American Homes 4 Rent (AMH) investor relations material

Business performance and operational update

• Leasing activity remained strong, with new leases in positive territory and renewals steady at 3.3% in July and August.

• Occupancy rates were stable, at 96.1% in July and 95.9% in August, aligning with expectations.

• Expenses, especially property taxes, were well controlled, with property tax growth at 2.75%, below the long-term average.

• Capital plan execution included a moderated development program and active share repurchases in early 2026.

• Dispositions and recycled capital have increased flexibility for buybacks and other investments.

Regulatory and policy environment

• The 21st Century ROAD to Housing Act passed, providing clarity and removing forced divestiture requirements.

• Rule-writing is ongoing, with implementation targeted for early 2027; key growth channels like internal development and portfolio consolidations are protected.

• Large institutional investors (350+ units) face new restrictions on MLS purchases, but portfolio consolidations between large owners remain allowed.

• Exceptions for MLS purchases exist but are not economically viable for most large investors.

• The company’s strategy remains largely unchanged, as it has not relied on MLS acquisitions for years.

Growth strategy and development

• Focus remains on internal development and portfolio consolidations, with development seen as the most predictable growth channel.

• Development program is active in about 15 markets, with a balanced approach due to the current cost of capital environment.

• Joint ventures, especially evergreen JVs, are a key tool for expanding development while managing risk and capital.

• Development yields are being managed through disciplined cost controls, with recent deliveries at 5.4% and new deals penciling at 6%+.

• Portfolio acquisitions can unlock value, as demonstrated by margin improvements in recent consolidations.