Apartment Income REIT Corp. (NYSE:AIRC) Q1 2023 Earnings Conference Call May 2, 2023 1:00 PM ET

Company Participants

Lisa Cohn - President and General Counsel, AIR Communities

Terry Considine - CEO

Keith Kimmel - President of Property Operations

John McGrath - Co-CIO and Chairman of Investment Committee

Paul Beldin - CFO

Conference Call Participants

Eric Wolfe - Citi

Haendel St. Juste - Mizuho

John Kim - BMO Capital Markets

Chandni Luthra - Goldman Sachs

John Pawlowski - Green Street

Operator

Welcome, and thank you for attending today's AIR Communities First Quarter 2023 Earnings Conference Call. My name is Sierra, and I will be your moderator for today's call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]

I would now like to pass the conference over to Lisa Cohn, President and General Counsel of AIR Communities. You may proceed.

Lisa Cohn

Thank you, Sierra, and good day. My name is Lisa Cohn, and I am President and General Counsel of AIR Communities. During this conference call, the forward-looking statements we make are based on management's judgment of current market conditions, macroeconomic trends, socioeconomic drivers and other factors, including projections related to our 2023 performance expectations. These statements are subject to certain risks and uncertainties, a description of which can be found in our SEC filings. Actual results may differ materially from what may be discussed today.

We will also discuss certain non-GAAP financial measures such as FFO. These are defined and are reconciled to those comparable GAAP measures in the supplemental information that is part of the full earnings release published on AIR's website. Prepared remarks today come from Terry Considine, our CEO; Keith Kimmel, President of Property Operations; John McGrath, Chairman of our Investment Committee; and Paul Beldin, our Chief Financial Officer. Other members of management are also present. All of us will be available during the question-and-answer session, which will follow our prepared remarks.

I will now turn the call to Terry Considine. Terry?

Terry Considine

Thank you, Lisa, and my thanks to each of you on this call for your interest in AIR Communities. My comments will be brief. AIR's first quarter results were on track with our plans. AIR operations led all peers with the lowest expense growth, the highest margins, the most year-over-year growth in net operating income, the highest rental rate increases and the highest rate of conversion of top line revenue to bottom line free cash flow measured after all corporate expenses.