American Homes 4 Rent

are in the listen only mode. A brief question and answer session will follow the formal presentation. If anyone requires operator assistance during the conference call, please signal an operator by pressing star and zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host for today, Nicholas Fromm, Director, Investor Relations. Please go ahead.

Good morning and thank you for joining us for our third quarter 2025 earnings conference call. With me today are Brian Smith, Chief Executive Officer, Chris Lau, Chief Financial Officer, and Lincoln Palmer, Chief Operating 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, October 30, 2025. 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, Brian Smith.

Welcome everyone, and thank you for joining us today. 2025 is quickly coming to a close, and our industry-leading results continue to reinforce the benefits of the AMH strategy, which is centered around portfolio optimization, operational execution, and a prudent approach to capital management. During the third quarter, we saw solid contribution from all areas of the AMH platform, driving core FFO per share growth of 6.2%. Due to our strong third quarter results and updated outlook on the full year, we increased our core FFO per share guidance by one penny to $1.87 at the midpoint, representing growth of 5.6%. In this last stretch of 2025, our focus is on building occupancy and gaining momentum to position the portfolio for strength heading into 2026. Fundamentals in the single-family rental industry continue to benefit from favorable population demographics within the millennial cohort and a growing need for high-quality housing. The AMH portfolio continues to capture this demand given our portfolio's high-quality assets in superior locations with a focus on highly desirable single-family detached homes. Turning to the third quarter, we delivered solid same home core revenue growth of 3.8%, driven by same home average occupied days of 95.9%, and new renewal and blended rental rate spreads of 2.5%, 4%, and 3.6% respectively. On the expense front, the team's focus on controlling the controllables kept same home core operating expense growth muted at 2.4%, leading to same-home core NOI growth of 4.6%. As we exited the third quarter, we saw a tapering of activity that drove October same-home average occupied days to 95.1%. Preliminary new lease spreads of 0.3% were balanced by continued strength and renewal rate growth of 4%. Given the heightened focus on monthly updates, it is important to mention that our internal dashboards indicate that we have reached an inflection point in seasonal leasing activity. Leasing velocity has improved over September levels, and this, coupled with benefits from our lease expiration management initiative, positions us to close out the year with momentum. Turning to our growth programs, we remain focused on portfolio optimization and prudent capital allocations. This year, we are on track to deliver approximately 2,300 homes, of which 1,900 are wholly owned. As a reminder, development is being funded by internally generated cash, incremental debt capacity from growing EBITDA, and recycled capital from our disposition program. Despite the headlines of a slowdown in MLS activity, we continue to see great success selling nearly 1,200 homes to end-user homebuyers year to date. This enables us to accretively deploy disposition proceeds into development, driving residential leading earnings contribution outside of our same home pool, while also continuing to improve the quality of our portfolio. As we begin to shift our focus to 2026, we expect a similar number of deliveries from the development program next year, maintaining strategic sizing of the program to be funded with internally generated capital and incremental debt capacity. Outside of development, we continue to review thousands of assets each month across all of our markets, but bid-ask spreads are still too wide considering the current cost of capital. To close, our strong year-to-date performance is a direct result of the enduring AMH strategy and outstanding execution from our teams. Our industry-leading core FFO growth guidance reflects earnings contribution from all areas of the business and maintains our position at the top of the residential sector. With that, I'll turn the call over to Chris.