American Homes 4 Rent (AMH) Bank of America 2024 Global Real Estate Conference summary

Business drivers and market context

• Strong demand driven by a persistent U.S. housing shortage, especially in high-growth markets.

• Portfolio concentrated in markets with above-median job and population growth.

• Investments in the operating platform, notably Resident360, have improved resident satisfaction and reduced employee turnover.

• Growth strategy includes both development and acquisitions, with development prioritized due to current market conditions.

• CEO transition planned for January 2025, with continuity expected in strategic direction.

Operational and financial performance

• August occupancy was 96.1%, consistent with seasonal trends.

• Renewals in July and August grew in the low 1% range; new leases in the high 5% range.

• Development program on track for 2,300 home deliveries in 2024.

• Dispositions expected to reach $400–500 million for the year.

• Blended rate growth for 2024 expected to end in the 5% range, with moderation in the second half.

Forward-looking statements and 2025 outlook

• 2025 earn-in expected in the low 2% range, reflecting current rate growth.

• Optimism for spring 2025 leasing season, with demand expected to rebound in Q1.

• Continued focus on expense control and platform investments to support future performance.

• Property tax trends being monitored, with hopes for favorable movement.