American Homes 4 Rent : First Quarter 2024 Earnings Release & Supplemental Information Package

Earnings Release and Supplemental Information Package

First Quarter 2024

AMH

Table of Contents

Summary
Earnings Press Release	3
Select Non-GAAP Reconciliations - Core Net Operating Income	8
Fact Sheet	10
Financial Information
Condensed Consolidated Statements of Operations	11
Funds from Operations	12
Core Net Operating Income - Total Portfolio	13
Same-Home Results	14
Condensed Consolidated Balance Sheets	17
Debt Summary	18
Capital Structure and Credit Metrics	19
Property and Other Information
Top 20 Markets Summary	20
Property Additions and Dispositions	21
AMH Development Pipeline Summary	22
Lease Expirations, Share Repurchase and ATM Share History	23
2024 Guidance	24
Defined Terms and Non-GAAP Reconciliations	25

2

AMH

Earnings Press Release

AMH Reports First Quarter 2024 Financial and Operating Results

Seasonal Demand Drives Strong Early Spring Leasing Activity

LAS VEGAS, May 2, 2024-AMH (NYSE: AMH) (the "Company"), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced its financial and operating results for the quarter ended March 31, 2024.

Highlights

• Rents and other single-family property revenues increased 6.5% year-over-year to $423.6 million for the first quarter of 2024.
• Net income attributable to common shareholders totaled $109.3 million, or $0.30 per diluted share, for the first quarter of 2024, compared to $117.5 million, or $0.32 per diluted share, for the first quarter of 2023.
• Core Funds from Operations ("Core FFO") attributable to common share and unit holders increased 5.8% year-over- year to $0.43 per FFO share and unit for the first quarter of 2024 and Adjusted Funds from Operations ("Adjusted FFO") attributable to common share and unit holders increased 6.5% year-over-year to $0.40 per FFO share and unit for the first quarter of 2024.
• Core Net Operating Income ("Core NOI") from Same-Home properties increased by 4.9% year-over-year for the first quarter of 2024.
• Achieved Same-Home Average Occupied Days Percentage of 96.2% in the first quarter of 2024, while generating 4.8% rate growth on new leases and 5.9% rate growth on renewals, resulting in 5.6% blended rate growth.
• Delivered a total of 469 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the first quarter of 2024.

"2024 is off to a strong start with demand accelerating into the spring leasing season as expected. Our property management team has done a great job positioning us for success as we enter our busiest period of the year," stated David P. Singelyn, AMH's Chief Executive Officer. "Additionally, stable and responsible growth through our differentiated AMH Development Program continues to add much needed national housing stock while also providing quality housing to residents and creating value for our shareholders. We remain on track to deliver another year of strong results."

First Quarter 2024 Financial Results

Net income attributable to common shareholders totaled $109.3 million, or $0.30 per diluted share, for the first quarter of 2024, compared to $117.5 million, or $0.32 per diluted share, for the first quarter of 2023. The decrease was primarily due to lower net gains on property sales, partially offset by higher rental rates.

Rents and other single-family property revenues increased 6.5% to $423.6 million for the first quarter of 2024, compared to $397.7 million for the first quarter of 2023. Revenue growth was primarily driven by higher rental rates.

Core NOI from our total portfolio increased 7.6% to $237.7 million for the first quarter of 2024, compared to $220.9 million for the first quarter of 2023. This growth was driven by a 7.0% increase in core revenues resulting primarily from higher rental rates, partially offset by a 5.9% increase in core property operating expenses.

For the Company's Same-Home portfolio, core revenues increased 5.3% to $334.1 million for the first quarter of 2024, compared to $317.4 million for the first quarter of 2023, which was driven by a 5.9% increase in Average Monthly Realized Rent per property, partially offset by a 100 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 5.9% to $114.8 million for the first quarter of 2024, compared to $108.4 million for the first quarter of 2023, primarily driven by increased property tax expense from anticipated 2024

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP.

3

AMH

Earnings Press Release (continued)

property tax assessments and inflationary increases in repairs and maintenance and turnover costs, net and insurance costs. As a result, Core NOI from Same-Home properties increased 4.9% to $219.3 million for the first quarter of 2024, compared to $209.0 million for the first quarter of 2023.

Core FFO attributable to common share and unit holders was $180.9 million, or $0.43 per FFO share and unit, for the first quarter of 2024, compared to $168.5 million, or $0.41 per FFO share and unit, for the first quarter of 2023. Adjusted FFO attributable to common share and unit holders was $166.0 million, or $0.40 per FFO share and unit, for the first quarter of 2024, compared to $153.5 million, or $0.37 per FFO share and unit, for the first quarter of 2023. These improvements were primarily attributable to higher rental rates.

Portfolio

Average Occupied Days Percentage was 95.3% for the first quarter of 2024, compared to 95.0% for the fourth quarter of 2023.

Investments

As of March 31, 2024, the Company's wholly-owned portfolio consisted of 59,343 homes, compared to 59,332 homes as of December 31, 2023, an increase of 11 homes during the first quarter of 2024, which included 441 newly constructed homes delivered to our operating portfolio through our AMH Development Program, 22 newly constructed homes to be disposed and 19 homes acquired through our National Builder Program, partially offset by 471 homes sold to third parties. During the first quarter of 2024, we also developed an additional 28 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 469 total program deliveries through our AMH Development Program. As of March 31, 2024, the Company had 728 properties held for sale and 3,004 properties held in unconsolidated joint ventures.

Capital Activities, Balance Sheet and Liquidity

In January 2024, the Company issued 932,746 Class A common shares under its at-the-market common share offering program (the "2023 At-the-Market Program") at an average sales price of $36.19 per share, receiving net proceeds of $33.2 million after commissions and other expenses of $0.5 million.

In March 2024, the Company sold an additional 2,987,024 Class A common shares through a forward sale agreement under its 2023 At-the-Market Program at an average sales price of $37.03 per share for future estimated net proceeds of $108.6 million after commissions and other adjustments. The forward sale agreement expires in February 2025 and the Company expects to use these net proceeds to repay outstanding indebtedness, to invest in additional portfolio growth opportunities and for general corporate purposes.

During the first quarter of 2024, American Homes 4 Rent, L.P. (the "Operating Partnership"), the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its assets, issued $600.0 million of 5.500% unsecured senior notes with a maturity date of February 1, 2034 (the "2034 Notes"), which carry a green bond designation and were issued under the Company's green finance framework. Interest on the 2034 Notes is payable semi-annually in arrears on February 1 and August 1 of each year, commencing on August 1, 2024. The Operating Partnership received aggregate net proceeds of $595.5 million from this offering, after underwriting fees of $3.9 million and a $0.6 million discount, and before offering costs of $1.3 million.

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP.

4

AMH

Earnings Press Release (continued)

During the first quarter of 2024, the Company paid off the outstanding principal on the AMH 2014-SFR2asset-backed securitization of approximately $460.6 million, which resulted in $1.0 million of charges related to the write-off of unamortized deferred financing costs and related legal fees.

As of March 31, 2024, the Company had cash and cash equivalents of $124.8 million and had total outstanding debt of $4.6 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of 4.2% and a weighted-average term to maturity of 12.0 years. The Company had no outstanding borrowings on its $1.25 billion revolving credit facility. Additionally, the Company's AMH 2014-SFR3 securitization, which had a balance of $475.2 million as of March 31, 2024, is scheduled to mature in the fourth quarter of 2024. During the first quarter of 2024, the Company generated $56.8 million of Retained Cash Flow and sold 471 properties generating $144.7 million of net proceeds.

Sustainability Update

The Company published its sixth annual Sustainability Report highlighting its commitment to Environmental, Social, and Governance ("ESG") considerations as part of its strategy to deliver long-term value to its stakeholders. The report provides transparency on the Company's ESG performance with notable highlights including the opening of our first solar-enabled community, establishment of a Health and Safety Committee, and the launch of the AMH Cares Foundation. The full report can be downloaded on the Company's website at www.amh.com, under "Investor relations."

2024 Guidance

Set forth below are the Company's current expectations with respect to full year 2024 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2024 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated joint ventures, (ii) acquisition and other transaction costs and (iii) hurricane- related charges, net. The actual amounts for any and all of these items could significantly impact our 2024 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.

Guidance Summary

	Full Year 2024
	(Unchanged)
Core FFO attributable to common share and unit holders	$1.70	- $1.76
Core FFO attributable to common share and unit holders growth	2.4%	- 6.0%
Same-Home
Core revenues growth	3.75%	- 5.75%
Core property operating expenses growth	5.25%	- 7.25%
Core NOI growth	3.00%	- 5.00%

	Full Year 2024
	(Unchanged)
Investment Program	Properties		Investment
Wholly owned acquisitions	-		-
Wholly owned development deliveries	1,825 - 1,975		$700 - $800 million
Wholly owned land and development pipeline	-		$100 - $150 million
Pro rata share of JV and Property Enhancing Capex	-		$100 - $150 million
Total capital investment (wholly owned and pro rata JV)	1,825 - 1,975		$0.9 - $1.1 billion
Total gross capital investment (JVs at 100%)	2,200 - 2,400		$1.1 - $1.3 billion

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP.

5

AMH

Earnings Press Release (continued)

Additional Information

A copy of the Company's First Quarter 2024 Earnings Release and Supplemental Information Package and this press release are available on our website at www.amh.com, under "Investor relations." This information has also been furnished to the SEC in a current report on Form 8-K.

Conference Call

A conference call is scheduled on Friday, May 3, 2024 at 12:00 p.m. Eastern Time to discuss the Company's financial results for the quarter ended March 31, 2024 and to provide an update on its business. The domestic dial-in number is [phone] (U.S. and Canada) and the international dial-in number is [phone] (passcode not required). A simultaneous audio webcast may be accessed by using the link at www.amh.com, under "Investor relations." A replay of the conference call may be accessed through Friday, May 17, 2024 by calling [phone] (U.S. and Canada) or [phone] (international), replay passcode number 13742950#, or by using the link at www.amh.com, under "Investor relations."

About AMH

AMH (NYSE: AMH) is a leading large-scale integrated owner, operator and developer of single-family rental homes. We're an internally managed Maryland real estate investment trust (REIT) focused on acquiring, developing, renovating, leasing and managing homes as rental properties. Our goal is to simplify the experience of leasing a home and deliver peace of mind to households across the country.

In recent years, we've been named one of Fortune's 2023 Best Workplaces in Real Estate™, a 2024 Great Place to Work®, a 2023 Most Loved Workplace®, a 2023 Top U.S. Homebuilder by Builder100, and one of America's Most Responsible Companies 2024 and Most Trustworthy Companies in America 2024 by Newsweek and Statista Inc. As of March 31, 2024, we owned nearly 60,000 single-family properties in the Southeast, Midwest, Southwest and Mountain West regions of the United States. Additional information about AMH is available on our website at www.amh.com.

AMH refers to one or more of American Homes 4 Rent, American Homes 4 Rent, L.P. and their subsidiaries and joint ventures. In certain states, we operate under AMH Living or American Homes 4 Rent. Please see www.amh.com/dba to learn more.

Cautionary Note Regarding Forward-Looking Statements

This press release and the accompanying Supplemental Information Package contain "forward-looking statements." These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "intend," "potential," "plan," "goal," "outlook," "guidance" or other words that convey the uncertainty of future events or outcomes. Examples of forward-looking statements contained in this press release and the Supplemental Information Package include, among others, our 2024 Guidance, our belief that our acquisition and homebuilding programs will result in continued growth and the estimated timing of our development deliveries set forth in the Supplemental Information Package. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company's management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP.

6

AMH

Earnings Press Release (continued)

forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the "Risk Factors" disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and in the Company's subsequent filings with the SEC.

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP.

7

AMH

Select Non-GAAP Reconciliations - Core Net Operating Income

(Amounts in thousands)

(Unaudited)

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same- Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the three months ended March 31, 2024 and 2023:

For the Three Months Ended

Mar 31,

	2024				2023
Core revenues and Same-Home core revenues
Rents and other single-family property revenues	$	423,555	$	397,703
Tenant charge-backs		(57,337)			(55,395)
Core revenues		366,218			342,308
Less: Non-Same-Home core revenues		(32,119)			(24,903)
Same-Home core revenues	$	334,099	$	317,405
Core property operating expenses and Same-Home core property operating expenses
Property operating expenses	$	155,927	$	147,068
Property management expenses		31,402			30,800
Noncash share-based compensation - property management		(1,444)			(1,066)
Expenses reimbursed by tenant charge-backs		(57,337)			(55,395)
Core property operating expenses		128,548			121,407
Less: Non-Same-Home core property operating expenses		(13,793)			(13,016)
Same-Home core property operating expenses	$	114,755	$	108,391
Core NOI and Same-Home Core NOI
Net income	$	128,095	$	137,699
Loss on early extinguishment of debt		954			-
Gain on sale and impairment of single-family properties and other, net		(68,901)			(84,659)
Depreciation and amortization		115,726			112,717
Acquisition and other transaction costs		3,324			5,076
Noncash share-based compensation - property management		1,444			1,066
Interest expense		38,577			35,882
General and administrative expense		21,885			17,855
Other income and expense, net		(3,434)			(4,735)
Core NOI		237,670			220,901
Less: Non-Same-Home Core NOI		(18,326)			(11,887)
Same-Home Core NOI	$	219,344	$	209,014

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP.

8

AMH

Select Non-GAAP Reconciliations - Core Net Operating Income (continued)

(Amounts in thousands)

(Unaudited)

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same- Home core property operating expenses, Core NOI, Same-Home Core NOI, Unencumbered Core NOI and Encumbered Core NOI to their respective GAAP metrics for the trailing five quarters:

						For the Three Months Ended
		Mar 31,		Dec 31,				Sep 30,				Jun 30,			Mar 31,
		2024				2023				2023				2023			2023
Core revenues and Same-Home core revenues
Rents and other single-family property revenues	$	423,555			$	408,657	$	421,697	$	395,548	$	397,703
Tenant charge-backs		(57,337)				(48,506)				(65,840)				(45,814)			(55,395)
Core revenues		366,218				360,151				355,857				349,734			342,308
Less: Non-Same-Home core revenues		(32,119)				(30,106)				(28,706)				(27,050)			(24,903)
Same-Home core revenues	$	334,099			$	330,045	$	327,151	$	322,684	$	317,405
Core property operating expenses and Same-Home core property operating expenses
Property operating expenses	$	155,927			$	142,797	$	167,041	$	142,553	$	147,068
Property management expenses		31,402				31,112				30,785				30,666			30,800
Noncash share-based compensation - property management		(1,444)				(879)				(953)				(1,132)			(1,066)
Expenses reimbursed by tenant charge-backs		(57,337)				(48,506)				(65,840)				(45,814)			(55,395)
Core property operating expenses		128,548				124,524				131,033				126,273			121,407
Less: Non-Same-Home core property operating expenses		(13,793)				(12,940)				(13,142)				(12,183)			(13,016)
Same-Home core property operating expenses	$	114,755			$	111,584	$	117,891	$	114,090	$	108,391
Core NOI and Same-Home Core NOI
Net income	$	128,095			$	90,937	$	88,092	$	115,414	$	137,699
Loss on early extinguishment of debt		954				-				-				-			-
Gain on sale and impairment of single-family properties and other, net		(68,901)				(29,082)				(33,335)				(62,758)			(84,659)
Depreciation and amortization		115,726				115,771				114,863				113,199			112,717
Acquisition and other transaction costs		3,324				4,260				3,399				4,175			5,076
Noncash share-based compensation - property management		1,444				879				953				1,132			1,066
Interest expense		38,577				35,091				34,381				34,844			35,882
General and administrative expense		21,885				18,487				18,336				19,937			17,855
Other income and expense, net		(3,434)				(716)				(1,865)				(2,482)			(4,735)
Core NOI		237,670				235,627				224,824				223,461			220,901
Less: Non-Same-Home Core NOI		(18,326)				(17,166)				(15,564)				(14,867)			(11,887)
Same-Home Core NOI	$	219,344			$	218,461	$	209,260	$	208,594	$	209,014
Unencumbered Core NOI and Encumbered Core NOI
Core NOI	$	237,670			$	235,627	$	224,824	$	223,461	$	220,901
Less: Encumbered Core NOI (1)		(51,435)				(51,304)				(48,758)				(48,563)			(48,101)
Unencumbered Core NOI (1)	$	186,235			$	184,323	$	176,066	$	174,898	$	172,800

1. Encumbered Core NOI and Unencumbered Core NOI for each quarter reflect the encumbered and unencumbered portfolios as of March 31, 2024.

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP.

9

AMH

Fact Sheet

(Amounts in thousands, except per share and property data)

(Unaudited)

For the Three Months Ended

Mar 31,

		2024			2023
Operating Data
Net income attributable to common shareholders	$	109,289	$	117,465
Core revenues	$	366,218	$	342,308
Core NOI	$	237,670	$	220,901
Core NOI margin		64.9 %			64.5 %
Fully Adjusted EBITDAre	$	212,736	$	197,033
Fully Adjusted EBITDAre Margin		57.6 %			57.0 %
Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.40	$	0.38
Core FFO attributable to common share and unit holders	$	0.43	$	0.41
Adjusted FFO attributable to common share and unit holders	$	0.40	$	0.37

		Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
		2024			2023			2023			2023			2023
Selected Balance Sheet Information - end of period
Single-family properties in operation, net	$	10,217,286	$	10,165,719	$	10,132,185	$	10,007,290	$	9,917,123
Total assets	$	12,761,092	$	12,688,190	$	12,559,377	$	12,522,438	$	12,420,013
Outstanding borrowings under revolving credit facility	$	-	$	90,000	$	-	$	-	$	-
Total Debt	$	4,561,186	$	4,517,158	$	4,433,095	$	4,438,629	$	4,444,863
Total Capitalization	$	20,154,156	$	19,717,611	$	18,591,650	$	19,322,870	$	17,668,693
Total Debt to Total Capitalization		22.6 %			22.9 %			23.8 %			23.0 %			25.2 %
Net Debt and Preferred Shares to Adjusted EBITDAre		5.3 x			5.4 x			5.4 x			5.3 x			5.4 x
NYSE AMH Class A common share closing price	$	36.78	$	35.96	$	33.69	$	35.45	$	31.45
Portfolio Data - end of period
Occupied single-family properties		56,362			55,768			55,949			56,000			56,049
Single-family properties leased, not yet occupied		418			251			299			393			412
Single-family properties in turnover process		1,491			2,053			1,803			1,437			1,041
Single-family properties recently renovated or developed		337			384			333			215			234
Single-family properties newly acquired and under renovation		7			14			8			-			-
Total single-family properties, excluding properties held for sale		58,615			58,470			58,392			58,045			57,736
Single-family properties held for sale		728			862			700			648			903
Total single-family properties wholly owned		59,343			59,332			59,092			58,693			58,639
Single-family properties managed under joint ventures		3,004			2,978			2,936			2,846			2,688
Total single-family properties wholly owned and managed		62,347			62,310			62,028			61,539			61,327
Total Average Occupied Days Percentage (1)		95.3 %			95.0 %			95.6 %			96.2 %			96.3 %
Same-Home Average Occupied Days Percentage (53,250 properties)		96.2 %			96.1 %			96.5 %			97.0 %			97.2 %
Other Data
Distributions declared per common share	$	0.26	$	0.22	$	0.22	$	0.22	$	0.22
Distributions declared per Series G perpetual preferred share	$	0.37	$	0.37	$	0.37	$	0.37	$	0.37
Distributions declared per Series H perpetual preferred share	$	0.39	$	0.39	$	0.39	$	0.39	$	0.39

1. Calculated based on total single-family properties wholly owned, excluding properties held for sale.

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP.

10