American Homes 4 Rent · NYSE:AMH
American Homes 4 Rent — Investor Presentation (May 2026)
26 slides from American Homes 4 Rent's investor presentation, May 28, 2026
Slide 1: May 2026 Investor Highlights
May 2026 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 Vertically Integrated Single Family Rental Builder with ~1,900 Deliveries Expected in 2026(1) Since 2017, AMH Development has Added Over 14,000 Newly Built Homes Across the Country(2) Strategically Sized 2026 Wholly- Owned Development Plan to be Match Funded with Proceeds from
Slide 4: Same-Home Operational Update
Average Occupied Days 95.1% 1Q26 Average Change in Rent for Re-Leases Average Change in Rent For Renewals Average Blended Change in Rent -0.8% 3.2% 2.2% May ‘26 (1) 96.2% 1.5% 3.1% 2.6% Same-Home Operational Update Note: Refer to Defined Terms and Non-GAAP Reconciliations in the Appendix, as well as
Slide 5: 2026 Guidance
52026 Guidance Full Year Midpoint Core FFO per share and unit(1) $1.89 – $1.95 $1.92 Core FFO per share and unit growth 1.1% – 4.3% 2.7% Same-Home Portfolio: Core revenues growth 1.25% – 3.25% 2.25% Core property operating expenses growth 1.75% – 3.75% 2.75% Core NOI growth 1.00% – 3.00% 2.00% Prope
Slide 6: Industry Leading Earnings Growth Profile
5.3% 4.7% 2.0% 2.0% 1.5% 0.6% 1.3% 0.7% 0.7% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 2024 2025 2026E 2024 2025 2026E 6Industry Leading Earnings Growth Profile Superior Core FFO Per Share Growth Incremental to Same-Home Core NOI Growth Note: Refer to Defined Terms and Non-GAAP Reconc
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 60,200 Properties Owned 30+ Markets 24 States 18 Years Avg. Age per Home 2,001 sf Avg. Square Feet per Home 95.1% 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 • Large cohort of millennial population continues to age and transition from apartments into single
Slide 11: Sustained Demand Tailwinds
20%20% 3% 5% 7% 2% 0% -6% 0% 3% -8% -26% -29% -29% -25% -25% 95% 95% 95% 95% 96% 98% 97% 97% 96% 96% 96% -30% -20% -10% 0% 10% 20% 30% (Top 20 AMH Markets) -0.5% 0.0% 0.5% 1.0% 1.5% 20 26 20 27 20 28 20 29 20 30 20 31 20 32 20 33 20 34 20 35 20 26 20 27 20 28 20 29 20 30 20 31 20 32 20 33 20 34 20 3
Slide 12: Investment Grade Balance Sheet
2026 2027 2028 2029 2030 Thereafter Debt Maturity Schedule(3) (MM) Revolving Credit Facility Unsecured Senior Notes Liquidity - Undrawn Revolving Credit Facility Liquidity - Cash and Cash Equivalents Fixed Rate Debt, 28.3% Floating Rate Debt, 2.3% Preferred Shares, 1.4% Common Shares & OP Units, 68.
Slide 13: AMH Development: Not All BTR is the Same
13AMH 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 14: AMH Development Delivered Over 14,000 New Homes Since 2017
1,158 1,368 1,320 1,838 2,000 1,879 1,400 489 686 863 479 356 443 500 0 500 1,000 1,500 2,000 2,500 2020 2021 2022 2023 2024 2025 2026E AMH Development Deliveries Wholly-Owned Deliveries JV Deliveries 14AMH Development Delivered Over 14,000 New, High-Quality Homes to the U.S. Housing Stock Since 201
Slide 15: Disposition Activity
691 1,330 1,047 481 987 1,546 1,705 1,827 $105M $248M $229M $132M $289M $462M $530M $573M $0 $100 $200 $300 $400 $500 $600 $700 - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2018 2019 2020 2021 2022 2023 2024 2025 15Disposition Activity Disposition Home Count Disposition Net Proceeds (in mil
Slide 16: Commitment to Sustainability
Commitment to Sustainability AMH Brentwood Development Charlotte Market
Slide 17: Sustainability
17Sustainability Providing Quality, Sustainable Housing that Our Residents Desire Caring About PeopleMaking It Simple Holding Ourselves Accountable • Our newly constructed homes are designed to use 46% less energy(1) • Expanded renewable energy program to 13 additional AMH communities in 2024 • Obta
Slide 18: Corporate Governance Highlights
18Corporate Governance Highlights Independent & Accountable Stewardship Ongoing Board Refreshment Aligned with Shareholders Sustainability Oversight Performance-Based Compensation Practices • Independent Chairman of the Board • 90% Independent trustees • Annual election of trustees • Majority voting
Slide 19: Appendix
Appendix amht
Slide 20: Defined Terms and Non-GAAP Reconciliations
20Defined Terms and Non-GAAP Reconciliations 2026 Guidance Set forth on slide 5 and 6 are the Company’s current expectations with respect to full year 2026 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC r
Slide 21: Defined Terms and Non-GAAP Reconciliations: Core NOI
21Defined Terms and Non-GAAP Reconciliations Core Net Operating Income ("Core NOI“) Core NOI, which we also present separately for our Same-Home portfolio, is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and other single-family property reve
Slide 22: Defined Terms and Non-GAAP Reconciliations: Credit Ratios
For the Trailing Twelve Months Ended Mar 31, 2026 Interest expense per income statement 187,994$ Less: amortization of discounts, loan costs and cash flow hedges (9,962) Add: capitalized interest 54,341 Cash interest 232,373 Dividends on preferred shares 13,944 Fixed charges 246,317$ Adjusted EBITDA
Slide 23: Defined Terms and Non-GAAP Reconciliations: EBITDA
23Defined 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 24: Defined Terms and Non-GAAP Reconciliations: FFO / Core FFO
24Defined 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 25: Defined Terms and Non-GAAP Reconciliations: Core FFO Reconciliation
25Defined 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 26: Defined Terms and Non-GAAP Reconciliations: Same-Home Property
26Defined Terms and Non-GAAP Reconciliations Same-Home Property A property is classified as Same-Home if it has been stabilized longer than 90 days prior to the beginning of the earliest period presented under comparison. A property is removed from Same-Home if it has been classified as held for sal
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