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American Homes 4 Rent (AMH)

Participants
Nick Fromm Senior Manager, IR
David Singelyn CEO
Bryan Smith COO
Chris Lau CFO
Nicholas Joseph Citi
Michael Bilerman Citi
Brad Heffern RBC Capital Markets
Brian Spahn Evercore ISI
Joshua Dennerlein Bank of America
Haendel St. Juste Mizuho Securities
Alan Peterson Green Street
Adam Kramer Morgan Stanley
John Kim BMO Capital Markets
Neil Malkin Capital One Securities
Linda Tsai Jefferies
Dennis McGill Zelman & Associates
Sam Choe Credit Suisse
Austin Wurschmidt KeyBanc Capital Markets
Chandni Luthra Goldman Sachs
Anthony Powell Barclays
Jade Rahmani KBW
Call transcript
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Operator

Greetings and welcome to the American Homes 4 Rent Second Quarter 2022 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. At this time, I'd like to turn the call over to Nick Fromm, Senior Manager, Investor Relations for American Homes 4 Rent. sir. ahead, go Please

Nick Fromm

and you conference us any are call. forward-looking Officer; risks this results Operating Chief Thank or speak today, of Xth, that Please Financial quarter financial earnings advised be David are our XXXX could Executive that Officer; future and only except Chief and Smith, earnings With may Bryan factors XXXX. package. Lau, for and our morning. Chief that for Officer. include joining or otherwise, call forward-looking August no results call as second Singelyn, obligation number We Chris Good in new of other affect me supplemental All that press are statements differ statements All historical of statements. those these forward-looking and statements of releases press projected other of actual fact statements. to to whether are a by could with reconciliation information, our included revise to in a statements future information materially our events described from is filings A forward-looking update in These included GAAP than required in to risks uncertainties today this statements, cause as as conference in release business result law. measures and our assume adversely non-GAAP SEC. subject the

GAAP results, non-GAAP release detailed financial As are and supplemental our including and and a our package. note, operating earnings in measures, information fully

www.americanhomesXrent.com. over CEO, turn call on Singelyn. audio our as With reports at the conference replay as David webcast of well documents these website will to this the that, I find SEC can You call our and

David Singelyn

morning for today. and Good joining Nick. us you you, Thank thank

the growth. consistent results of This quarter, FFO consistent platform. year-over-year per demonstrates $X.XX with share, once continued earnings again the power XX% and AMH representing delivering durable This core we strong,

through to into Bryan quarter's Before want areas. and results, the three I walk Chris dive

market. the of view macro housing a First,

and as how companies. on programs X growth doing from Starting our other American finally, environment. macro socially the Homes with thoughts a Rent company. they Second, we differentiate And responsible are housing housing how some

that country million to housing any to in latest small this X First, number. is X better is U.S. our anywhere likely not numbers And is no decline short, as Census starts. get consecutive it fourth estimated the units from monthly marked Bureau the single-family million the from

has forefront single-family option premium they rentals today, while a providing option of last deemed best-in-class as are American XX and Second, were of the housing years housing the changing narrative homes the amenities. of been desired at communities X Rent by choice. resort Homes ago, with new high-quality

and have Today residents and homes, simplified our which Additionally, gives professionally USA a services have media last In lifestyle. outlets Business the the support in access our to Journal elevated them like single-family Orlando managed our voice their CNBC, year gone resident experience. to platform record on of alone, the rental

want more to the more not a X Rent And Americans located is American living Third, single-family portfolio Homes convenient live. affordable. today, rental homeownership it also is finally, where than only

to foreseeable patterns Our supports environment high current long-term single-family assets from benefiting in continues shifts demand are sustained demographic Rent of well-positioned. strategically rental changing be the housing preferences. migration Homes fueled positioned for markets All-in, life and lifestyle quality and the American X by future

to turning Now our growth programs.

ever, envisioned our five we years the of growth backbone is more benefit when And program the is program development than ago. we over launched the demonstrating strategy. now in-house Our

business models. throughout growth the compared differentiates development cycles. platform can two operating in housing high-quality on while retaining in channel program internal consistent We control a the all continue when our assets we to rely at to of full ways results time predictable development Further, process. us same add economic This against that our other and

or public First, operator This on to a we MLS rental integrated depend are fully markets external and the exclusively homebuilders we do the single-family not program. only means third-party with development drive owner growth.

we development not over the our for-sale delivers creates to a market own homes national homebuilders. channels build us yields and open we as a builder risk shareholder value. economics, and like as reminder traditional discount homes do enables on Therefore, portfolio. to subject builder our profits, And add program market Second, we for to acquisition not incur market at value which are our significant internal premium

broadly. Now, while have in have to rates risen, yet meaningful turning more to our react Interest investment home a strategy prices way.

addition, capital markets. these times are the in In uncertain

MLS preserve dry back strategy. when highlights of have time future revision stabilize. This such, market investment. disciplined for act. to powder the to As one-off our and available, scaled growth better we'll recalibrate reflects we become be investment and opportunities advantage eye transactions the our allow to ready three-pronged will approach temporarily This competitive And

America. Through would touch I to on high-demand, we our critical stock, with only the part program adding in investments, are help where the families schools strategic responsibility. ways solve Homes like Lastly, good we safe homes housing X our to housing communities focused development shortage to high-quality differentiated providing live. few to not are on social want Development, we American Rent and are With is nation's AMH homes doing a in

rental In recent growth era and will we of we position with future. in The carbon about about solution the these our great housing. innovators our partnerships country. unlock strategy, also with our by affordability initiatives differentiated we of next of funding face of providing experience Through the crisis, enhance initiatives tailwinds, single-family leader and excited households to combined rental are an PropTech reduce industry in Separately, technology demand an resident for developing AMH collaborations, in in investing the across emissions the optimistic us new both are am a amenities, housing. remain sustainability. residential closing, I puts which long-term the the the in to attractive at Additionally, and are ownership intersection

provide update will on Bryan? operations. our Bryan an Now,

Bryan Smith

Dave. you, Thank

evolved dramatically Our industry past has over the decade.

for offering new we robust growth the demand has These results by for levels. option that rate and an rentals Rent the housing and and level metrics continues with strong continued Homes average mentioned, Dave outperformed quality. American blended all a single-family given renewal X.X%, XX.X%, Same-home quarterly strength expectations. X.X%, convenience, transformed our and pre-pandemic drove occupied unmatched finished spreads of homes rental And points time, our service of premium at days that XX.X%, to be showed with the During X modestly to Nearly moderate balance At showings expenses highlighting second quarter. In with XX% level, of our rent-ready leasing digital, of are had nearly technology outstanding. remains the of over inquiries. house property to our XXX,XXX led systems. per the unchanged. these This for growth importance strong same-home operating inbound respectively. Core were growth were our double expense line XXXX rates core the of X.X% projections and for expectation in the revenue original quarter,

consecutive XX.X% this same-home growth, representing quarters NOI core of of resulted growth. All in double-digit

quarter, XX.X%. Looking the demand forward driving to robust, remained occupied third days July of same-home average

XX.X% renewal respectively, and month. rate blended for spreads New in X.X% the growth X.X%, resulting were of and

we directionally core XX points the As revenues Therefore, XX% guidance points our workout a we NOI X.X%. an originally impacted reminder, COVID by are at midpoint around seeing same-home by seasonality than and elevated results of the This the less to July's move-outs to we basis of our core homes. original the are guidance expected, anticipated. but as basis increasing were our midpoint. year into guidance the increase translates included contemplated of XX same-home in middle

like As I I team our their would close, all for members to thank execution. consistent

Chris. a up results demand turn our for quarter strong finish us homes sets for the over and I to will now call outstanding second to XXXX. Our the

Chris Lau

good Bryan everyone. areas morning my today. comments in cover Thanks and three I'll

review First, a of results. our brief quarterly

of generated and Second, three-pronged results And year-over-year an around our growth I'll FFO, share. the with well with growth an our million attributable execution, net quarter our FFO, growth. FFO another off $X.XX external of capital and operating share updated from of few representing XXXX the comments AMH generating revised common strategically a on platform Starting performance another once $X.XX for XX% and this delivered XX.X% update strong core consistent and as our core shareholders unit growth another representing results, strong On was operational income of same-home NOI sheet basis, our year. adjusted Driving again, we consistent close to balance XX.X% or $X.XX guidance. performance of with $XX.X diluted third, quarter strategy. quarter of per as year-over-year plan

XXX quarter, homes AMH net added sold venture delivered the the During XXX included $XX generating our portfolio to some our disposition to quarter, the our wholly-owned we a we homes homes from total And and million. proceeds properties which side, approximately of XXX during total portfolios, on of program. Development and of joint XXX

have that managing banking risk. strategically pipeline our our to owned grew various Finally, continue over during including our the while and us land optioned quarter, XX,XXX relationships, to lots lots prudently land also optioned pipeline land through which enable growing we been

Additionally, the X,XXX at escrow. we diligence approximately the in of additional lots end undergoing had quarter, due

updates balance to capital I'd a like Next, our sheet and revised plan. around share XXXX few

recently I'm is outlook, continually a S&P to share were that profile, during and uncertain For a especially credit to capital improving these upgraded balance our important is we markets. to with in by starters, testament which stable happy BBB very great best-in-class times the sheet

approximately was our $XXX of preferred credit net of updates, $X.XX adjusted fully EBITDA end from shares shares offering. other including sheet that our balance to terms million of quarter, and revolving times, available we equity debt, equity remain X.X undrawn, January the our In facility outstanding had at the was forward billion

offering last our we perpetual our of $XXX notes unsecured quarterly as the shares. call, as we million, million X.XXX% quarter, discussed the dual-tranche as Series well on F closed redemption Additionally, preferred $XXX our during

plan. to turning capital Now, our

with For of share the updates I'd to like you. XXXX, remainder two

market First, $XXX million, issued activity investment made and of our of $XXX Series his total channel G at AMH approximately shares we represents expectations. mentioned million year our also context, total between from for recent represents X,XXX or remarks, to the properties X,XXX an midpoint. million traditional And at during a acquisition recently year expect estimated as redeem reduction our XXX capital now previous time. second, began preferred capital, given full in moderating new properties prepared X.XXX% perpetual to not decision our And we've and XXXX. to about acquire cost $XXX the This changes of Dave this full

these strategically XXXX preferred plan, capital date. reduced to $XXX capital was $XXX reminder, modifications this total, expiration now As option our capital powder externally plan Relative of have this shares $X.X which million capacity. approximately our funded, billion. no of million our needs between previous AMH dry In a already creates to has series redemption capital on and

emerging As environment. about, Dave evaluate of opportunistic to be we potentially highly growth changing opportunities forms all talked economic this us will as this enable during

portfolio. same-home XXXX quick modestly provide to Starting the a like was on in release. I'd yesterday's update Finally, press revised our guidance, earnings with which

As continue the core by to we our XX Bryan of points of full revenue our expect unchanged performance to operating expectations. we've expectations basis year of expense that Coupled XX%. With full and midpoint robust points levels growth slightly to now full we've leasing X.X%. NOI prior year discussed, be expectations with by in core experience increased core year ahead demand property XX increased our the of midpoint outlook, basis to our mind,

$X.XX For approximately full revisions represent context, the benefit. core to outlook year FFO portfolio our same-home of

open growth the we industry-leading questions, of remains However, we $X.XX core capital With SFR reiterate share, we the our to in bullishness reminder, direction. half as supply tailwind imbalanced the expectations per our unchanged our back. to similar our remained of mind, XXXX a XXXX. to single-family impact head wanted XX.X%. a which quickly I second call strategically expect and And impact as have continues before XXXX plan of demand that a at to into at the core represent in your have FFO near-term opposite FFO reduced Fundamentally

sheet internal with Our and pipeline advantage predictable of us incredibly new take the to call continues Operator? growth and to with growth, your balance well-positioned differentiate external is to questions. of that, opportunities program we'll forward. potentially moving a consistent development our And emerging open

Operator

with with Joseph conducting be [Operator question session. At Instructions] Please you. we'll proceed question. a the First your from line of this comes Citi. time, Nicholas Thank question-and-answer

Nicholas Joseph

updated Thanks. comments capital appreciate plan. on I the the

you outside emerging talked million about being to acquisitions highly about that you're So, you of opportunities. And think think as potentially the $XXX Can there million, elaborate anything opportunistic purchases? considering $XXX on and I evaluating of or land growth you forms is that? all

David Singelyn

allows this, Dave. Yes, like just want flexible is I it's first Nick, these times. us three morning thing mention in acquisition Good uncertain channels to having be the to different times

growing. input better So, we and the high-quality better we as going construction. a homebuilders, MLS discovery still our opportunities, costs inventories getting process. and the price strong are development down channel the With national in But early happening. see respect have our today that see as the still very coming other program some starting growth assets. are in yields to And we're to in know, the We're you delivering markets

confident this those year get opportunities pretty see it a back interesting cost respect the with both channels, when up later acquisition opportunity very I'm into With is channels will to yields of time. So, we match that offer to those acquisition capital. well of other the our

our with receiving are telephone or we We that those previously, in we process receiving to bid in many are, ask seller. that Where between whether still inventory. national inbound have it's we buyer is in expectations excess not portfolios owners homebuilders of calls from were and gap small even though, a --

together. coming that of all see I So,

of maybe company rewind occur. this bit here. housing saw opportunities. recession economic and times were bit that's times One that's as interesting XXXX, uncertain a to a I XXXX of difficult the In is built called little a as tremendous and want when same has industry, we even we I when we little history going just to on in expect things about back, the our

we're need I time forward, to be some year going to patient. We And strategic. tremendous be out with Going we need need opportunities forward. to to be next come We disciplined. think going

Michael Bilerman

Bilerman. Michael it's David, Hey

variety So, maybe you're rather sources sounds emerging it it's when than of and buying about channels related growth Is emerging a something things homes. how to opportunities access were growth residential your Or put some of or larger else? to services get into you opportunities, much is extension like trying fair? that of to really it the business a more angle, talking or homes

David Singelyn

that's phase Michael, stabilizing of out see believe primary marketplace. would opportunities -- to that's believe as I be and through primary attractive the opportunities. the get to But very today, resetting never the foreclose I going and think some discovery I that opportunity. we're No, we very, opportunity, I other price the

Operator

you. Thank

next of Please comes from line question. Brad Markets. proceed Heffern Our RBC the question Capital your with with

Brad Heffern

Thanks. everyone. Hey

about you that else? about talk being talk target now? more not, homebuilder the the markets you you MLS still are Is the the Or on just that can cap on meeting or out market program -- acquisitions, something a on homes criteria So, hurdle? if selective or right of the can you are entirely higher and can rate for

David Singelyn

reduced opportunities. and see The the it year. We're we opportunities XXX% MLS. is has shooting times has Yes. XX% very that significant on is say out. much probably reduction the Thanks growing from We're on many opportunities homes, to we're Brad. underwriting a many We're the list today we're not level, there more greater. still had than more It were a sitting acquiring, available, very or when of are now. what starting but starting would attractive you're to homes see I MLS right they're what seeing this earlier based sharp

average Seattle on Austin like down look on one-off and there, But here mainly in Portland, is about the maybe are today, markets like we X%, the West, declines probably MLS seeing some Denver are maybe X%. in and finding X%, you about opportunities. We if homes

stuff second We what at were. in quarter, quarter. the to yields But very, first was opportunity under And set majority are we compared buying late is this higher good of we obviously that quarter today very put in that the year. first limited closed contract is of what than it still the a we

Chris Lau

Chris And Brad, here. it's

what the Just in with few for year. that that terms to you on dollars means a of frame capital

shooting rounded back our the year that means, and nothing $XXX we've about our through deploy million deployed, the about and million $XXX this the for opportunities. channels, being assuming mentioned, if and we'll capital remaining capital, balance pace of million $XXX half the Dave changes, through at acquisition through expectations we about stay in Year-to-date it, As is buying. We're we're channels call capital precise of which deployed of sharp of of call total acquisition channels, year. very selective still it, acquisition

Brad Heffern

side Okay. And to you land what the I all? in then you've in terms extending seen of slowdown pricing? talk land is can appreciate the changes at that color. And about

David Singelyn

to is seeing I are think their better as Land opportunities. even it very owners -- that's slowing sales their extended down. -- is, reduced still follow better one -- used their it's But homes. thing a side the see will to orders they through going a to MLS to a by similar Yes, seeing discovery, has and slow land maybe homebuilders side. we'll down different it we Again, And the commodity suit, land primarily looking are acquisition significantly the greater than land the people that are side. even are sell extent, on by land that no national a are building different price

reductions. we've already price some So, seen

different options control about that see within firms. lot And maybe attractive to very, land, of inbound various from that coming our calls are lot parcels are them parties. getting in We we locations the are have coming them so some of The back very is, is far. been a and but from opportunistic of a we beginning this volume of we we have good in saw number bit at of what you They land opportunities One than months your But from are thing other interest on what very seeing in the to the the we little a than coming the way. have and what less important more last relationships I get lot what opportunities the would then banking with year, being really couple over able done land to that's have no add a is attractive of deals will we of is piece, more our MLS a to banking. them.

we're good so see going opportunities to going forward. some And land really

it's, and go I as to this it's going patient MLS, you a think of the follow to disciplined of suit through period. same needing again, and be story time

Operator

you. Thank

Our the line question question. Brian comes from your Please Evercore Spahn with ISI. next of proceed with

Brian Spahn

standpoint, particular, and incomes? I income but screenings. there the a you a wondering concerning the you. any affordability talk just affordability from renters? of seeing affordability wider was maybe bit, previously in-migration seeing had in the up if you quite is has Presumably, range for thank in-place are about average tenant's Hey your you're Or that an are could on signs impact

Bryan Smith

you, very piece, Bryan. is thank it's interesting. Brian. The Hey, affordability This

a carefully, If markets greatest affordability business, that our to its six applying owning buy. the The applicants tracking the it's And year-over-year. I best migration less as attention applicant renting you give X%. close I than our bit metric paying you know, cheaper first at year think months, and look I've between that least rent we're this very for our that XX% X% patterns, to than it is rents and being take little right seen, for in now a about incomes. about That have risen risen gap incomes is expensive that have through can to those less the or at our is you very said, they're

So not rent strong to is to of really due income strong we actually out-migration and little California it's And patterns, improved think migration I that the from a Northeast. the bit. part the maintaining only are ratio, that

high proposition. value for it an demand just of due The to appreciation and part really product other our the is of

Brian Spahn

bad And you in reduction Got of down the it you rental the what quarter, debt any, it. touch the if that I as year. the relates the from on back And any assistance impact, Bryan. nicely, for in Thanks ticked maybe -- it could to payments? expect but of just half just expectations guess

Chris Lau

about I our Brian, step speaking, talked overall say, strong. morning quarter of Chris a that Look, are taking Good trends and the consistent collection would back, with expectations holding generally start Sure. year, here. at last Yes. and we the nice

In in payments a to saw that quarter that landed quarter received points. debt same-home markets a actually rental reference bad that's as few we see fact, second XXXX, XX it, a resulting In broader really of landscape. compared rental couple been we've paralleled continued assistance of this as at basis to just that catch-up a to, second reduction in collections payments. by improving But expected call assistance the half

in strong the to run not what likely call definitely into see this like collections expect this half as sure it, guidance. area, maybe payments which we bad of of saw I'm to quarter, So, and the, some catch-up debt we year, is to head those expect X% low but contemplated in we X% back we'll remain is

Operator

Thank you.

Our Joshua line the with comes with proceed your America. Dennerlein from Please question. Bank of next question of

Joshua Dennerlein

and Appreciate you're opportunities Yes, there. some starting to the of comments hey land on the how see bank some guys.

partnerships think more time I side. that there that potentially you last we on mentioned spoke, were

latest the on what's those Just conversations?

David Singelyn

six six. bit some criteria. are us a and them, opportunities. now in are have each few in with said, I five very of deals discussions, a and with between discussions very, opportunities. different But on We're there's with parties not those of But They little them their land discussions that have done interested as in of all all

We're So, and going partnership banking both land them ways. better help a it's going good help us better to get able to some And going high-quality indirectly out. going relationships land having to in that's terms parties. out our be with to to that's be

Joshua Dennerlein

longer like one to percent your signed then leases And quick thinking of than leases What your resident year, it. particular? one Got one. in

Bryan Smith

term Hi cases, think lease in which The of almost it year. our one lease Josh, XX% initial I runs all is portfolio. on Bryan. all The extended term, it's lease about at

establish asking really to have residents who Our two-year offers renewal it. lease for been

would renewal I think term. So, an lease terms initial of more than in a about rather it extension

Operator

you. Thank

Our next St. the question of from Haendel comes line

question. Securities. Mizuho with your Juste Please proceed with

Haendel St. Juste

ground and the breaking Thanks. cost speak are? yield guys. morning the within construction development embedded to today what I hoping those growth assumptions in the Hey rent you was Good you. on could to products

David Singelyn

Yes.

on today, as are will what a So, yields I continue our yield monthly tell the that basis. exactly expectations move to instead you of talking are of evaluate cost capital -- we about our

we foundations, very cost all lumber, completing part still goes think, steady. that construction the important. drywall are homes is seen construction reason the framing where the going. prior the started from for is pretty the are cost Today, costs of had the coming The is down. That's of But a to life relationship have components there. are second they of But the there's work, into that concrete question, your The the of cycle. foundation I early that So still homebuilders March. on those the

And are we we earlier and is of indicated, part those the components about are trade cycle, the those so more the demand in with seeing exception they the through that life lower on which in vendors favorability resulting we of of that seeing lumber, significant. pricing To-date, favorable are favorable X% maybe much pricing.

$X,XXX, As for were of you thousands mid feet. in may of X,XXX feet, recall, dollars board the board per X,XXX we $X,XXX

are $XXX now We X,XXX feet. about down per to board back

point X%. down may more. cost any above yields, little basis improvement and into a that vertical And yields context, from rates. bit would Put are a rental fall rising and improvement costs I of expect would XX is in construction all in our you other The reduction in they this results get in about a over X% the that

some seeing right our in economics we now favorable So, very are development very, program.

Haendel St. Juste

you're what a the was bit that. providing, understand get quantification of to I more context I Okay. -- hoping you're

And can you the of The in the what seen in Bryan, we taxes? I headwinds pieces mid-innings, early the peak of Maybe real do on we see expected estate ask was to year. the release? taxes. more you Thanks. this half to get to broadly, the when question you innings, expect back some of on some other talk do real then wanted bigger to Are estate expenses. relief you've quarter, in where

Bryan Smith

Haendel. year. as expenses can We Thanks this side. a Chris I'll tax largely on finish commentary playing expected out are and the start, -- I with we think

we of of COVID-related comp item. the expect be through out them in least half, property There's to But and specifically it's there, set work with component first we line to in households. terms playing the expected. more at inflationary management our front-weighted, as increases some The due maybe the the

it's six effect X.X% period timing our and the in comparable see about can first the year, over line months, expectations. that's You with last right through

Chris Lau

just Today, on a property XX% can here, assessment year. received halfway of we're Chris where point. about portfolio assessed calendar. just on start the over this little at on I we're Haendel, then in And the hop update values to general with for We've at a this taxes. through

Georgia than takes. expectations And we've then and that a higher of some couple but couple in offset in what of news a a largely example, points, seen little slightly so came was other our bit original A were couple better-than-expected data states. for far, offsetting puts by of

we appreciation kind full we're property seeing ball year. anything our of that probably But question And then said, are really go we end view where still receive to at slowdown of of of that year. is that a And the crystal our as this changes the assessments the So, with price this point, broader taxes around early that about the left have to materially expectation hard for XX% of property year of general trickle from until eventually is the predict. not view the X% on tax its property country, recall, tax way on to to but rates there the we growth. don't that, towards then tax your is we're news effect updated cycle, to of to it's as and timing will lag home in well. Exactly that But horizon. in some through speculate, our are will see parts that be the too I think where really our in likely portfolio certain

Operator

you. Thank

Please line with comes Peterson your question question. of with Street. Our Green Alan the from next proceed

Alan Peterson

a opportunities the everyone. last the year? Morning think rates for rate you've David, share question. you the touch and trade trended taking the expectations particularly portfolio Can had. emerging you would and Thanks where inbound to of on portfolios how cap calls cap those over growth those I just wanted for have that range

David Singelyn

of the situations, expectations still inbound have seen many today March. pricing in that have you would in Yes, calls telecom

And pricing. the my deal a are based they get so in changing can they is people are if realizing the seeing old done mind still on market that and

cases, the interest many pricing some get et So those they're cetera. still -- time arena current the still more assemble with in on into rates, repriced the current portfolios necessary to the

-- is that people that of are So starting is the to call. good that part

is there are to pricing But some that to March pricing we the desire be that and So needs sell. is seeing adjusted. still today

ask about say market. to of I that bid really talk expectations that would still So, our is too wide the the

So having not what until that yet. relevant and numbers the start trade, second haven't your of seen I'm are actually the question? was we part sorry, that we Alan, transactions

Alan Peterson

but trended, your that. Just where have I cap appreciate rates on fair commentary enough. March was

David Singelyn

Yes.

Okay.

Alan Peterson

CapEx or me. is Second question Chris towards starting XX% to for year-to-date. Bryan, trend

wondering you CapEx commentary could year -- that for what's increase if Just driving those we're additional some provide on portfolio? your seeing this that

Bryan Smith

is Thanks This Alan. Bryan.

You're couple on of different the quarter. a saw in increase we seeing impacts the that

those then the there item. line with Those the impact on side through we CapEx COVID-related First, are that costly, that as especially cohort. work there's inflation move-outs. And turns is more of general too

it work slightly I'm elevated. COVID we is through hoping that sorry, again, But as So, get move-outs. relief to some we're -- the

Chris Lau

with second beginning what go would timing to bit a if really seeing, add. little Chris line too, the a practices of half first our normal. collection XXXX little back you there's back And and being the Alan, half then, And here. look quarter. defining by of kind XXXX, do a I return with versus of year last picture of you're our just fell different has at also to to of bit it's Part how comps

touch XXXX we're our expectation of and year. into half back the the comping against will the growth into comps, as second CapEx that half that, is And back a moderate rate half of so XXXX this we of head

Operator

Thank you.

Please Adam question proceed with Kramer next the Stanley. with comes Our of from line question. your Morgan

Adam Kramer

Good morning thanks and Hey for questions. the there taking guys. out

little of ask the of the we you where growth expectations XXXX? over Whether of the thinking guys are second helpful and built for or then to and might new lease just how into wanted lease blend, kind understand to would of growth, about Just be XXXX kind it half finish about year guide think kind while? of it's next I into kind

Chris Lau

Chris here--

David Singelyn

Chris. Go ahead,

Chris Lau

it's Yes, I details, more and Bryan touch can some frame it can then share helpful. a

or coming was into of less our in back remarks, seasonality actually the prior the this mentioned we than half As contemplated a back in in our we're see to -- touch beginning originally half guidance. prepared year

to that, we're the that's coming of with half into into back lean so the rate giving little the in as more bit year. a growth us And opportunity

would so So, I Generally back on of we kind implies a basis, see half the full the year. you the year the being with just in Xs high of or to area X% in components. speaking, of renewals about kind help say that

on New see leases in basis. full the area year double-digit a we

revenue and full then pull low-Xs. the year basis, outlook NOI year couple the the point the the low blending high in But that's mid-Xs. overall to then can it, unchanged half that from call a in XX% spread full to in expectation, that's our on and basis. that a that about, And double-digits full a So blended singles up on on through X.XX expense which translates basis a into revised the guide And again, year. year you growth see with, back our of prior outlook was into

Adam Kramer

able along That's really you currently? similar kind us And helpful to is I guys. guess loss Thanks. were lines, what remind of are your lease to just

Bryan Smith

Bryan. is this Adam, Yes,

renewal think low I the lease in which it on some kind would the low the loss We're that in sequential of still to nice we is quite seeing we encouraging July last side, positive, find results very and double-digits in double-digits. of talked improvement quarter. the were see Our about really but

Operator

Thank you.

question with comes question. from BMO of line Capital your Our John Kim Markets. Please next with proceed the

John Kim

seasonality what Thank you July occurring? do or mean expected? basis in think Is elaborate why And you that less you. that's than Can a seeing on you you turnaround on you when demand?

Bryan Smith

This couple of talk the There about the distribution there's of it. a One, seasonality, we least Thank when to are move-outs. at Bryan. just components you, is John.

which more turn move-outs as kind the relatively properties. those to the and expected. peak consistent pressure adds summer during of a season, we So have because been time to little That's does take it and bit vacancy re-lease

on The off The demand inbound about last talked XXX,XXX inquiries look as demand to side. towards prepared remained in get not little that now. all my bit the And demand were other XX%. right We're preferred different of continued sessions my I Website indicators you a We that -- summer. extremely up has strong. of piece are with back and about towards users volume of of quarter, year-over-year. remarks, slower seasonality drop the fantastic leasing we've Web they're in XX% seen backdrop. half a it's do pointing strength. a it bunch seeing at has traditionally, a up

Our hold. API up to our leads and with continue from aggregators system as well. which that's coupled migration the into the through website our way And patterns, are

results of seeing really demand, causing is seasonality be we're which the muted. outstanding the to So

John Kim

the between which increasing. Thank recurring way following the CapEx, color. And up great been there your developed purchase Is a quantify to difference on homes? That's CapEx you. on versus has

Bryan Smith

expense if early the think are and keep Yes, I developed those homes. in results of on mind, getting newly we're But in you stages new the -- CapEx homes. the

So the built years right new and of process very, seeing that line playing limited on that's to turns very the number in that are Those what we in expectations. experience burden how brand the and out with is limited light. it's is our we've CapEx we're durable, had. initial homes And the it's be

Operator

you. Thank

Our Capital of the question. proceed Malkin from Neil comes next Securities. Please with with question your One line

Neil Malkin

you thank our my relationship forward be I questions. glad Hi, and here. look continuing to for taking to

picture you the of was I with Bryan, those of a you managers markets maintaining particularly how -- and have where renter maybe, about standard people in those of maintaining markets are lines, business sort one, or brand that regional could exposures. things approximate those and in part First in along training give you are a parts practices you to crucial go hoping sister the best because bigger facing such when have larger high

just other about we guys could now, yelp, the share that? era in important. how things go you are doing Obviously, you live If in

thoughts So, on I'd get love to your that.

Bryan Smith

is And personal Neil. center one training on. our is what provide. you, that service experience. is based levels The high-quality the Thank our resident customer Sure. of That's that communicate key and residents kind we Yes. we the business to our components of that with the way the of

type training incentive people very can service. have modules, We the specific of programs, customer who and provide we're seeking excellent out

is Our us allowing at technology scale. this manage system to

about markets hub-and-spoke a in system. of still might that they're talked a that living property the we not on a the city, You for signed fact despite example, kind manager, sister have

survey is very we're not. or an that leasing about contact the frequency So, a we a on whether monitoring our talk office of setting We feedback. the surveys each extensive scores, and side, the we're points. internal any training personalized having contact programs. Google you're And by system of on reincorporating way that there's as and contact indicator administering the attention these the it feedback follow through a is all the we to taking paying residents it expectations. company at initial move-in pretty which we're in program. good pretty of the care focus communicate that how points. the training a from We're on also And of way closely very to close into that our And customer that close But the all very

So, good high a good members. of it's our job a doing And team we're a objectives service. for feedback, really pretty robust level customer loop administering think of clear very with I

David Singelyn

Dave. it's Neil,

we training add way is things. managers, are below Let a organized me we districts. of just have regional a thing. one-time is And One in the the not is couple

a that many, about, important district. experiences. go that training They improving resident with have -- then Bryan And we all monthly feedback about many plane. we very we whole districts. and is it's through indicated, And making the sent and surveys. the module as all has each district sure the loop it, to So, high-quality is maintain all It's

process the as for to Scores similar is trying other us Promoter Net what that peers. in we say, but are you for Net in working very industries this our industry develop ourselves, would see well to new, We Promoter of Score, on are as

Neil Malkin

appreciate all you. Thank insight. I that really

just me development. one on other The is for

And that You are upside, expect level you today, to XXXX? think a to ramping a that so parcels, X-year you -- sort see next to -- talked complete seeing about kind just with something including think XX like how what accretion XX Can over some again could months? program just particularly you about of land -- helpful that have bank you talk see potential what parcels you about and trying that just or escrow. with the would of I your it understand and I sounds of modeling that providers lot or your you reach for or before by do deliveries to it be the through. talked XX,XXX or fallen what like

David Singelyn

of years, it's continues own X,XXX future pipeline our through markets and five It land the each infrastructure to is can we place we've continues the up, over and going still more every acquired right. significantly construction focused of some the we we're And the that the XX,XXX are absolutely year prior. really numbers infrastructure phase horizontal ramp And three XXXX superintendents. on land years are on as what we The we ramp control expected you're indicate, in last fuel our and as long-term, of based be be XXXX land or to that year three XX where in we out lots. coming that to to more a building. on the will as while on to come availability acquisitions. other it test up years. do We're program, today The for we to than little have improvements. XX,XXX building X,XXX is That's get closer homes akin we lots, prior ramping additions the Today, will be up Neil, Yes. seeing levels are. going as into and that its you year purchasing to start than with

be homes expectations X,XXX the those in and should outer X,XXX years. so And

Operator

you. Thank

Please proceed line of Our next with question Tsai Jefferies. Linda the with question. comes your from

Linda Tsai

time up new be after lots have following sure buried if it the to in not takes there. the it time takes just answer last that you was Maybe remind question. to on Can I'm Hi. the added delivered. us you

now the extent more banking land to get So, when that from firms delivered? lots you're those purchasing

David Singelyn

-- depending and infrastructure, department you that of the in. on rule. it's put things, take process and And general to raw need getting permits that Linda, planning two which the inspections on couple I'll improve you give the couple sewers, the going your can to you're answer roads, three and in. through you're of utilities conditional your years, marketplace the of all years of that all a buying land, a the the But Yes, land, generally, if is

average. fortunate phase. you enough skip can to to that developed, you're When you XXX to of phase to to the XXX that's been the building you buy days able already anywhere from typical get If be homes, days a on homes get property horizontally build

build over community a We extended will time. period an out of

we at per build than and or month. may team. We six we the really So it cadence homes a occupancy to management the development and any going we go, is absorb at property And a by feel without determined it's deliver that forward. we more rates ready guided homes to by of rental will land XX have to pace can impact having

So we pretty a do at consistent cadence. it

not can't homes for because community a you deliver operational you get supplies. going faster, have a all doing you reasons. delivering to those them. you're you XXX you you that's of permits, can't to to disciplined month, and And that's are in year If It's a homes take how being can't of get build due

five-year homes to get of you couple the it may out stretch start them before process a and So, more community, it all to size the delivering years it's delivered. a four

Linda Tsai

changes notable …for any seeing that the regulatory And specific detailed you in markets? response. then on just any environment, are

David Singelyn

piece rentals. are this industry. providing every of we a was XX say would inquiry, regulatory gotten really we is to to -- American. business piece hasn't into last that significant I single-family to a ago, was being improved. quarter the kind lot we It it regulatory worse. hasn't when it industry hasn't knew still paid going changed. this the be an of of we It's a It's talked, of when It where lot necessity market attention No, got -- There's years

And going it's in a so high-visibility to be area.

it's -- we edges. us, around For noise the

it's any middle the deal we that from something with investigations. We are of not And significant in time-to-time.

Operator

you. Thank

Zelman comes question Please of next Associates. with Dennis Our McGill with the from your question. line & proceed

Dennis McGill

a you million Hi, just what strong. one couple of you've back to be go growth a three On got to in you together. Rent very made you million to earlier five shortfall time or million, I still comments thank believe unit want housing. hand, Dave, and all. four

down capital be to than and peers all lower draw your go is you or me, opportunity parallel of going acquisitions home think an on to to think of peers. you're your that back because to going last you and a implies prices cost lot. you pulling yet But Your most cycle, of there's probably that, are

So, potentially to how two understand those I'm trying things can co-exist?

David Singelyn

another. Dennis, actually that our acquisition are program development We we that slowing I have comments out talk think there consistent two down did one with or I program in the fact about not the are the long-term.

larger. and you more In a a resetting know that fact, What place is. new you on get and discovery you is where have will and get bidding market And immediate. the of upward where hopes and I it improve to have are price talking price discovery and we're expectations about market prices an

takes I is of downside, rates the going in. are that or period It period coming On time down. time. that the mean and prices a And we are are up

We seeing expand. are inventories

seeing market. the are the length of are time homes We that on

only months. national It's we three been increase. have declines. three this it's seeing over two last We seen inventories the are last homebuilders the -- been in we've actually weeks, price two to And seeing any to

occurring, and in as markets, indicated starting and X% to where XX%. have price We see are price in mainly homebuilder previously X% Portland, It's those price MLS the the declines seen national to We're on offering. think declines, just I X%, Denver the I to in Coast the Austin. is declines West Seattle,

the XX% by we're Seattle those like And not declines driven entirely. and the in of it's seeing some markets in XX% but West to again, more Coast, So, Denver.

available got it's yet. homeowner but move for as we has allow reflected individual And believe marketplace. to be acquisitions not about forward. a is It's and to getting it's And the us that so we as the statement we down statement opportunities those and in well a that that as slowing for is changed, there, capital of to reset that's get and do. to cost will the the we the us fact It be need acquisitions all statement in not don't market patient there

Dennis McGill

would and think and that are before think get right actually, Dave, probably of going better. And trends all you're are agree with Yes. get values worse I that, they down I to I and likely

struggling four to the where or there I'm million three or that were waiting discovery million think million households five I is have sidelines product price on for if wouldn't happen.

David Singelyn

about -- mortgage you company a on give offering. all rising But of a is demand. people affordability be have have pricing demand you reducing can I'll think the on home in mentioned you of you back. based concept from significant the the that's had And the the the XX interest comment years payment, go dislocation rates this go at second. sidelines, a when recession, recession and X% you And you but not to affordability. And about to X.X%, increase with a able about I on to also it's There this ago in housing we least housing afford a built Well, to the market. and I it's mean, me. in they is when homes we opportunities. when tremendous

this America All wants opportunity. this of view to long-term as going we're is allow And housing we you mirrors about American talk at at on been -- for as rates look of it's Affordability, market to there growing, in single-family is the those diversified in a than period the And a recalibrate. right now industry. employment well, play it's X the I the a We going to population rentals. industry, I about, very where long-term to the market demand, recalibrates, to demand it when strong. facilitate XX fantastic different Homes of came temporary just we are this markets our And towards strong average, better look a pandemic average very, the and I look very tilted a It a you through much in Bryan and It to platform. see better also think I decline in a been rentals this Demand But tremendous at is always strong. in years a national not giving platform, the dislocation and that reset has very where of future. indicated growth are period trends, where a the -- going know be got guess factors. very, it's in basis, we're because has the for Rent sides. Homes, thing, been time, And see that always you do has two Dennis, is talking to opportunity. for as a very, very is But that's future national all national are short short strong in where rentals. but functions a with in occupancy time and XXXXs. it's on if it's very do today, the long-term. American strong the it's is migration nothing The to live. rental demand. Demand will long-term it's the for Over year years, driven us where in by demand you're to XX going growing,

Operator

Thank you.

comes with Choe question Sam your next proceed Our from of Suisse. Please line the Credit question. with

Sam Choe

there May update mean, to the of Hi was going -- quarter-to-date guys. X.X% renewal sort then some and June back you were X.X%, suggests go I which kind it in May at of back the I deceleration disclosed to mean before wanted just up in guys spreads. to X.X%. renewals June up I with that

you your high renewal seasonality, Xs? kind comment spreads changes and about understand the about trying expectations how your readjusting of to on Just that think of to the

Bryan Smith

we nimble as excess wish in I renewals. keep Bryan. those is be out. months in But advance way mind priced this as could suggesting in with of Sam, are three renewals that you're

six I and market then adjustment. QX, probably a quarters like I improvement on and acceleration the the a trend, was results point seeing flat QX, in QX for on renewal think think just to earlier, continued the July. which into I relatively prior It's consecutive side slight mix. of our to mentioned more very you're towards adjustment I'd that's what attention your July

re-leasing piece end excited year. about have the But so I really plays to to renewals spreads. on the through in momentum expect continue the and seasonality of that we're the the think more we

Sam Choe

Got Got it. it.

of same? Okay, And that's in changes Or it I characteristics noticed the helpful out then guys you of the tenants properties? the moving stayed pretty the guess, has color. any have much

Bryan Smith

pretty are it's think track we about last there for quarter. Sam, Yes, talked move-out. to reasons I what consistent We

decline We've the decrease buy in a we home. changes. about that the past, to move-out biggest expect for slight talked affordability we've to would as but gap continue a As reason is seen to there, the

to starting see effects to throughout I a the of we're to of of the home year. that -- the that. out percentage So, just to expect the buy moving But would back decrease half

Operator

you. Thank

the comes Our from next proceed line of Austin question with Capital Please KeyBanc with question. Wurschmidt your Markets.

Austin Wurschmidt

Thank Great. you.

you're And that pace or I'm go to ability want your if remain Just ramp the to of capital with development? how of capital volatile, pacing if to back of just curious commitments. impact markets the development the sort about thinking I deliveries extent guess kind could prioritizing ramping or that self-fund

David Singelyn

debt between we and our one of an we Austin. just available you equity one. of year, offerings. that development still Much that is day $X.X forward. may billion And things is earlier self-fund the Yes, this short from Yes, recall raised equity of is Dave, this on

$X.XX addition, billion In credit. line have liquidity provisions through of we

So, we liquidity manage have ability to through short-term times. the

today we no the are different finish talked those what between into out we homes, what homes years have about approximately designated ability we expectations -- our we I have anything a development ventures is that to -- X,XXX up beginning that But the than couple going that the go are our of X,XXX And at we do Our to balance in do pipeline. to deliveries sheet year. be and had in of program ago. joint have set it that's

here, couple I don't markets pieces other I We've our credit have do an capacity did the disagree we One of Chris But is tough. to go a the of improvement that. are through rating, in -- don't the today, with debt seen that. facts.

have a as But capacity if possibility We an we as we equity have fact of do that a those of accretively also have and And relationships the decide today. to it do well. remain option ventures. always couple we to good route by the go evidenced joint

growth So, and I available of we come. growth. is for future which able it accretively involved that do the to can to for all we many, see the future many have avenues of investors years benefit success fund in and in, The being to many being us

Austin Wurschmidt

scale quarter, past curious about above the helpful. of in a focal drove in dry this the both guys really up powder business. management It certainly a and to seems property average have the expense opportunity And acquisitions. to as talked I'm you increase But percentage the revenue? what point the total That's with then focused of be on year-over-year excess some and

Bryan Smith

Austin. Yes,

I think of a it's more issue. timing

continue a increase a management inflation X.X%, property expenses, at year-to-date the quarter of look a about although second timing little in of bit aspect you the year. There's they're good little year. was the If to our really XX.X%. there, wage bit this back get busy towards the position to to is of in for news management good to a execute teams fully the We're staffed property then the peak season are half And X.X%.

David Singelyn

Dave. Austin, it's

Let there. just might help you one me add thing that

rolling QX were increase second decision last forward But and XXXX is as look fact August a place. middle Those a comped better story not of expense the little is our going quarter about at against year. of salary comps that in we're year, to a a XXXX. in the result. you in and inflation moving XXXX, than we are much where skewed the through year. and to adjustments, have We the being of Recall last and of The back timing more XXXX year. If QX made of this the we salaries will half recognized the salary in now first they

Operator

you. Thank

the of Chandni proceed comes question with Goldman your with Sachs. next line Luthra Our Please question. from

Chandni Luthra

thank for taking Hi, you my question.

the looking homes margins So, to versus to that next was we as land XX you how out say, should to about on ago deliver XX think year land higher that months, a economic was fact purchased, rents in the the some couple plus begin years tougher that setup. five to and that three there's potentially in therefore, ago, consideration with moderation you cost a is perhaps that acquired when

should So, how about we think ahead? going margins

David Singelyn

it's Dave. Chandni, Yes.

markets. properties You're or our maintenance XXX% right. margins in favorable similar the of build much the are more the The design reduce margins thought on our with the cost. We development same than to our homes

these quality of homes. higher lower repairs all flooring, build beneficial turn facilitate the to textures operations. quicker both times, and is with One have plumbing We maintenance, in durable two We things. and them durable second to patios that is going and is

year they've of So, comp the same-home operations as into seasoned, in to of and up more We need move a they end in before more we to same-home. period year these see homes they portfolio, take season. our a can have as

So today, we the in same-home. few very have

homes. XX or that right are of but our X,XXX homes have benefit X,XXX a against as will, for on, year portfolio so to percentage, margins. still delivering small per now a time our It's moves We

Chandni Luthra

Got about. it. And if I opportunities banking the land JV could you ask my that talk second about question

partners, down of that newer Thank with micro or geography evaluating you'd target or partners to willing terms the is be these there locations these price perhaps point you're line? the anything you. the in different As

David Singelyn

these the end on going Homes Yes, the balance assets banking be to come a into and of to land means more operating American are our derisk inventory the land on sheet. your At homes balance day, is sheet.

is the This basically fund we on acquisitions the or no underwrite than in these and venture are is partner. means to different with this, a opportunities would going banking our banking what that's a we're We're -- joint it be we up a a presently go that -- balance we more land into to going straight different So, markets, company markets. derisk that is. the land doing homes doing technique underwrite And Land It's that. it but saying than I'm that have different not are we a is sheet. not and to so. do

Operator

you. Thank

with line Our with next of comes proceed your Anthony the from Powell question. question Barclays. Please

Anthony Powell

morning. good Hi,

about sounds with to question a is next term It growth. rent I curious longer the year like Just X% you're which X% exit growth range, guess, on, the in going year. to great, renewal

kind the You're that down of in growth some that multifamily seeing. companies step of you're not seeing the

renewal to next it macroeconomic Or is our overall kind persist the moderate the year? of kind So, expect that growth see expectations should in of to reasonable we environment? to given

Bryan Smith

and don't speak demand relief. fantastic. before, demand supply Bryan. expectations this about talked I to great is the market see don't Anthony, can I our eat Hey that. to is I any going any And supply into a environment I as into really coming see That's going question. forward. current that's the new the backdrop

year. the So, take occupancy, year strength, advantage of be having my operationally of position I able to through a to when this leasing momentum anticipate strong pricing next it are the arrives. spring in to enter balance good of power And season expectations

lined growth. have So really everything's up to continued nicely

Anthony Powell

for Great. you. Thank That’s me. it

Bryan Smith

Thanks Anthony.

Operator

you. Thank

Our next line Rahmani question with with comes Please from your of the Jade proceed KBW. question.

Jade Rahmani

much. Thank have X%, you of seen pricing of prices? couple home last terms weeks, having below dipped mortgage of In the the very closings, terms with in you in cadence of any rate the in change market

David Singelyn

little The March. that we we some had the these time extended starting levels, no, March. on are getting nowhere but saw The still in today that fact of haven't. of where due two what affordability MLS. Jade, with see we it statistics there But that's more March was frenzy is in in of this even part Affordability even to normalized No. pullback. inventories on year, the while bit be to to in the than last little ago. extended towards more was weeks from a latter in part there may market year, remains We're back a

still up price do volatile. And in but see fair them a to we it. were still and come them the There's no doubt March. see But than go higher discovery of have amount down, we're we and you you they're to stabilize. markets significantly about So, time get

Jade Rahmani

And about a follow-on the to Dennis' question outlook.

you've than in or that's or solving in price are waiting discovery, the for that you stabilize? cap a prices In targeted is just past? clearing rate for -- waiting it are underwritten to Or terms higher you of event past the the you're

David Singelyn

accretive program say would have of little our enjoyed last our cost I we're of capital benefits we for that going a to quite both, With growth higher same a in it's or little higher the honestly. us a yields to bit through either prices the declines. price the the a can It's be to -- at rent there slightly going get you see at to a level. And need of growth or through slightly combination two. year,

of there. will And that process. it there It part takes we be the markets to will the they is there. for disciplined just So, won't opportunities to it in doing be to be and They and good fact those mean our that you thing time and to for be in. the And shareholders, prudent patient come wait line. be operate the doesn't the for is into us numbers be right that

Operator

you. Thank

comes St. Our line question of Haendel next from the

Please Juste Securities. with proceed Mizuho question. with your

Haendel St. Juste

Hey guys.

Bryan, Just hoping over if not your the double-digit but your earlier, your was we estimate a if it the couple XXXX quick increase, I an And decrease could first of you of you year? to provide I on, loss to stay same then sure perspective remainder did expect get the lease earn-in? low of I'm missed follow-ups. or

Bryan Smith

Haendel, I'm sorry, didn't what--? I the XXXX hear

Haendel St. Juste

Earn-in.

Bryan Smith

Yes.

Okay.

So, lease if the it in have earlier, expect about little don't -- need same bit. do a if it if the as through we we of talked the lost the remain to not, we don't to still year double-digits. remainder low I estimated and be would

of of So, half towards come back it our the to hair rates. just our might really strengthen down because the renewal year

to the to what's next now talk in want we you think the into If probably as right XXXX. X% get about place about in earn-in, range year, X% into I'd it

Operator

I concludes Q&A to final like Thank you. would any floor to Mr. today's This back the for session. turn comments. Singelyn

David Singelyn

today. all time for Thank you, of operator, and your thank you you to

excited a a the strong you day. programs, about rental I'm we heard, quarter, put tailwinds, you growth position good future that, for us great talk next going demand long-term results. it's combined Bye, optimistic and single-family As in with future bye. to our and With to our will have and again with

Operator

Thank today's conference. you. This concludes

at your lines Thank this for You your you may time. disconnect participation.