American Homes 4 Rent

Greetings and welcome to the AMH fourth quarter 2023 earnings conference call. At this time, all participants are in a listen-only mode. A brief 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. It is now my pleasure to introduce your host, Nick Fromm, Director of Investor Relations. Thank you. you may begin.

Good morning. Thank you for joining us for our fourth quarter 2023 earnings conference call. With me today are David Stinklin, 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, February 23rd, 2024. 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 release and supplemental information package. As a note, Our operating and financial results, including gap and non-gap 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.

Thank you, Nick. Good morning, everyone, and thank you for joining us today. As you may have seen in last night's press release, I announced my intent to retire at the end of the year. It has been an honor to lead this company over the past 12 years, and I cannot be more proud of the leadership team we have in place who are ready to take the reign. I want to congratulate Brian Smith, our Chief Operating Officer, who is named to be our next Chief Executive Officer upon my retirement. Brian is a talented and experienced executive who has driven our business strategy and operations since the beginning. Additionally, we have elevated Chris Lau to the role of Senior Executive Vice President and Chief Financial Officer. I know with this highly talented management team, AMH stands ready to seize the opportunities ahead. Now I will provide some brief comments before I turn the call over to Brian and Chris. 2023 marked another year of resilient and durable growth at AMH. For the full year, core FFO per share grew nearly 8%, driven by sustained long-term rental demand, superior operational execution supported by our strategic initiatives, and consistent production out of our development program. The single-family rental sector and the AMH platform continue to benefit from supply, demand, and balances. The national housing shortage, driven by limited homes for purchase in the open market, has created challenging home affordability dynamics for homebuyers. AMH is doing its part to solve this housing shortage. We are adding new supply to the market and offering high-quality assets in desirable family-friendly locations at a significant discount to the cost of ownership. We are well positioned to deliver consistent results for years to come. On the growth front, Our primary growth channel is internally developed homes that are well-located, of high quality, and have superior maintenance CapEx profiles as compared to our legacy portfolio. Having full control of the growth program allows us to dial up or dial down our delivery pace in certain markets to appropriately manage our capital plan. Our traditional and national builder acquisition channels continue to be largely on pause given our current cost of capital. When these acquisition opportunities become more attractive, we will be ready to quickly capitalize and supplement our in-house development deliveries. While the acquisition and capital market environments are not conducive to accretive growth from the MLS or national builder channels, it does continue to be a great time to lean into dispositions. The single family rental asset class has the unique ability to be managed on an asset by asset level. which provides the ability to recycle capital at a track with economics. On a personal note, it is bittersweet leaving AMH where I co-founded the company and had a hand in building the SFR industry and team from top to bottom. I am proud that AMH is well positioned to continue our success in delivering high quality housing to our residents and superior returns to our investors. I will see many of you over the next 10 months, but I know after I retire, I will miss the people I work with within and outside the AMH community. I am eternally grateful for those relationships that have been created. And now I will turn the call over to Brian for an update on our operations. Thank you, Dave.