American Homes 4 Rent

Greetings and welcome to the AMH fourth quarter 2025 earnings conference call. At this time, all participants are in 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. It is now my pleasure to introduce your host, Nick Fromm, Vice President of Investor Relations. Thank you, Nick. You may begin.

Good morning, and thank you for joining us for our fourth 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. We'd be advised 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 20th, 2026. 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 relief 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 it all over to our CEO, Brian Smith.

Welcome, everyone, and thank you for joining us today. After our team delivered a solid close to 2025, the new year is off to a busy start. Before we dive into our results and outlook, I would like to address the executive order the administration issued last month, showing its focus on housing affordability and the role that single-family rentals play. We appreciate the attention to this critical issue and continue to emphasize that AMH is part of the solution. Alongside our industry peers and partners, We are actively engaged with government and business leaders in Washington and around the country. These meetings have been encouraging as we continue to work with policymakers on the challenges of affordability, which will require sustained investment and collaboration across both the public and private sectors. Millions of Americans call single-family rentals home. In fact, consistently since 1965, roughly one-third of households in the United States are renters. This includes first responders, educators, and health care providers who rely on this option to live in the communities they serve. Our homes provide access to the same desirable neighborhoods at a fraction of the estimated monthly cost of homeownership. Further, a single-family rental home often represents an important step in a family's journey towards homeownership. Our surveys show that buying a home is the number one reason residents move out of our portfolio. Over the course of 2025, we estimate that over 5,000 households or approximately 30% of all move outs left their AMH home to purchase a house. Our strategy has always been centered around providing quality housing and an exceptional resident experience. In our early years, we achieved this by renovating homes and revitalizing neighborhoods across the country. During that time, housing starts slowed dramatically, causing shortages in many of our markets. In 2017, we made the strategic decision focused on ground-up development to meet the growing demand for single-family rentals. Since then, our in-house development program has added over 14,000 newly built homes across the country. For the past few years, AMH has not been materially active buying homes on the MLS. Instead, we've been an active seller. In 2025 alone, we sold over 1,800 homes to individual homeowners. In 2026, we expect similar activity. Proceeds from these dispositions continue to provide the necessary capital for our development program. In 2026, we plan to deliver around 1,900 newly constructed homes across the portfolio. And the foundation for our future growth remains centered around adding homes through our in-house development program. Now let's turn to our fourth quarter and full year results. In 2025, we delivered $1.87 of core FFO per share, representing year over year growth of 5.4%. Our consistent results not only demonstrate our commitment to operational excellence within the same home portfolio, but also underscores our approach to maximizing value across all areas of the business. Operationally, Our teams did a great job navigating a challenging environment in the tail end of 2025, which included seasonal demand moderation and stubborn supply. This put downward pressure on rate and occupancy heading into the beginning of 2026. For the month of January, new renewal and blended spreads were minus 1%, 3.5%, and 2.4% respectively. While same home average occupied days was 95%. Throughout the first quarter, our focus will continue to be on occupancy with our outlook for 2026 contemplating a flatter seasonal curve or rate growth occupancy than we would normally expect. Chris will cover guidance in more detail later in the call. As we look ahead, it is clear that there is a growing need for more high quality housing in America. AMH, with its well-located homes, outstanding resident service, and new home development program, is committed to doing its part. Thank you to the team for your hard work last year and your continued commitment to excellence. With that, I'll turn the call over to Chris.