American Homes 4 Rent (AMH) 8 May 202020 Q1 Earnings call transcript

Greetings, and welcome to the American Homes 4 Rent First Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Stephanie Heim. ahead. go Please

Executive you Lau, XXXX Thank Governance us our Homes Investment Singelyn, for and Officer; Rent. Chief Good Corrigan, X Financial Jack conference for Officer call. quarter Chief Chief David with earnings here and Chief Bryan I'm first Smith, I'm Operating Chris morning. Officer, today joining Officer; Chief Stephanie Officer American Heim, of

adversely statements All these subject of our statements. statements that of outset, fact including SEC. economic this advise pose call actual statements future affect differ results. from I other and and described results the releases forward-looking and press include The that to future number results national pandemic our the unemployment, this These than At filings in are future in current risks materially business and with cause risks you those could statements. historical forward-looking impacts included in that conference COVID-XX that to need our may our are and in expected could projected the uncertainties to headwinds increases of and other to extraordinary call may a are factors

providing only GAAP no with statements a the non-GAAP revise to as this May forward-looking press measures We new is today, on information, are release. assume call our of result earnings speak All forward-looking statements XXXX. otherwise. or obligation reconciliation A X, or update included as to of any whether future in we events financial

package. earnings measures release and Including information financial and in results. GAAP our financial fully As our supplemental are operating a note, non-GAAP and detailed

www.americanhomesXrent.com. of webcast on website our conference reports find these can documents You call SEC well as this and audio the replay as at

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

the our the health hope and been on this our of and we an unprecedented through everyone Thank employees To time and and with, are families as morning, our everyone. call navigate focus pandemic. on well It COVID-XX their good residents. I and begin remains safety you, Stephanie, has

our management have our local different to We locations home this you state implemented morning follow we comprehensive coming at stay are members work mandate. government's team and policies from and remote as

our Today, talk in first provide quarter wrap second an strong performance with up quarter the quarter per update then was so am income same operating from $X.XX operations year. increase with you I briefly activity operating our prior a results. net will proud share, I on about and first XXXX. home the over core the of of about in with our I will far growth and of balance core funds thoughts X.X%, X.X%

with a May of and and good time and homes steady all up our to leasing demand strong our setting the Throughout of While story occupancy that slightly was is I'm first crisis. Today's is pleased story. record COVID-XX to we significantly increased occupancy showings year, experience we last of behind not showing continue retention. rate levels same At that the good was for results. quarter, today's April, have well strong, the while first demand quarter achieved home end

month. five of of Now of XX% was represented rent due. to of approximately collected April first and is moving rents due the strong days payments, This May calendar payments approximately May XX% collect original rent approximately we rent as we Xth, relatively through XX% typically through the scheduled what

remarks. residents contact this are during Our who including managers in address his for our have those Brian financial difficulties. been with in plans this our crisis, property constant having will

us provide our mission ahead, high across apart. Several safe country families quality look homes more the to important. for we set has been As never attributes

the non-discretionary estate COVID-XX asset both positioned near family environment, and benefit is in housing First, need classes, single a should compared the better in to and rentals and real most long-term. other are

continued. demand strong for housing Second,

for high demand multifamily homes single families strong traditional this residents increase housing postponing as many during canceling are the single seeing downturn. are home And are many family purchases choosing or rental We rental previously the is quarter family showing community in an escape mentioned. distancing activity and to safety reflected I personal second homes living increased that social density in consideration reasons. This of

diversification portfolio market platforms differentiate severe our less time. portfolio. best-in-class and across markets makes of Third, XX% susceptible than XX our as less Fourth, largest our this us during us operation markets also impacted total individual to represents technology our

our empower company. times the California designed these. uncertain now that originally embedded Hurricane continuity our not like Harvey remote global have mind, pandemics field these natural working Wildfires created DNA with disasters in Although, success business blueprint and and is in for platforms and a in a as

leading our strong the functional, aspects platform, meet allowing us technology our driven all rental to remain of mobile With demand. operations

Our full leases, proprietary and while for homes, provides residents, secure application technology yourself in mid all functionality prospective distancing our social let following execute guidelines.

to still responding fairly service homes, are We turns servicing executing requests. of a in consistent volume customer

homes. guidelines their Our in distancing social meet our as field residents they teams with following safety are and public recommended

And and finally, our to turning sheet liquidity. balance

grade uncertainty Our balance major a capital differentiator investment today the is markets. the given sheet in

support our our JP advised and development note, we was of vote conservative uncertain previously announced This our company big upsized built-for-rental providing running quarter in during the is confidence Management times. by our approach these capital venture to joint after to Asset reflects position leading institutional business. $XXX end, making financial in Our with Morgan a additional million, years our program. to investors A quick

are well and of storm take weather to opportunities going advantage We positioned forward. and today the

traditional acquisitions this us sheet development through builder but through national balance allows construction homes event. flexibility and continuing strong maintain We're our temporarily of new internal our our and Our to programs. are deferring

over pleased of Ken Board the as the of Extra Chairman and Space CEO appointed which Trustees Bryan, Independent Chairman. of to the of I he has currently Before the serves is as I Kenneth Storage, the Former yesterday am Trustee a Ken Board. that Wooley the since to announce Founder company. turn its been call inception

Chairman constructed managed additional Hughes the acquired to apartment as as XX,XXX service and has the has inception. the contribution will over wealth Board, career, space. single His business to and its her extremely as valuable. the her developed units. he as and want Tamara her emerged is look forward support experience I XX,XXX company Gustavson, Chairman continued to units of I family acknowledge and since leadership to single continue company his support, a company Over Under XXX of the Trustee. of her serve apartment an course and family rental diversified And and Chairman. of in a leader the homes his family former

details. provide I'll now turn operational the greater over Bryan to to call

Bryan Smith

been everyone's way of everyone. operations. couple COVID-XX The the affecting evaluate quite us and Dave, you, past aspects current and The our closely pandemic with good priorities Thank morning examine challenging of has life. our all driven months situation of have to

foremost, main would remains re-emphasize I First our focus. that like health residents safety the of our and team members, and to their communities and our

thank they personally we They in continue Rent. field implemented environment In to to person. company and In in team working residents are of the service represent company we homes face currently and been our have the dedication proud and particular, and to recognize assistance March, initiated and who way all are comprehensive of quickly I members Homes support this resolve our of the frontline we sponsored remote would American our to X adapting inspiring. new programs members. Their team like

updates results, disposition I of then and start second the would like to activity. move talking to conclude our we'll additional COVID-XX quarter our our update, also with provide quarter about first I on a some a by operational will to Today, implications business. and recap

the of revenues continued quarter Same-Home to when as we first And X.X%. results growth resulted to year. quarter the pool This realized XXXX. Same-Home last increased in our from momentum build monthly compared days strong for were pool occupied average in Our rent the XX.X%. positive X.X% first of was on by Average

increase this On the were X.X%. quarter total the side, operating in up first in of Overall, income X%. operating Same-Home property core pool Same-Home net expenses drove expense year-over-year Core

While members. for our impacted processes March realized pandemic, mid results significantly need protections were first to add quarter by we further COVID-XX our our the adjust residents to that we day-to-day and team by spreading not

a task continue what and approach for team and prioritizes members. right residents we force, on approach result, long-term, environment. do and immediately created that ensures is socially we a a As An focused our responsible safety, COVID-XX to current to the that taking health

Dave platform mentioned extensive unprecedented use without to interruption challenging earlier, mobile adapt to and us operating its environment. our this allowed As of and technology and has

a We be at continue to fully while our operational measures. are very high teams enhanced safety implementing performing and level,

and platform, of enables service, we what This been hardest. mandates. requests operate to our directly can us other yourself in high affecting with who business through everyone self as a those and compliance maintain and our leasing to as to help our other maintenance continue protection residents ability and are distancing hit with to issues we doing service social level crisis is to Our the let address communicate have in health well

not Although, late forgiving we suspended we are and fees halted have rent, evictions.

team actively constant communication To determine been date, of the a these Each hardship significant in residents. is X% who our instances best total with with the of few for leases. being our the residents, which residents represent has path early is hardships. to requests and in working Our close in are case resulted experiencing reviewed those has approximately termination individually

And quarter. offer the to and pricing X% extend through our rent we Pricing expect we illustrated the with and residents increase, remain be blended approximately releasing side, from for to a normal, fluid. the we second offering of level although, increase there to higher uncertainty is renewals commitment by our On no decisions May. this expect than renewals

the Finally, maintenance our with in processes. residents, field we and an turn our our abundance adjusted caution teams and for of have occupied

equipment began and We affected is escalate. CDC how the be of question leasing pandemic? are will protective The regarding pandemic to deeply During use the our second the social half and March, of residents main temporarily when guidelines the distancing. decelerated by following operations personal

was disruption estimated was our showing what X% the over start last back XX% Web This momentum. per season. of a has April leasing leases and resulted been an from was busy our traffic though rent during story. historically and regained XXX up site roared April activity year. Demand ready up overall fewer different in property

As past over distinct despite weekends, nearly just an we four home tours two available days. example, X,XXX which the represents restrictions, for six over related coronavirus over physical showings, had

than more ever service benefit option self to from before. driven people our with continue leasing our utilizing platform We technology

this of and drove since than leasing XXXX. volume All was our best what expected April higher

about year April in with pool. addition, move over was retention year home very same outs good In down the X%

onset down drove effects COVID the XX.X%. occupied the days percentage Although, April's of average to slightly

current in strong able we quarter environment second and early activity offer leasing to leasing the Please that achieve operational May. improved concessions metrics. but strong, having occupancy monitoring strong leases. have without note closely results leasing April positions The the well are all Our to results for we new as were uncertainty on recognize of been

Now second rent quarter I address will payments.

due, payments within first we earlier, due, without Dave strong and As tracking May is of as historical collected payment pace. mentioned with April of or rental have approximately our normal note which received, days of rent month as the numbers X% approximately deposits, we rent plans. X% through actual of which XX% our the relatively security our first strong collection is the receipts pace. of rent within have reported days payments five April have application XX% remain that collected of been concessions, of five reflect cash Please

this difficult residents to regular rent may be longer crisis the However, of our for more payments. some maintain it the continues,

have to steps crisis everyone added deferred On is inefficiencies on once homes. expense the taken result the short up have catch minimize additional over. in term and some safety may turning non-essential Keeping maintenance procedures some and we to safe maintenance surrounding side,

elevated and home like chargeback’s In move addition, outs. COVID-XX related crisis certain result areas increased stay during at turnover issues of costs a as a and result on heavier of collection the utility costs, as HPAC usage may create of and orders

be Closings XXX summary, from portfolio forward. are quarter of recognize April the million at move XX dispositions we results homes environment to XXX we encouraging, million quarter standpoint, a held quarter while for sold million, escrow. and management for and remain homes as an will strong in continue this Finally, second COVID-XX we In in we approximately we end. significant and approximately in $XX uncertainty first sold have $XX the $XX the vigilant homes in have early sale additional as for

the turn to call now I'll over Jack.

everyone. you, Brian morning, and good Thank

delivered total for through was out XXX $X in our start first external will and investment In homes channels. our This XXXX. This via quarter Let our in $XXX me of a million in added light quarter, of context proprietary provide to builder I approximately acquired platform growth activity. with consisted of of line our the then national And plan COVID-XX. discussing first and AMH year view $XXX term the XXX some external total by programs homes our our million. for of current to we projected investment XXX pace traditional billion development full and homes longer

However, some adjustments several builder the past in our so and we mid-March, was to program. it time. In as our and have this prudent weeks, felt we investment national significantly the at has changed liquidity world capital made acquisition we to traditional paused preserve channels

the uncertainty visibility in the less housing Given there valuations. is market, on

channels to monitor circumstances events the acquisition restart these dictate. operational in have to quickly. continue financial as these the And We future may flexibility and reassess channels and we

be our to new we met quality sustained With built regard are family proprietary demand. that's homes and under housing with rental AMH continuing program, activity continue supplied purpose single to our development

and leased of homes to the April, almost XXX added which during newly exceeded As XXX our inventory. evident we the homes, we March built

for Demand the communities is surpassed built residents revolutionizing to sought amenities a our that for own newly home expectations. industry. after from rental with our our that residents has the rent and product desire our supports built strategy Feedback ability

X,XXX XXXX to on This our to AMH our we primarily local between guidance update issues. X,XXX expect development now homes. and expectations is X,XXX developed permitting homes of will various XXXX from you our to inspection relating To down in delays original X,XXX and for due homes, deliveries, be

year. later economy, we adjust As the in may to monitor this continue we the pace

rental reliant that being market Through is platform in housing conditions. us long quality, And program family deliveries. we and the design pricing allows without location, proprietary development the positioned grow finishes, this and program, volume do on Over to home are control of to our term we the this sector only single today.

we helps well you market total disclosure that exposure, as our as better note timing. monthly to understand We average important this our estimated rent including home, added details costs supplemental, and this average Please have per investment initiative. on delivery hope

will turn Chris. I to the call over Now

update my Thanks balance COVID-XX In around our position you conclude on Jeff. first comments and with the I'll review up wrap environment. results, our in operating some operations briefly thoughts very business today, our and liquidity quarter and sheet

first and core of results. X.X% On generated $X.XX Simply quarter generating operating XXXX, $XX.X we to attributable prior basis, our with or representing of diluted adjusted we off share. Starting over an shareholders great FFO, of FFO and per common net put, of had increase a increase share unit million representing over income year $X.XX $X.XX FFO, X.X% prior year.

created the balance And have than we've before, been never discussed important more sheet, turning to as rated weather our our many multiple liquidity cultivated business as of maintained times balance investment grade our the has to We've strong over now. access downturns. only levels, grow economic sources in sheet as which we conservative leverage well sector, and profile capital in to years, a

interest of end at weighted average had years. debt average a term Coming of to XX.X total rate the we of pandemic a first billion with into and $X of weighted maturity approximately the the quarter, X.X%

adjusted X.X our other we leverage times, a debt below was referring internal to XXXX. principal maturities reminder, X.X EBITDA as of until target times. debt amortization net than And have don't well Our any

$XXX turning for our of capacity million. of and on million the on we provides had at total liquidity, And facility, end credit $XXX of revolving to the million which our only revolving cash outstanding quarter, $XX hand

we Additionally, $XX define of distributions of $XX XXX operations during the flow, million as common generating quarter, from properties and we net million after retained generated cash approximately funds proceeds. sold which adjusted

$XX of update, April, outstanding current at to had total the with cash changes the debt a hand approximately of no month. million more during on we end As

XX month mentioned, And we approximately by properties April, a $XXX of capital. proceeds. billion million Dave $XX upsized now JP joint advised sold as to Management net an investors generating additional announced provide during strategic of we've previously institutional Also, our Asset venture of the of with total Morgan

high this brings upsizing development In another of one great continue development our quality program, being ensuring a addition fueling capital of confidence our program. long-term ability additional kind for to to vote

the And remainder of turning finally to XXXX.

nature COVID-XX and XXXX yesterday's more and until withdrawn its into given the in impacts package, have we've pandemic. residents covered uncertainty and guidance unprecedented our crisis As clarity our information to the impact of the business, of supplemental release the surrounding we

from the be of as I'd emerge you pandemic. well future we X now, class right of weather to is to that number the storm about uncertain factors much we differentiate remind Homes believe Although, our and COVID-XX asset like American a Rent ability uniquely the positioned and both

leasing And For we housing we de-urbanization as term, longer starters, last our the of that an the the housing with us detached April residences. family in patterns month in remember and need alternatives in as demand, strongest expect away that see in essential remains near-term we cities product. from single since centers provide performance which benefiting quality being XXXX. seek in people High

markets recovery Second, XX our representing no and XX% vary local of of based orders which local will the us likely footprint, composition across with than of portfolio employment single as to is of shape diversified market market-to-market from insulate pandemic helps industries. links the our shelter-in-place on more

Third, resilient we many relative base. and quality more to other high a have credit tenant portfolios,

greater per our having beginning the income diversification, approximately more employer children of average early one household With adults, of two year, our and the collection $XXX,XXX we of see through which benefiting working an results May. households or April majority providing can and

security our payment otherwise. any actual to without received maintenance collections reminder, collection for payments or modifications compared cash levels reflect a deposits numbers As application of reported without historic of plans

safely to a to invest level weather balance maintaining already strong AMH distribution development and current investment profile to enable one our that our continuing of kind diverse key while are program. into access our grade storm, the covered, I capital, as liquidity us lastly, and And will sheet, differentiators COVID-XX

emerge strength other balance the it the we look pandemic. Additionally, the of maintain position COVID-XX to as us flexibility will is our investment side forward, of sheet as all opportunistic the that with grade we ability on

However, and country, thank and until would to residents support our team, time. during then are employees this we to wish tirelessly safety X,XXX whom across including the our entire a health all special you like to everyone extend difficult of over working

confident fantastic dedication our and that We keep and are at team efforts a safe will residents have their home. help

That call concludes open the our your And we’ll questions. now Operator? prepared remarks. to

answer you. a Thank Thank we'll you. be Instructions] session this and time, [Operator At question conducting

Our first of ISI. Green with with Please question your proceed comes Evercore from question. a lot Jason

impact Have insight collections receive to-date? curious of any on the And majority Act funds of the into impact your guys on Just if your CAREs your you so, government? your it's tenants do had feel like tenants. from the the

Act, at And of base, this is a I may are believe you CAREs our point collar. blue that The number them tenant tenant received individuals that have base if look our significantly at it.

Brian So on have little most United paid I go exactly the many clarity have they and mind very there. a stimulus provisions, have to it's it. that of straightforward that other no, significant how have people in Act. in the and our have our of we but rents, tenants have the received his no, the to don't don't and of those, that I on more don't into clarity we rent. number most Keep have CAREs got States, few clarity called them and each a have assistance payments, hardships team those regarding clarity actual in paid had But conversations tenants with that

Is the yields a margin you that schedule development that you the guys provided, development sell And X.X% seeing? basis? data developing, point in XX% what a on the where it and points If assets you out on roughly those are on rate you indicates just pricing that. you're for to providing that relative schedule, and were then thank we And deals I to cap guess are out yield. guys that that

plus on properties. What development new understand you them build resistant we is have that to properties be brand maintenance to they're

normal to of of maintenance then and years after that. more HVAC, first roofing level to any towards XX for maintenance So a the you're lighter going five years any from much unlikely or then or then even five see and

and So X% of return. we underwrite on generally the minimum would than those be to margin that higher

comes of question. question next Our with Please Justice Nicholas from your with line Citi. proceed

executed what appreciate about the leases Thanks, the I and then and updates rate we talked April was wonder break lease I May blended operating on for growth. renewal between out can if to what you side? new executed think for April was

rent Our for and the really renewal the on had growth X.X% went the in side April we on for flat X.X%. period. the out leasing And of renewals time for June and side May, offers out renewals results, was went they

And leasing, lease seeing still prices? new lease positive you're over on

had fantastic demand we've and in May. into are April We and

is in I on seen shoppers, the as great XXXX. activity, strong we volume might think remember range. them so it's least moderately through be we been We're since good continuing prepared to pushing had as lot side we at re-leasing fantastic in We to is Leasing leasing as of if don't you gouging, Web pushing very rents prices, it's April May. want demand from but not remarks, the X% and pushing strong. environment. normal velocities be in are as distinct the record A site

question your Our the Horne line James. question. comes of Buck with with Raymond Please next proceed from

I wanted up to follow on.

And leases of extend couple now What's that they can you? is are percentage lease next that coming X% if at what that renewal that? extending get the you're in uptake the renewal option for to that on the months, right tenants offers. contact just or these So X% anybody up wanted

out May residents to went time The offers very uptake's specifically good. June period. been The and for

those We going haven't well. we're the of anticipate mailing letter and we to expirations inquiries beyond soon be for lot had a or going July at distributing that, X% out as but

how come do source the use and If does of out the that capital? you quickly this so land or new land? be and development the Will How How in? go that out immediately accelerate go capability platform, I that with new to from commitments to on you build looking capital for you investors. the do does option and want a platform? capital of bunch also rent ask source

I’d I by last and then Buck with we with joint sizing provide the for announced to if it about of can start first when an $XXX grow you further. spoke think Why it million potential back its Jack helpful? we color to the that initial if don't as quarter, further to saying, Chris. start venture

say I'd just has from So, contemplated upsizing start. been the

major And the recall our joint strategy. is to commentary some last provides about one volume of it this on of increase great to if change us So program, our the further you we're scale opportunity from of our doing size, quarter, venture the and no really the things incremental through what own.

quality where private to capital confidence we into capital. continue capital have public investment with us perspective long-term so of this fact in the talk line quarter from it is access the with right to And we But making need start. of also this high that with benefits that the the a about one strategy private of say long-term upsizing both pipeline I’d type balance from high last our really provides other long-term quality that we and

very the And so venture. speaking, joint it proud quarter last to very, respect generally are given that to from capital this standpoint. the predictability on us a change now, of strategy we venture provides we communicated doesn't where say But would I we're it with anything what and

Our of next line Jade with from question comes KBW. Rahmani

also perhaps color industry, would profile, rate employment I you was aware could and tenant the unemployment Regarding any you're on base? the of what if be give across the if tenant wondering

four of and our office top is resident it you professional, those being profile our professional, categories, But base. public healthcare, people our base, tenant represents employment if sector. professional. almost office office The take Regarding category two-thirds business trades the of top the profile,

of So areas. from hit of we're some at harder well pretty data protected the from results this least the

been leaving apartment buildings your of folks you single in has mentioned there Secondly, I think uptick that for comments rental. family an

So that of possibility of relates a percentage there's that. any what initial have quantifying segment? the of wondering if you to increase Do statistics

on have activity hearing that. and who seen just our really I dramatic have source people buying Anecdotally, moving delayed purchases, surveying clean a site them, as nature. But but down have lot we in mentioned, the numbers. home originally we're decided homes difficult who a for we obviously, activity. in apartments, Web It's each uptick an on the enough planning anecdotal rent, people I don't leads of exact data exact touring it's data in me an from pin exact distinct and other to people of the but are to of report have shoppers, were to isn't uptick, now

next from Our St. comes of Haendel question line

Mizuho. St. Mr. with Juste

Juste, maybe your is on line mute.

So on there I your I whether what retention, I'm cetera. expense relief pressures some maintenance days, XX, But a you on and the and items, be think thoughts question near-term the if expense ago? incremental could of curious the side, some discuss guidance. for could outlook key maybe some from some you’re Thanks. thinking costs, terms, Maybe XX XX, days XX XX, unit et pulled

it's difficult a little relief on but has difference. much to turn retention Our hoping see bit have been very good costs, to of so we're

importantly, the an is, recoveries mentioned of I down. which in who difficult really have turns. we we're residents starts know, impact that some to answer know to we wind that is workout really get the into as my pay. can't the going And chargebacks to we're period, that for going costs there impact to be address for deferred element to not what's don't on remarks, have, when makes this We utilities till and maintenance on thing that this prepared chargebacks most thing is of going And

unknown. the So watching it biggest that's carefully. probably We're

the other things. related normally But side, the are would to travel COVID-XX bit incur we On some surround going a most crisis. operational little relief and to that surrounding the expenses of some the ones other from collection significant there's chargebacks and

retention specifically, last the few number the hovered quarters. percent here piece that On XX-ish around

us the XX% there you markets, on to in And then XX%? maybe high your Could up sense long to some looking know given in ticked I you how retention do it curious mentioned it how of a portfolio. and you get get mentioned you're much? You of April. think already we stays Can factors ahead, how overall can much there give earlier? certain but just

X%. obviously economic about service one I our It's the There's Yes, customer a different focus think There's combination ticked by points. key of number a environment, things. up our the April retention of of aspect.

ratings an at Google lot end. April, during though, to customer staying, there's high how have for time hard Our know time it's well this we're improvement many is hard how it's room the service that executing and of so that of on target, if retention. for more get difficulty we through say. improvement. is a room define and to me to in all really were that expectation are normal The an you renewals. because My pandemic are healthy do want But for to coronavirus But many absolute I operationally,

then last you Did follow in guys how And so you. where mentioned much? May? if any up. offered April the concessions in and And anywhere Thank one and if portfolio you

did without in offer leasing that little rent slowdown April but or April, concessions again, in We couple to weeks. any of offering growth asking still X.X% in a had for reaction in is any pandemic the a hit, May. we When not But concessions. healthy saw rents bit We moderated a we that.

you. Thank

of Our next your question. Morgan Hill the question line with Rich Stanley. with comes from Please proceed

down for for that additional leasing new XQ. on you the on versus percentage Could X% that break color what you is appreciate question A renewals leases? you I mentioned spreads. the

two thirds XX-XX, Yes, roughly it's third. one

rent at is activity is maybe get And the rolling for year ultimately well? as and XQ last be? we guess rest in I'm I your base about your the year. what tenant leasing think trying that number much then as how of What back of should of much by how to driven is

XX you be could scheduled the right you see if actually, and it's you can out there. numbers by all get go page helpful supplemental the can What here of to quarter

as off use these you and home second apply of year use year. Brian's see a of quarter well. quarter spreads same rolling can the then and XQ and of expirations those on are thoughts how kind triangulate per the rolling around expirations for and even little a into use the basis in in section. to that can we’ve And that the our and quarter based And quarter bit as that earlier You'll the of next the balance supplemental bit you by for provided on little spreads five well, on

Got Chris. it, that's very helpful,

understanding. offline make I follow sure better to all have you the for Let's guys that on thank That's a I color. But have. up just

Credit comes of the Our with with proceed Suisse. Douglas from Please your question Harter line question. next

of to consider renewal? the demand you're you trying but Can Just to that strike offering strong balance talk seeing? about how kind between being the tenants, fair given with of the long you’re you kind X% existing might your

very watching Bryan. level. closely We're This market very it everything at the closely. We're watching is

quickly visibility anything need into to have planning planning significant that knowing I normal, that get of leases lead things for I As I on perfect work due. to these because There's a X% earlier, depends offering we're coming time start people quickly July. how to renewals beyond don't opened are guess. their lot it back that. for offer, to get how A back the new people up, get markets on start and mentioned

increase go to offers. We’re back extremely going when we're normal it we very renewal do closely but watching responsible be be targeted to and

Please Pawlowski next Our Advisors. with with the comes of question John from Green question. your Street proceed line

sticking total re-leasing April on ground to on in the everything up expect months? now. negative coming Bryan, put is the any acknowledges you the portfolio markets, you markets heading Are that and in spreads strong see these May, any re-leasing right would

is are markets the are interesting where in couple still it'll rent think, It’s a But the very a hard. concentrated. little one example. maybe might predict we'll a of months, that to that's be we're the hard to would heavily bit hospitality, Las pressure, Orlando one the be having a of just We're good coming nice think that I Houston getting doubt that I in more but We're rents that's where of Houston What's that couple were pushing base. I There markets pretty most employment not probably mix increases, testament watching and our tenant meaning the heavy and be Vegas. closely.

diversification said, This as talk Houston the importance XX%. in again, John, really fact less broader we than geographic greater of And portfolio. I have But the with And portfolio. we if brings just the as could X% just Chris. add. that It our is don't than much that market single of any to is about a mind, Houston,

shape closely the more or there things one significantly there think at the portfolio smooth diversification really to off good and or of feel I the like here that markets the extent about the to are that based insulate it's level. of and the we on as helping We are market Houston moves. whether impacted, So recovery local out market single

growth a No, for Maybe you Phoenix, like be the fair turn? portfolio. X% of Brian of still for growth that spreads embedded footing strong and outlook hot it market the in points. the And it of pushing Vegas? length for and the read it Vegas years, there's would if stay, as on well Is call those term stress in right plenty eye given homes XX%. markets? long mid and just just the in re-leasing now, spreads re-leasing poppingly single-digit that a re-leasing longer some be next some understanding rent or pushing with bodes of Is would negative fair spreads And went even is still if a Houston the market even these the not interpretation flat range Phoenix almost territory of two

not I think mark-to-market. are there on cases side it exact we're renewal the know I a the that offering increases numbers. be But healthy where complete may is. don't

renewal, have might market not two good for Phoenix if preserve are are to and more a we way areas may So conservative to example, where a all we to the on occupancy. level bit the rents it and little the there examples skyrocketed, be Vegas push

of little there is there. And catch probably better So might example this bit in up a a environment. be Phoenix

you. Thank

with question. Please line Hardik Zelman with from comes Associates. proceed your question Goel next and Our of

What great ask environment, all, disclosure. want tone, in the what to want I a great First about of transparency ask difficult capital but to and not change is about execution to I the on allocation.

So obviously, have capital. you some spare

You pipeline. using And have acquisitions and never builder on on or paired fund national any of planning developments. back the were acquisition you the to equity

You And there so about few Was the but a there have I the haven't I at years. it was they're not we seen for in at have you've some for stock the talked back know about I And point? term, your long levels buying investing capital that and the stock spare an internal was I'm ever had. know like on other capital may yielding a callable is you question spare pointing almost were appeared X%. to preferred, XXXX. have the few those, But of there conversation that

just where can and is So your books? propensity there on them some buy you them hold

short we contact basis with our of as basis prices. properly on are fact the strategy This I a a constant well articulate of other a earliest the everybody is once and in is very and allocations. pandemic allocation guess hard board primary to weekly we measure that the preferreds in least with at attractive at that And of And are discussions unprecedented phone level. the on were through in to time. and person every you this day things our of it are and very to of very, was cycles very as day has week, capital primary impact I couple would days. capital the the management And start the event, the a length number this time this they with a at in very, days did of for at gone that one a period on looking are

our And about builder a through and we steps liquidity, our as temporarily have so taken program. we talked prepared the couple national to we remarks, in suspend did preserve MLS, of acquisition through

yields. given time early and they're program the today, the continue the tremendous more of to same in the as that April were uncertainty clarity public attractive preserving program. to well our debt, they And preferreds not to as trading both really and in May, development opportunities that and But we days. gotten when with due were we've debt, on in a ability at existed As us, those the it's that’s us attractive CMBS and very the debt days liquidity at sets

That's little with guys capital other just bit about the a great the catch platform. development some side. you I'll on opportunities focusing But response. up offline a on

comparable have load that where basis, CapEx and be years XX to It us a home, a the on new through least I high return rates float is cap XX% acquisition? be the it could for think be a the old. at it not muddies especially the of home picture. location. just it's could IRR about because CapEx. years of like people I to can a CapEx buyer revenue it could great you brand you a think about renovation, Can different, powerful the great lot on But get because going after kind talk great XX even home walk and versus

I same year not garage is it's way be back and type fixing per but it's reconcile resistant. and our to And is haven't build at that to of all recently, you to things it most get the of maintenance plus and HVAC to -- take them the costs and roofing see, and costs we about exteriors that costs look out if you you home. if recollection Yes, maintain, $X,XXX the home and likely roughly reviewed my repainting you doors a are -- thing, per

we flooring just to So items for on them And maintenance and surface things other that make we're and the the all stairs. throughout in house hard do putting already decks resistant.

first a better a You years much the migrating to to then to in towards cost thereafter XX return. start XX to five -- five particularly much house, lower XXX, really and for maintain years then is get per but and it

number $X,XXX [Multiple kind could $X,XXX, like Speakers] What's versus range the of… that be, $X,XXX.

years to in it'll but $X,XXX range If a the it, say on I $X,XXX both I different a would put to comparatively. on whatever have XX number [Multiple from number the $X,XXX now, and be Speakers],

Jack close and as the you're at acquisition. cost What of mentioned the have And with to program we mentioned. the IRR acquisition acquiring than the forward market to the know, not a just cash assets, as addition protection, is go downside a of significantly the buying on we the lot MLS When beginning we these basis typically that concept on more we're concept in market. economics flow very investment the in if favorable you less the as of these market. from well at things properties resulting have development

these profit development embedded an have We properties. in

investment our is difference exist. a between investments and when of It our the It's reduction the market don't that’s does completed. You it. see homes just

got And residents people better there's so downside and you whether economics downside asset you just term here, two that really a it's got perspective a desire. through better long protection, benefits and protection,

I have to right, with me, self really people a lot focus it struggled that and on it's got but your it's indulge been you'll looks the were of you talk Bryan different? because or solve proprietary makes like technology, you vendors if something is that you've to want solve? that it able not And and team. it Can about have And other problem to what others, the his able what leasing

of proud We're platform. that

we back went Just yourself platform let XXXX. as reference, in of to, in the point a

We of able but it’s have this. with value very with real only experience perfectly good the sales that. years platform, not it's drive easy to And of system. we're really into is the And integrated seven use efficiencies to our

that the it some have I just too complicated. of issue the they're making think is others

without go the What service our anyone. to home, clear in, how happens house, there's see to drive with us is you want if to to can up you speaking self instructions

that going you're of can a in our to access If home. team, to with sales to sales of into design, the the clean level you talk live handoff while the touch contact get And a agent we we want through wants. then to speak very someone, really you available particular you local who's -- prepared kind or there's of have And process. customize to prospect team, to number a the

uptick nearly it on a self be months purely without have to people just XXX% doing on we service. and experience to it. convenient. couple to Plus accessing center, like people go that it but the We're self the service call designed an a utilizing access. perfectly over We've simple designed of seeing of it's integrated. especially We're where Some year, last are even be we've this lot very

question the comes Please line your Ryan with from Gilbert next BTIG. proceed question. Our of with

Can delivering to to expect you XXXX how deliveries? properties you invest going cash for the much you expect in program. how development the tell then to be do And on in me of the invest that XXXX? much over are question future First remainder

like number deliveries We’re X,XXX Jack got deliver his for numbers, -- to But it have your today those year between direct years. and of flow year Chris in X,XXX be, some and the additional may those we going reduced it's prepared into in had but of checking And have somewhere that remarks, future but over found numbers slightly. looks a will those will question. this year slight is not there Chris? reduction we're the properties XXXX

whether have already that in doesn't frozen transactions not now constructed our or outlay. bit the product expectations little it's escrow. traditional builders. are times of the everyone in right add process, as were on acquisitions, newly me from other our new balance of kind just of through Keep that That we color full Let several channel we from mean to a there mind capital so now either year, contract for what we're that even understand commented in buying under though or

that, that And for $XX year, with $XX an already that associated billion acquisitions were to just million dollar of probably remainder about just this so go called earmark the in out you of throughout will give finishing there out to the process.

as this the then in leaves remainder or dollars million we've $XX terms pipeline investment first the into year $XXX expectation give balance year’s coming deployed into probably take of pipeline that year there the range. for future about or to the which our or so component pipeline, year our in so into for that was deliveries about investments. our about We year And of before, this program. the million development us $XXX of million quarter, associated something In spoken future call $XXX of with the for million earmark it for into

around million the So of for all somewhere right year. balance told that’s the $XXX

ultimately? X% just bad that email conversations any my in you changed or expense that the tenants? guess to we just should rent color April collection I back having with thinking from May? into add around flowing your having then And on And details with April, any you're collection, just can rent Or conversations non-payment how color on be about maybe you're debt and how that's to tenants how

Chris finish I’ll start expense. debt let and bad with then I'll with the relationship

rent The of kind that people is of have a thank with close them is on some them half very the guess their by house for in been feedback managers through really the to received. fact their checks. getting over time where a I were fees to past well and with paid relaxing that campaign flexible we're who with match of that been residents, and paychecks, with interesting allowing earnings speaking they're One We the contact us. our has property month been pay those some payment late we've of wellness things had our choosing the calling and so we to

I'm mentioned resident I and The about waiting for X% stimulus. a bit in of real hardship of for was prepared time, need more discussions number some of those unemployment checks some remarks lot little I on, And the are a waiting requests base. our

it's So is we're where them. number ways. fewer We've than working they're The XXX cases of out are letting them ones for very off been cases. resident leases, extreme and with relatively for just closely few part that better the their us and the but to

we are very resolution. April, So going it's but remaining corrections hard piece with to for X% for me them to determine what say be best on are working closely exactly the that to the

of in how terms we just perspective. a And bad treat from then things Ryan, debt

tenant debt the basis. And by changes to collection, on any Our see and going on done don't policy of been likelihood which revenue if specific always is tenant necessary bad has to then a both forward. recognize, based that I

level revenue practical appropriate to think a given it's me each process and as to ended our up out of the uncertainty we somewhat inform bad or whether just was tenants, continue talking about, recognition wouldn't there it approach. collections. But we'll recognize basis now, the And our our said, debt conservative likely if surprise cash similar take data right that for revenue. standpoint, tracking Brian is use related means, that what to like just that not I that collection of a work with on through to from we'll view

Thank you.

Our Todd your next Wells proceed Stender Fargo. question comes from line with of Please with question.

I near the are me, course guess were of change, Just activity? stance some use concessions examples if that But What you haven't leasing that over you the given the term. of to to sounded help it of couple next like concessions months. one from over would

in We've it been in So our the of I shaping some lot in example. forces, I way things May, Based we referring demand leases. would focused. the see it's market to past have. for market cases, up it's and of always the always first are be future some think reaction have it's very concessions for some changes month's based. we of as It's are ended the the new far that promotions neighborhood. statistics, too tool. run you're the competitors to been using on a sparingly used the off been that to surprised things But ahead if with times we it's rent, on a $XXX down the But all kind doing. There that In concessions difficult up again, of to

Our pricing, and team analytics specific. and asset pricing our it's into moved they’re

the in it use So of near I term. don't widespread see a

be would it market? then by and amount dollar by market So

Yes, neighborhood by neighborhood even.

question Green from questions. next Our up Street of Pawlowski the proceed Please is follow with a Advisors. line your with John

XXXX Jack, were states I in of along slower should deliveries. terms them to can of the back more guess ordinances. about the the most a the have lot year? been lockdown they're you and just magnitude talk for of quicker in deliveries this come shelter a pretty with bit in And delays far to I'm given online these of surprised constructions slippage place

is in will on -- So, or timing, it terms all going what's with be a more chains helpful. what's inspection of bit little color supply

hearings from a first then got only -- moving than happen was had down securing a home, while sites. pandemic period shut operate time working then to that cases, that completely I to month that the working their trying other And Washington other of determined determine that for market in public construction from were you in home. month to of we the building And business. work from the government of was have half how where One in we the to job especially and And in mean, houses delayed. in the non-essential have a and of functions office that do state to that other the workers state markets,

we there delay we the later. aluminum So some projects. put fencing can is thing, but house rent type as but the is right still that really the as seeing of fencing a And bit things, supply aluminum in minor chain, on on little now, are one far and

So been supply I don't has issue to date. think chain a big

follow just Let that. me on up

delivered an development this that You that homes and are inference made vertical XXX these timeline to would be in construction days. most year. XXX is today of The

vertical construction. And some So some in their both at had some of permitting caused homes office, have extent delays the municipalities, to of inspection these these in not the level the commenced and the delays.

thousand in the What percent the get Of across line homes night you over roughly are on? and to sleep percent are bag XXXX. you in losing the need what do you think finish

sleep between in the I I'm losing I wouldn't until wouldn't those that in But and rented. they're say two. either anything's that say complete bag

Thank for management you. back I'll to turn comments. final and answer floor any our that session. Ladies and question gentlemen, concludes the

to challenges. while growth is safe good American execute and for weather quarter. talking this to current I strategy close, sheet look you portfolio, a across I'm Thank rental balance Operator. the X the morning. all solid fundamentals the today future. these that remains platform, you, you thank uncertainty reiterate have joining Homes remain next Single positioned high, to us operational Rent emerge Have well to family To to day. that And we want stronger confident economy and and I continue in and we forward

This you. concludes Thank today's conference.

time. disconnect participation. at lines your You for your Thank you this may