American Homes 4 Rent at NAREIT REITweek: Investor Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Tony Paolone - JPMorgan - Analyst : So maybe let's dig a little bit into some of these things. I mean, one of the items that clearly stands out as the strength that you all have had and being able to continue to push these rents. Can you talk a little bit about we like these 5%-plus increase on both renewals and new leases. Where renewal is being sent out, I guess for perhaps August at this point. And with these kinds of increases, is there much left in terms of a loss to lease, so to speak in the portfolio where that sits.

Question: Tony Paolone - JPMorgan - Analyst :

Question: Tony Paolone - JPMorgan - Analyst : What is a move out to homeownership in your portfolio right now? And how do you think about what normal should be? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 05, 2024 / 5:15PM, AMH.N - American Homes 4 Rent at NAREIT REITweek: Investor Conference

Question: Tony Paolone - JPMorgan - Analyst : And with these increases you've pushed through, can you spend a minute talking about just the underlying it tenant credit and ability to pay these levels of rents and what you're seeing at the resident income level really?

Question: Tony Paolone - JPMorgan - Analyst : Is there anything just either from a demand point of view or even as you're seeing on here on the collection side that you could talk about geographically, you're in a lot of markets through the country. Is there any differentiation you're seeing that's worthy to note here?

Question: Tony Paolone - JPMorgan - Analyst : Great. And I just have one more question on the operating side before moving to your investments. I think we've all been aware of just the pressure on property taxes, insurance and some of the bigger line items in OpEx. Can you maybe update us on what you're seeing on that front?

Question: Tony Paolone - JPMorgan - Analyst : So I want to pivot over to the investment side, but I'm just in doing so I want to also just invite the audience if there are any questions, feel free to raise your hand and we'll try to get those answered as we go along here. I'm happy to just keep going, but want to make this valuable to you also the other question guidance, raise your hand and we'll call on you. And I've got one. Unidentified Participant (Inaudible - microphone inaccessible). REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 05, 2024 / 5:15PM, AMH.N - American Homes 4 Rent at NAREIT REITweek: Investor Conference

Question: Tony Paolone - JPMorgan - Analyst : We have another question. Unidentified Participant (Inaudible - microphone inaccessible).

Question: Tony Paolone - JPMorgan - Analyst : Just, Dave, on that front, right, because development is a key component of the story. What are the yield you're achieving on these home deliveries right now? And you mentioned carrying a land bank to go from nuts-and-bolts four to six years. How do you think about cumulating a return on that during that process. So I think a lot of us is focused on like what that initial yield is, but how do you carry it?

Question: Tony Paolone - JPMorgan - Analyst : This is great. Well, this has been pretty informative. I want to thank you guys for doing this. We're up on time here and appreciate you all attending the session. So thank you.