American Homes 4 Rent (AMH) Investor presentation summary

Market fundamentals and demand drivers

• National single-family housing shortage and favorable supply landscape support resilient rental fundamentals.

• Rental payments are estimated to be $850 less per month than home ownership in top 20 markets.

• Millennials are entering prime single-family living years, fueling sustained demand.

• Existing home inventory remains about 50% below long-term averages, with new construction unlikely to close the gap.

Portfolio and operational performance

• Nearly 59,000 properties owned across 30+ markets in the Southeast, Midwest, Southwest, and Mountain West.

• Same-home average occupied days at 96.6% and average monthly realized rent at $2,178 as of June 30, 2024.

• 2024 expected same-home core revenues growth of 5.0% at midpoint of guidance.

• Aug YTD 2024 average blended rent change at 4.2%, with re-leases at 4.3% and renewals at 4.0%.

Growth strategy and development

• Largest integrated single-family rental builder, expecting 2,200–2,400 deliveries in 2024.

• ~11,000-unit land pipeline provides years of growth opportunity at locked-in prices.

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

• Development program delivers high-quality homes in Class A locations, with superior investment returns.