Apartment Income REIT Corp.

Welcome and thank you for attending today's AIR Community's first quarter 2023 earnings conference call. My name is Ciara and I will be your moderator for today's call. All lines have been placed on these to prevent any background noise. After speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press the pound key. I would now like to pass the conference over to Lisa Cohn, President and General Counsel of Air Communities. You may proceed.

Lisa Cohn Thank you, Ciara, 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 of current market conditions, macroeconomic trends, socioeconomic drivers, and other factors, including projections related to our 2023 performance expectations. These statements are subject to certain risks and uncertainties, a description of which can be found in our SEC filing. Actual results may differ materially from what may be discussed today. We will also discuss certain non-GAAP financial measures, such as FFO. 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, 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 our prepared remarks. I will now turn the call to Terry Considine. Terry?

Thank you, Lisa. And my thanks to each of you on this call for your interest in air communities. My comments will be brief. AIR's first quarter results were on track with our plans. AIR operations led all peers with the lowest expense growth, the highest margins, the most year-over-year growth in net operating income, the highest rental rate increases, and the highest rate of conversion of top-line revenue to bottom-line free cash flow measured after all corporate expenses. AIR is consistently the most efficient and effective way to invest in multifamily with public market liquidity. AIR culture emphasizes teamwork, and Keith leads a veteran team who know the AIR EDGE playbook, lead stable site teams, are committed to continuous improvement, and who consistently race AIR as the best place to work. Two important explanations of AIR's low controllable expenses are the high productivity of air service managers and their long tenure. Air values technological efficiency. It gives a higher priority to a sense of mission and a commitment to the personal respect and relationship that bind together teams and customers. Taken together, the result is sector-leading customer satisfaction, sector-leading customer retention, 62% in the last 12 months, and sector low rate of growth in operating costs. In a moment, John will comment on the quality of the air portfolio, in the top three of apartment REITs when measured by average rents, and number one in rent growth. Paul will follow to comment on the safety of the air balance sheet. No refunding required for two years, little repricing risk, almost $2 billion in liquidity, enough to refund all maturities until 2030. Looking ahead to this quarter and to the rest of 2023, shareholders should expect more of the same. Solid execution grounded in a strong culture, aggressive portfolio management, a safe balance sheet. With thanks to the entire air team, including my helpful and engaged colleagues on the air I'll turn the call to Keith.