American Homes 4 Rent Q2 2022 Earnings Call Transcript

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

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

Question: Bradley Barrett Heffern - RBC Capital Markets, Research Division - Analyst : Okay. I appreciate that color. And then is the slowdown extending to the land side at all? And can you talk about what you've seen in terms of changes in land pricing?

Question: Alan Peterson - Green Street Advisors, LLC, Research Division - Analyst : David, I just wanted to touch on the emerging growth opportunities and particularly the portfolio inbound calls that you've had. Can you share a range of cap rate expectations for where you think those portfolios would trade and how those cap rates have trended over the last year?

Question: Alan Peterson - Green Street Advisors, LLC, Research Division - Analyst : Just where cap rates have trended, but your commentary on March was fair enough. I appreciate that. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 05, 2022 / 4:00PM, AMH.N - Q2 2022 American Homes 4 Rent Earnings Call

Question: Alan Peterson - Green Street Advisors, LLC, Research Division - Analyst : Second question for me. Chris or Bryan, CapEx is starting to trend towards 20% year-to-date. Just wondering if you could provide some additional commentary on what's driving those -- that CapEx increase this year that we're seeing for your portfolio?

Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst : I look forward to continuing our relationship and glad to be here. First one, I was hoping you could give maybe, Bryan, a bigger picture of how you go about training and maintaining best practices with regional managers because those are the renter or people facing parts of the business in such a crucial part in maintaining high brand standard and things along those lines, particularly in -- when you have those sort of sister markets that are approximate to markets where you have larger exposures. If you could just share how you guys go about doing that? Obviously, in the era we live in now, yelp, other things are important. So I'd love to get your thoughts on that.

Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst : I really appreciate all that insight. The other one for me is just on development. You talked a lot about that today, particularly with some potential upside, it sounds like you could or are seeing with land bank providers and just parcels that have fallen through. Can you talk about what your -- what you expect your sort of -- or what level of deliveries do you see kind of by 2024? I think before you talked about trying to reach a 5-year or something like that to complete that -- the 20,000 or so parcels, including escrow. And just I think it would be helpful for modeling and just accretion to understand how you see that program ramping again over the next 12 to 24 months?