Apartment Income REIT Corp.

My name is Austin and I will be your conference operator today. At this time, I would like to welcome everyone to the apartment income right first quarter 2022 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during that time, simply press star followed by the number one on your telephone keypad. If you'd like to withdraw your question, Press the pound key. Thank you. Lisa Cohn, you may now begin your conference.

Thank you, and good day. My name is Lisa Cohn, and I am President and General Counsel of Apartment Income REIT Corp, or 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 GAAP 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, president in charge of property operations, John McGrath, our co-CIO and chairman of our investment committee, and Paul Belden, our chief financial officer. Other members of management are also present, and all of us will be available during the question and answer session that 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. The year is off to an excellent start, as detailed in the earnings relief. My colleagues will provide further details. My comments will be few. I have three chief points. First, business is good. Keith and the ops team continue to deliver outstanding results. Second, our balance sheet will be low leverage. with fixed interest rates, limited repricing risk, great flexibility, and simple. Third, we did what we said we would do, focus on property operations where we have a comparative advantage, commit to low leverage, simplify our business, have low G&A in order to be efficient at conversion of rent growth to cash available for shareholders, be transparent and provide a high quality of earnings, Establish our relationship with AIMCO so that each is independent and stands on its own. One more point. Now comes growth. Organic growth from a high-quality portfolio improved by the sale of our lower-rated properties. Organic growth from focus on AIR's core competencies in customer selection, satisfaction, and retention, and using productivity to control operating expenses. External growth, funded by paired trades and leverage neutral, where our cost of capital is established by the property sold, where the underwritten accretion is meaningful, and the key to success is the excellence of our property operations, what Keith calls the air edge. We will be good corporate citizens, continuing to be a great place to work, engaging positively with the communities where we do business, conducting our business with sensitivity to its environmental impacts. And we'll measure these results and seek their certification by independent third parties. And we'll do all of this as a team. And I want to thank my teammates for the success of the first quarter that will be discussed on this call. I look forward to working with you to achieve the high goals we've set for the balance of this year and for the years ahead. I also want to thank our engaged board. You are most generous with your time. You contribute from your wide range of life experiences. You keep us focused on creating value for shareholders. Now, I'd like to turn the call to Keith Kimmel to discuss our operating results and prospects. Keith?