American Homes 4 Rent · NYSE:AMH
American Homes 4 Rent — Investor Presentation (February 2024)
30 slides from American Homes 4 Rent's investor presentation, Feb 28, 2024
Slide 1: March 2024 Investor Highlights
March 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 ~13,000 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 Metrics Remain Well-Above Historical Averages
4 Same-Home Operational Update Metrics Remain Well-Above Historical Averages Heading Into Spring Leasing Season 2024'18 - '19 2022 2023 Note: Refer to Defined Terms and Non-GAAP Reconciliations in the Appendix, as well as the 4Q23 Supplemental Information Package, for defined metrics and GAAP to non
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 58,470 Properties Owned $2,112 Same-Home Avg. Mon. Realized Rent(1) 1,992 sf Avg. Square Feet pe
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 2 0 2 2 2 0 2 3 2 0 2 4 P 2 0 2 5 P 2 0 2 6 P 2 0 2 7 P Single-Family Permits(2) (MM) 0.8 1.3 1.8 2.
Slide 8: Sustained Demand Tailwinds
22% 21% 5% 7% 9% 4% 2% -4% 2% 5% -6% -25% -28% -28% -40% -30% -20% -10% 0% 10% 20% 30% (Top 20 AMH Markets) 8 Sustained Demand Tailwinds (1) Source: John Burns Real Estate Consulting, LLC. (Data as of Feb. 2024) (2) Source: U.S. Census. Rental payments are now estimated to be ~28% less expensive com
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 4Q23 Supplemental Information Package, for defined metrics and GAAP to non-GAAP reconciliations. (1) Refer to slide 23 for 2024 Guidance disclosure. Guidance is based on the 2/22/2024 earnings
Slide 11: Investment Grade Balance Sheet
2024 2025 2026 2027 2028 Thereafter Debt Maturity Schedule(2)(3)(4) (MM) Principal Amortization Revolving Credit Facility Unsecured Senior Notes Asset-Backed Securitizations Liquidity - Undrawn Revolving Credit Facility Liquidity - Cash and Cash Equivalents Fixed Rate Debt, 22.5% Floating Rate Debt,
Slide 12: AMH vs. the Peer Set
12 AMH vs. the Peer Set (1) Source: Company Disclosure. Includes growth in 2022, 2023, and implied growth for midpoint of 2024 Core FFO per share guidance, unless not provided. (2) Source: S&P Global. Data is from 03/02/21 through 02/27/24. (3) Sources: Company Disclosure; John Burns Real Estate Con
Slide 13: Differentiated Growth Strategy
13 Differentiated Growth Strategy AMH Cactus Cliff Development Las Vegas Market
Slide 14: Three-Pronged Growth Strategy
14 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 15: Strategy
15 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 16: AMH Development
16 AMH Development A Consistent Driver of Earnings Growth, Fueled by ~13,000 Unit Land Pipeline at Locked in Prices Refer to slide 23 for 2024 Guidance disclosure. Guidance commentary is based on the 2/22/2024 earnings release and 2/23/2024 earnings call. (1) Rounded to the nearest thousand. 19 391
Slide 17: Data Feedback Loop Continuous Portfolio and Platform Optimization
Data Feedback Loop Continuous Portfolio and Platform Optimization 17 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 18: Leaders in Sustainability
18 Leaders in Sustainability AMH Brentwood Development Charlotte Market
Slide 19: Sustainability Commitment
19 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 20: Recent Recognitions
Great Place To Work® 2023 & 2022 by Great Place To Work Institute America’s Most Trustworthy Companies 2023 & 2022 by Newsweek and Statista 20 Recent Recognitions Best Workplaces in Real Estate 2023 & 2022 by Fortune Top ESG Regional Performer 2023 & 2022 by Sustainalytics America’s Most Responsible
Slide 21: Independent & Accountable Stewardship
21 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 22: Appendix
Appendix
Slide 23: 2024 Guidance
23 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 24: Defined Terms and Non-GAAP Reconciliations
24 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 25: Credit Ratios
25 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 26: Unencumbered Core NOI Percentage and Fixed Charge Coverage
26 Unencumbered Core NOI Percentage For the Trailing Twelve Months Ended Dec 31, 2023 Unencumbered Core NOI $ 642,927 Core NOI 904,813 Unencumbered Core NOI Percentage 71.1% Fixed Charge Coverage For the Trailing Twelve Months Ended Dec 31, 2023 Interest expense per income statement $ 140,198 Less:
Slide 27: EBITDA / EBITDAre / Adjusted EBITDAre
27 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 28: Funds from Operations / Core FFO
28 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 29: Reconciliation to Core FFO
29 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): Defined Terms and Non-GAAP Reconciliation
Slide 30: Property Enhancing Capex and Defined Terms
30 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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