American Homes 4 Rent

Greetings and welcome to the AMH first quarter 2026 earnings 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. I would now like to turn the conference over to your host, Nick Fromm, Vice President of Investor Relations. Thank you. Please begin.

Good morning. And thank you for joining us for our first quarter 2026 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, May 7, 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. The 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. 2026 is off to a good start. Our strong first quarter was characterized by solid seasonal demand and excellent execution by our field and asset management teams. Against the backdrop of political and economic uncertainty, our results demonstrate the resiliency of single-family rentals and the strength of the AMH platform. Seasonal demand picked up as expected in the back half of the first quarter, despite a slightly later start this year. This resulted in record leasing volumes for March and continued momentum through April. The recent occupancy and new lease spread trajectories put us in a good position as we move through the remainder of peak leasing season. The teams did a great job in meeting the accelerating demand by efficiently turning homes in a period of heightened lease expirations. And their ability to control the controllables drove an impressive reduction in same-home core operating expenses year over year. This resulted in strong same-home core NOI growth of 3.7% for the quarter. For April, the leasing momentum from March continued, further improving new lease spreads to 1.2% and same-home average occupied days to 95.6%, representing a 30 basis point sequential improvement. On the investment front, we continue to execute on our 2026 capital plan. During the quarter, we delivered over 500 high-quality, purpose-built AMH development homes at a 5.3% average initial yield. As a reminder, this year's moderated on-balance sheet development activity will be matched funded with proceeds from our disposition program. Our asset management team did a great job identifying non-core assets and recycling capital in the first quarter, selling over 700 homes for approximately $200 million of net proceeds. Importantly, we continue to see strong MLS demand across all of our markets, demonstrating the resilient value of single-family housing to end-user homebuyers. And finally, we continue to remain active on share repurchases, taking a thoughtful and strategic approach to capital deployment. Over the past six months, we have repurchased approximately $360 million of common stock, which represents roughly 3% of total shares and units outstanding. Before I close, I would like to provide a brief legislative update. The discussions in Washington around the 21st Century Road Act are continuing as we speak. Our focus remains on ensuring that the role of single-family rental housing is well understood and appropriately represented. We are actively engaged alongside industry partners to support policies that encourage housing supply. We will keep you informed as developments unfold. Most importantly, millions of Americans call single-family rentals home, and our focus on providing quality housing with an exceptional resident experience is unwavering. With our leading operating platform and vertically integrated development program, AMH is well positioned as an industry leader to adapt and respond effectively in all environments. With that, I will turn the call over to Chris.