American Homes 4 Rent

Greetings and welcome to AMH Second Quarter 2023 Earnings Conference Call. At this time, all participants are on 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. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Nicholas Fromm, Director of Investor Relations. Thank you. You may begin.

Good morning. Thank you for joining us for our second quarter 2023 earnings conference call. With me today are David Sinklin, Chief Executive Officer, Brian Smith, Chief Operating 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, July 28, 2023. 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 can find these documents, as well as SEC reports and the audio webcast replay of this conference call, on our website at www.amh.com. With that, I will turn the call over to our CEO, David Singlin.

Welcome, everyone, and thank you for joining us today. We delivered another quarter of excellent results. supported by strong operating fundamentals and leasing momentum. This resulted in 41 cents of core FFO per share for the second quarter, or 7.6% growth over the same quarter last year. Importantly, we generated better than anticipated leasing spreads during peak leasing season, thanks to continued demand drivers and superior execution from our teams. As a result, we have increased full year core FFO per share guidance by 3 cents at the midpoint, which represents 6.5% growth on a full year basis over 2022, and the high end of our previous guidance range. The single family rental sector remains on solid footing with durable and consistent fundamentals, driven by the growing demand for single family rentals, ongoing national housing shortage, and challenging home affordability dynamics. AMH continues to be well positioned. by offering a high-quality housing option with a superior and convenient resident experience in the desirable family-friendly neighborhoods of choice. Further, as few signs point to any near-term changes, we expect the operating environment to remain durable, providing consistent results for the foreseeable future. Now turning to the investment front. Responsible growth continues to be the name of the game. Our traditional and national builder channels are still largely on pause. Recently, we have seen a few SFR portfolio opportunities come to market, but they did not meet our criteria for factors such as investment return, location, and asset quality. Our teams continue to be in frequent communications with our contacts across the industry, and we will be ready when opportunities arise that meet our criteria and are accretive to the AMH platform. Our focus remains on investing in a prudent manner through our internal development program, which continues to represent nearly all of our external growth. Year to date, we have delivered 1,100 homes and have started construction on the remaining scheduled deliveries in 2023. Looking to 2024, we anticipate another year of incremental growth based on current visibility we have into the pipeline. Finally, I am happy to announce that we have entered into a second development joint venture with institutional investors advised by JP Morgan Asset Management. This is a testament to the quality of our development and operational platforms and provides a great avenue to further expand our development program. Chris will walk you through additional details later in the call. As I wrap up, I am happy to mention that next week will mark our 10-year anniversary as being a publicly traded company. We have built something truly remarkable here at AMH, and I want to thank everyone who contributed to our success over the years. Now I'll turn over to Brian for an update on our operations. Brian? Thank you, Dave.