American Homes 4 Rent (AMH) Investor presentation summary

Business overview and market fundamentals

• Operates as a large-scale owner, operator, and developer of single-family rental homes, with over 61,000 properties across the Southeast, Midwest, Southwest, and Mountain West regions as of December 31, 2024.

• Produced sector-leading Core FFO per share growth of 6.6% in 2024, with favorable long-term demand drivers including a national housing shortage and a growing renter cohort.

• February 2025 quarter-to-date same-home average occupied days remained strong at 95.7%, with renewal rent growth of 4.5%.

• Average monthly realized rent for same-home portfolio was $2,227, with an average home size of 1,996 square feet and an average age of 18 years.

Growth strategy and development

• Pursues a three-pronged growth strategy: internal development, opportunistic acquisitions, and national builder relationships.

• Largest integrated single-family rental builder, expecting 2,200–2,400 development deliveries in 2025 and controlling a ~10,000-unit land pipeline.

• Acquired a portfolio of ~1,700 high-quality detached homes in Q4 2024, complementing existing markets.

• Development homes are designed for long-term efficiency and value, averaging 2,000 sq. ft. with private yards and premium finishes.

Financial performance and guidance

• 2025 Core FFO per share guidance is $1.80–$1.86, with a midpoint of $1.83, representing 3.4% growth over the prior year.

• 2025 same-home core revenues expected to grow 3.5% at the midpoint, with core property operating expenses up 3.5% and core NOI up 4.0%.

• Total capital investment for 2025 projected at $0.9B (wholly owned and pro rata JV), with gross capital investment at $1.1B.

• Maintains a high-quality investment grade balance sheet: Moody’s Baa2/Stable, S&P BBB/Stable, 5.4x net debt and preferred shares to adjusted EBITDAre, and $1.25B undrawn revolver capacity.