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

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 in line with or slightly better than last year, with renewals representing the bulk of leasing activity.

• Differentiation between scattered site and BTR communities allows for flexible leasing and reduced concessions.

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 stronger leasing seasons and reducing fourth-quarter exposure.

• Full-year blended spreads expected in the high 3%, with less moderation in occupancy in the back half of the year.

• Earn-in for 2026 projected just below 2%, similar to the prior year.

• Bad debt remains low, collections are strong, and resident profiles are stable with high incomes and strong credit.

Growth strategy and development

• On track to deliver over 2,200 newly built rentals this year, leveraging a vertically integrated development program.

• Development yields are improving, with new homes delivered at mid-5% yields and potential for 6%+ on finished lots from builders.

• Portfolio acquisitions remain opportunistic, with limited recent activity and a gap between seller and buyer expectations.

• Dispositions and recycled capital are key funding sources, with no need for incremental equity and minimal additional debt.

• Share buybacks are evaluated but not prioritized over development at this time.