American Homes 4 Rent · NYSE:AMH
American Homes 4 Rent — Investor Presentation (December 2025)
28 slides from American Homes 4 Rent's investor presentation, December 2025
Slide 1: Investor Highlights
Investor Highlights December 2025
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 ➢ Largest Integrated Single- ➢ High-Quality Investment Grade in Core FFO Per Share Growth of Family Rental Builder with 2,2
Slide 4: Business Update
Business Update 4 Solid, Stable Execution and Prudent Capital Allocation in Current Residential Environment Expecting Flat Occupancy for Remainder of 4Q25 and Moderation in December New Lease Pricing to Position Portfolio for 2026 Same-Home Operational Update 2025 Capital Plan Update Nov. ‘25 QTD Gi
Slide 5: 2025 Guidance
2025 Guidance 5 Unchanged From 3Q25 Earnings Release Full Year Midpoint Core FFO per share and unit(1) $1.86 – $1.88 $1.87 Core FFO per share and unit growth 5.1% – 6.2% 5.6% Same-Home Portfolio: Core revenues growth 3.25% – 4.25% 3.75% Core property operating expenses growth 2.75% – 3.75% 3.25% Cor
Slide 6: Industry Leading Earnings Growth Profile
Industry Leading Earnings Growth Profile 6 Superior Core FFO Per Share Growth Incremental to Same-Home Core NOI Growth 9.0% Spread Between Core FFO Per Share AMH Capital Strategy is uniquely driving Growth and Same-Home Core NOI Growth incremental Core FFO contribution 8.0% 7.9% Same-Home Core NOI G
Slide 7: AMH Today
AMH Today AMH Pine Landing Development Las Vegas Market
Slide 8: The AMH Difference
The AMH Difference 8 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 9: Diversified Portfolio Footprint
Diversified Portfolio Footprint 9 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 Ch
Slide 10: High-Quality Resident Base
High-Quality Resident Base 10 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 11: Investment Grade Balance Sheet
Investment Grade Balance Sheet 11 High-Quality, Fully Unencumbered Balance Sheet Creates Flexibility and Optionality Debt Maturity Schedule(3) (MM) Preferred Shares, 1.2% $3,900 Floating Rate Common Debt, 0.6% Shares & OP Units, 73.2% Liquidity(4) $19.2B Total Capitalization(1) $1,186 $500 $510 Fixe
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% 21
Slide 13: Differentiated Growth Strategy
Differentiated Growth Strategy AMH Cactus Cliff Development Las Vegas Market
Slide 14: Three-Pronged Growth Strategy
Three-Pronged Growth Strategy 14 High-Quality Growth from AMH Development Complemented by Nimble and Opportunistic Acquisition Channels That Can be “Dialed Up or Down” Based on Market Conditions AMH Development Program MLS and Portfolio Acquisitions • Internal development program provides National B
Slide 15: AMH Development: Not All BTR is the Same
AMH Development: Not All BTR is the Same 15 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 16: AMH Development
AMH Development 16 A Consistent Driver of Earnings Growth, Fueled by ~8,000 Unit Land Pipeline 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 1,800 12,000 1,650 10,000 1,500 10,
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: Recent Recognitions
Recent Recognitions 19 America’s Most Most Trustworthy Responsible Companies Companies in America 2025 2025 by Newsweek and Statista by Newsweek and Statista Great Place To Work® Most Loved Workplace 2025 2025 by Great Place To Work Institute by Best Practice Institute 2025 37th Largest U.S. Builder
Slide 20: Corporate Governance Highlights
Corporate Governance Highlights 20 • 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 • Regular shareholder engagement with
Slide 21: Appendix
Appendix amht
Slide 22: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations 22 2025 Guidance Set forth on slide 5 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 23: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations 23 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 24: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations 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 re
Slide 25: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations 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 supplem
Slide 26: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations 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
Slide 27: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations 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)
Slide 28: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations 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 i
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