Apartment Income REIT Corp. (NYSE:AIRC) Q4 2023 Earnings Conference Call February 9, 2024 1:00 PM ET

Company Participants

Lisa Cohn - President & General Counsel

Terry Considine - CEO

Keith Kimmel - President, Property Operations

Josh Minix - Chief Investment Officer

Paul Beldin - CFO

Patti Shwayder - SVP, Chief Corporate Responsibility Officer

Conference Call Participants

Eric Wolfe - Citigroup

John Kim - BMO Capital Markets

Rob Stevenson - Janney

Haendel St. Juste - Mizuho

Rich Anderson - Wedbush

John Pawlowski - Green Street Advisors

Operator

Welcome, and thank you for attending today's AIR Communities Third (ph) Quarter 2023 Earnings Conference Call. My name is Kriti and I'll be your moderator for today's call. All lines have been placed on mute to prevent any background noise. After the speaker's 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, 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 judgments, including projections related to our 2024 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'll also discuss certain non-GAAP financial measures such as FFO and AFFO. These are defined and are reconciled to the most comparable GAAP measures in the supplemental information that is part of the full earnings release published on AIR's website. Our comments today come from Terry Considine, our CEO; Keith Kimmel, President of Property Operations; Josh Minix, our Chief Investment Officer; and Paul Beldin, our CFO. Other members of management are also present and all of us will be available during the Q&A session, which will follow our prepared remarks.

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

Terry Considine

Good morning, and thank you, Lisa, and all of you on this call. I read the first takes this morning, and last night and set aside my prepared remarks to address what I understand to be on your minds. There's considerable consensus on AIR's good operations. There's confusion about $0.07 of the increase in 2024, expected interest expense. $0.04 was the result of the third quarter refinancing fully disclosed in our third quarter report.