American Homes 4 Rent

Greetings and welcome to American Homes for Rent first quarter 2024 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 first quarter 2024 earnings conference call. With me today are David Singlin, 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, May 3rd, 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 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 Sinkland.

Welcome, everyone, and thank you for joining us today. 2024 is off to a good start. demand for single-family rentals, and more specifically, AMH Homes remains healthy. In the first quarter, we delivered 43 cents of core FFO per share, representing 5.8% year-over-year growth. As expected, the SFR normal seasonal curve is back, and our property management team is doing a great job capturing the accelerating demand heading into our spring leasing season. More broadly, The ongoing macro drivers, including the national housing shortage, aging millennial demographics, and challenging home affordability dynamics, suggest steady demand into the foreseeable future for single-family rental homes. Additionally, the higher-for-longer interest rate scenario seems to be playing out, which may continue to pressure new housing supply. With that in mind, our focus remains on the development program where we continue to do our part in solving the housing shortage by providing new premium housing options in desirable family-friendly locations across the country. Turning to an update on sustainability, we published our sixth annual sustainability report last week, which includes updates on our progress and impact on environmental and social initiatives, such as the expansion of our solar pilot program to residents. As a reminder, whether solar enabled or not, our newly constructed homes are designed with sustainability in mind. In fact, our 2023 deliveries on average are 54% more energy efficient than the typical American home. Additionally, our corporate headquarters in Las Vegas was recently awarded LEED Gold certification for the building green design, construction, and use practices This represents another milestone in the company's sustainability journey, affirming AMH's continued commitment to responsible environmental practices. In closing, AMH is in a great position starting out the new year. Long-term business fundamentals are strong. Leasing momentum continues to build into the second quarter, and our development program continues to deliver new high-quality homes into the portfolio. Now, I'll turn the call over to Brian for an update on our operations and investment programs. Thank you, and good morning, everyone.