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American Homes 4 Rent (AMH) investor relations material

American Homes 4 Rent BofA Securities 2025 Global Real Estate Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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BofA Securities 2025 Global Real Estate Conference summary10 Sep, 2025

Industry outlook and demand trends

  • Single-family rental sector benefits from strong long-term fundamentals, driven by millennial demand and affordability challenges.

  • Portfolio diversification across U.S. markets supports resilience, with Midwest, Seattle, Salt Lake City, Carolinas, and Florida showing strong performance.

  • Markets like Austin, San Antonio, and Phoenix face supply pressures, but long-term fundamentals remain positive.

  • Demand is balanced by strong renewals, with new lease moderation less pronounced than in previous years.

  • Differentiation comes from focus on single-family detached homes and capital allocation strategy.

Operational performance and portfolio management

  • August quarter-to-date same-home occupancy was 96%, with blended spreads in the high 3% range.

  • Lease expirations have been shifted to earlier in the year, optimizing for peak leasing season and reducing back-half occupancy moderation.

  • Earn-in for 2026 expected just below 2%, similar to prior years.

  • Bad debt remains low, with collections tracking better than expectations; resident profile remains strong with high incomes and stable credit.

  • Portfolio acquisitions are limited, with a gap between seller and buyer expectations; focus remains on internal development and selective opportunities.

Development, capital allocation, and financial strategy

  • On track to deliver over 2,200 new homes in 2024, with development yields improving to mid-5% and potential for 6%+ on finished lot deals.

  • Vertical construction costs remain flat or slightly down, absorbing tariff impacts through optimization and labor availability.

  • Development program is self-funded through retained cash flow, dispositions, and modest incremental leverage, with no need for new equity.

  • Portfolio acquisitions can be value-accretive, with operational improvements driving yields from low-5% to high-5% or near 6%.

  • Final securitization payoff will leave the balance sheet 100% unencumbered, freeing up 18,000 homes for asset management and disposition.

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Q3 202530 Oct, 2025
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Frequently asked questions

American Homes 4 Rent is a publicly traded real estate investment trust (REIT) based in the United States. American Homes 4 Rent focuses on the acquisition, renovation, leasing and management of single-family homes. The firm was founded by B. Wayne Hughes, who also founded industry leader Public Storage in 1972. American Homes 4 Rent went public in August 2013 and became a member of the S&P 500 index in September 2015.

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