American Homes 4 Rent

Greetings. Welcome to the American Homeless for Rent fourth quarter 2021 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Nicholas Fromm. Thank you. You may begin.

Good morning. Thank you for joining us for our fourth quarter 2021 earnings conference call. With me today are David Singlin, Chief Executive Officer, Brian Smith, Chief Operating Officer, Jack Corrigan, Chief Investment Officer, and Chris Lau, Chief Financial Officer. Please be advised that this call may include forward-looking statements. All statements other than statements of historical fact included in this conference call are forward-looking statements that are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected in these statements. These risks and other factors that could adversely affect our business and future results are described in our press releases and in our filings with the SEC. All forward-looking statements speak only as of today, February 25, 2022. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. A reconciliation of GAAP to non-GAAP financial measures is included in our earnings press release and supplemental information package. As a note, our operating and financial results, including GAAP and non-GAAP measures, are fully detailed in our earnings release and supplemental information package. You'd find these documents as well as SEC reports in the audio webcast replay of this conference call on our website at www.americanhomesforrent.com. With that, I will turn the call over to our CEO, David Sinkland.

Thank you, Nick. Good morning, and thank you for joining us today. During 2021, we again delivered consistent outsized earnings growth resulting in a record year headlined by sector leading core FFO growth of 17.4% per share. At the onset of the pandemic, it was hard to imagine how dramatic the world would change. The hybrid work model is likely here to stay and millions of people no longer need to live close to the office and now have the ability to relocate to more desirable locations. Our diversified footprint is positioned in high quality of life markets where long-term demographic shifts and changing preferences have been taking place. Simply put, the AMH portfolio is located where Americans want to live. Considering this and our country's housing shortage, the fundamental backdrop for our portfolio could not be better. Before we dive into our 2021 results and outlook for 2022, I want to take a moment to point out that this year marks the 10-year anniversary of the first home purchase by American Homes for Rent. During the past 10 years, AMH has demonstrated thought leadership that changed the SFR industry. With us at the forefront, renting has become more desirable and a home is no longer centered around ownership. Over the last decade, our dedicated team has strategically accumulated a portfolio of more than 57,000 homes in 30-plus markets, building a leading operational platform and pioneering an unrivaled growth engine. When you take a step back, the foundation this company has built is nothing short of remarkable. Upon this foundation, the real work now begins. Our focus is on what the next 10 years will look like. as we reinforce our position as the market leader in delivering consistent and outsized earnings growth. Strategically, we are focused on three areas that build upon our existing foundation. The first area is technology. As most of you know, we pioneered some of the earliest technology improvements in the single-family rental industry. Solutions such as Let Yourself In, and our proprietary inspection and maintenance apps have allowed us to scale an industry that many thought was unscalable. As we look forward, we will continue to optimize our operational infrastructure by investing in next-generation systems. Second, we remain committed to growth, specifically our internal development program. Our self-developed homes offer the best risk-adjusted returns across the SFR sector and will transform our portfolio over time by improving the quality of our asset base. Additionally, as the 45th largest home builder in the country, our internal development program now plays an important role in addressing the nation's housing shortage by contributing new, high-quality housing stock. Our last focus area is ESG. This year, we were honored to be named one of America's most responsible companies by Newsweek and a top ESG performer in the real estate sector by Sustainalytics. Our organization is continually focused on improving how we deliver sustained value to our residents, shareholders, and employees. Another example is that we were recently named a 2022 Great Places to Work company. This meaningful recognition represents our people first culture, and is instrumental in recruiting and retaining our valued employees. In closing, this is an exciting time at American Homes for Rent, as we expect our strong performance to continue in 2022 and beyond. We recently announced an 80% increase in our dividend rate and expect another year of double-digit core FFO growth per share. Through the combined efforts from our technology investments, growth initiatives, and ESG focus, this strong momentum should continue and further strengthen our position as the differentiated market leader in delivering consistent and outsized earnings growth. Now, I'll turn the call over to Brian Smith for more details on our operations.