American Homes 4 Rent (NYSE:AMH) Q3 2019 Earnings Conference Call Transcript

Nov 08, 2019 • 11:00 am ET

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American Homes 4 Rent (NYSE:AMH) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Greetings and welcome to the American Homes 4 Rent Third Quarter 2019 Earnings Conference Call [Operator Instructions].

It is now my pleasure to introduce your host Stephanie Heim. Please go ahead.

Executive
Stephanie G. Heim

Good morning. Thank you for joining us for our third quarter 2019 earnings conference call. I'm here today with David Singelyn Chief Executive Officer; Jack Corrigan Chief Investment Officer; Bryan Smith Chief Operating Officer; and Chris Lau Chief Financial Officer of American Homes 4 Rent. At the outset I need to advise you that this call may include forward-looking statements. All statements other than statements of historical fact 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 November 8 2019. We assume no obligation to update or revise any forward-looking statements whether as a result of new information future events or otherwise. A reconciliation to GAAP of the non-GAAP financial measures we are providing on this call is included in our earnings press release. 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.americanhomes4rent.com.

With that I will turn the call over to our CEO David Singelyn.

Executive
David P. Singelyn

Thank you Stephanie. Good morning and welcome to our third quarter 2019 earnings conference call. We had another excellent quarter with 5.4% growth in core FFO per share from the third quarter of last year driven by strong demand and consistent execution. Single-family rental industry fundamentals remain strong fueled by the housing shortage over the past 10 years and the behavioral changes of individuals desiring the advantages of renting over home ownership. Our portfolio of high-quality rental homes offers an attractive opportunity for residents who want to live in a single-family home in a highly desirable community.

As we approach the end of 2019 and look forward to 2020 we plan to accelerate our development program in a meaningful way. We have spent the past few years making various investments that now position us to capture significant benefits that we believe are unique to American Homes 4 Rent. These investments start with the building out of our development platform the process of hiring experienced homebuilding personnel and sourcing land opportunities has taken us the better part of the past three years. Our development commitment needs to be long-term focused as it takes time to acquire land build out the horizontal infrastructure and finally construct the homes. The key to our development initiative is to ensure that we have ready access to sufficient capital to make this long-term