American Homes 4 Rent

Greetings and welcome to the MAH second quarter 2024 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, Investor Relations. Thank you, Nick. You may begin.

Good morning. Thank you for joining us for our second quarter 2024 earnings conference call. With me today are David Singlen, 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, August 2, 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 Senglin.

Welcome, everyone, and thank you for joining us today. The power of the AMH platform continues to be on full display. We posted strong second quarter results with core FFO per share growth, of 8.5% year over year. Our teams executed well and rental fundamentals continue to be strong, leading us to increase our core FFO per share outlook by 3 cents to $1.76 at the midpoint. This represents 6% growth for the full year and was driven by increased same home core revenue and NOI guidance. In addition, we have de-risked our debt maturities through our recent 10-year unsecured bond issuance. As demonstrated by our results this year, AMH continues to be defined by the following concepts. One, consistency and predictability on the operational front. Two, consistent and predictable growth on the AMH development front through our patient and disciplined approach when the investments meet our corporate objectives and goals. And three, consistency and predictability with our prudent capital allocation strategy and balance sheet management. Looking at the big picture, housing fundamentals continue to support the single-family rental value proposition. The national housing shortage and population demographics continue to drive a housing supply and demand imbalance. This dynamic, coupled with elevated home prices and mortgage rates, is resulting in high demand for rental homes from people seeking the benefits of single-family living without the cost or burden of homeownership. At AMH, we are doing our part to satisfy the growing demand for high-quality single-family rental housing by providing a superior resident experience and contributing new housing stock through our development program. Before I turn it over to Brian, I want to mention that our CEO transition is going smoothly. The AMH team is talented and experienced, and our future is very bright. You have seen the power of our platform over the past decade. You can see it in this quarter's results, and you will see it moving forward. Now I will turn it over for an update on our operations and investment programs.