Apartment Income REIT Corp.

Hello and welcome to today's apartment income recall. My name is Charlie and I will be coordinating your call today. If you would like to ask a question during the presentation, you may register to do so by pressing star followed by one on your telephone keypad. I will now hand you over to your host, Lisa Cohn, to begin. Lisa, please go ahead.

Thank you, Charlie. Good day. My name is Lisa Cohn and I am President and General Counsel of Air Communities. During this conference call, the forward-looking statements we make are based on management's judgment, including projections related to 2022 expectations. These statements are subject to certain risks and uncertainties, a description of which can be found in our SEC filings. Actual results may differ materially from what may be discussed today. We will also discuss certain non-GAAP financial measures, such as funds from operations. These are defined and are reconciled to the most comparable gap measures in the supplemental information that is part of the full earnings release published on AIR's website. Prepared remarks today come from Terry Considine, our CEO, Keith Kimmel, in charge of property operations, John McGrath, new chairman of our investment committee, and Paul Belden, our CFO. Other members of management are also present. All of us will be available during the question and answer session, which will follow our prepared remarks. I will now turn the call to Terry Considine. Terry?

Thank you, Lisa, and thanks to all of you for your interest in AIR. I want to begin by thanking the entire AIR team for an outstanding fourth quarter and an excellent 2021. We expect this year will be even better. The great results are your achievement Our shared optimism reflects your skills and your commitment. I'm proud to be your teammate and your spokesman today. 2021 was an important year for AIR. We completed the commitments made in December of 2020 when we began business as the simplest, most effective, and most efficient way to invest in multifamily properties with public market liquidity. As Keith will report, we emphasize property operations and again delivered peer-leading customer satisfaction, cost control, and operating margins. As John will report, we upgraded our portfolio, selling off the bottom and acquiring properties with expected faster growth and higher returns. And as Paul will report, we increased FFO per share by 8% from our initial guidance and substantially strengthened our balance sheet. We added to our longstanding commitments to corporate responsibility, and we refreshed our board of directors, electing three new, highly qualified, and diverse directors. As a result, we're well-positioned to execute our strategic objectives, including the specific priorities for 2022 set by our board of directors at its meetings last week. First, continue a simple and efficient business model focused on low execution risks, and low financial risk. We believe risk reduction will lead to more consistent and predictable results, the foundation for the long-term organic growth of our business. We'll work to improve our already peer-leading operating platform, what Keith calls the air edge, and we'll describe in more detail. We know that apartment markets are highly competitive, that Keith and the entire air team are committed to continue to be best in class. Second, enhance our portfolio through disciplined capital allocation. We'll invest in top-rated submarkets, maintain broad diversification, and invest only where we can earn attractive spreads to our cost of capital. We intend to grow, but will not do so by increasing leverage beyond our targeted range or by funding transactions through dilutive equity issuance. Third, maintain the opportunities and flexibility inherent in our low-risk balance sheet. We'll expand our sources of debt and equity capital. Last year, we welcomed Blackstone as a new partner. This year, we look forward to deepening relationships and building additional partnerships. Fourth, be good neighbors. We'll advance our many and longstanding activities to provide community as well as housing to our residents. to continue as a nationally recognized employer of choice for our team, an exemplary corporate citizen with transparent and objective reporting of our goals and their achievement. And finally, and importantly, be good stewards of shareholder capital. We'll address all our goals with low overhead costs and a high degree of alignment with shareholders and their expectation of competitive risk-adjusted returns. With that, I'll turn the call over to Keith. Keith? Thanks, Terry.