American Homes 4 Rent (AMH) Investor presentation summary

Financial performance and guidance

• Core FFO per share expected to reach $1.95 at the midpoint for 2026, with growth of 4.3% year-over-year, leading the residential sector in FFO growth.

• Same-home core revenues projected to grow 2.25% and core NOI by 2.4% at the midpoint of 2026 guidance.

• Blended lease spreads for August quarter-to-date are 2.7%, supported by strong renewal rates and 96% average occupied days.

• From November 2025 to May 2026, 3% of shares and units were repurchased for $390M at an average price of $31.07.

• Over $500M in disposition proceeds expected for 2026, recycling capital into new developments.

Portfolio and operational highlights

• Owns over 61,000 single-family properties across 30+ markets in the Southeast, Midwest, Southwest, and Mountain West.

• Average home size is 2,002 sq. ft., with an average age under 20 years, and 96% same-home occupancy.

• Resident base features high income (~$150,000), average age 38, majority dual-income, and average stay over 3 years.

• Majority of homes are 3-4 bedroom detached units in desirable neighborhoods.

• Portfolio is geographically diversified, with top markets including Atlanta, Dallas, Phoenix, and Charlotte.

Development and growth strategy

• Vertically integrated builder with ~1,900 wholly owned development deliveries expected in 2026.

• Since 2017, over 15,000 new homes delivered; land pipeline exceeds 13,000 lots as of 2Q26.

• Development program is match-funded with proceeds from home dispositions.

• Focus on high-quality, energy-efficient homes with consistent, repeatable designs for operational efficiency.

• AMH Development homes average 2,000 sq. ft., with private yards and upgraded finishes.