American Homes 4 Rent · NYSE:AMH
American Homes 4 Rent — Investor Presentation (February 2025)
28 slides from American Homes 4 Rent's investor presentation, Feb 28, 2025
Slide 1: February 2025 Investor Highlights
February 2025 Investor Highlights
Slide 2: Forward-Looking Statements
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 to beliefs, expec
Slide 3: AMH At A Glance
AMH At A Glance 3 ➢ Largest Integrated Single-Family Rental Builder with 2,200 – 2,400 Deliveries Expected in 2025(2) ➢ Full Control of ~10,000 Unit Land Pipeline Creates Opportunity and Optionality for Years of Continued Growth(3)(4) ➢ #39 on Builder Magazine’s 2024 Builder 100 List ➢ AMH Developme
Slide 4: QTD Same-Home Operational Update
4 QTD Same-Home Operational Update 1.0% 4.5% Average Blended Change in Rent(1) 3.4% Average Occupied Days(1) 95.7% Average Change in Rent for Re-Leases(1) Average Change in Rent For Renewals(1) Note: Refer to Defined Terms and Non-GAAP Reconciliations in the Appendix, as well as the 4Q24 Supplementa
Slide 5: Diversified Portfolio Footprint Positioned for Long-Term Sustainable Growth
© GeoNames, Microsoft, TomTom Powered by Bing Diversified Portfolio Footprint Positioned for Long-Term Sustainable Growth and Portfolio Optimization Flexibility 30+ Markets 95.4% Same-Home Avg. Occupied Days(1) 18 Years Avg. Age per Home 24 States 60,531 Properties Owned $2,227 Same-Home Avg. Mon. R
Slide 6: AMH Today
6 AMH Today AMH Pine Landing Development Las Vegas Market
Slide 7: 2025 Guidance
7 2025 Guidance Note: Refer to Defined Terms and Non-GAAP Reconciliations in the Appendix, as well as the 4Q24 Supplemental Information Package, for defined metrics and GAAP to non-GAAP reconciliations. (1) Refer to slide 21 for 2025 Guidance disclosure. Guidance is based on the mid-point of the ran
Slide 8: 2025 Core FFO Per Share Guidance Bridge
8 2025 Core FFO Per Share Guidance Bridge Note: Refer to Defined Terms and Non-GAAP Reconciliations in the Appendix, as well as the 4Q24 Supplemental Information Package, for defined metrics and GAAP to non-GAAP reconciliations. (1) Core FFO growth from Non-Same-Home Core NOI includes (i) contributi
Slide 9: Investment Grade Balance Sheet
2025 2026 2027 2028 2029 Thereafter Debt Maturity Schedule(2)(3)(4) (MM) Principal Amortization Revolving Credit Facility Unsecured Senior Notes Asset-Backed Securitizations Liquidity - Undrawn Revolving Credit Facility Liquidity - Cash and Cash Equivalents Fixed Rate Debt, 24.1% Preferred Shares, 1
Slide 10: Sustained Demand Tailwinds
-0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 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 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 Projected Population Growth(2) 10 Sustained Demand Tailwinds (1) Source: John Burns Real Esta
Slide 11: Differentiated Growth Strategy
11 Differentiated Growth Strategy AMH Cactus Cliff Development Las Vegas Market
Slide 12: Three-Pronged Growth Strategy
12 Three-Pronged Growth Strategy Consistent Growth from AMH Development Complemented by Nimble and Opportunistic Acquisition Channels That Can be “Dialed Up or Down” Based on Market Conditions Dials intended to indicate directional commentary only and should not be compared relative to one another.
Slide 13: Strategy
13 Strategy Design and create ideal rental Homes and Communities using data and insights from AMH’s integrated development and operating platforms Less opportunity for alignment of interests between developer and operators Product Type & Location High-quality, detached, single family homes, with att
Slide 14: AMH Development: A Consistent Driver of Earnings Growth
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) 14 AMH Development A Consistent Driver of Earnings Growth, Fueled by ~10,000 Unit Land Pipeline at Locked in Prices Refer to slide 21 for 202
Slide 15: Data Feedback Loop Continuous Portfolio and Platform Optimization
Data Feedback Loop Continuous Portfolio and Platform Optimization 15 Internal Development Program Integrated with AMH Operating Platform Provides Unique Ability to Optimize Portfolio and Platform through Continuous Data Feedback Loops Ideal floorplans designed by in- house architects based on AMH’s
Slide 16: Leaders in Sustainability
16 Leaders in Sustainability AMH Brentwood Development Charlotte Market
Slide 17: Sustainability
17 Sustainability Providing Quality, Sustainable Housing that Our Residents Desire Caring About PeopleMaking It Simple Holding Ourselves Accountable • Our newly constructed homes are designed to use nearly 40.5% less energy(1) • Expanded renewable energy pilot program, further integrating sustainabi
Slide 18: Recent Recognitions
Great Place To Work® 2024 by Great Place To Work Institute 18 Recent Recognitions America’s Most Responsible Companies 2025 by Newsweek and Statista Most Loved Workplace 2024 by Best Practice Institute Most Trustworthy Companies in America 2024 by Newsweek and Statista
Slide 19: Independent & Accountable Stewardship
19 Independent & Accountable Stewardship ▪ 83% Independent trustees ▪ Annual election of trustees ▪ Majority voting standard (plurality carve‐out voting standard only in contested elections) ▪ Annual Board self-evaluation process ▪ Regular shareholder engagement with trustee participation Executive
Slide 20: Appendix
Appendix
Slide 21: 2025 Guidance
21 2025 Guidance Set forth on slide 7 and 8 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, the Company does not provide guidanc
Slide 22: Defined Terms and Non-GAAP Reconciliations
22 Defined Terms and Non-GAAP Reconciliations 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 ot
Slide 23: Credit Ratios
23 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 real estate companies. The tables below recon
Slide 24: Unencumbered Core NOI Percentage and Fixed Charge Coverage
For the Trailing Twelve Months Ended Dec 31, 2024 Interest expense per income statement 165,351$ Less: amortization of discounts, loan costs and cash flow hedges (11,489) Add: capitalized interest 53,143 Cash interest 207,005 Dividends on preferred shares 13,944 Fixed charges 220,949$ Adjusted EBITD
Slide 25: EBITDA / EBITDAre / Adjusted EBITDAre
25 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 supplemental non-GAAP financial measure, which we
Slide 26: Funds from Operations (FFO) / Core FFO
26 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 FFO as net income or loss calculated in ac
Slide 27: Reconciliation of Net Income to Core FFO
27 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): Defined Terms and Non-GAAP Reconciliation
Slide 28: Defined Terms: Property Enhancing Capex, Same-Home, Stabilized Property
28 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 it has been stabilized longer than 90 day
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