American Homes 4 Rent (AMH) Q1 2023 Earnings Call Transcript
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Greetings, and welcome to the American Homes 4 Rent First Quarter 2023 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 [Operator Instructions]. As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Nick Fromm, Director of Investor Relations. Thank you, sir. You may begin.
Nick Fromm
Good morning. Thank you for joining us for our first quarter 2023 earnings conference call. With me today are David Singelyn, Chief Executive Officer; Bryan 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 5, 2023. 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 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 Web site at www.amh.com.
With that, I will turn the call over to our CEO, David Singelyn.
David Singelyn
Welcome, everyone, and thank you for joining us today. The early spring leasing season is off to a strong start at AMH. Our property management teams are doing a great job capturing the strong demand for single family rentals and our development program continues to deliver consistent and predictable growth through the addition of premium, new construction rental homes. Like everyone else, we are following the broader markets, disruptions in the banking system and choppy economic waters. But no matter what's ahead, we continue to have confidence that AMH and single family rentals, which have now matured into a core asset class, have the ability to outperform in any economic environment. To frame this further, three important things come to mind. First, SFR sector fundamentals are strong. Our country continues to suffer from a persistent housing shortage and the current interest rate environment has created a housing affordability crisis. In this backdrop, the single family rental value proposition has never been stronger. We offer a simple and accessible way for our residents to enjoy the American dream of single family living. Second, the AMH balance sheet shines in times of capital market uncertainty. Our investment grade balance sheet, staggered maturity profile and focus on long term fixed rate debt minimizes our exposure to near term interest rate volatility. Additionally, our leverage profile, which ended the quarter at 5.4 times, positions us for further resiliency as well as flexibility for growth. And third, our ability to deliver consistent and predictable growth is unmatched. As announced earlier this week, AMH is now proudly the 39th largest homebuilder in the country based on the 2023 Builder 100 list. With our internal development program as the backbone and no reliance on equity financing, we continue to grow our portfolio where we want and when we want, regardless of external market factors. Overall, we are in a great position as we navigate these uncertain times.