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Presentation

Operator: Greetings, and welcome to the American Homes 4 Rent First Quarter 2026 Earnings Call.

Operator: At this time, participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Nicholas Fromm, Vice President of Investor Relations. Thank you. Please begin.

Nicholas Fromm: Good morning. Thank you for joining us for our first quarter 2026 earnings conference call. With me today are Bryan Smith, Chief Executive Officer; Christopher Lau, Chief Financial Officer; and Lincoln Palmer, Chief Operating Officer. Please be advised 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, 05/07/2026. We assume no obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except as required by law. A reconciliation of GAAP to non-GAAP financial measures is included in our earnings press release and supplemental information package. 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 amh.com. With that, I will turn the call over to our CEO, Bryan Smith.

Bryan Smith: Welcome, everyone, and thank you for joining us today. 2026 is off to a good start. Our strong first quarter was characterized by solid seasonal demand and excellent execution by our field and asset management teams. Against the backdrop of political and economic uncertainty, our results demonstrate the resiliency of single-family rentals and the strength of the American Homes 4 Rent platform. Seasonal demand picked up as expected in the back half of the first quarter despite a slightly later start this year. This resulted in record leasing volumes for March and continued momentum through April. The recent occupancy and new lease spread trajectories put us in a good position as we move through the remainder of peak leasing season.

The teams did a great job in meeting the accelerating demand, efficiently turning homes in a period of heightened lease expirations, and their ability to control the controllables drove an impressive reduction in same-home core operating expenses year over year. This resulted in strong same-home core NOI growth of 3.7% for the quarter. For April, the leasing momentum from March continued, further improving new lease spreads to 1.2% and same-home average occupied days to 95.6%, representing a 30 basis point sequential improvement. On the investment front, we continue to execute on our 2026 capital plan. During the quarter, we delivered over 500 high-quality purpose-built American Homes 4 Rent development homes at a 5.3% average initial yield.

As a reminder, this year’s moderated on-balance sheet development activity will be match-funded with proceeds from our disposition program. Our asset management team did a great job identifying noncore assets and recycling capital in the first quarter, selling over 700 homes for approximately $200 million of net proceeds. Importantly, we continue to see strong MLS demand across all of our markets, demonstrating the resilient value of single-family housing to end user homebuyers. And finally, we continue to remain active on share repurchases, taking a thoughtful and strategic approach to capital deployment. Over the past six months, we have repurchased approximately $360 million of common stock, which represents roughly 3% of total shares and units outstanding.

Before I close, I would like to provide a brief legislative update. The discussions in Washington around the 21st Century Road Act are continuing as we speak. Our focus remains on ensuring that the role of single-family rental housing is well understood and appropriately represented. We are actively engaged alongside industry partners to support policies that encourage housing supply. We will keep you informed as developments unfold. Most importantly, millions of Americans call single-family rentals home, and our focus on providing quality housing with an exceptional resident experience is unwavering. With our leading operating platform and vertically integrated development program, American Homes 4 Rent is well positioned as an industry leader to adapt and respond effectively in all environments.

With that, I will turn the call over to Chris.

Christopher Lau: Thanks, Bryan. Good morning, everyone. Like usual, I will cover three areas in my comments today. First, a review of our quarterly results. Second, an update on our balance sheet and recent capital activity. And third, I will close with a few thoughts around our unchanged 2026 guidance. Starting off with our operating results, the teams delivered a good quarter with solid execution across the board, generating net income attributable to common shareholders of $128 million, or $0.35 per diluted share. On an FFO share and unit basis, we generated $0.48 of core FFO, representing 4.6% year-over-year growth, and $0.45 of adjusted FFO, representing 8% year-over-year growth. From an investment perspective, we continued executing on our moderated 2026 development plan, delivering a total of 539 homes to our wholly owned and joint venture portfolios during the quarter.

Specifically, for our wholly owned portfolio, we delivered 457 homes for a total investment cost of approximately $187 million. Additionally, we saw another quarter of robust disposition activity, generating total net proceeds of nearly $200 million at an average economic disposition yield in the 4% area. Next, I would like to quickly turn to our balance sheet and recent capital activity. At the end of the quarter, our net debt, including preferred shares, to adjusted EBITDA was 5.3 times. We had approximately $63 million of cash available on the balance sheet, and we had a $390 million drawn balance on our $1.25 billion revolving credit facility. Additionally, during the quarter, we repurchased 3.7 million common shares for a total of $115 million at an average price of $31.49 per share.

And subsequent to quarter end, we repurchased an additional 3.2 million common shares for a total of $94 million at an average price of $29.37 per share. Over the past six months, we have repurchased a total of $360 million of common shares, representing approximately 3% of total shares and units outstanding, and continue to have over $400 million remaining on our existing share repurchase authorization. Lastly, before we open the call to your questions, I wanted to briefly touch on our 2026 outlook. As contemplated in our guidance, after a slower start to January and February, leasing season is now fully underway with healthy demand and strong activity. Additionally, as we saw in the first quarter, the team is doing an excellent job controlling the controllables on expenditures.

As a reminder, however, it is still early in the year, with the majority of spring leasing activity and move-out season still ahead of us. With that in mind, we have left our 2026 guidance unchanged and continue to remain optimistic on our position moving forward. As demonstrated by this quarter’s results, our operating platform is clearly firing on all cylinders. The positive inflection in April new leasing spreads is a great reminder of the resilient demand for single-family rentals, and our prudent approach to capital management continues to create value into the balance of 2026 and beyond. Thank you again for your time. We will now open the call for questions.

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Operator: If you would like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. To allow for as many questions as possible, we ask that you each keep to one question. Thank you. Our first question comes from the line of Jamie Feldman with Wells Fargo. Please proceed with your question.

Analyst: Hi, this is Connor on with Jamie. Thank you for taking my question. New leases experienced a solid 200 bps acceleration versus 1Q. Can you unpack what drove that inflection? How would you describe this spring leasing season versus typical seasonality? Are there certain markets that are key drivers? And how are May trends comparing so far?

Lincoln Palmer: Hi, Connor. Appreciate the comments on new leases. As Christopher mentioned in his prepared remarks, we are pleased with the way the season has kicked off. What you are seeing in new leases is driven primarily by a balanced approach to our revenue management strategy. We have seen great activity at the beginning of the year that has driven improvements in both occupancy and rate. As we mentioned, it got off to a slightly slower start, but April and May results have shown great leasing activity. Think of that in terms of roughly 15% incremental activity over last year. On the seasonality piece, we expect to continue to build rate and occupancy into the season. We are right in the thick of it, and we expect May and June to build occupancy incrementally.

Rate will follow. Our objective is to maximize the top line. We will take the first half of the year to capture as much rate and occupancy as we can and, as we have discussed in the past, we will control the controllables and hold as much of that occupancy as possible. May is feeling really good so far with no change in the strong activity we have seen to start the year, so we are encouraged by the season.

Operator: Our next question comes from the line of Eric Wolfe with Citi.

Eric Wolfe: Hey, you mentioned a second ago that you expect occupancy to continue to build into future months here. With occupancy coming up so much, are you starting to be a little bit more aggressive on the renewal side, or do you expect to stay around this sort of 3% level and build occupancy? How are you thinking about pricing going forward versus trying to build more occupancy into the back half of the year?

Lincoln Palmer: Thanks, Eric. What we are seeing on renewals so far this year is part of a consistent and balanced approach to our revenue plan. You can see the results of that in the top line. We have had great retention this year relative to renewal offers that we have sent out. As a reminder, for the year we contemplated renewals in the 3% area in our guide. First quarter landed at 3.2%. Notably, we are seeing pickups into May and June on renewal rates, so Q2 should land very similar to Q1. We are mailing into Q3 now in the mid-3%s, so we are comfortable with the way that is moving. We will continue to find additional opportunity in the back months of the year if that is available to us.

Operator: Thank you. Our next question comes from the line of Juan Carlos Sanabria with BMO Capital Markets. Please proceed with your question.

Analyst: Hi. This is Robin Hanalem sitting in for Juan. I was just curious on the latest on the regulatory front and the probability of stripping out build-for-rent hindrances.

Bryan Smith: Thanks, Robin. The latest on the regulatory front, up to the minute, is that the House is working on a response to the Senate housing bill, which specifically addressed build-to-rent and had some restrictions. That remains in discussion today. It is difficult to predict the timing or the exact outcome, but it is important to note that everybody’s objective is the same—the policymakers, ours, and the industry—and that is addressing housing affordability. The initial bill that was passed by the House, the 21st Century Act, did just that by facilitating the development process and making it a little bit more efficient. Some of the additions from the Senate have caused public concerns, not only from single-family rentals but across the homebuilder space, and there has been a lot of headline risk against that.

The House is taking that into consideration. It remains to be seen on timing and outcome, but from American Homes 4 Rent’s perspective, this regulatory attention has really highlighted the importance of having a scalable operating platform and a development platform that we believe can create additional opportunities for us going forward. We think we are in a good place, but the outcome remains to be seen.

Operator: Thank you. Our next question comes from the line of Steve Sakwa with Evercore ISI. Please proceed with your question.

Analyst: This is Manas on for Steve. Just wondering if you could touch on how you feel today on additional buybacks, which you were obviously active on, versus development. How do you think about capital allocation currently and what you expect for the next month?

Christopher Lau: Morning, Manas. As we think about buybacks more broadly, the right place to start is that we very much believe in the business and we believe in the stock. You can see that clearly demonstrated by the fact that we have been active consistently repurchasing stock over the past six months. We were active during the fourth quarter, active during the first quarter, and now into the beginning of the second quarter as well. As mentioned in my prepared remarks, cumulatively we have repurchased about 3% of total shares and units outstanding. Looking forward, we continue to have over $400 million remaining on our existing repurchase authorization. As we talked about at the start of the year, we came into 2026 with our capital plan contemplating $100 million of incremental capital capacity for additional repurchases without taking leverage above the mid-5s, and not all of that has been deployed yet.

More broadly, like we discussed last quarter, we continue to have a great opportunity as we think about leaning into dispositions, just like we did in 2025, to potentially free up additional layers of capital as we evaluate further repurchases to complement the strategic and long-term value being created by our development program.

Operator: Thank you. Our next question comes from the line of Haendel St. Juste with Mizuho Securities. Please proceed with your question.

Analyst: Hi. This is Mike on with Haendel at Mizuho. How are concessions trending by market, in particular Arizona, Texas, and Florida? What is the current level of concessions in terms of weeks in those markets?

Lincoln Palmer: Thanks, Mike. As we have said in the past, in general we do not offer concessions on the rent side, and we have not been doing that for quite some time, especially in our new development communities. We have the ability to match our deliveries with demand, so we do not build inventory that would necessitate concessions. We do watch concessions in the broader marketplace that may be competitive with ours, and there has been a lot of that, but our product is moving very well and is positioned well, so we are not going to use concessions.

Operator: Our next question comes from the line of Analyst with Bank of America. Please proceed with your question.

Analyst: Thank you, and congrats on a nice start to spring leasing. Is there any change in move-outs to buy, whether increasing or decreasing, in any of your markets?

Lincoln Palmer: Thanks. Move-out to buy has remained really consistent where it has been for the last several quarters—just sub-30%. As a reminder, that is essentially where it has been for most of our history. We have seen it come down slightly from the low-30%s as homeownership dynamics have shifted a bit, but it continues to be one of our largest reasons for moving out, and we do not anticipate changes to that in the near future.

Operator: Thank you. Our next question comes from the line of Analyst with Green Street. Please proceed with your question.

Analyst: I have a few questions to better understand the quality of the dispositions over the last few quarters. Directionally, can you give a sense of square footage per home, average age of home, and rent versus average rent, relative to the rest of the portfolio so we understand how low-quality these homes have been?

Bryan Smith: I do not have the exact numbers in front of me, but for the dispositions in Q1, they were generally characterized by slightly smaller square footage than the rest of the portfolio. Age-wise, they are older homes, especially when you consider that we are maintaining a pretty good hold on average age because we are delivering brand-new houses into the portfolio. They could be characterized by slightly lower rent as well. The key factor is that in the vast majority of cases these are noncore assets—noncore due to location or demand characteristics at a minimum. I also want to remind everyone that we had a number of houses freed up last year when we paid off the securitizations that we had not had access to in a while, with maybe a slightly higher weight in the Texas markets. You are seeing some of those lower-end homes work through the system.

Christopher Lau: Just to point out one number you may have noticed: the average net proceeds per property we sold in the quarter were roughly $200,000 per door, reflecting some of the attributes Bryan was talking about. Importantly, those homes still generated an average disposition yield in the 4% area, representing a really attractive form of recycled capital. Equally important is the opportunity to asset manage—make smart decisions and optimize the portfolio at a granular, unit-by-unit level.

Operator: Thank you. Our next question comes from the line of Rich Hightower with Barclays.

Rich Hightower: Good morning. A multipart on development: with the price of certain commodities going up quite a lot recently, what is your estimate of the interplay between that and prospective development yields on the pipeline in place? And help us understand the pace of development going forward given the cloud of uncertainty that currently exists on the legislation front.

Bryan Smith: Thanks, Rich. On inflationary effects starting to creep into the marketplace, we are watching it closely. The good news for us is that on current developments we are pretty well locked in on price. To put it in perspective, our expectation for vertical costs of deliveries this year is right on top of, if not slightly down from, last year. The team has done a great job controlling those costs. At a global level—supply chain and the like—it is difficult to predict the effect. Lumber has gone up in the near term. If we do see an effect, it would likely be later in the year, and there may be counterbalancing effects as well. We liken it to how we handled tariffs last year—tariff pressure was counterbalanced by reduced activity from some homebuilders that put downward pressure on labor costs.

There are a lot of moving parts. If inflation persists, we probably would not see it play out in costs until 2026 or 2027. We will be in a better position to discuss that on the next call. Relative to our development plans and capital allocation strategy this year, we have anticipated a reduced number of deliveries in 2026 relative to 2025. One of the benefits of owning a mass development program is the flexibility to flex up or down in response to market conditions. In this case, some regulatory uncertainty and cost of capital considerations drove us to this output expectation for 2026. As things get worked out in Washington, depending on the outcome, there may be nice opportunities that could provide a catalyst for the development program.

Having that flexibility by owning the full stack in-house is important right now.

Operator: Thank you. Next question comes from the line of Adam Kramer with Morgan Stanley. Please proceed with your question.

Adam Kramer: I just wanted to ask about same-store expense growth. I think it decreased modestly in the quarter. What were the drivers—any one-time factors or expense shifting to another part of the year? And an update on insurance and any early nuggets on property taxes would be helpful.

Christopher Lau: Morning, Adam. On property taxes, in general no major updates. As everyone recalls, first quarter is a quiet time of year for new property tax information. Our full-year outlook remains unchanged in the 3% area. The bulk of assessed values come back over the summer months, and tax rates are typically released later in the year—late third quarter into the fourth quarter. On insurance, our renewal was completed at the end of February and was contemplated in our full-year outlook. The market has continued to recognize the outperformance of our program, reflected in the success of this year’s renewal, where we saw our 2026 insurance rates decrease by about 10%. On controllable expenses in the quarter, it was a combination of a little bit of timing in year-over-year comps and, more importantly, really great execution from the teams, especially notable given the increased level of scheduled expirations we had this quarter due to the ongoing maturity in the lease expiration management program.

That translated into a slightly higher level of move-outs, which you can see in quarterly turnover on the same-store page, and the team still delivered a year-over-year decrease in controllable expenses even with that uptick.

Operator: Thank you. Our next question comes from the line of Analyst with Zelman and Associates. Please proceed with your question.

Analyst: Your guidance implies an occupancy lift through the end of the year. Historically, only 2020 did not see occupancy moderate from 2Q to 4Q. It seems like you still have some wood to chop on new move-in pricing to get to flat for the year based on where you are through April. Are you still expecting move-in pricing to be flat, and what gives you confidence you can achieve stronger-than-seasonal occupancy and new move-ins in the back half?

Lincoln Palmer: Thanks for the question. You are correct to notice a slight difference this year in how we are thinking about seasonality and the curve. Again, the front half is to build occupancy and rate; the back half is to hold as much as we can. There are a few notable differences this season. First, we are contemplating flattish new lease rate growth for the year in support of our overall optimized revenue strategy intended to support occupancy. Second, our lease expiration profile in the back half of the year is extremely low compared to the past, which should help. We are also watching supply carefully and are hoping for a slightly improving supply picture. There are a lot of different things this year that are different than previous years, and we think we have a good plan.

Christopher Lau: Just to make sure we are all on the same page on the shape of new leases, new leases are very much tracking according to plan. We built occupancy in the first quarter with modestly negative new leases, translating to a positive inflection in the second quarter that we expect to build a touch more into May. As we get into the back part of the year, we still expect new leases to reflect the typical seasonal curvature, and it would be natural to expect some moderation in the third and fourth quarters.

Operator: Our next question comes from the line of Analyst with UBS. Please proceed with your question.

Analyst: You mentioned the initial yield on development of 5.3%. What is the stabilized yield, and what spread are you targeting versus your cost of capital?

Bryan Smith: Hi. The 5.3% yield I cited is the going-in yield upon delivery. We are actively delivering communities and have active construction sites, which gives a good indication of demand for our product. Earlier, Lincoln was asked about concessions. We are unique in that we do not offer them, and we do not need to. One interesting thing we have leaned into this year is preleasing. We have designed our program to offer homes well in advance of the certificate of occupancy, and the uptake has been fantastic. If I remember correctly, even though this program is still in its infancy, we leased over half of our new deliveries before they were ready—for the month of March, we preleased over half of our new deliveries. There is great demand, but I want to make sure we look at this from the perspective of the going-in yield.

Upon stabilization—which we have defined in the past as a completed community that has been through one turn cycle—we have seen nice yield improvement. The best way to think about that momentum is to compare it against the scattered-site same-home pool. The behavior of the new development communities relative to the scattered-site portfolio is right on top of each other in terms of occupancy today. Rate growth is similar, so from the revenue side it is similar. The stark contrast is the total cost to maintain. We are operating these new development homes at a fraction of what it costs to operate scattered-site homes—maintenance, churn, and CapEx. You can see the effect as more of these come into the same-home pool, with total cost to maintain going down by 5% since 2023.

Although we are not in position to give exact stabilized yields due to moving pieces, performance is as expected and we look forward to more good things to come.

Operator: Thank you. Our next question comes from the line of Bradley Barrett Heffern with RBC Capital Markets. Please proceed with your question.

Bradley Barrett Heffern: It feels like regulatory uncertainty is having an impact on future supply. When do you think we will start to notice that in the fundamentals, and is that likely to stick around regardless of the regulatory outcome?

Bryan Smith: Thanks, Brad. It definitely has affected supply. It has been widely discussed how headlines this year have impacted capital coming into the space. I think it will have a more immediate effect on build-to-rent projects. Many projects already in sight will get completed, but the outlook has changed. This highlights the importance of scale and having an operating platform that can be nimble and adjust to regulatory changes. We do not expect to immediately see the effect on supply in the data, but depending on what gets passed, anything that restricts supply is going to be bad for housing affordability. Existing rental units may be looked at with a premium. We are optimistic that will not be the final outcome. In a nutshell, we have seen an effect today; we do not know how long-lasting it will be. Putting that into the context of an already improving supply profile puts us in a good position as we move through this year and next.

Operator: Our next question comes from the line of Analyst with Deutsche Bank.

Analyst: Thank you. Most of my questions have been answered, but I wanted to follow up. You commented earlier that the rate of expirations is a little bit lower in the fourth quarter this year. What caused that shift, and is that something you expect to continue in future years?

Lincoln Palmer: Thanks. What you are seeing is the result of our intentional alignment of our lease expiration schedule. We have talked about shifting expirations from the back half of the year to the front half, where we have more opportunity to lease, gain occupancy, and build rate. Think of the balance now as roughly two-thirds in the first half and one-third in the second half. That has been very intentional relative to what we know about seasonality and activity in the back half. We will continue that effort and make refinements as we lean into lease expiration management at the community level to get more precise on months, days, and weeks of expiration.

Operator: Thank you. Our next question comes from the line of Analyst with KBW.

Analyst: Hi. This is Jason on for Jade. Have you seen any movement in pricing from sellers or in development yields based on the uncertainty from regulation or the rate environment?

Bryan Smith: Some of the uncertainty this year has really put a pause on a lot of the transaction market. What we have seen is more willingness from some midsize operators to discuss ways they could partner with us. Nothing has happened yet because of the overhang, but we believe it creates opportunities going forward. It goes back to the value of having the operating platform and, in our case, the development platform. Things might be a little on pause in the transaction market, but we are optimistic that will change eventually.

Operator: Our next question is a follow-up from the line of Analyst with Green Street.

Analyst: Chris, there has been a lot of churn in the same-store pool from dispositions and then homes getting added to the held-for-sale bucket. How much lift to full-year 2026 expected same-store revenue growth comes from that disposition/held-for-sale activity?

Christopher Lau: You are right that at the start of any year we are resetting the pool. This year, the pool grew by about 1,500 units, which is largely newly constructed homes delivered over the last couple of years that have now stabilized and matured their way into the same-home pool. Each quarter, as homes vacate, we can inspect them and finalize the decision as to whether they are appropriate disposition and capital recycling candidates. On same-store revenue growth, keep in mind that when we reset the pool, we reset both the current and prior-year pool. Any changes—whether new homes coming in at the annual reset or identifying homes for disposition—are reflected in both periods. Also, if a home is an appropriate disposition candidate, more likely than not it would have been occupied in the prior period. So it is apples to apples by the time you reset the pool and have the same composition of properties in both the current and prior period for comparison.

Operator: Thank you. Our next question comes from the line of Analyst with UBS. Please proceed with your question.

Analyst: What do you think led to the slightly later-than-normal start to the peak leasing season—weather, general lumpiness, or another factor?

Lincoln Palmer: Thanks. The shape of every year is a little bit different, and there are many factors. Weather can definitely play a part. There was some weather this year, with an abnormally cold season across many parts of the country where we operate. Some of it can be uncertainty—regulatory, global events, or financial uncertainty. We are not sure exactly what drives it from period to period. We are encouraged that despite the late start, we are seeing excellent activity now and expect that to continue throughout the season. Regardless of what happens period to period, we are prepared to respond with appropriate operational adjustments.

Operator: Our next question comes from the line of Analyst with Zelman and Associates. Please proceed with your question.

Analyst: Thanks for the follow-up. You mentioned the supply profile is already improving. Any color you can provide, particularly in the more supply-burdened markets, on supply potentially clearing up?

Lincoln Palmer: Thanks for the follow-up. We do see supply generally improving across most of our markets. We are encouraged by the level of demand in the marketplace during leasing season, which helps consume standing supply. We have also talked about moderation in starts and deliveries. For example, John Burns released an outlook on apartment deliveries for 2026 showing a 40% reduction year over year. That is encouraging. The same type of trend is happening on the BTR side, especially with regulatory uncertainty and the cost of capital environment. There is still some standing inventory in parts of the country that needs to be consumed, and the rate at which it gets consumed will vary market by market depending on inventory levels and demand profiles.

We still see heavy inventory in Arizona and Texas, and it will take a bit longer to work through that, but we are also seeing great signs of life in many of our markets. Almost all our markets are running north of 95% with continued incremental improvements into the season. We will see how it plays out market by market, but we are encouraged while recognizing there is still work to do in a couple of markets.

Operator: Thank you. Our next question comes from the line of Austin Wurschmidt with KeyBanc Capital Markets. Please proceed with your question.

Austin Wurschmidt: Piggybacking on the last question: with supply potentially starting to improve in some markets, would you expect the spread between your Midwest markets and the Sunbelt markets to start to converge over the next 12 to 18 months?

Lincoln Palmer: Thanks, Austin. I think convergence has more to do with what happens in the Sunbelt than in the Midwest. Performance in the Midwest is projected to be very strong for the next several years—rate growth, migration, and supply all have great profiles. As the other markets improve, we should see some convergence, but it probably depends more on improvement outside the Midwest, which continues to be very strong.

Operator: Thank you. That concludes our question-and-answer session. I will turn the floor back to management for any final comments.

Bryan Smith: I want to thank you for your time today. I hope everyone has a good weekend, and we look forward to seeing many of you at NAREIT next month.

Operator: Thank you. This concludes today’s conference call. You may disconnect your lines at this time. Thank you for your participation.

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