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 29, 2025
Slide 1: May 2025 Investor Highlights
May 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(2) ➢ Full Control of ~9,000 Unit Land Pipeline Creates Opportunity and Optionality for Years of Continued Growth(3)(4) ➢ #37 on Builder Magazine’s 2025 Builder 100 List ➢ AMH Developmen
Slide 4: Same-Home Operational Update
Average Occupied Days 95.9% 1Q25 April ‘25 May ’25 (1) Average Change in Rent for Re-Leases Average Change in Rent For Renewals Average Blended Change in Rent 1.4% 4.5% 3.6% 96.3% 3.9% 4.4% 4.3% 96.3% 4.3% 4.4% 4.3% Same-Home Operational Update New Lease Rate Growth has Continued to Accelerate Throu
Slide 5: Diversified Portfolio Footprint
5Diversified Portfolio Footprint © GeoNames, Microsoft, TomTom Powered by Bing Positioned for Long-Term Sustainable Growth and Portfolio Optimization Flexibility 60,700 Properties Owned 30+ Markets 24 States 18 Years Avg. Age per Home 1,997 sf Avg. Square Feet per Home 95.9% Same-Home Avg. Occupied
Slide 6: AMH Today
AMH Today AMH Pine Landing Development Las Vegas Market
Slide 7: 2025 Guidance
72025 Guidance 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
Fixed Rate Debt, 21.7% Floating Rate Debt, 1.9% Preferred Shares, 1.1% Common Shares & OP Units, 75.3% 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 Rev
Slide 9: Sustained Demand Tailwinds
23% 23% 6% 8% 10% 5% 3% -3% 3% 6% -5% -24% -27% -27% -27% -40% -30% -20% -10% 0% 10% 20% 30% (Top 20 AMH Markets) Est. Single Family Rents vs. Cost of Home Ownership(1) 9Sustained 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
Slide 10: Differentiated Growth Strategy
Differentiated Growth Strategy AMH Cactus Cliff Development Las Vegas Market
Slide 11: Three-Pronged Growth Strategy
11Three-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 • Data driven acquisition program, with diversified access to 30+ markets • Nimble ability to “dial up” acqu
Slide 12: AMH Development: Not All BTR is the Same
12AMH 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 13: AMH Development: A Consistent Driver of Earnings Growth
13AMH Development A Consistent Driver of Earnings Growth, Fueled by ~9,000 Unit Land Pipeline at Locked in Prices 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
Slide 14: SFR Owner, Operator, and Developer
14SFR Owner, Operator, and Developer Internal Development Program Integrated with AMH Operating Platform Provides Unique Ability to Optimize Portfolio and Platform through Continuous Data Feedback Loops designed by in-house architects based on AMH’s rich data history through standardized floor plans
Slide 15: Leaders in Sustainability
Leaders in Sustainability AMH Brentwood Development Charlotte Market
Slide 16: Sustainability
16Sustainability 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 17: Recent Recognitions
17Recent Recognitions Most Loved Workplace 2024 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 18: Corporate Governance Highlights
18Corporate 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 19: Appendix
Appendix amht
Slide 20: Defined Terms and Non-GAAP Reconciliations
20Defined Terms and Non-GAAP Reconciliations 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: 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, 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 22: Defined Terms and Non-GAAP Reconciliations: Credit Ratios
22Defined 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 23: Defined Terms and Non-GAAP Reconciliations: Fixed Charge Coverage
23Defined Terms and Non-GAAP Reconciliations 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 Dividends on preferred shares
Slide 24: Defined Terms and Non-GAAP Reconciliations: EBITDA
24Defined 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 25: Defined Terms and Non-GAAP Reconciliations: FFO
25Defined 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 26: Defined Terms and Non-GAAP Reconciliations: Core FFO
26Defined 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 27: Defined Terms and Non-GAAP Reconciliations: Definitions
27Defined 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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