American Homes 4 Rent · NYSE:AMH
American Homes 4 Rent — Investor Presentation (December 2025)
28 slides from American Homes 4 Rent's investor presentation, Dec 3, 2025
Slide 1: December 2025 Investor Highlights
December 2025 Investor Highlights
Slide 2: Legal Disclosures: Forward-Looking Statements
2Legal Disclosures Forward-Looking Statements Various statements contained in this presentation, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may relate t
Slide 3: AMH At A Glance
3AMH At A Glance ➢ Largest Integrated Single- Family Rental Builder with 2,200 – 2,400 Deliveries Expected in 2025(1) ➢ Full Control of AMH Development Program & Land Pipeline Provides Years of Continued Growth with Capital Timing Optionality(2)(3) ➢ AMH Development Homes are the Highest-Quality Pro
Slide 4: Nov. '25 QTD Same-Home Operational Update and Business Update
Average Occupied Days Average Change in Rent for Re-Leases Average Change in Rent for Renewals Average Blended Change in Rent 95.0% 0.2% 4.2% 2.9% Business Update Solid, Stable Execution and Prudent Capital Allocation in Current Residential Environment Expecting Flat Occupancy for Remainder of 4Q25
Slide 5: 2025 Guidance
52025 Guidance Full Year Midpoint Core FFO per share and unit(1) $1.86 – $1.88 $1.87 Core FFO per share and unit growth 5.1% – 6.2% 5.6% Same-Home Portfolio: Core revenues growth 3.25% – 4.25% 3.75% Core property operating expenses growth 2.75% – 3.75% 3.25% Core NOI growth 3.50% – 4.50% 4.00% Prope
Slide 6: Industry Leading Earnings Growth Profile
5.1% 5.3% 4.0% 5.4% 2.0% 2.8% 1.3% 1.6% 0.9% 1.6% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 2023 2024 2025e 2023 2024 2025e 6Industry Leading Earnings Growth Profile Superior Core FFO Per Share Growth Incremental to Same-Home Core NOI Growth AMH Residential Peer Avg.(1) -0.1% Same-Home
Slide 7: AMH Today
AMH Today AMH Pine Landing Development Las Vegas Market
Slide 8: The AMH Difference
8The AMH Difference Strategy Focused on Operational Excellence, Portfolio Optimization, and Prudent Capital Acumen • Geographical Diversification Across 30+ Markets • Majority 3 and 4 Bedroom Detached Homes ~2,000 Square Feet in Size • Average Home Age Under 20 years in Highly Desirable Neighborhood
Slide 9: Diversified Portfolio Footprint
9Diversified Portfolio Footprint © GeoNames, Microsoft, TomTom Powered by Bing Positioned for Long-Term Sustainable Growth and Portfolio Optimization Flexibility 60,664 Properties Owned 30+ Markets 24 States 18 Years Avg. Age per Home 1,999 sf Avg. Square Feet per Home 95.9% Same-Home Avg. Occupied
Slide 10: High-Quality Resident Base
10High-Quality Resident Base Strong Resident Base as Millennials Enter Family Formation Years Avg. AMH Household Benefits of the AMH Resident Profile • High income levels and propensity to stay longer • Strong demand from millennial population as they continue to age and transition from apartments i
Slide 11: Investment Grade Balance Sheet
2025 2026 2027 2028 2029 Thereafter Debt Maturity Schedule(3) (MM) Revolving Credit Facility Unsecured Senior Notes Liquidity - Undrawn Revolving Credit Facility Liquidity - Cash and Cash Equivalents 11Investment Grade Balance Sheet High-Quality, Fully Unencumbered Balance Sheet Creates Flexibility
Slide 12: Sustained Demand Tailwinds
21% 20% 4% 6% 8% 3% 1% -5% 1% 4% -7% -26% -29% -28% -25% 95% 95% 95% 95% 96% 98% 97% 97% 96% 95% -30% -20% -10% 0% 10% 20% 30% (Top 20 AMH Markets) -0.5% 0.0% 0.5% 1.0% 1.5% 2 0 2 5 2 0 2 6 2 0 2 7 2 0 2 8 2 0 2 9 2 0 3 0 2 0 3 1 2 0 3 2 2 0 3 3 2 0 3 4 2 0 3 5 2 0 2 5 2 0 2 6 2 0 2 7 2 0 2 8 2 0 2
Slide 13: Differentiated Growth Strategy
Differentiated Growth Strategy AMH Cactus Cliff Development Las Vegas Market
Slide 14: Three-Pronged Growth Strategy
14Three-Pronged Growth Strategy High-Quality Growth from AMH Development Complemented by Nimble and Opportunistic Acquisition Channels That Can be “Dialed Up or Down” Based on Market Conditions • Data driven acquisition program, with diversified access to 30+ markets • Nimble ability to “dial up” ac
Slide 15: AMH Development: Not All BTR is the Same
15AMH Development: Not All BTR is the Same Building the Ideal Rental Home Through the Lens of our Best-In-Class Operating Platform Strategy Product Type and Location Home Quality Expense Efficiency Value Creation Design and create ideal rental homes and communities using data and insights from AMH’s
Slide 16: AMH Development: Driver of Earnings Growth, ~8,000 Unit Land Pipeline
16AMH Development A Consistent Driver of Earnings Growth, Fueled by ~8,000 Unit Land Pipeline 400 950 1,650 2,050 2,200 2,300 2,350 2,300 0 300 600 900 1,200 1,500 1,800 2,100 2,400 2018 2019 2020 2021 2022 2023 2024 2025E AMH Development Deliveries(1) 4,000 6,000 9,000 13,000 14,000 13,000 10,000 8
Slide 17: Commitment to Sustainability
Commitment to Sustainability AMH Brentwood Development Charlotte Market
Slide 18: Sustainability
18Sustainability Providing Quality, Sustainable Housing that Our Residents Desire Caring About PeopleMaking It Simple Holding Ourselves Accountable • Our newly constructed homes are designed to use 46% less energy(1) • Expanded renewable energy program to 13 additional AMH communities in 2024 • Obta
Slide 19: Recent Recognitions
19Recent Recognitions Most Loved Workplace 2025 by Best Practice Institute Great Place To Work® 2025 by Great Place To Work Institute Most Trustworthy Companies in America 2025 by Newsweek and Statista America’s Most Responsible Companies 2025 by Newsweek and Statista 37th Largest U.S. Builder 2025
Slide 20: Corporate Governance Highlights
20Corporate Governance Highlights Independent & Accountable Stewardship Executive Transition Ongoing Board Refreshment Aligned with Shareholders Sustainability Oversight Performance-Based Compensation Practices • 82% Independent trustees • Annual election of trustees • Majority voting standard (plur
Slide 21: Appendix
Appendix amht
Slide 22: Defined Terms and Non-GAAP Reconciliations
22Defined Terms and Non-GAAP Reconciliations 2025 Guidance Set forth on slide 5 are the Company’s current expectations with respect to full year 2025 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules,
Slide 23: Defined Terms and Non-GAAP Reconciliations: Core NOI
23Defined Terms and Non-GAAP Reconciliations Core Net Operating Income ("Core NOI“) Core NOI, which we also present separately for our Same-Home portfolio, is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and other single-family property reve
Slide 24: Defined Terms and Non-GAAP Reconciliations: Credit Ratios
24Defined Terms and Non-GAAP Reconciliations Credit Ratios We present the following selected metrics because we believe they are helpful as supplemental measures in assessing the Company’s ability to service its financing obligations and in evaluating balance sheet leverage against that of other rea
Slide 25: Defined Terms and Non-GAAP Reconciliations: EBITDA
25Defined Terms and Non-GAAP Reconciliations EBITDA / EBITDAre / Adjusted EBITDAre EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP financial measure and is used by us and others as a supplemental measure of performance. EBITDAre is a suppleme
Slide 26: Defined Terms and Non-GAAP Reconciliations: FFO / Core FFO
26Defined Terms and Non-GAAP Reconciliations Funds from Operations (“FFO”) / Core FFO attributable to common share and unit holders FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by NAREIT, which defines
Slide 27: Defined Terms and Non-GAAP Reconciliations: Core FFO
27Defined Terms and Non-GAAP Reconciliations The following is a reconciliation of these metrics to net income attributable to common shareholders, as determined in accordance with GAAP, to Core FFO attributable to common share and unit holders (amounts in thousands, except share and per share data):
Slide 28: Defined Terms and Non-GAAP Reconciliations
28Defined Terms and Non-GAAP Reconciliations Property Enhancing Capex Includes elective capital expenditures to enhance the operating profile of a property, such as investments to increase future revenues or reduce maintenance expenditures. Same-Home Property A property is classified as Same-Home if
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