Apartment Income REIT Corp. (NYSE:AIRC) Q4 2022 Earnings Conference Call February 10, 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

Haendel St. Juste - Mizuho

John Kim - BMO Capital Markets

Nick Joseph - Citi

Chandni Luthra - Goldman Sachs

Rich Anderson - SMBC

John Pawlowski - Green Street

Operator

Welcome, and thank you for attending today's AIR Communities Fourth Quarter and Full Year 2022 Earnings Conference Call. My name is Alexis, and will be your moderator for today's call. [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, Alexis, and good day. My name is Lisa Cohn and as Alexis said, I am the President and General Counsel of AIR Communities. During this conference call, forward-looking statements we make are based on management's judgment, among other things, current market conditions, macroeconomic trend, socioeconomic drivers, including projections related to 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 funds from operations. These are defined and are reconciled to the most comparable GAAP measures in the supplemental information that is part of our 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, Co-CIO and 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 welcome to all of you on this call.

AIR was designed to be the most efficient way to invest in public ownership of multi-family properties. The past year provides this confirmation. At 74%, AIR operating margins are the highest among our peers. At 67%, AIR has by far the highest rate of conversion of revenue into free cash flow. The highest among our peers and 10% higher than peer average. And for your information is posted on our web page and you might be interested to review the calculation.