Apartment Income REIT Corp.

Good afternoon. Thank you for attending. My name is Matt and I will be your moderator for today's call. At this time, I would like to welcome everyone to the air community second quarter 2022 earnings conference call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. I would now like to pass the conference over to our host, Lisa Cohn, president and general counsel air community.

Thank you, Matt, and 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 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 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. All of us will be available during the question and answer session, which will follow prepared remarks. We'll now turn the call to Terry Considine. Terry?

Thank you, Lisa, and thanks to all of you for your interest in AIR. In the past few months, AIR has largely completed its separation from the old AIMCO, 18 months ahead of schedule. At AIR's IPO, 12% of AIR NAV was entangled with AIMCO, Now it is less than 30 basis points. The acceleration of the AIMCO note and the cancellation of the AIMCO master lease of four properties created noise in the quarter, making modeling more difficult. But there are important milestones in simplifying AIR's business, which is growing steadily. AIR was designed to be the most efficient and effective way to invest in public ownership of multifamily real estate. With the separation from old AIMCO now behind us, we can see more clearly what AIR will be. We can see the strength of the AIR operating platform, what Keith calls the AIR edge. For example, challenged by inflation, peers increased second quarter operating expenses year over year by almost 5%. AIR costs were essentially flat. Our emphasis on customer selection and satisfaction results in stable communities with good neighbors and peer-leading margins. Coupled with low G&A, AIR enjoys the highest conversion of rent to free cash flow. Rent growth matters a lot. What matters more is how much of that revenue gets through to distribution to or investment for shareholders. We can also now see the safety of the AIR business model. Thanks to Paul, AIR has low financial leverage with limited refunding and repricing risk. But the business model also has none of the supply chain risks and ongoing cash requirements of unfinished developments and no need to replace the runoff of maturing loans as is the case with lending programs. The safety of the air business and its laser focus on ownership of stabilized properties allows air to invest at a time when so many others are on the sidelines. The power of the air edge makes the properties we buy worth more when and because added to the air platform. Our paired trade discipline makes clear that acquisitions are accretive and leverage neutral. And after reinvestment of more than a billion dollars, our excellent portfolio is now even better. Average monthly rents approach $2,600, third among the apartment rates. But more important to shareholders, the properties purchased have expected returns 50% greater than the properties we sold to fund their purchase. And when considering investments, we regularly compare a proposed purchase to the buyback of AIR shares. And in the second quarter, we purchased about 3 million shares, or $125 million. Economists debate whether we're in a recession. When we look inside the business of AIR, we see no sign of recession, none, not now. But you and I both know that a recession will come someday, and maybe soon. Our customers have good incomes and high credit scores. Our buildings are in good repair. Our teams are well-paid and stable. Our balance sheet is not exposed to higher interest rates nor near-term maturities. We have no buildings to finish. We have no lease-ups to complete. So for us, a recession will be an opportunity to grow by accretive investment. The key always is people. You've heard from Lisa. You'll hear shortly from three others of our best. In the second quarter, Keith and his ops team delivered outstanding results. We're raising same-store guidance based on expectations for this year. The momentum, earning of leases made this year, and loss to lease for leases to be made next year, plus their remarkable ability to manage costs through productivity, suggest that next year will also be a very good year. John will report on sources and accretive uses and the faster growth we see in our portfolio properties newly added to the AIR platform. Paul will report on our balance sheet and why tax characteristics make the dividend on AIMCO shares especially attractive to individuals, C-Corps, foreign investors, and all who are interested to reduce income taxation. Patty Schwader has been called away by family duties of a happy nature, so Lisa will be her backup, ready to report on our recently published targets based on the UN sustainability goals and our commitment to measurement and public reporting of our ESG undertaking. Lisa may also express our gratification that Air Teammates' high engagement exceeds the Ken Kingsley Index, rising when others are falling. And perhaps one reason for another Kingsley report, this one that AIR is ranked first among public apartment companies and second among all apartment companies for customer satisfaction. Finally, I thank my teammates for your help, hard work, and friendship. And I thank my colleagues on the AIR board. You are remarkable, engaged, and committed to making AIR excel. With that, I'd like to turn the call to Keith Kimmel to discuss our operating results. Keith?