American Homes 4 Rent · NYSE:AMH
American Homes 4 Rent — Q4 2025 Earnings Presentation
27 slides from American Homes 4 Rent's earnings presentation, Feb 20, 2026
Slide 1: Investor Highlights
Investor Highlights February 2026
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 Capital Investment Grade Fundamentals for Allocation Strategy Balance Sheet Single-Family Rentals ➢ Leading the Residential Sector in ➢ Vertically Integrated Single Family ➢ High-Quality Investment Grade Core FFO Per Share Growth of 2.7% Rental Builder w
Slide 4: Same-Home Operational Update
Same-Home Operational Update 4 (1) 4Q25 Feb. ‘26 QTD Average Occupied Days 95.0% 95.0% Average Change in Rent for Re-Leases -0.3% -1.0% Average Change in Rent For Renewals 4.2% 3.4% Average Blended Change in Rent 2.8% 2.3% Note: Refer to Defined Terms and Non-GAAP Reconciliations in the Appendix, as
Slide 5: 2026 Guidance
2026 Guidance 5 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% Prop
Slide 6: 2026 Core FFO Per Share Guidance Bridge
2026 Core FFO Per Share Guidance Bridge 6 Midpoint of Guidance Represents 2.7% Growth Over the Prior Year(5) $2.10 $2.05 $0.03 $2.00 $0.07 $1.95 ($0.05) $0.05 $1.92 ($0.04) $1.90 ($0.01) $1.87 $1.85 $1.80 Midpoint of Guidance $1.75 $1.70 $1.65 $1.60 Note: Refer to Defined Terms and Non-GAAP Reconcil
Slide 7: Industry Leading Earnings Growth Profile
Industry Leading Earnings Growth Profile 7 Superior Core FFO Per Share Growth Incremental to Same-Home Core NOI Growth Spread Between Core FFO Per Share 8.0% AMH Capital Strategy is uniquely driving Growth and Same-Home Core NOI Growth incremental Core FFO contribution 7.0% Same-Home Core NOI Growth
Slide 8: AMH Today
AMH Today AMH Pine Landing Development Las Vegas Market
Slide 9: The AMH Difference
The AMH Difference 9 Strategy Focused on Operational Excellence, Portfolio Optimization, and Prudent Capital Acumen Operational Excellence • Leverage In-House Technology to Deliver a Superior Resident Experience • Geographical Diversification Across 30+ Markets Portfolio Optimization • Majority 3 an
Slide 10: Diversified Portfolio Footprint
Diversified Portfolio Footprint 10 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 3.7% 3.2% Cincinnati 3.5% Las Vegas Raleigh 4.5% 3.6% Nashville Charlotte 5.6% 7.0% Phoenix Atlanta C
Slide 11: High-Quality Resident Base
High-Quality Resident Base 11 Strong Resident Base as Millennials Enter Family Formation Years ~$150,000 Benefits of the AMH • Latest New Resident Stated Household Incomes, Majority are Dual-Income Resident Profile 38 Years Old • Average Age of Primary Resident at • High income levels and Move-In pr
Slide 12: Sustained Demand Tailwinds
Sustained Demand Tailwinds 12 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(3) 30% (Top 20 AMH Markets) 1.5% 96% 98% 97% 97% 96% 95
Slide 13: Investment Grade Balance Sheet
Investment Grade Balance Sheet 13 High-Quality, Fully Unencumbered Balance Sheet Creates Flexibility and Optionality Preferred Debt Maturity Schedule(3) (MM) Shares, 1.2% Floating Rate $3,250 Debt, 1.9% Common Shares & OP Units, 71.3% $18.8B Total Liquidity(4) Capitalization(1) $999 $760 $650 Fixed
Slide 14: AMH Development: Not All BTR is the Same
AMH Development: Not All BTR is the Same 14 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 15: AMH Development
AMH Development 15 Delivered Over 14,000 New, High-Quality Homes to the U.S. Housing Stock Since 2017 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 1,900 1,800 12,000 1,650 10,
Slide 16: Disposition Activity
Disposition Activity 16 Selling Homes on the MLS and Recycling Capital into Newly Constructed Homes Disposition Home Count Disposition Net Proceeds (in millions) 2,000 $700 1,827 1,800 1,705 $600 $573M 1,600 1,546 $530M $500 1,330 1,400 $462M Disposition Net Proceeds (in millions) Disposition Home C
Slide 17: Commitment to Sustainability
Commitment to Sustainability AMH Brentwood Development Charlotte Market
Slide 18: Sustainability
Sustainability 18 Providing Quality, Sustainable Housing that Our Residents Desire Making It Simple Caring About People Holding Ourselves Accountable • Our newly constructed • Ongoing resident • 7th Sustainability Report homes are designed to use satisfaction surveys published in July 2025 46% less
Slide 19: Corporate Governance Highlights
Corporate Governance Highlights 19 • Independent Chairman of the Board • 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 •
Slide 20: Appendix
Appendix amht
Slide 21: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations 21 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
Slide 22: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations 22 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 rev
Slide 23: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations 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 re
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 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 sa
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