American Homes 4 Rent · NYSE:AMH
American Homes 4 Rent — Investor Presentation (September 2022)
31 slides from American Homes 4 Rent's investor presentation, Sep 12, 2022
Slide 1: Investor Highlights September 2022
Investor Highlights September 2022
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 2,100 – 2,400 Deliveries Expected in 2022 ➢ 22,000+ Unit Land Pipeline Creates Opportunity for Years of Stable Growth(2) ➢ Highest-Quality Product and Superior Investment Returns ➢ Class A SFR Locations, Inside Existing AMH Fo
Slide 4: Diversified Portfolio Footprint Positioned for Long-Term Sustainable Growth
Diversified Portfolio Footprint 4 Positioned for Long-Term Sustainable Growth and Portfolio Optimization Flexibility 30+ Markets 97.4% Same-Home Avg. Occupied Days(1) 17 Years Avg. Age per Home 22 States 57,760 Properties Owned $1,901 Same-Home Avg. Mon. Realized Rent(1) 1,988 sf Avg. Square Feet pe
Slide 5: Same-Home Operational Update
97.9% 97.5%97.4% 97.2% 95.0% 96.0% 97.0% 98.0% 99.0% 2Q August QTD Average Occupied Days 5 Same-Home Operational Update Note: Refer to Defined Terms and Non-GAAP Reconciliations, as well as the 2Q22 Supplemental Information Package, for defined metrics and GAAP to non-GAAP reconciliations. 2021 2022
Slide 6: SFR Macro Tailwinds
6 SFR Macro Tailwinds AMH Stone Creek Development Atlanta Market
Slide 7: Favorable Supply Landscape
0.0 0.4 0.8 1.2 1.6 2.0 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 C u rr e n t 2 0 2 2 P 2 0 2 3 P 2 0 2 4 P 2 0 2 5 P Single-Family Permits(2) (MM) 7 Favorable Suppl
Slide 8: Sustained Demand Tailwinds
34% 33% 16% 17% 20% 14% 12% 5% 13% 14% -2% -20%-20% -10% 0% 10% 20% 30% 40% (Top 20 AMH Markets) -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2 0 2 2 2 0 2 3 2 0 2 4 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 2 2 2 0 2 3 2 0 2 4 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
Slide 9: US Net Migration Trends 2020 – 2021
Indianapolis, +9K Nashville, +14K Denver, -5K Salt Lake City, -4K Seattle, -25K Phoenix, +70K Boise, +24K Northeast(5), -459K Chicago, -103K Southern California(2), -188K Northern California(1), -164K Texas Triangle(3), +146K Atlanta, +25K Northern/Central Florida(4), +82K Miami, -31K Reno, +6K Las
Slide 10: AMH Today
10 AMH Today AMH Copper Rim Development Salt Lake City Market
Slide 11: 2022 Guidance
11 2022 Guidance Note: Refer to Defined Terms and Non-GAAP Reconciliations, as well as the 2Q22 Supplemental Information Package, for defined metrics and GAAP to non-GAAP reconciliations. (1) Refer to slide 24 for 2022 Guidance disclosure. Guidance is based on the 8/4/2022 earnings release. Projecti
Slide 12: Investment Grade Balance Sheet
Remaining 2022 2023 2024 2025 2026 Thereafter Debt Maturity Schedule(2)(3) (MM) Liquidity - Cash and Cash Equivalents Liquidity - Undrawn Revolving Credit Facility Asset-Backed Securitizations Unsecured Senior Notes Principal Amortization Liquidity - Forward Shares Fixed Rate Debt, 23.7% Preferred S
Slide 13: AMH vs. the Peer Set
13 AMH vs. the Peer Set (1) Source: Company Disclosure. Includes growth in 2020, 2021, and implied growth for midpoint of 2022 Core FFO guidance, unless not provided. (2) Source: S&P Global. Data is from 9/6/19 through 9/6/22. (3) Sources: Company Disclosure; International Monetary Fund; John Burns
Slide 14: Differentiated Growth Strategy
14 Differentiated Growth Strategy AMH Enclave at Madera Parc Development Phoenix Market
Slide 15: Three-Pronged Growth Strategy
15 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 Refer to slide 24 for 2022 Guidance disclosure. Guidance commentary is based on the 8/4/2022 earnings relea
Slide 16: AMH Development Strategy vs. Other Builders
16 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 17: AMH Development: A Consistent Driver of Earnings Growth
(1) Rounded to the nearest thousand. 17 AMH Development A Consistent Driver of Earnings Growth, Fueled by 22,000+ Land Pipeline at Locked in Prices 0 2,000 4,000 6,000 9,000 18,000 22,000+ 0 5,000 10,000 15,000 20,000 25,000 2016 2017 2018 2019 2020 2021 2Q22 AMH Development Land Pipeline(1) Total L
Slide 18: Continuous Portfolio and Platform Optimization
Continuous Portfolio and Platform Optimization 18 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 rich data history E
Slide 19: Leaders in ESG
19 Leaders in ESG AMH Walden Woods Development Tampa Market
Slide 20: ESG Commitment
20 ESG 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 40% less e
Slide 21: Recent ESG Recognitions
Recent ESG Recognitions = Top ESG REGIONAL Regional Performer TOP RATED by Sustainalytics Bs (ost | 2022 Great Place To Work” 2022 America’s Most Responsible Companies by Newsweek and Statista 2022 Best Workplaces in Real Estate by Fortune
Slide 22: Independent & Accountable Stewardship
22 Independent & Accountable Stewardship ▪ AMH is governed by a 13‐member board of trustees ▪ Independent Chairman of the Board ▪ Annual election of trustees ▪ Majority voting standard (plurality carve‐out voting standard only in contested elections) Continued Focus on Board Refreshment ▪ Continual
Slide 23: Appendix
Appendix
Slide 24: 2022 Guidance
24 2022 Guidance The Company does not provide guidance for the most comparable GAAP financial measures of net income or loss, rents and other single-family property revenues and property operating expenses, or a reconciliation of the forward-looking non-GAAP financial measures to the comparable GAAP
Slide 25: Reconciliations: Core NOI
25 Defined Terms and Non-GAAP Reconciliations Dec 31, 2021 Dec 31, 2020 Net income 254,393$ 210,559$ 154,829$ Gain on sale and impairment of single-family properties and other, net (77,722) (49,696) (38,773) Depreciation and amortization 396,029 372,848 343,153 Acquisition and other transaction cost
Slide 26: Credit Ratios
26 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 27: Unencumbered Core NOI Percentage and Fixed Charge Coverage
27 Unencumbered Core NOI Percentage For the Trailing Twelve Months Ended Jun 30, 2022 Unencumbered Core NOI $ 535,619 Core NOI 775,775 Unencumbered Core NOI Percentage 69.0% Fixed Charge Coverage For the Trailing Twelve Months Ended Jun 30, 2022 Interest expense per income statement $ 121,728 Less:
Slide 28: EBITDA / EBITDAre / Adjusted EBITDAre
28 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 29: Funds from Operations / Core FFO
29 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 30: Reconciliation to Core FFO
30 The following is a reconciliation of 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): Defined Terms and Non-GAAP Reconciliations Dec 31, 2021 De
Slide 31: Same-Home Property Definitions
31 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 sale or has been taken out of service as a re
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