call. Presenting on the call with me today are Chief Operating Officer, Mike Lacy; and Chief Financial Officer, David Bragg. Senior Officers, Andrew Cantor; and Chris Van Ens will also be available during the Q&A portion of the call.

謝謝 Trent，歡迎參加 UDR 2025 年第三季電話會議。今天與我一起參加電話會議的有營運長麥克·萊西和財務長大衛·布拉格。高級官員 Andrew Cantor 和 Chris Van Ens 也將在電話會議的問答環節中出席。

A number of fundamental drivers of our business have been supportive of growth for much of 2025. Coupling this with our core operating advantages, resulting in an attractive same-store revenue, expense and NOI growth and enabled us to raise our full year FFOA per share guidance for the second time this year.

在2025 年的大部分時間裡，我們業務的許多基本驅動因素都對成長起到了支撐作用。結合我們的核心營運優勢，實現了具有吸引力的同店收入、支出和淨營業收入成長，並使我們能夠今年第二次提高全年每股營運活動資金預期。

As we start the fourth quarter, and as it has been widely reported by various third-party publications, the apartment industry has experienced a broad deceleration in the growth. Most of our markets face some combination of employment uncertainty, slower household formation, lower consumer confidence, and high levels of recently completed supply.

隨著第四季度的開始，正如各種第三方出版物廣泛報導的那樣，公寓行業的成長普遍放緩。我們的大多數市場都面臨就業不確定性、家庭組建速度放緩、消費者信心下降以及近期竣工供應量高等多種因素的綜合影響。

Collectively, these factors have contributed to rent growth that has been more measured than what we anticipated as recently as 45 days ago. Even with this backdrop, we are encouraged by various indicators that suggest our residents are resilient and appreciative of the value of renting at UDR.

綜合來看，這些因素共同促成了租金成長，而我們45天前曾預期租金成長會更溫和。即使在這種情況下，各種指標也讓我們感到鼓舞，這些指標表明我們的居民具有韌性，並且認識到在 UDR 租房的價值。

From a long-term perspective, the United States remain structurally under-housed. Affordability of renting an apartment relative to home ownership is nearly at an all-time level of favorability. And the pipeline for future supply has materially decreased.

從長遠來看，美國的住房結構仍然不足。租房相對於買房的經濟性幾乎達到了歷史最佳水平。未來供應管道已大幅減少。

UDR is a cycle-tested having delivered more than 10% average annual total shareholder return over the past 25 years. We will continue to focus on the items that are in our control to manage through the times of uncertainties, make opportunistic and accretive investments and deliver value to our shareholders.

UDR 經過了週期性考驗，在過去 25 年中實現了超過 10% 的平均年度股東總回報。我們將繼續專注於我們能夠控制的事項，以應對不確定時期，進行機會主義和增值投資，並為我們的股東創造價值。

Looking towards UDR's next 25 years, I'm excited about our process that harnesses data, measures outcomes, create actions and drives cash flow growth. Points to make around that, our operating teams have executed a wide range of operating innovation for years with our latest example being our customer experience project.

展望 UDR 的下一個 25 年，我對我們利用數據、衡量結果、制定行動和推動現金流成長的流程感到興奮。關於這一點，需要說明的是，我們的營運團隊多年來一直在執行各種營運創新，最近的例子是我們的客戶體驗專案。

We continue to uncover actionable insight through the millions of daily touch points with existing and prospective residents that enable our teams to measure, map, and orchestrate a superior UDR living experience. This influences our operating tactics from the market level all the way down to the individual apartment home. This approach has led to industry-leading improvements in resident retention, which enhances top line revenue, mitigates expense growth, and drives margin expansion.

我們透過與現有和潛在居民每天數百萬次的接觸，不斷挖掘可操作的見解，使我們的團隊能夠衡量、規劃和策劃卓越的 UDR 生活體驗。這影響著我們從市場層面到單一公寓住宅的整個營運策略。這種方法在居民留存率方面取得了行業領先的進步，從而提高了總收入，緩解了支出成長，並推動了利潤率的擴大。

Elsewhere, our approach to capital allocation is increasingly data-driven and collaborative. Our sophisticated tools allow us to screen investment attractiveness at the asset level across more than 7 million apartment homes nationwide. We have recently executed on the insight from this platform and our teammates to identify an acquisition that holds both an attractive rent growth profile and comes with operational upside to drive yield expansion.

在其他方面，我們的資本配置方法越來越注重數據驅動和協作。我們利用先進的工具，對全國超過 700 萬套公寓住宅進行資產層面的投資吸引力篩選。我們最近根據該平台和團隊成員的洞察力，找到了一個既具有有吸引力的租金成長前景，又具有營運提升空間以推動收益成長的收購目標。

In addition to better informing our buy and sell decisions, we are leveraging our proprietary analytics platform and the wisdom of our teams to influence our NOI enhancing and redevelopment capital expenditures, which we expect will further enhance growth in the future.

除了更好地指導我們的買賣決策外，我們還利用我們專有的分析平台和我們團隊的智慧來影響我們的淨營業收入提升和重建資本支出，我們預計這將進一步促進未來的成長。

Collectively, we are enthused about the innovation we continue to deploy that drive resident, associate, and shareholder value. The initiatives and the platforms we have built aligned with our long-term strategy, enhancing capital allocation decisions, and drive cash flow accretion. When coupled with our investment-grade balance sheet and substantial liquidity, we have positioned ourselves to attractive results for years to come.

總的來說，我們對不斷推行的創新感到興奮，這些創新能夠提升住戶、員工和股東的價值。我們建立的各項措施和平台與我們的長期策略一致，增強了資本配置決策，並推動了現金流的成長。憑藉我們投資等級的資產負債表和充足的流動性，我們已為未來幾年取得可觀的業績奠定了基礎。

Moving on, we continue to build on our position as a recognized leader in corporate stewardship. With the release of our seventh annual corporate responsibility report two weeks ago, we detail the efforts that we enabled UDR to become a more sustainable and resilient company, one that has been recognized as a top workplace winner in the real estate industry for the second consecutive year.

接下來，我們將繼續鞏固我們在企業管理領域公認的領導地位。兩週前，我們發布了第七份年度企業責任報告，詳細介紹了我們如何努力使 UDR 成為一家更具可持續性和韌性的公司，並連續第二年被評為房地產行業最佳工作場所。

Our achievements reflect the engaging employee experience we have built, solidifies our stature as an employer of choice, and deepens our rich history as a leader in corporate stewardship. I'm proud of all we have accomplished and I look forward to sharing more success in the years to come.

我們的成就體現了我們所創造的積極向上的員工體驗，鞏固了我們作為首選雇主的地位，並深化了我們作為企業管理領導者的輝煌歷史。我為我們所取得的成就感到自豪，並期待在未來的幾年分享更多成功。

Finally, I and the other members of the Board of Directors are excited to welcome Ric Clark to UDR as our newest Board member. Ric joined us earlier this month, and his appointment is the latest move in the Board's refreshment process that also included the departure of two long-tenured directors earlier this year.

最後，我和其他董事會成員非常高興地歡迎 Ric Clark 加入 UDR，成為我們最新的董事會成員。Ric 於本月初加入我們，他的任命是董事會更新換代過程中的最新舉措，此前董事會還於今年早些時候失去了兩位長期任職的董事。

Ric brings a wealth of real estate investment and capital markets experience, having served Brookfield various senior leadership roles for over the course of nearly four decades, and we look forward to embracing his perspective as we advance our strategic initiatives.

Ric 在房地產投資和資本市場方面擁有豐富的經驗，在近四十年的時間裡，他曾擔任 Brookfield 的多個高級領導職務，我們期待在他的指導下推進我們的戰略舉措。

In summary, UDR has an established history of innovation, a demonstrated track record of delivering attractive shareholder returns, and a collaborative team with a deep bench to execute our strategy. I remain optimistic about the prospects of the apartment industry, given favorable long-term fundamentals, and UDR will continue to harness data and effort to make decisions that drive cash flow, enhance our value proposition, and stature within the industry.

總而言之，UDR 擁有悠久的創新歷史、卓著的業績記錄，能夠為股東帶來可觀的回報，並且擁有一支實力雄厚、協作高效的團隊來執行我們的策略。鑑於公寓產業的長期基本面良好，我對該產業的前景依然保持樂觀。 UDR 將繼續利用數據和努力做出能夠推動現金流、提升我們的價值主張和行業地位的決策。

With that, I'll turn the call over to Mike.

這樣，我就把電話交給麥克了。

Thanks, Tom. Today, I'll cover the following topics: our third quarter same-store results, our full year 2025 same-store growth guidance, and expectations for operating trends across our regions. To begin, third quarter year-over-year same-store revenue and NOI growth of 2.6% and 2.3%, respectively, exceeded consensus expectations and were driven by: first, 0.8% blended lease rate growth, which was a result of renewal rate growth of 3.3% and new lease rate growth of negative 2.6%.

謝謝你，湯姆。今天，我將介紹以下主題：我們第三季的同店業績、2025 年全年同店成長預期，以及我們對各地區營運趨勢的預期。首先，第三季同店營收和淨營業收入分別年增 2.6% 和 2.3%，超出市場普遍預期，主要得益於：首先，綜合租賃率成長 0.8%，這是由於續租率成長 3.3% 和新租率下降 2.6% 所致。

Blends began the quarter ahead of our expectations. But over the last 45 days, have decelerated beyond typical seasonality, which we largely attribute to the economic uncertainty. This led to our third quarter blend being below our prior expectations of 2%.

混合產品本季開局超出預期。但在過去 45 天裡，成長已經放緩，超出了典型的季節性水平，我們認為這主要是由於經濟的不確定性造成的。這導致我們第三季的混合收益率低於先前預期的 2%。

Second, and more positively, annualized resident turnover was nearly 300 basis points better than the prior year period. This enabled us to unlock both revenue and expense benefits that resulted in NOI growth above consensus.

其次，更令人欣慰的是，年度居民更替率比去年同期提高了近 300 個基點。這使我們能夠在收入和支出方面都獲得收益，從而實現了高於市場預期的淨營業收入成長。

Third, occupancy averaged 96.6%, which was 30 basis points higher than the prior year period. And fourth, other income growth remained strong at 8.5%, driven by continued innovation, along with the delivery of value-add services to our residents.

第三，入住率平均為 96.6%，比去年同期高出 30 個基點。第四，其他收入成長依然強勁，達到 8.5%，這得益於持續創新以及為居民提供增值服務。

Shifting to expenses. Year-over-year same-store expense growth of 3.1% in the third quarter came in better than expectations. This positive result was driven by favorable real estate tax growth, insurance savings, and constrained repair and maintenance expenses. Collectively, expenses across these three categories, which account for nearly two-thirds of total expenses grew a mere 1.9%.

轉向支出。第三季同店支出較去年同期成長 3.1%，優於預期。這一積極成果得益於有利的房地產稅收增長、保險節省以及有限的維修和維護費用。這三類支出加起來佔總支出的近三分之二，但總支出僅增加了 1.9%。

Based on our year-to-date results through the third quarter and recognizing the trends we have experienced thus far to begin the fourth quarter, we adjusted our full year 2025 same-store revenue growth guidance midpoint to 2.4% from 2.5% previously.

根據我們截至第三季的年初至今的業績，並考慮到我們迄今為止在第四季度初所經歷的趨勢，我們將 2025 年全年同店收入增長預期中位數從之前的 2.5% 調整為 2.4%。

Occupancy, other income and bad debt have outperformed which largely neutralized the impact of a lower contribution from blended lease rate growth through the end of the year. Positively, more moderate real estate tax and insurance growth led us to enhance our full year same-store expense growth midpoint by 25 basis points to 2.75%.

入住率、其他收入和壞帳表現優異，基本上抵消了年底前綜合租賃率成長貢獻降低的影響。令人欣慰的是，房地產稅和保險成長較為溫和，因此我們將全年同店支出成長中位數提高了 25 個基點，達到 2.75%。

Combined, we have reaffirmed our full year 2025 same-store NOI growth guidance midpoint of 2.25%. While the near-term operating environment presents some challenges, we have taken action to position ourselves well on a relative basis. In our favor is the fact that we have only 15% of our annual leases expire in the fourth quarter.

綜合來看，我們重申了 2025 年全年同店淨營業收入成長預期中位數為 2.25%。儘管近期經營環境面臨一些挑戰，但我們已採取措施，使自身在相對意義上處於有利地位。對我們有利的是，我們只有 15% 的年度租賃合約在第四季到期。

We strategically shifted approximately 5% of our lease expirations out of the fourth quarter in anticipation of a more challenging leasing environment due to both seasonality and the sheer volume of units in lease-up. This approach has benefited us as occupancy remains in the mid-96% range and aligns with our approach to maximize total revenue.

由於季節性因素和大量待租單位的出現，預計租賃環境將更具挑戰性，因此我們策略性地將大約 5% 的租賃到期日從第四季度轉移出去。這種方法對我們很有利，入住率保持在 96% 左右，這與我們最大化總收入的方法一致。

Looking ahead, the building blocks for 2026 same-store growth are coming into focus. Based on our revised outlook for blended lease rate growth, we are forecasting a 2026 same-store revenue earn-in that is approximately flat. This compares to our historical average of approximately 150 basis points and our 2025 earn-in of 60 basis points. Actual earning will depend on our results through the rest of the year, and we will provide 2026 guidance in February that will address our outlook for drivers of same-store revenue and expense growth.

展望未來，2026 年同店成長的基石正逐漸清晰。根據我們對綜合租賃率成長的修正預期，我們預測 2026 年同店營收將基本持平。這與我們歷史平均約 150 個基點以及 2025 年預期收益 60 個基點相比，差距顯著。實際收益將取決於我們今年剩餘時間的業績，我們將在 2 月提供 2026 年業績指引，其中將闡述我們對同店收入和支出成長驅動因素的展望。

Turning to regional results. Our Coastal markets are performing near the high end of our same-store revenue growth expectations while our Sunbelt markets have lagged. More specifically, the East Coast, which comprises approximately 40% of our NOI, continued to exhibit strength with third quarter weighted average occupancy of 96.7% and blended lease rate growth of 2%. Year-to-date, same-store revenue growth of approximately 4% is at the high end of our expectations for the region.

接下來看一下區域結果。我們的海岸市場表現接近同店營收成長預期的高端，而我們的陽光地帶市場則表現落後。更具體地說，占我們淨營業收入約 40% 的東海岸持續保持強勁勢頭，第三季加權平均入住率為 96.7%，綜合租賃率成長了 2%。今年迄今為止，同店收入成長約 4%，處於我們對該地區預期的高端水平。

New York has been our strongest market in this region, driven by continued healthy demand and relatively low proximate new supply completions. Boston and Washington, D.C. have had similar success year-to-date, but we have experienced some cautious indicators recently due to a slowdown in job growth among some of the largest employment sectors in these two markets.

紐約一直是該地區我們最強勁的市場，這得益於持續健康的需求和附近相對較低的新供應竣工量。今年迄今為止，波士頓和華盛頓特區都取得了類似的成功，但由於這兩個市場中一些最大就業部門的就業成長放緩，我們最近也出現了一些謹慎的跡象。

The West Coast, which comprise approximately 35% of our NOI has demonstrated the strongest positive momentum and performed better than expected year-to-date. Third quarter weighted average occupancy for the West Coast was 96.7%, and blended lease rate growth in all regions at 3%. Year-to-date, same-store revenue growth of 3% is close to the high end of our full year expectation for region.

西海岸業務約占我們淨營業收入的 35%，已展現出最強勁的成長勢頭，並且今年迄今的表現優於預期。第三季西海岸加權平均入住率為 96.7%，所有地區的綜合租賃率成長為 3%。今年迄今為止，同店收入成長 3%，接近我們對該地區全年預期的上限。

We continue to see particularly strong momentum in San Francisco Bay Area, which delivered blended lease rate growth of 7% during the quarter. San Francisco, alongside Seattle, are our two top performing markets in terms of year-to-date NOI growth. Annual new supply completions in 2026 are forecasted to be low at only 1% of its existing stock on average across our West Coast markets, which we expect will lead to relatively favorable fundamentals in the coming quarters.

我們繼續看到舊金山灣區的發展勢頭尤為強勁，該地區本季綜合租賃率成長了 7%。舊金山和西雅圖是我們今年迄今淨營業收入成長最快的兩個市場。預計 2026 年西海岸市場新增供應量平均僅為現有庫存的 1%，這將導致未來幾季基本面相對有利。

Lastly, our Sunbelt markets, which comprise roughly 25% of our NOI, still lag our Coastal markets on an absolute basis due to the lingering effects of elevated levels of new supply, combined with economic uncertainty. Positively, much of the supply continues to be met with strong absorption, though it has come with a general lack of pricing power.

最後，由於新增供應量居高不下以及經濟不確定性的持續影響，我們佔營業淨收入約 25% 的陽光地帶市場，在絕對值上仍落後於沿海市場。令人欣慰的是，大部分供應仍然得到了強勁的消化，儘管這導致定價能力普遍不足。

Third quarter weighted average occupancy for our Sunbelt markets was 96.5%, with blended lease rate growth of approximately negative 3%. Year-to-date, same-store revenue growth for our Sunbelt portfolio is slightly negative which lags the low end of our full year expectations for the region. Among our Sunbelt markets, Tampa continues to form the best, while Austin, Dallas, Denver and Nashville continue to work through elevated levels of lease-up inventory from recent supply deliveries.

第三季度，我們在陽光地帶市場的加權平均入住率為 96.5%，綜合租賃率成長率約為 -3%。今年迄今為止，我們在 Sunbelt 地區的同店收入增長略微為負，低於我們對該地區全年預期的下限。在我們陽光地帶的市場中，坦帕繼續保持最佳狀態，而奧斯汀、達拉斯、丹佛和納許維爾則繼續消化近期供應交付帶來的高租賃庫存水準。

To conclude, we delivered attractive third quarter results. Same-store revenue, expense, and NOI growth were all better than expectations. Current leasing conditions are not as robust as we previously expected them be, but we have taken action to position ourselves well on a relative basis.

總之，我們取得了令人滿意的第三季業績。同店收入、支出和淨營業收入成長均優於預期。目前的租賃狀況不如我們之前預期的那麼強勁，但我們已經採取措施，使我們在相對意義上處於有利地位。

Longer term, the combination of a broad shortage of housing in America, a continued decrease in new supply across most markets and the elevated cost of homeownership should bode well for occupancy and pricing going forward.

從長遠來看，美國住房普遍短缺、大多數市場新供應持續減少以及房屋所有權成本高企等因素，應該會對未來的入住率和價格產生正面影響。

We will continue to tactically adjust our operating strategy for each market to maximize cash flow and leverage our innovative culture to drive initiatives that enhance our growth profile. My thanks go out to our teams across the country for your hard work and ability to drive results across all market conditions.

我們將繼續針對每個市場靈活調整營運策略，以最大限度地提高現金流，並利用我們的創新文化來推動各項舉措，從而提升我們的成長前景。我要感謝全國各地的團隊，感謝你們的辛勤工作和在各種市場環境下取得優異成績的能力。

I will now turn over the call to Dave.

現在我將把通話交給戴夫。

Thank you, Mike. The topics I will cover today include my initial first-hand impressions of UDR, our third quarter results and our updated full year guidance, a summary of recent transactions and capital markets activity and the balance sheet and liquidity update.

謝謝你，麥克。我今天將介紹的主題包括我對 UDR 的第一手印象、我們第三季的業績和更新後的全年預期、近期交易和資本市場活動的總結以及資產負債表和流動性更新。

I'm delighted to be a part of the UDR team after following the company closely from the outside for about 20 years. I'd like to share a few of my initial impressions from the inside. First, I'm honored to lead a high-caliber and experienced finance team that has allowed me to make a smooth transition. My five partners who comprise our finance leadership team and report directly to me have been with UDR for an average of 13 years, and they show up to win every day.

在密切關注 UDR 公司近 20 年後，我很高興能成為 UDR 團隊的一員。我想和大家分享我從內部人士那裡得到的一些初步印象。首先，我很榮幸能夠領導一支高素質、經驗豐富的財務團隊，而正是他們的努力讓我能夠順利完成過渡。我的五位合夥人組成了我們的財務領導團隊，他們直接向我匯報工作，他們在 UDR 的平均工作年限為 13 年，他們每天都全力以赴，力爭成功。

Second, UDR's culture of innovation has carried over to the investment side of the house, where our analytics effort is increasingly informing our decisions on CapEx, redevelopment, acquisitions, development, and dispositions. Our capital allocation process is highly collaborative as it draws on insight from across the organization. The team's priorities are encapsulated into heat maps for both sources and uses of capital that we publish, and we are aligned on the goal of driving long-term cash flow growth for shareholders.

其次，UDR 的創新文化已經延伸到投資領域，我們的分析工作越來越多地為我們有關資本支出、重建、收購、開發和處置的決策提供資訊。我們的資本配置過程具有高度協作性，因為它藉鑒了整個組織的見解。團隊的優先事項體現在我們發布的資金來源和用途的熱圖中，我們的目標是推動股東的長期現金流成長。

Third, operations. I have long respected the company's operational acumen, which I have witnessed in person on visits to dozens of UDR communities over the years. Now that I'm here, I appreciate the interplay between the corporate team in Denver and our colleagues in the field and I am impressed by the team's ingenuity and tenacity as we navigate today's fluid operating environment. Overall, I'm inspired by the drive and comradery I've seen across the company in how innovation is embedded in our culture.

第三，營運。多年來，我曾親自走訪數十個 UDR 社區，親眼見證了該公司卓越的營運能力，我一直非常敬佩該公司的營運能力。現在我來到這裡，我欣賞丹佛總部團隊和我們一線同事之間的互動，也對團隊在應對當今瞬息萬變的營運環境時所展現出的創造力和韌性印象深刻。總的來說，我深受公司上下展現出的進取心和團隊精神的鼓舞，創新已經融入我們的企業文化中。

On to third quarter results. FFO as adjusted per share of $0.65 exceeded our previously provided guidance expectations. The $0.02 or 3% FFOA per share [be] or our guidance midpoint was primarily driven by NOI and the benefit related to an executive departure. This be led us to raise our FFOA per share guidance range for the second time this year.

接下來是第三季業績。調整後的每股FFO為0.65美元，超出我們先前給出的預期。每股 0.02 美元或 3% 的 FFOA [be] 或我們的指導中點主要受 NOI 和高階主管離職帶來的好處所驅動。這促使我們今年第二次調高每股 FFOA 預期範圍。

Our new full year 2025 FFOA per share guidance range is $2.53 to $2.55 per share. The $2.54 midpoint represents a $0.02 per share or approximately 1% improvement compared to our prior guidance. Looking ahead, our fourth quarter FFOA per share guidance range is $0.63 to $0.65.

我們新的 2025 年全年每股 FFOA 預期範圍為每股 2.53 美元至 2.55 美元。2.54 美元的中點意味著每股收益提高 0.02 美元，或比我們之前的預期提高約 1%。展望未來，我們對第四季每股 FFOA 的預期範圍為 0.63 美元至 0.65 美元。

Next, a transactions and capital markets update. First, we received more than $32 million in proceeds from the successful payoff of our preferred equity investment in a stabilized apartment community located in Los Angeles. Second, as part of recapitalizations, we fully funded a total of approximately $60 million at a 10.5% weighted average contractual rate of return across preferred equity investments in two stabilized apartment communities. One is located in Orlando, Florida and the other in Orange County, California.

接下來是交易和資本市場最新情況。首先，我們成功償還了在洛杉磯一個已穩定運作的公寓社區的優先股投資，獲得了超過 3,200 萬美元的收益。其次，作為資本重組的一部分，我們以 10.5% 的加權平均合約回報率，為兩個已穩定運營的公寓社區的優先股投資提供了總計約 6000 萬美元的資金。一個位於佛羅裡達州奧蘭多市，另一個位於加州橘郡。

Positive property level cash flow allows for approximately two-thirds of our contractual return to be paid current in cash. This aligns with our approach to focus on investments with high current pay, lower LTV, and that screen favorably within our investment analytics platform. This discipline enhances the safety and performance of these deals.

良好的物業現金流使得我們能夠以現金支付約三分之二的合約回報。這與我們專注於當前收益高、LTV 低且在我們投資分析平台中篩選結果良好的投資策略一致。這種規範提高了這些交易的安全性和有效性。

Third, subsequent to quarter end, we entered into an agreement to acquire a 406-apartment home community located in Northern Virginia for $147 million. The multipronged decision to acquire this asset was based on insights from our predictive analytics platform, our assessment of future CapEx needs, and the operation teams on the ground perspective. In fact, the community is directly adjacent to an existing UDR property, which should drive efficiencies once placed on our operating platform. \

第三，季末之後，我們達成協議，以 1.47 億美元收購位於維吉尼亞州北部的一個擁有 406 套公寓的住宅社區。收購該資產的多方面決策是基於我們的預測分析平台提供的見解、我們對未來資本支出需求的評估以及現場營運團隊的意見。事實上，該社區緊鄰現有的 UDR 物業，一旦將其納入我們的營運平台，應該能夠提高效率。\

We are on track to close this deal in the fourth quarter and plan to fund it with dispositions currently in process. As a paired trade, we expect this transaction to enhance the long-term outlook for portfolio level cash flow. As a result, we have increased the midpoint of our full year 2025 acquisition and disposition guidance by approximately $150 million each.

我們預計在第四季度完成這筆交易，並計劃用目前正在進行的資產處置來為其提供資金。作為一項配套交易，我們預計此交易將改善投資組合層面現金流的長期前景。因此，我們將 2025 年全年收購和處置指引值的中點分別提高了約 1.5 億美元。

Fourth, during the quarter and subsequent to quarter end, we repurchased approximately 930,000 shares at a weighted average share price of $37.70 for a total consideration of $35 million. These buybacks were executed at an average discount to consensus NAV of 20% and an approximate 7% FFO yield.

第四，在本季及季末之後，我們以每股 37.70 美元的加權平均價格回購了約 93 萬股股票，總對價為 3,500 萬美元。這些股票回購的平均折價幅度為 20%（基於市場普遍預期淨資產值），FFO 收益率約為 7%。

And fifth, during the quarter, we extended the maturity date of our $350 million senior unsecured term loan by two years to January 2029, with two one-year extension options. We executed this extension at a 10-basis point lower effective credit spread compared to terms of the prior agreement. Concurrently, we entered into a swap agreement through October of 2027 for $175 million under the term loan at a fixed rate of 4%.

第五，本季我們將 3.5 億美元的優先無擔保定期貸款的到期日延長了兩年至 2029 年 1 月，並提供了兩次為期一年的延期選擇權。與先前的協議條款相比，我們以低 10 個基點的有效信用利差執行了此次延期。同時，我們簽訂了一份到 2027 年 10 月到期的 1.75 億美元定期貸款互換協議，固定利率為 4%。

Finally, our investment grade balance sheet remains highly liquid and fully capable of funding our capital needs. Some highlights include: first, we have more than $1 billion of liquidity as of September 30. Second, after we repay $129 million of secured debt at maturity at the beginning of November, we will have $357 million or 6% of total consolidated debt scheduled to mature in 2026.

最後，我們投資等級的資產負債表仍然具有很高的流動性，完全有能力滿足我們的資金需求。一些亮點包括：首先，截至9月30日，我們擁有超過10億美元的流動資金。其次，在11月初償還到期的1.29億美元擔保債務後，我們將有3.57億美元（佔合併債務總額的6%）計劃於2026年到期。

And third, our leverage metrics remain strong. Debt to enterprise value was just 30% at quarter end, while net debt-to-EBITDA was 5.5x, which is squarely in our target leverage range. In all, it was a highly productive quarter for UDR. Our balance sheet and liquidity remain in excellent shape, and we are focused on capital allocation decisions that drive long-term cash flow per share accretion.

第三，我們的槓桿指標依然強勁。季度末，債務與企業價值之比僅為 30%，而淨債務與 EBITDA 比率為 5.5 倍，這完全符合我們的目標槓桿率範圍。總的來說，對於UDR而言，這是一個成果豐碩的季度。我們的資產負債表和流動性狀況依然良好，我們專注於推動長期每股現金流成長的資本配置決策。

With that, I will open it up for Q&A. Operator?

接下來，我將開放問答環節。操作員？

(Operator Instructions)

（操作說明）

Eric Wolfe, Citi.

Eric Wolfe，花旗銀行。

It's Nick Joseph here with Eric. I was hoping you could walk through how you're going to the assumption for a flat earning for '26 just based off of the rent growth that you achieved year-to-date and then also what's assumed in the fourth quarter guide?

我是尼克·約瑟夫，我是艾瑞克。我希望您能詳細解釋一下，您是如何根據今年迄今為止的租金增長情況，以及第四季度業績指引中的假設，得出 2026 年收入持平的結論的？

Yes. Nick, it's Mike. I'll kick it off here and maybe a couple of points even before I get into earn-in. Just because we've got a few questions regarding deceleration to the back half of the year. So I think first, it's important to talk a little bit about just how well we've done through the first nine months of the year. And the fact that we're within, call it, 10 basis points or 20 basis points of Coastal peers in terms of total revenue growth and basically beating every peer across our markets on a head-to-head basis as it relates to peer median wins. The team has done an incredible job.

是的。尼克，我是麥克。我先從這裡開始，甚至在談到收入之前，可能還會先說幾句。因為我們對下半年的經濟放緩有一些疑問。所以我覺得首先有必要談談我們在今年前九個月的出色表現。事實上，我們在總收入成長方面與沿海地區的同行僅相差 10 到 20 個基點，而且在與同行中位數相比，我們在所有市場上的直接競爭中都擊敗了所有同行。團隊做得非常出色。

And just as a reminder, our focus is always on total revenue growth, and it's playing out as we would have expected. Say secondary to that and more specific to what we experienced during the quarter and for the remainder of the year is a little bit lower demand after Labor Day in terms of traffic and a little bit more of a cautious resident was apparent to us.

再次提醒大家，我們始終關注的是總收入成長，而目前的情況也正如我們預期的那樣。其次，更具體地說，根據我們在本季度和今年剩餘時間的經歷，勞動節後交通需求略有下降，居民也變得更加謹慎，這一點我們明顯感覺到。

Going forward, we believe that we have strategically set ourselves up to drive occupancy back into the high 96 range in the fourth quarter. And a lot of that has to do with our strategy to drive down our expirations. That's starting to play out in front of us. In addition to that, we're constantly focused on individual residents at the unit basis as well as the property basis. And so we'll continue to lean into that.

展望未來，我們相信我們已經做好了戰略部署，將在第四季度將入住率推回 96% 以上。這很大程度上與我們縮短到期日的策略有關。這種情況正在我們眼前上演。除此之外，我們始終關注單一住戶以及整個房產的利益。因此，我們將繼續朝著這個方向努力。

Specific to our earn in, this will be in flux for the next 60 days or so as we navigate through the back part of 4Q. And as I mentioned in my prepared remarks, we do expect a relatively flat earn-in when it's all said and done, and that would assume that our blends are roughly negative 1%, negative 2% in the fourth quarter, and that earning of, call it, flat. It's not at all across the board, across Mark's regions. They're a little bit different.

具體到我們的獲利而言，在接下來的 60 天左右的時間裡，隨著我們逐步完成第四季後半段的工作，獲利情況將處於不斷變化之中。正如我在準備好的演講稿中提到的，我們預計最終的盈利將相對持平，前提是我們的混合收入在第四季度約為負 1% 到負 2%，並且盈利將持平。這種情況並非在馬克負責的所有地區都普遍存在。它們有點不同。

And just to kind of size that for you. The East Coast, my expectation today is probably closer to that 40 basis points to 70 basis point range. The West Coast is a little bit better, maybe in the 50 basis points to 80 basis point range. And then in the Sunbelt today, we're expecting around negative 120 basis points to 150 basis points, just given the supply backdrop and what we're dealing with there. So gives you a sense for what we're seeing today. But again, that can change based on what happens with market rents.

我只是想幫你估算一下尺寸。對於東海岸，我今天的預期可能會更接近 40 個基點到 70 個基點的區間。西海岸的情況稍好一些，可能在 50 到 80 個基點之間。然後，鑑於供應背景和我們目前面臨的情況，我們預計今天陽光地帶的利率將下降 120 至 150 個基點。這樣你就能對我們今天所看到的情況有所了解了。但同樣，這種情況會隨著市場租金的走勢而改變。

Nick, this is Toomey. Just -- I think it's a great question. And I think Mike gave you a really good set of color points. Backing up and maybe looking at it from a high-level standpoint. I'd say this -- we've mentioned a number of times, the amount of data we're capturing on individual customers, traffic patterns, renewals, et cetera, literally on a daily basis. And what it's screening to us is a very cautious customer. And you can see that from the time we take -- send out a notice, to the length of time it takes them to respond, to the traffic patterns, how long they spend on our communities, at what price point our Internet traffic is.

尼克，我是圖米。我覺得這是一個很好的問題。我覺得麥克給你的色彩分析非常到位。退一步，或許可以從更高的角度來看這個問題。我想說的是——我們已經多次提到過，我們每天都在收集關於單一客戶、流量模式、續約情況等等的資料量。它篩選出的是一位非常謹慎的顧客。你可以看到，從我們發出通知所需的時間，到他們的回應時間，再到流量模式，他們在我們社區停留的時間，以及我們網路流量的價格點。

And so with that backdrop of a cautious customer, I think you'd say, well, have we actioned on that data. And you saw -- you have -- our strategy is really an occupancy first and we'll match the market on rate. But we think that sets us up for the future. If this cautious customer remains, then we've already captured our occupancy and then it's focused on renewals and cash flow growth.

因此，在客戶持謹慎態度的背景下，我想你會問，我們是否根據這些數據採取了行動。你們也看到了——你們確實看到了——我們的策略是先保證入住率，然後我們會根據市場價格進行調整。但我們認為這為我們的未來奠定了基礎。如果這位謹慎的客戶繼續留任，那麼我們已經鎖定了入住率，接下來的重點將是續租和現金流成長。

And if it ticks up, you're going to see our ability to pivot and price because we're full. So I think you have to always look at these things not in a blend per se. What data are you looking at? What decisions are you making? How often? And what are they driving towards? And in our case, it's maximized revenue, maximized cash flow. And there's a lot of things that go into that. But what I'm very proud of is how Mike's team has performed over a number of years, a number of cycles and particularly how we're set up right now.

如果價格上漲，你們就會看到我們調整價格的能力，因為我們的庫存已經滿了。所以我認為，看待這些事情時，不應該將它們混為一談。你在查看哪些數據？你正在做哪些決定？多常？他們的目標是什麼？就我們而言，目標是實現收入最大化和現金流最大化。這其中包含很多因素。但我非常自豪的是麥克的團隊多年來、幾個週期以來的表現，尤其是我們目前的組織架構。

Steve Sakwa, Evercore ISI.

Steve Sakwa，Evercore ISI。

This is Sanket on for Steve. Can you help explain what's driving so much variability within tangible rate growth quarter-on-quarter for you guys compared to your peers? And any specific things impacting that? And should we expect this to more normalize going forward? Or this is more related to seasonality and how you guys are responding to the demand you're seeing on the ground?

這裡是桑凱特替史蒂夫發言。能否解釋一下，與同業相比，貴公司有形利率成長季環比波動如此之大的原因是什麼？有哪些具體因素會影響這一點？我們是否應該預期這種情況未來會逐漸正常化？或者這與季節性有關，以及你們如何應對實際需求？

Yes. It's a really good question, and it kind of goes along with some of the prepared remarks, and we were just talking about a little bit is, just some of the headwinds we're facing pretty much across the portfolio today, just in terms of consumer sentiment, what's happening with the jobs, immigration policy and then you add in the supply that we're facing down in the Sunbelt, and you have a different dynamic across the different regions.

是的。這是一個非常好的問題，它與我們事先準備好的一些發言內容不謀而合。我們剛才也稍微談到了一些，那就是我們目前在整個投資組合中面臨的一些不利因素，包括消費者信心、就業狀況、移民政策，再加上我們在陽光地帶面臨的供應問題，不同地區的情況就有所不同。

And for us, expectations are that it's going to be a little bit weaker here in the short term, and Tom mentioned it. We're driving our occupancy up. And it does take a real focus on that individual residents and looking at property-by-property try to maximize both total revenue as well as cash flow. So again, expectations are -- we're kind of in the thick of it right now. This is that normal period of time where demand starts to fall off. We'll see what happens as we move into next year.

對我們來說，預計短期內情況會稍微疲軟一些，湯姆也提到了這一點。我們正在提高入住率。確實需要真正關注到每一位住戶，逐一查看房產，努力最大限度地提高總收入和現金流。所以，再次強調，期望值──我們現在正處於這種狀態。這是需求開始下降的正常時期。我們拭目以待，看看明年會發生什麼事。

Jamie Feldman, Wells Fargo.

傑米·費爾德曼，富國銀行。

I guess just sticking on the theme. I'm sure you've paid attention to what your peers in the sector have done in terms of occupancy change, new lease renewal rate. And it looks like across the board, UDR's had some of the weaker results. Is there something unique to the portfolio? I know you're starting from a higher occupancy level and Tom, I appreciate your comments on occupancy being king. But is there something else you guys can point to or that we should kind of read from this data or not read from this data?

我想只是堅持這個主題而已。我相信您一定關注了業內同行在入住率變化和新租約續約率方面所取得的成就。而且看起來，UDR 的各項指標都比較弱。這個投資組合有什麼獨特之處嗎？我知道你們目前的入住率比較高，湯姆，我很認同你們關於入住率至上的觀點。但是，你們還能指出其他一些我們應該從這些數據中解讀出或不應該解讀出的信息嗎？

Jamie, it's a good question. We've been digging into this as well. And ultimately, the way I started the call was around our total revenue growth and how that performance relates back to some of the peers. You can look market by market and you look at as a whole, we think that we've done a pretty tremendous job throughout the year. That being said, when you break it down and look at some of the metrics and specific to blends, during the quarter, we had, call it, 80 bps at the portfolio level.

傑米，問得好。我們也一直在深入研究這個問題。最後，我以公司總收入成長以及這項績效與一些同業的比較情況作為電話會議的開場白。你可以逐個市場地看，也可以從整體上看，我們認為我們在過去一年中做得非常出色。也就是說，當你細分並查看一些指標，特別是混合產品時，在本季度，我們在投資組合層面實現了 80 個基點。

When you break it down and look at Coast vs Sunbelt, our Coast was right around 2.3%. So still seeing relatively strong growth out of the Coastal markets. The Sunbelt has been a little bit weaker than we expected. I've been talking about this over the last couple of months. And even in the prepared remarks, we talk about being at the low end of our guidance here.

如果細分來看沿海地區與陽光地帶，我們的沿海地區佔比約為 2.3%。因此，沿海市場依然保持相對強勁的成長動能。陽光地帶的經濟表現比我們預期的要弱一些。過去幾個月我一直在談論這件事。即使在事先準備好的演講稿中，我們也談到我們在這裡處於指導方針的最低水平。

We've just seen a little bit more of an occupancy first approach through a lot of the lease-ups that are having in and around our properties, put pressure on our rents. But when you look at that total revenue growth and again, compare us against some of the peers within these markets, we are handily winning on a head-to-head basis.

我們看到，在我們物業及其周邊地區的許多租賃交易中，入住率優先的趨勢有所增加，這給我們的租金帶來了壓力。但是，當你查看總收入成長情況，並再次將我們與這些市場中的一些同行進行比較時，你會發現我們在直接競爭中輕鬆獲勝。

And so it points to things we're doing with other income, how we're diving into the bad debt initiatives. We are driving significant total revenue growth, and I'm proud of the teams for their efforts, and I really think it's playing out.

因此，這表明我們正在利用其他收入做些什麼，以及我們如何深入進行不良債務應對計劃。我們實現了顯著的總收入成長，我為團隊的努力感到自豪，而且我真的認為這正在取得成效。

Yes. Jamie, this is Chris. I would say one other thing that potentially clouds, the waters a little bit is the definition of what blended lease rate growth is. So when Mike and team put it together, that's all of our leases. If you just did a like-for-like 12-month comparison, you would obviously get different numbers. So you just got to make sure that as people are really myopically focused on blends that they're comparing apples-to-apples over time.

是的。傑米，這是克里斯。我想說，還有一點可能會讓情況變得有些複雜，那就是混合租賃率成長的定義。所以當麥克和他的團隊把這些整理好之後，就得到了我們所有的租賃合約。如果只是進行12個月的同等比較，顯然會得到不同的數字。所以你必須確保人們在真正關注混合口味時，能夠隨著時間的推移，進行真正意義上的同類比較。

Rich Hightower, Barclays.

Rich Hightower，巴克萊銀行。

So obviously, there's been movement in the management team, and you -- not hired. You brought along a pretty high-profile Board member and Ric Clark. So just help us understand some of the bigger questions for the company around future succession, the depth of the bench, what changes might we expect from the outside, given what's occurred?

很顯然，管理團隊發生了人員變動，而你──沒有被錄用。你帶來了一位頗具知名度的董事會成員和里克·克拉克。那麼，請您幫助我們理解公司未來繼任計畫、人才儲備深度以及考慮到目前的情況，我們可能會從外部期待哪些變化等一些更重要的問題？

Rich, I appreciate the question. Yes, embedded in that is a number of different ones. First, let me start with the Board. Yes. Ric is a great guy. I look forward to adding his perspective to the Board room. And clearly, it's part of our overall plan of refreshment of the Board. You saw two senior Board members reached step off earlier this year and bringing on Ric, and we continue that process as a collective group as a Board. And we'll continue to look at refresh candidates and that process. So that's just our normal course of business, and we're delighted to have Ric.

Rich，感謝你的提問。是的，其中包含了許多不同的內容。首先，讓我從董事會開始。是的。瑞克是個很棒的人。我期待著將他的見解帶到董事會。顯然，這是我們董事會整體更新計劃的一部分。今年早些時候，您已經看到兩位資深董事會成員離職，並引入了 Ric，我們作為董事會團體將繼續推進這一進程。我們將繼續關注候選人的更新和相關流程。這就是我們正常的業務流程，我們很高興能有里克加入。

With respect to the second part, management and succession. You look at it, and both Dave and his prepared remarks, commenting on the seniority, experience level, and knowledge and the finance team. He's inherited a very strong, capable group, and he stepped right into that, and that has gone off just as planned, if not better than planned.

關於第二部分，管理和繼任。你看看，戴夫和他事先準備好的演講稿，都對資歷、經驗水平、知識和財務團隊進行了評論。他接手了一個非常強大、能力出眾的團隊，他立刻融入其中，一切都按計劃進行，甚至比計劃的還要好。

And with respect to the rest of the organization, successions are obviously, at my level, Board-level topic. We continue to have that on an ongoing basis and feel comfortable that we have a plan both in a range of outcomes and time frames, and we'll continue to refresh that as time evolves.

至於組織的其他方面，就我這個層級而言，繼任問題顯然是董事會層面的議題。我們將持續推進這項工作，並且對我們已經制定的計劃充滿信心，該計劃涵蓋了各種結果和時間框架，我們將隨著時間的推移不斷更新該計劃。

The rest of the team, very experienced group. You can see the number of people we've brought through the company that remain here, but also the success of those who have left and gone on to run other companies. So I tend to think of us as a talent producer, grower and sometimes you can harvest that internally and sometimes it grows outside the envelope. But I'm very proud of both the depth, the capability of the group, and the cycle testing of this group. And we're currently in one of those cycles where it will test the group, and they've performed very well.

團隊其他成員都是經驗豐富的成員。你可以看到我們公司培養出來的員工中有多少人留了下來，也可以看到那些離開公司去經營其他公司的人取得了怎樣的成功。所以我傾向於把我們看作是人才的創造者和培養者，有時你可以從內部收穫人才，有時它會在外部發展壯大。但我對團隊的深度、能力以及週期性測試都感到非常自豪。我們目前正處於這樣一個考驗團隊的周期中，而他們的表現非常出色。

Jana Galan, Bank of America.

Jana Galan，美國銀行。

Question on the capital allocation priorities. Recently, you've been doing a little bit of everything between the acquisitions, share buybacks and debt and PE investments. Can you maybe speak to where you're seeing kind of more compelling opportunities as you look forward?

關於資本配置優先事項的問題。最近，你們在收購、股票回購、債務和私募股權投資等方面都做了一些嘗試。展望未來，您能否談談您認為哪些方面更有吸引力？

Jana, this is Dave. Thanks for the question. And I'll start by talking about the capital allocation process itself because it is increasingly collaborative and data-driven. Our capital committee assesses each opportunity in a collaborative fashion and these are our goals. Match funding to remain leverage neutral. And that's one. And two is improving the portfolio's long-term cash flow growth prospects. Therefore, when we think about the primary sources of capital, they tend to be one of three things: DPE paybacks, contribution of assets into JVs, or disposition of assets for which the capital committee has deemed that we have relatively low go-forward IRR potential.

Jana，這是Dave。謝謝你的提問。首先，我想談談資本配置過程本身，因為它越來越注重協作和數據驅動。我們的資本委員會以協作的方式評估每一個機會，而這些就是我們的目標。為維持槓桿中性，需提供配對資金。這是其中之一。第二點是改善投資組合的長期現金流成長前景。因此，當我們考慮主要資本來源時，它們往往是以下三種情況之一：DPE 回報、向合資企業投入資產，或處置資本委員會認為我們未來內部收益率潛力相對較低的資產。

And then from there, we look at a menu of redeployment opportunities that we also show on our capital allocation heat map. Top priorities are consistently invested in the operations platform, NOI-enhancing CapEx and redevelopment. What's recently moved up in terms of a priority, and we executed on it, it would be share buybacks. And we find that to remain a compelling opportunity for us.

然後，我們會查看一系列重新部署機會，這些機會也會顯示在我們的資本配置熱力圖上。始終將營運平台、提高營業淨收入的資本支出和重建作為首要投資重點。最近優先級上升並付諸實施的是股票回購。我們認為這對我們來說仍然是一個極具吸引力的機會。

And then at times, where opportunities present itself as we've improved our disposition process, you may see us do some asset recycling into acquisitions or activate some of our land bank.

然後，隨著我們資產處置流程的改進，有時當機會出現時，您可能會看到我們將一些資產回收利用到收購中，或啟動我們的一些土地儲備。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Mike, I was wondering if you could just speak a little more to the inflection that you've seen in some markets like D.C. and Boston. Given it is about a quarter of the portfolio. And I'm just wondering whether you think that the softening is a temporary phenomenon and seasonal? Or if you think these trends could continue to persist into 2026, given some of the indicators like job growth that you had referenced in your prepared remarks?

麥克，我想請你再詳細談談你在華盛頓特區和波士頓等一些市場看到的趨勢變化。因為它約佔投資組合的四分之一。我只是想知道您是否認為這種軟化現像是暫時的、季節性的？或者，鑑於您在準備好的演講稿中提到的一些指標，例如就業成長，您是否認為這些趨勢可能會持續到 2026 年？

Sure. I think, first, maybe specific to D.C., just to give a little bit of color here, 15% of our NOI, we are 40% urban, 60% suburban. So we do have a very diversified portfolio in D.C., and that's helped us produce the number one total revenue growth against the peers year-to-date. And so proud of the team for their efforts there.

當然。我認為，首先，也許可以具體到華盛頓特區，為了為這裡增添一些色彩，我們 15% 的 NOI 是城市地區，40% 是郊區，60% 是城市地區。因此，我們在華盛頓特區擁有非常多元化的投資組合，這幫助我們實現了今年迄今為止在同行中排名第一的總收入成長。我為團隊在那裡付出的努力感到無比自豪。

I think as you go out further from kind of D.C. Central, we've seen a little bit more growth. I mean, specific to places like Manassas, Woodbridge, even as you go out to Alexandria and Reston, we've seen upwards of 4.5% to 6% growth out in the suburban areas. You get down to the Central D.C. area, we are still seeing about 2% to 3% growth, so still pretty strong, but a little bit weaker than the suburbs. Overall, D.C., we have seen a little bit of a deceleration over the last 60 days or so just in terms of traffic.

我認為，隨著你離華盛頓特區中心城區越遠，我們看到的成長就越多。我的意思是，具體到馬納薩斯、伍德布里奇等地，甚至遠至亞歷山大和雷斯頓，郊區的成長率都達到了 4.5% 到 6%。到了華盛頓特區中心城區，我們仍然看到大約 2% 到 3% 的成長，所以仍然相當強勁，但比郊區稍弱一些。總體而言，在過去 60 天左右的時間裡，華盛頓特區的交通流量略有放緩。

How that's translated into blends, a little bit more on the concession front, but we're still running about 96.5% occupancy. And we continue to assess and understand what's going on with our residents. And I'll give you an example.

具體到混合飲料方面，在優惠方面會有一些變化，但我們的入住率仍然保持在 96.5% 左右。我們將繼續評估和了解居民的情況。我給你舉個例子。

We have about 10,000 units in D.C., and we've had probably 70- to 80 residents that we are in open communication with right now, just regarding the impact of the environment out there, how it's impacting them from a furlough standpoint and getting paid. And so we're going to continue to have those open and active conversations with them to make sure that we're working with them going forward.

我們在華盛頓特區有大約 10,000 套住房，目前我們與大約 70 到 80 位居民保持著公開溝通，討論當地環境的影響，以及這種影響如何從休假和領取工資的角度影響到他們。因此，我們將繼續與他們進行公開、積極的對話，以確保我們今後能夠繼續與他們合作。

Specific to Boston, to your point, it is another rather large market for us. It's about 11.5% of our NOI. We are more 30% urban, 70% suburban here. Still seeing occupancy in that 96% to 96.5% range. A little bit more pressure in the North Shore for us because we've had more of a supply impact than a demand impact. Seeing a little bit more strength coming out of places like the South Shore as well as Downtown in Boston.

就波士頓而言，正如您所說，它對我們來說是另一個相當大的市場。這約占我們營業淨收入的 11.5%。我們這裡大約有 30% 的人口居住在城市，70% 的人口居住在郊區。入住率仍維持在 96% 到 96.5% 之間。北岸地區對我們來說壓力更大一些，因為供應受到的影響比需求受到的影響更大。波士頓南岸和市中心等地的經濟實力有所增強。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

This is Ami on with Michael. Why did you make the decision to realign the fourth quarter leases? We've now seen two-, three years of market rents peaking early and pretty soft pricing power in the fourth quarter. But is there anything in the analytics that's pointing to indicate that this is going to remain the case, and we won't shift back to a more pre-COVID demand trend?

這是Ami和Michael的連線。為什麼決定調整第四季的租賃安排？我們已經看到，市場租金在過去兩三年提前達到峰值，第四季的定價能力相當疲軟。但分析數據中是否有任何跡象顯示這種情況會持續下去，我們不會恢復到新冠疫情前的需求趨勢？

Yes. For us, originally, it stemmed back to supply. And so when you think about the impact of supply and the peak of it coming in the middle of the year, our expectation was you're still going to have to lease up during the fourth quarter, where demand typically falls off. And so we're trying to get in front of that. And so when you think about that 15% of our leases expire in the fourth quarter, specific to the Sunbelt, it's probably closer to about 7% to 8% that we moved out of the fourth quarter into next year where we do feel like once we get through this supply, we will be in a better place to start pushing rents again.

是的。對我們來說，最初的問題可以追溯到供應方面。因此，考慮到供應的影響以及供應高峰將在年中到來，我們預計即使在需求通常會下降的第四季度，您仍然需要進行租賃。所以我們正在努力搶佔先機。因此，考慮到我們有 15% 的租約在第四季度到期，特別是對於陽光地帶而言，我們可能將大約 7% 到 8% 的租約從第四季度轉移到了明年。我們感覺，一旦我們消化了這些供應，我們將處於更好的位置，可以再次開始提高租金。

And so originally, it was positioning ourselves based on supply, and it just so happens to help us out, given the fact that demand has fallen off a little bit more than we expected as well.

因此，最初我們是根據供應情況來定位自己的，而這恰好對我們有幫助，因為需求下降的幅度也比我們預期的要大一些。

Adam Kramer, Morgan Stanley.

亞當‧克雷默，摩根士丹利。

Just wanted to ask about concessions and markets and I guess, both what you guys are offering maybe on average across the portfolio and then specifically in maybe some of the summer markets. And then also what your sort of more broadly in these markets outside of your portfolio in terms of concessions.

我只是想問一下關於優惠和市場方面的問題，我想了解一下你們在整個投資組合中平均提供的優惠，以及具體在一些夏季市場上的優惠。此外，還要更廣泛地考慮你投資組合之外的這些市場中的特許經營權。

Sure. I'll provide a little color there, Adam. I think for us, portfolio-wide, what we're seeing today is about 1.5 week concession. That compares to about call it, 0.07 to one week about three months ago. And so it has picked up a little. Specific to some of our markets and regions where I'm seeing a little positive activity as where it's less than one week. That's in markets like Baltimore, Boston, Nashville, Orange County and definitely San Francisco. Where I've seen a little bit more pressure over the last probably two months or so. It's in Texas, Florida, D.C., L.A. and even parts of Seattle today.

當然。亞當，我來補充一些細節。我認為就我們整個投資組合而言，我們今天看到的是大約 1.5 週的讓步。相比之下，大約三個月前，每週的數值約為 0.07。所以現在稍微好轉了一些。就我們的一些市場和地區而言，我看到了一些積極的跡象，而這些跡像出現的時間還不到一周。這種情況在巴爾的摩、波士頓、納許維爾、橘郡以及舊金山等市場都有體現。在過去的兩個月左右的時間裡，我感覺壓力稍微大了一些。如今，德州、佛羅裡達州、華盛頓特區、洛杉磯，甚至西雅圖的部分地區都出現了這種情況。

John Pawlowski, Green Street.

約翰‧帕夫洛夫斯基，格林街。

Dave, could you share the underwritten year one NOI yield on the Northern Virginia acquisition? And then Dave or Mike, could you give us a sense how much margin lift you'll get at the two adjacent or close to adjacent properties from padding operations versus if you just own two assets far apart in that market?

Dave，你可以分享一下北維吉尼亞收購專案第一年的承銷淨營業收入收益率嗎？那麼，Dave 或 Mike，你們能否告訴我們，透過對兩處相鄰或靠近相鄰的房產進行墊層運營，與在該市場中直接擁有兩處相距較遠的資產相比，利潤率能提高多少？

John, thanks for the question. Happy to talk about the Enclave acquisition. And it really is an output of this collaborative and data-driven investment process. And so we'll tackle it as a team. I'll start with a few high-level thoughts. Chris, who has built an impressive investment analytics platform. He can speak to that. And then Mike can clean up with the operations perspective.

約翰，謝謝你的提問。很樂意談談收購 Enclave 的事情。這確實是這種協作式、數據驅動型投資流程的成果。所以我們會以團隊的形式來解決這個問題。我先從幾個宏觀層面的想法開始。克里斯打造了一個令人印象深刻的投資分析平台。他可以就此發表看法。然後，Mike 可以從營運角度進行收尾工作。

About your question directly, the year one yield that we're underwriting is about mid-5%. That's consistent with the opportunities that we observed in that market. In D.C., there are some questions about that market given the government shutdown. It's a serious situation, but we believe it will prove to be temporary as has been the case in the past.

直接回答您的問題，我們承銷的第一年收益率約為 5% 左右。這與我們在該市場觀察到的機會相符。鑑於政府停擺，華盛頓特區的市場存在一些疑問。情況很嚴峻，但我們相信這只是暫時的，就像過去的情況一樣。

And our investment decisions are made with a long-term perspective in mind. DC's economy has been and will continue to be partly reliant on the federal government, but the share of jobs tied to the federal government has declined in recent decades as the local economy has diversified around other sectors, including tech, and we expect this continue. And we're increasingly playing not a market-level game, but an asset level game when we select assets, and Chris will get into that.

我們的投資決策都是從長遠角度出發的。華盛頓特區的經濟過去和將來都會在一定程度上依賴聯邦政府，但近幾十年來，隨著當地經濟向包括科技在內的其他行業多元化發展，與聯邦政府相關的就業比例有所下降，我們預計這種情況還會繼續下去。而且，我們在選擇資產時，越來越多地是在進行資產層面的遊戲，而不是市場層面的遊戲，克里斯會詳細講解這一點。

Before I hand it off to him, I just want to talk about the funding source, which is dispositions. As we assess dispositions, we consider several factors, including rent growth outlook, CapEx outlook per our teams into familiarity with our assets and in the operation team's perspective. And importantly, on this one, we're utilizing a reverse 1031 exchange to preserve tax capacity for buyback activity. Go ahead, Chris.

在把它交給他之前，我想先談談資金來源，也就是資產處置。在評估資產處置方案時，我們會考慮多種因素，包括租金成長前景、資本支出前景（根據我們團隊對資產的熟悉程度以及營運團隊的觀點）。更重要的是，在這筆交易中，我們利用了反向 1031 交換來保留回購活動的稅務能力。請繼續，克里斯。

Yes. Sure, Dave. Thanks. And before I get into the specific analytics around Enclave, maybe I'll take a quick step back just because I want to make sure everyone on the call knows what we're referring to when we speak to our investment analytics platform. So we've really been working on our investment analytics platform for a number of years now.

是的。當然可以，戴夫。謝謝。在我深入探討 Enclave 的具體分析之前，我想先簡單回顧一下，確保電話會議上的每個人都知道，當我們談到我們的投資分析平台時，我們指的是什麼。所以，我們已經花了數年時間開發我們的投資分析平台。

I would tell you, over the last year, 1.5 years though, I think we've really supercharged our progress. That's through some investments in technology solutions, software solutions, dedicated head count that are expanding and improving the platform. I'd tell you the first thing to probably know about the platform is that it is expansive. It covers 35 markets currently, including all of our markets. That's about 7 million apartment homes. Utilizes a large amount of proprietary UDR data. Obviously, UDR has been around for a long time. We do have a lot of data to use, which is great. But we also use a significant amount of third-party data often in quite unique ways, I think.

我想說的是，在過去一年半的時間裡，我們的發展速度確實突飛猛進。這是透過對技術解決方案、軟體解決方案以及專門人員的投資來實現的，這些投資正在擴展和改進平台。我想告訴你，關於這個平台，你首先需要了解的一點是，它非常龐大。目前涵蓋 35 個市場，包括我們所有的市場。那大約相當於700萬套公寓住宅。利用大量專有用戶資料。顯然，UDR已經存在很久了。我們有很多數據可以利用，這很好。但我認為，我們也經常以相當獨特的方式使用大量的第三方資料。

And the second thing to know, I would say is that it's highly predictive of future relative rent growth at the market, the micro market, and the asset levels. But by no means, and I'd be the first one to tell everyone this, it isn't perfect. It's an important tool in our process, but it's definitely not the only tool. A lot of things like operational upside, which cover a second CapEx opportunities, et cetera.

第二點要了解的是，它對市場、微觀市場和資產層面的未來相對租金成長具有很高的預測性。但絕對不是，我會第一個告訴大家，它並不完美。它是我們流程中的重要工具，但絕對不是唯一的工具。很多因素，例如營運收益，可以涵蓋第二次資本支出機會等等。

Specific to Enclave, I would tell you, as we look at the analytics, first off, D.C. is a neutral weighted market for us. That means we don't think it's going to necessarily outperform the portfolio or underperformed the portfolio from a forward rent growth perspective over the next six-plus years. Micro market around Enclave somewhat similar, a little bit better than neutral. So maybe a little bit above average.

就 Enclave 而言，我想說，從分析來看，首先，華盛頓特區對我們來說是一個權重中性的市場。這意味著我們認為，從未來六年多的租金成長角度來看，它不一定會跑贏或跑輸投資組合。Enclave 週邊的小市場情況大致相同，比中性略好。所以可能略高於平均。

But where the analytics really like the transaction is at the asset level. And that's very important to us because I kind of remind everyone, in case you've heard this before, but being right on the asset is about 2x more impactful to forward rent growth and being right on the market at the end of the day.

但真正讓分析人員喜歡上交易的地方在於資產層面。這對我們來說非常重要，因為我要提醒大家，也許你們以前聽說過，但最終來說，掌握資產的主動權對未來租金成長的影響大約是掌握市場主動權的兩倍。

So the analytics, what they like about Enclave? Well, they like things like unit size. They like things like unit mix. The rent level, the supply dynamic around that property, et cetera. So we feel good about it from an analytical perspective, and then Mike can fill you on what the operational upside is.

那麼，分析結果如何？他們喜歡Enclave的哪些方面？他們喜歡單位規模之類的東西。他們喜歡單元組合之類的東西。租金水平、該房產周圍的供應動態等等。所以從分析的角度來看，我們對此感覺不錯，然後麥克可以向你詳細介紹營運方面的優勢。

No. Thanks, Chris. A few things for me. I think, obviously, the first thing is the proximity. The fact that it's across the street from one of our assets today and arguably one of our teams that we have out there. And so we're excited about that. When we think about margin, when we look at a trailing 12 to where it could go over, call it, a three-, four-year period of time, we see about 500 basis points in expansion. And so we think we can get it up to about 85%, which is close to our DC average today.

不。謝謝你，克里斯。對我來說，有幾件事。我認為，很顯然，首要因素是距離。事實上，它就在我們目前擁有的資產之一的街對面，而且可以說，它也位於我們派駐在那裡的一個團隊的街道對面。所以，我們對此感到很興奮。當我們考慮利潤率時，當我們觀察過去 12 個月的情況，看看它可能會超過，比如說，三到四年的時間，我們看到擴張幅度約為 500 個基點。因此，我們認為我們可以將其提高到 85% 左右，這接近我們目前在華盛頓特區的平均水平。

And we're going to do it through things like head count reduction, parking initiatives, adding package lockers, doing some flooring ROIs, things of that nature. And I'd tell you, even in addition to that, we see look supply out there, average income about 130,000. It's located just off of I-95, and this is the best performing submarket in D.C. for us today.

我們將透過減少員工人數、停車優惠政策、增加包裹寄存櫃、進行一些地板投資回報率評估等方式來實現這一目標。而且我還要告訴你，除此之外，我們看到市場上的供應量，平均收入約為 13 萬美元。它位於 I-95 高速公路附近，是我們目前在華盛頓特區表現最好的子市場。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

Dave, welcome to the call. Good to have you. A question on retention. It's been the saving grace of apartments this year in terms of healthy renewal spreads and record low turnover. But I guess at some point, that probably stops or slows down and reverses. So are you guys concerned just with how jobs are looking, layoffs, all the sort of nervousness that you and other apartment REITs have talked about? Are you guys nervous that retention may start to slip and what has been the saver may start to be a headwind?

戴夫，歡迎接聽電話。歡迎你的到來。關於留存率的問題。今年，公寓市場之所以能維持健康的續約率和創紀錄的低週轉率，很大程度要歸功於此。但我想，在某種程度上，這種情況可能會停止、減緩甚至逆轉。所以你們是不是只擔心就業狀況、裁員以及你們和其他公寓房地產投資信託基金所談論的那些令人不安的問題？你們是否擔心顧客留存率可能會開始下滑，而原本的有利因素可能會變成不利因素？

Alex, it's Mike. I'll kick it off and everybody else can jump in. I think for us, you point to some of the facts. And so you go from -- when we started really rolling out our customer experience project back in 1Q of '23, we have had the most improvement over the peer group since that period of time. We've been able to reduce our turnover by about 600 basis points since that period of time. We continue to see quarter-over-quarter declines in turnover.

Alex，我是Mike。我先拋磚引玉，其他人都可以加入。我認為，對我們來說，你指出了一些事實。因此，從 2023 年第一季我們真正開始推行客戶體驗專案以來，我們取得了比同業最大的進步。自那時以來，我們的營業額已降低了約 600 個基點。我們持續看到員工流動率季減。

I can point to what we see today for October as well as the rest of the fourth quarter. My expectation is that's going to continue to be down on a year-over-year basis. And a lot of that has to do with focusing on the process, focusing on the initiatives, and really diving into the data to understand how we can change that trajectory. And it's truly going from that transactional to more of a transformational shift and focusing on the lifetime value of our customers.

我可以指出我們今天看到的十月份的情況，以及第四季度剩餘時間的情況。我預計這一數字將繼續同比下降。這很大程度取決於我們專注於過程、專注於舉措，並真正深入研究數據，以了解我們如何改變這種發展軌跡。這確實正在從交易型模式轉向變革型模式，更加重視客戶的終身價值。

So I think there's still room here. I think some of the things that we're working on right now that's going to allow us to continue to push our turnover down. It's just the touch points reaching out to our residents. In fact, we've had about 30,000 additional touch points this year to be more proactive versus reactive. That's paying dividends today.

所以我覺得這裡還有發展空間。我認為我們目前正在努力的一些措施將使我們能夠繼續降低員工流動率。這只是我們與居民溝通的管道。事實上，今年我們增加了約 30,000 個接觸點，以便更積極主動地應對問題，而不是被動反應。如今，這已開始帶來回報。

We're allocating resources to solve things on the move-in experience, callback tickets, even backlog issues, that's making a difference. We put in place playbooks that's around that move-in experience as well as just throughout their life cycle that works and what doesn't work. That's paying dividends.

我們正在調配資源來解決入住體驗、回撥工單，甚至是積壓問題，這正在產生影響。我們制定了一套方案，涵蓋入住體驗以及整個生命週期，旨在找出哪些做法有效，哪些無效。這樣做是有回報的。

And I think the biggest thing that we're leaning into right now is just the sheer volume of getting positive reviews. When we look at our website and we look at how people are deciding where to live and how long to stay somewhere. We've really been able to identify that 4- to 5-star review is very impactful.

我認為我們目前最重視的就是獲得大量的正面評價。當我們查看我們的網站，了解人們如何決定在哪裡居住以及在一個地方居住多久。我們已經證實，4星到5星的評價影響非常大。

And for us, we've had about 5,000 year-to-date 4- to 5-star reviews. That compares to about 1,500 this time last year. And so we think that's going to continue to help us as we move forward, too. So at the end of the day, we still think there's a lot of room to lean in here and really to drive these results.

今年至今，我們已經收到了約 5000 則 4 星到 5 星的評論。相比之下，去年同期約為 1500 人。所以我們認為，這也會繼續幫助我們向前邁進。所以歸根究底，我們仍然認為這裡還有很多可以深入挖掘的空間，可以真正推動這些成果的實現。

Alex, this is Toomey. Just to add on, certainly, housing policy in America has evolved as long as you've been in this industry in a number of ways. And right now, I'm more interested in seeing what happens in the Fannie, Freddie going public and what happens to mortgage rates because of that. And so there are positive things to look at.

Alex，我是Toomey。補充一點，當然，在你從事這個行業的這段時間裡，美國的住房政策在許多方面都改變了。而現在，我更感興趣的是看看房利美和房地美上市後會發生什麼，以及房貸利率會因此發生什麼變化。所以，還是有一些正面方面值得關注的。

You're right, our business is driven on the employment picture and ability for that. Certainly, with the current unemployment number, if you take the accuracy of any number out of D.C. right now, bodes well. And we'll just see how this plays out. But I think the housing policy aspect, I don't see much of a major. I see it more of a tailwind than a negative. And on the employment picture, it's going to be played out.

你說得對，我們的業務取決於就業情況和就業能力。當然，就目前的失業率而言，如果現在拋開華盛頓特區任何數據的準確性不談，這都是個好兆頭。我們拭目以待吧。但我認為住房政策方面，我看不出有什麼重大問題。我認為這更多的是一種順風而不是逆風。至於就業情勢，最終結果仍有待觀察。

And just to cap it off, I think Mike and team are really more responsive to the individual interactions and decisions just as Chris has highlighted the individual asset and the individual performance. And so this is really our overriding theme, which is how do we convert data to actions to increase cash flow at a higher velocity and stop trying to just ride the waves, but how do we get on top of it and stay there and be anticipatory of it.

最後，我認為麥克和他的團隊確實更加重視個人互動和決策，就像克里斯強調的個人資產和個人表現一樣。因此，這才是我們真正的核心主題，那就是我們如何將數據轉化為行動，以更快的速度增加現金流，不再只是隨波逐流，而是如何掌控局面並保持領先，並對情況有所預見。

So I think the company is built for a lot of different economic cycles. Management team has been through a lot of different ones. We'll manage the cards as they're dealt, so to speak.

所以我認為這家公司能夠適應許多不同的經濟週期。管理團隊經歷過很多不同的情況。我們會隨機應變，處理眼前的局面。

Julien Blouin, Goldman Sachs.

Julien Blouin，高盛集團。

Dave, I was wondering what you make of the JV with LaSalle given some of the issues with deployments through that channel in recent quarters and whether that falls maybe lower on your list of capital allocation priorities?

Dave，鑑於最近幾季透過該管道部署出現了一些問題，我想知道你對與 LaSalle 的合資企業有何看法，以及這是否在你的資本配置優先事項清單中排名靠後？

Julien, thanks for the question. Actually, it's quite high on our list of priorities, the LaSalle JV is. And consistent with last quarter's update, we do continue to work on a contribution of assets from our balance sheet that fits mutual goals shared by them and by us. And this will allow us to earn fees and use proceeds to expand our portfolio with new investments that we find compelling.

Julien，謝謝你的提問。事實上，拉薩爾合資項目是我們優先事項清單上的相當重要一項。與上個季度的更新一致，我們將繼續努力從我們的資產負債表中貢獻資產，以符合他們和我們共同的目標。這將使我們能夠賺取費用，並將收益用於擴大我們的投資組合，投資我們認為有吸引力的新項目。

So I think that you'll see more news from us on that front soon. The incremental buying power in the JV is a bit over $500 million, and we're really excited to both explore these balance sheet contribution opportunities as well as external acquisitions as we grow that JV going forward.

所以我想你們很快就會看到我們在這方面發布更多消息。合資企業的新增購買力略高於 5 億美元，我們非常高興能夠探索這些資產負債表貢獻機會以及隨著合資企業未來發展而進行的外部收購。

John Kim, BMO Capital Markets.

John Kim，BMO資本市場。

Thumbs up on the one question policy. I wanted to ask about your market strategy. So I'm trying to juxtapose increasing your exposure to D.C. at this time, just given the demand headwinds. I know you talked about that acquisition quite a bit. But juxtapose that with your decision recently to lower your exposure to New York. And if you could provide an update on the marketing of Columbus Square that your partner is doing and whether or not you plan to participate in that process?

贊成只問一個問題的政策。我想了解一下你們的市場策略。因此，鑑於目前的需求逆風，我試圖對比此時增加對華盛頓特區的投資額度。我知道你多次談到那次收購。但請將此與你最近決定減少在紐約的投資結合起來考慮。請問您能否提供一下您的合作夥伴目前在哥倫布廣場​​的行銷情況，以及您是否計劃參與其中？

Why don't I start off -- this is Toomey. I'll ask Andrew to give you an update on Columbus and where that stands and then maybe I'll give some more color on the other aspects. So.

我先來吧——這位是圖米。我會請安德魯向你報告哥倫布的最新情況，然後我可能會再補充一些關於其他方面的細節。所以。

Thank you, Tom. This is Andrew. As everyone knows, our JV partner is marketing for sale. Its stake in the venture and is currently working through that process is what I would tell you. We are not either a buyer of that stake or changing our ownership position. And we will continue to manage the venture on a go-forward basis after the sales process and that is completed.

謝謝你，湯姆。這是安德魯。眾所周知，我們的合資夥伴正在尋求出售。我會告訴你的是，它在該合資企業中持有股份，目前正在處理相關事宜。我們既不會購買該股份，也不會改變我們的所有權地位。銷售流程完成後，我們將繼續對合資企業進行後續管理。

With respect to markets in D.C. and New York, you're going to see us, as Chris has pointed out, recycle individual assets. And so we have a number of assets in the marketplace. You may not follow them, but I think there's a total of six. D.C. is part of that composition of what we're exposing to the market. And I think you'll see us less targeting markets or balancing the portfolio and looking at individual assets.

至於華盛頓特區和紐約的市場，正如克里斯指出的那樣，你會看到我們對個別資產進行再投資。因此，我們在市場上擁有多項資產。你可能不關注他們，但我認為總共有六個。華盛頓特區是我們向市場展示的產品組合的一部分。我認為你會看到我們減少對特定市場或投資組合平衡的關注，轉而關注個別資產。

We've got over 180, and we're trying to say what would that -- the worst one, if you will, or the one with the least amount of prospects in the future trade for versus something that we're excited about as you saw us just trade. So we're looking at them in individual, not in an overall market type of communication, and that will happen both on the buy and the sell side of the equation.

我們有超過 180 個，我們正在嘗試說，最差的那個，或者說未來前景最差的那個，和我們剛才交易的、讓我們感到興奮的那個相比，哪個更合適。因此，我們是在逐一分析它們，而不是從整體市場的角度進行溝通，這種情況在買賣雙方都會發生。

Yes, John, I would just follow up real quick on the New York assets because they were a little bit unique as well, and Andrew can jump in with some of his thoughts if he wants to. But One William, it was in our New York bucket, but obviously, it was New Jersey. It was probably 30-, 40 minutes outside the city. They had some rent control there that we were looking at the regulatory issues, and that potentially was going to change.

是的，約翰，我只想快速跟進紐約的資產狀況，因為它們也有些特殊，如果安德魯願意的話，他也可以發表一些看法。但是，威廉一世雖然在我們紐約的桶子裡，但顯然，它屬於新澤西州。大概在離市區30到40分鐘車程的地方。那裡實施了一些租金管制，我們正在研究相關的監管問題，而這種情況可能會改變。

So that one was kind of an orphan in the New York. It was inefficient. We decided that the price made a lot of sense, and we were able to offload it at the beginning of '25. As far as the Brooklyn asset, that was 100% rent stabilized. So depending on what you think is going to happen going forward in New York City right now, that was a rather prescient, I would say, sale at the time.

所以，他在紐約有點像個孤兒。效率低。我們認為這個價格非常合理，因此在 2025 年初就把它賣掉了。至於布魯克林的那處房產，它的租金是100%受管制的。所以，根據你對紐約市未來發展趨勢的判斷，我認為當時的這筆交易相當有先見之明。

We obviously didn't know that this was going to happen either potentially, but we feel very good about that one. And yes, that was less a little bit about market than more about, hey, maybe these are not the most efficient assets in the portfolio.

我們當然也不知道可能會發生這種情況，但我們對此感到非常滿意。是的，與其說是市場因素，不如說是，嘿，也許這些不是投資組合中最有效的資產。

Alex Kim, Zelman & Associates.

Alex Kim，Zelman & Associates。

I appreciate the time today and applaud the one question policy. Could you talk about your other income growth and provide some more detail on how it contributed to sequential same-store revenue growth? And as part of it, have you seen any realized benefits from funnel?

感謝今天抽出時間，我讚賞這種只問一個問題的政策。能否談談您的其他收入成長情況，並詳細說明這些成長如何促進了同店收入的連續成長？作為其中的一部分，您是否看到了銷售漏斗帶來的任何實際收益？

Sure. Specific to other income, it's always good to size it. And this typically makes up around 11.5% of our revenue. So roughly $175 million out of $1.5 billion. What we saw during the quarter was right around 8.5% growth across this line item. And some things were higher than others, and I'll give you a few examples. Our parking initiative was up around 11% or $1.3 million. WiFi has been a continuous rollout for us over the last 12- to 18 months. We saw about a 63% or $1.5 million increase during the quarter.

當然。對於其他收入，最好還是控制好規模。這通常占我們收入的 11.5% 左右。所以，大約是15億美元中的1.75億美元。本季我們看到該項目成長了約 8.5%。有些東西比其他東西貴，我舉幾個例子。我們的停車補貼計畫收入成長了約 11%，即 130 萬美元。在過去的 12 到 18 個月裡，我們一直在持續推廣 WiFi 網路。本季我們看到成長了約 63%，即 150 萬美元。

And then we saw things like our package lockers, pets, things like that, that were up in that double digit -- low double-digit range as well. On the slight negative, if I had to give you one, we are seeing some less activity on things like short-term furnished rentals, common area rentals, even some of our corporate exposure at this point has come down a little bit. So we've been able to offset that, obviously, still driving very high other income growth and going to continue to lean into those initiatives to drive outperformance into the foreseeable future.

然後我們看到，像是包裹儲物櫃、寵物之類的東西，這些都出現了兩位數的增長——甚至接近兩位數的增長。如果非要說有什麼不足之處，那就是我們看到短期家具租賃、公共區域租賃等業務活動有所減少，甚至我們目前的一些企業業務也略有下降。因此，我們顯然已經能夠抵消這種情況，仍然推動其他收入實現非常高的成長，並將繼續加大力度推進這些舉措，以在可預見的未來取得優異的業績。

Specific to funnel, where we're seeing a little bit more is transparency. So we are able to see what's going on at the property and vice versa with our centralized teams here. Everybody has one view on what's happening with our customers, our prospects. It's allowing us to be a little bit more nimble. It's allowing us to lean into some of those 30,000 touch points I mentioned earlier just because we have more data that's going to the system. It's allowing us to drive more and quicker decisions as it relates to the customer experience project. And so where it's paying dividends is really on that turnover.

具體到銷售漏斗方面，我們看到透明度有所提高。因此，透過我們這裡的集中式團隊，我們能夠了解物業的營運情況，反之亦然。大家對我們的客戶和潛在客戶的現況都有相同的看法。這讓我們能夠更靈活一些。由於系統接收到的資料更多，我們得以利用我之前提到的那 30,000 個接觸點。這使我們能夠更快地做出與客戶體驗專案相關的更多決策。因此，它真正帶來收益的地方在於營業額。

There are no further questions in the queue. I'd just like to hand the call back over to the Chairman, President and CEO, Mr. Tom Toomey, for his closing comments.

隊列中已無其他問題。我謹將電話交還給董事長、總裁兼執行長湯姆·圖米先生，請他作總結發言。

I want to thank all of you for your time, interest and support of UDR. We look forward to seeing many of you in the upcoming events. And with that, take care.

我要感謝大家抽出時間、對UDR表示關注和支持。我們期待在接下來的活動中見到你們中的許多人。那麼，保重。

Ladies and gentlemen, the conference of UDR, Inc. has now concluded. Thank you for your participation. You may now disconnect your lines.

女士們、先生們，UDR公司的會議到此結束。感謝您的參與。現在您可以斷開線路了。