American Homes 4 Rent (AMH) Investor presentation summary

Financial performance and guidance

• Achieved sector-leading Core FFO per share growth of 6.6% in 2024, with 2025 Core FFO per share guidance midpoint at $1.83, representing 3.4% growth at the midpoint.

• 2025 guidance includes same-home core revenues growth of 3.5% and core NOI growth of 4.0%.

• New lease rate growth accelerated to 4.3% in May 2025, with average occupied days at 96.3%.

• Wholly owned development deliveries expected between 1,800–2,000 homes, with total gross capital investment (including JVs) of $1.1B.

• Maintains a high-quality investment grade balance sheet with $840M undrawn credit facility and recent $650M unsecured notes issued at 4.95%.

Portfolio and operational highlights

• Owns over 61,000 single-family properties across 30+ markets in 24 states, with an average home age of 18 years and 1,997 sq. ft. per home.

• Same-home average monthly realized rent is $2,252, and average occupied days for the portfolio is 95.9%.

• Largest integrated single-family rental builder, with a ~9,000 unit land pipeline for future growth.

• AMH development homes are positioned as high-quality products with strong long-term return profiles.

Growth strategy and market positioning

• Employs a three-pronged growth strategy: internal development, MLS/portfolio acquisitions, and national builder acquisitions.

• Internal development program provides consistent growth, with a land pipeline supporting years of future deliveries.

• Data-driven acquisition program enables nimble response to market opportunities.

• Focus on high-quality, detached single-family homes in desirable neighborhoods, with amenity centers and premium finishes.