American Homes 4 Rent : Investor Highlights November 2020

Investor Highlights

November 2020

Legal Disclosures

Forward-Looking Statements

Various statements contained in this presentation, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include projections and estimates concerning the timing and success of our strategies, plans or intentions. Forward-looking statements are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "intend," "anticipate," "potential," "plan," "goal," "guidance," "outlook" or other words that convey the uncertainty of future events or outcomes. Examples of forward-looking statements contained in this presentation include, among others, our expectations with respect to the impacts of the COVID-19 pandemic, and our belief that our acquisition and homebuilding programs will result in continued growth. We have based these forward-looking statements on our current expectations and assumptions about future events. These assumptions include, among others, our projections and expectations regarding: market trends in the single-family home rental industry and in the local markets where we operate, our ability to institutionalize a historically fragmented business model, our business strengths, our ideal tenant profile, the quality and location of our properties in attractive neighborhoods, the scale advantage of our national platform and the superiority of our operational infrastructure, the effectiveness of our investment philosophy and diversified acquisition strategy, our ability to expand our development program, our ability to grow our portfolio and to create a cash flow opportunity with attractive current yields and upside from increasing rents and cost efficiencies and our understanding of our competition and general economic, demographic, regulatory and real estate conditions that may impact our business. While we consider 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 our control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation, November 16, 2020. We undertake no obligation to update any forward-looking statements to conform to actual results or changes in our expectations, unless required by applicable law. Currently, one of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements is the potential adverse effect of the COVID-19 pandemic on the financial markets. The extent to which the COVID-19 pandemic impacts us and our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration, including resurgences, status of eviction moratoriums, the speed and effectiveness of vaccine and treatment developments and the direct and indirect economic effects of the pandemic and containment measures, among others. 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, 2019, the Form 10-Q for the quarter ended September 30, 2020, and in the Company's subsequent filings with the Securities and Exchange Commission.

Non-GAAP Financial Measures

This presentation includes certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (GAAP) because we believe they help investors understand our performance. Any non-GAAP financial measures presented are not, and should not be viewed as, substitutes for financial measures required by U.S. GAAP and may not be comparable to the calculation of similar measures of other companies. Definitions of these non-GAAP financial measures and a reconciliation of these measures to GAAP is included in the Defined Terms and Non-GAAP Reconciliations section of this presentation, as well as the 3Q20 Supplemental Information Package available on our website at www.americanhomes4rent.comunder "For Investors."

About American Homes 4 Rent

American Homes 4 Rent (NYSE: AMH) is a leader in the single-family home rental industry and "American Homes 4 Rent" is fast becoming a nationally recognized brand for rental homes, known for high-quality, good value and tenant satisfaction. We are an internally managed Maryland real estate investment trust, or REIT, focused on acquiring, developing, renovating, leasing, and operating attractive, single-family homes as rental properties. As of September 30, 2020 we owned 53,229 single-family properties in selected submarkets in 22 states.

Contacts
American Homes 4 Rent Investor Relations	American Homes 4 Rent Media Relations
Phone: [phone] / Email: [e-mail]	Phone: [phone] / Email: [e-mail]

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AMH Today

The Market Opportunity

AMH's Strategy to Drive Shareholder Value

AMH Strong Governance Practices

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AMH Today - COVID-19 Resiliency & Outperformance

		Record Leasing Results									Collections Remain Resilient
	AMH proprietary mobile leasing technology is enabling capture of					Strong collections into 4Q 2020,
		robust demand → translating into record high occupancy							with October exceeding 2Q & 3Q 2020 averages
			Same Home Average Occupied Days						Rent Collections as a % of Originally Scheduled Rent(1)
												100%				1%
												95%	11%	5%		3%
												90%
															10%			10%	11%
												85%
												80%
												75%
												70%	87%
													83%			83%	83%			83%
												65%
												60%
		Total Portfolio Leasing Spreads	1Q20	2Q20	3Q20	Oct-19	Oct-20			55%
		Avg. Change in Rent for Renewals	4.6%	1.3%	1.1%	4.6%		3.5%
					50%
		Avg. Change in Rent for Re-Leases	3.4%	4.5%	6.1%	2.1%		7.0%					1Q20	2Q20	3Q20	Oct-20	Nov-20
		Avg. Blended Change in Rent	4.2%	2.4%	2.8%	3.6%		4.9%						First 5 days of month			Through month-end		Post month-end
➢ Pandemic Driving Long-Term Demand Benefits				➢ COVID-19 Resiliency

• Households accelerate decision to leave city centers and apartments for suburban, detached single-family lifestyle
• Work-from-homeproliferation (1) driving further deurbanization as employees have less need to live near city centers and (2) creating desire for larger living spaces to accommodate working from home

• AMH portfolio is proving more resistant to COVID-19 job loss compared to national & coastal portfolios
• AMH provides nondiscretionary housing to high-quality resident base (average household incomes $100k+ and majority dual-earners)
• AMH portfolio diversified across 35 markets = less susceptible to severely impacted individual markets

Note: Refer to Defined Terms and Non-GAAP Reconciliations, as well as the 3Q20 Supplemental Information Package, for defined metrics and reconciliations to GAAP.
(1) Without application of any existing resident security deposits or adjustment for deferred payment plans.	4