American Homes 4 Rent · NYSE:AMH
American Homes 4 Rent — Investor Presentation (May 2025)
27 slides from American Homes 4 Rent's investor presentation, May 2025
Slide 1: Investor Highlights
Investor Highlights May 2025
Slide 2: Legal Disclosures
Legal Disclosures 2 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
Slide 3: AMH At A Glance
AMH At A Glance 3 Sustained Long-Term Prudent & Consistent Investment Grade Fundamentals for External Growth Balance Sheet Single-Family Rentals Strategy ➢ Produced Sector Leading Core ➢ Largest Integrated Single- ➢ High-Quality Investment Grade FFO Per Share Growth of 6.6% in Balance Sheet Family R
Slide 4: Same-Home Operational Update
Same-Home Operational Update 4 New Lease Rate Growth has Continued to Accelerate Throughout Spring Leasing Season (1) 1Q25 April ‘25 May ’25 Average Occupied Days 95.9% 96.3% 96.3% Average Change in Rent for Re-Leases 1.4% 3.9% 4.3% Average Change in Rent For Renewals 4.5% 4.4% 4.4% Average Blended
Slide 5: Diversified Portfolio Footprint
Diversified Portfolio Footprint 5 Positioned for Long-Term Sustainable Growth and Portfolio Optimization Flexibility Seattle Chicago 2.5% Indianapolis Boise 5.0% 1.8% Columbus Salt Lake City Denver 3.6% 3.2% Cincinnati 3.5% Las Vegas Raleigh 4.3% 3.6% Nashville Charlotte 5.6% 7.0% Phoenix Atlanta Ch
Slide 6: AMH Today
AMH Today AMH Pine Landing Development Las Vegas Market
Slide 7: 2025 Guidance
2025 Guidance 7 Full Year Midpoint Core FFO per share and unit(1) $1.80 – $1.86 $1.83 Core FFO per share and unit growth 1.7% – 5.1% 3.4% Same-Home Portfolio: Core revenues growth 2.50% – 4.50% 3.50% Core property operating expenses growth 3.00% – 5.00% 4.00% Core NOI growth 2.25% – 4.25% 3.25% Prop
Slide 8: Investment Grade Balance Sheet
Investment Grade Balance Sheet 8 High Quality Balance Sheet Creates Flexibility and Optionality for Growth Debt Maturity Schedule(2)(3)(4) (MM) Preferred $3,656 Shares, 1.1% Floating Rate Debt, Common 1.9% Shares & OP Units, 75.3% $21.2B Total Liquidity(5) Capitalization(1) $910 $815 Fixed Rate $505
Slide 9: Sustained Demand Tailwinds
Sustained Demand Tailwinds 9 SFR Value Proposition Further Benefitted By Millennials are Aging into Prime Single Family Living Years Increased Cost of Ownership Est. Single Family Rents vs. Cost of Home Ownership(1) Projected Population Growth(2) (Top 20 AMH Markets) 30% 2.0% 23% 23% 20% 1.5% 10% 8%
Slide 10: Differentiated Growth Strategy
Differentiated Growth Strategy AMH Cactus Cliff Development Las Vegas Market
Slide 11: Three-Pronged Growth Strategy
Three-Pronged Growth Strategy 11 Consistent Growth from AMH Development Complemented by Nimble and Opportunistic Acquisition Channels That Can be “Dialed Up or Down” Based on Market Conditions AMH Development Program MLS and Portfolio Acquisitions • Internal development program provides National Bui
Slide 12: AMH Development: Not All BTR is the Same
AMH Development: Not All BTR is the Same 12 Building the Ideal Rental Home Through the Lens of our Best-In-Class Operating Platform Other BTR Product Design and create ideal rental homes Less opportunity for alignment of and communities using data and Strategy interests between developer and insight
Slide 13: AMH Development
AMH Development 13 A Consistent Driver of Earnings Growth, Fueled by ~9,000 Unit Land Pipeline at Locked in Prices AMH Development Deliveries(1) AMH Development Land Pipeline(2) Total Lots Owned and Optioned 2,400 2,350 16,000 2,300 2,300 2,200 14,000 2,100 2,050 14,000 13,000 13,000 1,800 12,000 1,
Slide 14: SFR Owner, Operator, and Developer
SFR Owner, Operator, and Developer 14 Internal Development Program Integrated with AMH Operating Platform Provides Unique Ability to Optimize Portfolio and Platform through Continuous Data Feedback Loops Technology Driven Integrated AMH Operating Platform Development Program Innovative technology sy
Slide 15: Leaders in Sustainability
Leaders in Sustainability AMH Brentwood Development Charlotte Market
Slide 16: Sustainability
Sustainability 16 Providing Quality, Sustainable Housing that Our Residents Desire Making It Simple Caring About People Holding Ourselves Accountable • Our newly constructed • Ongoing resident • Committed to transparency homes are designed to use satisfaction surveys through annual 46% less energy(1
Slide 17: Recent Recognitions
Recent Recognitions 17 America’s Most Most Trustworthy Responsible Companies Companies in America 2025 2025 by Newsweek and Statista by Newsweek and Statista Great Place To Work® Most Loved Workplace 2025 2024 by Great Place To Work Institute by Best Practice Institute 37th Largest U.S. Builder 2025
Slide 18: Corporate Governance Highlights
Corporate Governance Highlights 18 • 82% Independent trustees Independent & • Annual election of trustees Accountable • Majority voting standard (plurality carve‐out voting standard only in contested elections) Stewardship • Annual Board self-evaluation process • Regular shareholder engagement with
Slide 19: Appendix
Appendix amht
Slide 20: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations 20 2025 Guidance Set forth on slide 7 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 21: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations 21 Core Net Operating Income ("Core NOI“) Core NOI, which we also present separately for our Same-Home, unencumbered and encumbered portfolios, is a supplemental non- GAAP financial measure that we define as core revenues, which is calculated as rents and o
Slide 22: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations 22 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 re
Slide 23: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations 23 Fixed Charge Coverage For the Trailing Twelve Months Ended Mar 31, 2025 Interest expense per income statement $ 172,200 Less: amortization of discounts, loan costs and cash flow hedges (10,918) Add: capitalized interest 52,775 Cash interest 214,057 Divid
Slide 24: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations 24 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 supplem
Slide 25: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations 25 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 26: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations 26 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 27: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations 27 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 i
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