Financial Data and Key Metrics Changes - For the full year 2025, the company achieved same-store NOI growth of 2.3%, driven by 2.4% core revenue growth and 2.6% core expense growth [14] - In the fourth quarter, same-store NOI grew 0.7% year-over-year, supported by 1.7% growth in core revenues and a 4% increase in core expenses [14] - Core FFO for the fourth quarter increased 1.3% year-over-year to $0.48 per share, while Core FFO for the full year was up 1.7% to $1.91 per share [19] - AFFO for the fourth quarter was generally flat year-over-year at $0.41 per share, while AFFO for the full year grew by 1.8% to $1.63 per share [20] Business Line Data and Key Metrics Changes - Same-store average occupancy for the year was 96.8%, landing at the high end of the 2025 guidance [14] - Fourth quarter blended rent growth was 1.8%, reflecting strong renewal rent growth of 4.2%, which more than offset a 4.1% decline in new lease rates [15] - The company expects to achieve $0.14-$0.20 of incremental AFFO per share growth over the next three years, with operational enhancements expected to provide roughly half of the projected AFFO growth [16] Market Data and Key Metrics Changes - The company noted that supply levels in core markets, particularly Florida, Texas, and Arizona, have been slightly elevated but are beginning to come down [26] - The company is seeing healthy demand, with lead volume remaining strong compared to last year [25] Company Strategy and Development Direction - The company is focused on delivering attractive same-store NOI growth, allocating capital thoughtfully across growth opportunities and share repurchases, and using scale and technology to drive efficiencies [10] - The acquisition of ResiBuilt Homes enhances in-house development capabilities and aims to add more homes to the markets served, addressing housing affordability [12][13] - The company plans to maintain a strong balance sheet while expanding housing choice and flexibility in communities [11] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of housing affordability and the commitment to providing well-maintained, high-quality homes for residents [7][8] - The company is optimistic about the upcoming peak leasing season, noting healthy demand and a strong lead volume [25][26] - Management acknowledged the challenges posed by elevated supply levels in certain markets but expressed confidence in the fundamentals of supply and demand [26] Other Important Information - The company ended the year with $1.7 billion in total liquidity and maintained a conservative leverage profile [18] - The Board of Directors authorized a $500 million share repurchase program, with 3.6 million shares repurchased totaling approximately $100 million [19] Q&A Session Summary Question: Expectations for same-store blended rent growth - Management indicated that it is premature to draw conclusions about the peak leasing season, but lead volume feels healthy compared to last year [24] Question: Comments on institutional investor ban - Management is engaged with policymakers and is hopeful for clarity on regulations affecting affordability and homeownership pathways [29] Question: Commentary on expense growth assumptions - Management noted that property tax growth was favorable in 2025, but they expect some challenges in 2026 due to tougher comps and rising insurance costs [41][42] Question: Supply-demand balance in key markets - Management acknowledged that while supply is elevated, they expect demand to catch up as peak deliveries are in the past [90]

Financial Performance & Market Trends - May QTD Same Store new lease rate growth was 7.4% compared to 5.7% in 1Q23[7] - May QTD Same Store renewal rate growth was 6.9% compared to 8.0% in 1Q23[7] - May QTD Same Store blended rate growth was 7.0% compared to 7.3% in 1Q23[7] - May QTD Same Store average occupancy was 97.7% compared to 97.8% in 1Q23[7] - New residents have an average annual income of over $134,000 and an income to rent ratio of 5.1x as of 1Q23[11] - Average annual SS-NOI growth from 2017 to 2022 was 6.6%[24] Portfolio & Strategy - Over 95% of revenue comes from the Western U S, Sunbelt, and Florida[13, 24] - The company has over $1.3 billion of liquidity as of March 31, 2023[11] - 83.1% of homes are unencumbered[11] - The company manages 86,580 homes[35]