The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Alan Robert Peterson - Green Street Advisors, LLC, Research Division - Analyst
: Bryan, I was just hoping, across the portfolio, if you can give an update on where rent-to-income ratios are today. And given that people are spending
more on housing today than in prior years, where do you see that pricing opportunity kind of capping out for yourselves or the sector from a
Question: Alan Robert Peterson - Green Street Advisors, LLC, Research Division - Analyst
: Understood. Appreciate all those comments. And maybe, Chris, just shifting over to the JV. Can you give us a sense for what the stabilized run rate
on asset management, property management, development fee income could be over the next, call it, 2 to 3 years once these JVs are fully ramped?
Question: Bradley Barrett Heffern - RBC Capital Markets, Research Division - Analyst
: Can you walk through where construction costs are currently year-over-year, and has there been any change to the previous view that we'll see
increasing declines just given the strength in the broader housing market?
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JULY 28, 2023 / 4:00PM, AMH.N - Q2 2023 American Homes 4 Rent Earnings Call
Question: Bradley Barrett Heffern - RBC Capital Markets, Research Division - Analyst
: And then I wanted to get your thoughts on supply. Obviously, the MLS acquisitions have ground to a halt for pretty much everyone, but how do
you think about build-to-rent supply? And is there anything that suggests that more people are renting out their homes because they have locked
in low rate mortgages?
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