American Homes 4 Rent (NYSE:AMH) Q1 2024 Earnings Conference Call May 3, 2024 12:00 PM ET

Company Participants

Nicholas Fromm – Director-Investor Relations
David Singelyn – Chief Executive Officer
Bryan Smith – Chief Operating Officer
Chris Lau – Chief Financial Officer

Conference Call Participants

Juan Sanabria – BMO Capital Markets
Eric Wolfe – Citi
Jamie Feldman – Wells Fargo
Keegan Carl – Wolfe Research
Adam Kramer – Morgan Stanley
Brad Heffern – RBC Capital Markets
Jesse Lederman – Zelman & Associates
Michael Goldsmith – UBS
Tayo Okusanya – Deutsche Bank
Anthony Powell – Barclays

Operator

Greetings, and welcome to the American Homes 4 Rent First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Nicholas Fromm, Director of Investor Relations. Thank you, you may begin.

Nicholas Fromm

Good morning, thank you for joining us for our first quarter 2024 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 facts 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 03, 2024. 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 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, David Singelyn.

David Singelyn

Welcome everyone and thank you for joining us today. 2024 is off to a good start. Demand for single-family rentals and more specifically AMH homes remains healthy. In the first quarter, we delivered $0.43 of core FFO per share, representing 5.8% year-over-year growth. As expected, the SFR normal seasonal curve is back and our property management team is doing a great job capturing accelerating demand heading into our spring leasing season. More broadly, the ongoing macro drivers, including the national housing shortage, aging millennial demographics and challenging home affordability dynamics, suggests steady demand into the foreseeable future for single-family rental homes. Additionally, the higher for longer interest rate scenario seems to be playing out, which may continue to pressure new housing supply. With that in mind, our focus remains on the development program, where we continue to do our part in solving the housing shortage by providing new premium housing options in desirable family-friendly locations across the country.