American Homes 4 Rent · NYSE:AMH
American Homes 4 Rent — Investor Presentation (May 2024)
28 slides from American Homes 4 Rent's investor presentation, May 30, 2024
Slide 1: June 2024 Investor Highlights
June 2024 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 2024(1) ➢ Full Control of ~12,000 Unit Land Pipeline Creates Opportunity and Optionality for Years of Continued Growth(2) ➢ Highest-Quality Product and Superior Investment Returns ➢ Class A
Slide 4: Same-Home Operational Update
4 Same-Home Operational Update Note: Refer to Defined Terms and Non-GAAP Reconciliations in the Appendix, as well as the 1Q24 Supplemental Information Package, for defined metrics and GAAP to non-GAAP reconciliations. (1) May results are preliminary estimates as of 5/29/24. 95.3% 95.6% 97.2% 97.1% 9
Slide 5: Diversified Portfolio Footprint Positioned for Long-Term Sustainable Growth
Diversified Portfolio Footprint 5 Positioned for Long-Term Sustainable Growth and Portfolio Optimization Flexibility 30+ Markets 96.2% Same-Home Avg. Occupied Days(1) 18 Years Avg. Age per Home 21 States 58,615 Properties Owned $2,147 Same-Home Avg. Mon. Realized Rent(1) 1,993 sf Avg. Square Feet pe
Slide 6: SFR Macro Tailwinds
6 SFR Macro Tailwinds AMH Stone Creek Development Atlanta Market
Slide 7: Undersupplied Housing Landscape
0.8 1.3 1.8 2.3 2.8 3.3 TTM Avg. National Existing Home Inventory(1) (MM) 7 Undersupplied Housing Landscape (1) Source: National Association of Realtors. (Data as of April 2024) (2) Source: U.S. Census; John Burns Real Estate Consulting, LLC. (Data as of May 2024) Single-Family permit estimates are
Slide 8: Sustained Demand Tailwinds
8 Sustained Demand Tailwinds (1) Source: John Burns Real Estate Consulting, LLC. (Data as of May 2024) (2) Source: U.S. Census. Rental payments are now estimated to be ~28% less expensive compared to monthly home ownership costs across the top 20 AMH markets Millennials are Aging into Prime Single F
Slide 9: AMH Today
9 AMH Today AMH Pine Landing Development Las Vegas Market
Slide 10: 2024 Guidance
10 2024 Guidance Note: Refer to Defined Terms and Non-GAAP Reconciliations in the Appendix, as well as the 1Q24 Supplemental Information Package, for defined metrics and GAAP to non-GAAP reconciliations. (1) Refer to slide 22 for 2024 Guidance disclosure. Guidance is based on the 5/2/2024 earnings r
Slide 11: Investment Grade Balance Sheet
2024 2025 2026 2027 2028 Thereafter Debt Maturity Schedule(2)(3) (MM) Principal Amortization Revolving Credit Facility Unsecured Senior Notes Asset-Backed Securitizations Liquidity - Undrawn Revolving Credit Facility Liquidity - Cash and Cash Equivalents Liquidity - Forward Shares 11 Investment Grad
Slide 12: Differentiated Growth Strategy
12 Differentiated Growth Strategy AMH Cactus Cliff Development Las Vegas Market
Slide 13: Three-Pronged Growth Strategy
13 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 14: Strategy
14 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 15: AMH Development
15 AMH Development A Consistent Driver of Earnings Growth, Fueled by ~12,000 Unit Land Pipeline at Locked in Prices Refer to slide 22 for 2024 Guidance disclosure. Guidance commentary is based on the 5/2/2024 earnings release and 5/3/2024 earnings call. (1) Rounded to the nearest thousand. 19 391 94
Slide 16: Data Feedback Loop
Data Feedback Loop Continuous Portfolio and Platform Optimization 16 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 17: Leaders in Sustainability
17 Leaders in Sustainability AMH Brentwood Development Charlotte Market
Slide 18: Sustainability Commitment
18 Sustainability Commitment Providing Quality, Sustainable Housing that Our Residents Desire Fostering Strong CommunitiesBuilding for the Future Leading with Integrity Efficient, durable homes that are better for residents and the environment • Our newly constructed homes are designed to use nearly
Slide 19: Recent Recognitions
Great Place To Work® 2024 by Great Place To Work Institute 19 Recent Recognitions America’s Most Responsible Companies 2024 by Newsweek and Statista Best Workplaces in Real Estate 2023 by Fortune Most Loved Workplace 2023 by Best Practice Institute Most Trustworthy Companies in America 2024 by Newsw
Slide 20: Independent & Accountable Stewardship
20 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 Ongoing Bo
Slide 21: Appendix
Appendix
Slide 22: 2024 Guidance
22 2024 Guidance Set forth on slide 10 are the Company’s current expectations with respect to full year 2024 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 guidance for
Slide 23: Defined Terms and Non-GAAP Reconciliations
23 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 24: Credit Ratios
24 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 25: Unencumbered Core NOI Percentage and Fixed Charge Coverage
25 Unencumbered Core NOI Percentage For the Trailing Twelve Months Ended Mar 31, 2024 Unencumbered Core NOI $ 721,522 Core NOI 921,582 Unencumbered Core NOI Percentage 78.3% Fixed Charge Coverage For the Trailing Twelve Months Ended Mar 31, 2024 Interest expense per income statement $ 142,893 Less:
Slide 26: EBITDA / EBITDAre / Adjusted EBITDAre
26 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 27: Funds from Operations / Core FFO
27 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 28: Property Enhancing Capex and Defined Property Terms
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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