American Homes 4 Rent : Investor Highlights November 2022

Investor Highlights

November 2022

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 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 presentation include, among others, our 2022 Guidance, our belief that our acquisition and homebuilding programs will result in continued growth and the estimated timing and volume of our development deliveries. 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, including the impact of inflation. 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 14, 2022. 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. 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, 2021, 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 from GAAP to non-GAAP are included in the Defined Terms and Non-GAAP Reconciliations section of this presentation, as well as the 3Q22 Supplemental Information Package available on our website atwww.americanhomes4rent.comunder "For Investors."

About American Homes 4 Rent

American Homes 4 Rent (NYSE: AMH) is a leading single-family property owner, leasing operator, and build-to-rent developer. Recent achievements include being named one of the 2022 Best Workplaces in Real Estate™ by Fortune, a 2022 Great Place to Work®, a 2022 Top U.S. Homebuilder by Builder100, one of America's Most Responsible Companies 2022 and America's Most Trusted Companies 2022 by Newsweek and Statista, and a Top ESG Regional Performer by Sustainalytics. We are an internally managed Maryland real estate investment trust (REIT) focused on acquiring, developing, renovating, leasing, and managing homes as rental properties. As of September 30, 2022, we owned 58,961 single-family properties in the Southeast, Midwest, Southwest and Mountain West regions of the United States. Additional information about American Homes 4 Rent is available on our website at www.americanhomes4rent.com.

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 At A Glance

SFR Resiliency and

Durability Driven by

Continued Demand

• Est. 13.2%(1) Core FFO Growth at Guidance Midpoint for 2022, Representing Another Year of Double-Digit Earnings Growth
• Strong 2022 Expected Same- Home Core NOI Growth of 9.0% at the Midpoint of Guidance(1)
• Favorable Supply Landscape and Sustainable Demand Tailwinds
• • National Housing Shortage
  • Growing SFR Renter Cohort
  • Increased Value Proposition
  • 15% Less Expensive to Rent vs. Own Across Top AMH 20 Markets

One-of-a-Kind

Built-For-Rent

Program

• Largest Integrated Single- Family Rental Builder with 2,100 - 2,200 Deliveries Expected in 2022
• 15,000+ Unit Land Pipeline Creates Opportunity for Years of Stable Growth(2)
• Highest-QualityProduct and Superior Investment Returns
• Class A SFR Locations, Inside Existing AMH Footprint

Investment Grade

Balance Sheet Enables

Opportunistic Growth

• Industry Leading Investment Grade Balance Sheet, with Recent S&P Upgrade to BBB
• Economic Disruption Ahead is Likely to Create Growth Opportunities that AMH is Positioned to Take Advantage Of
• 5.9x Net Debt and Preferred Shares to Adjusted EBITDAre(2)
• Strategically Modified 2022 Capital Plan Creates Opportunistic Dry Powder Capacity

Note: Refer to Defined Terms and Non-GAAP Reconciliations, as well as the 3Q22 Supplemental Information Package, for defined metrics and GAAP to non-GAAP reconciliations.

1. Refer to slide 11.
2. As of September 30, 2022.

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Diversified Portfolio Footprint

Positioned for Long-Term Sustainable Growth and Portfolio Optimization Flexibility

Seattle, 2.0%

Boise

Salt Lake City, 3.3%					Denver
Las Vegas, 3.0%
Phoenix, 5.9%					Dallas, 7.4%
Top 20 AMH Market			San Antonio, 2.3%
AMH Development Presence

Chicago, 2.8%

Indianapolis, 5.1%

Columbus, 3.7%

Cincinnati, 3.7%

Nashville, 5.5%		Raleigh, 3.7%

Charlotte, 6.8%

Atlanta, 10.0%

Charleston, 2.7%

Savannah, 1.8%

Jacksonville, 4.9%

				Orlando, 3.2%
				Tampa, 4.7%
Houston, 4.8%

57,904

30+

21

17 Years

1,988 sf

97.1%

$1,943

Properties

Markets

States

Avg. Age per

Avg. Square Feet

Same-Home Avg.

Same-Home Avg.

Owned

Home

per Home

Occupied Days(1)

Mon. Realized Rent(1)

Amounts presented are for total portfolio, excluding properties held for sale, as of September 30, 2022, except where noted for our Same-Home portfolio. Map represents top 20 AMH markets as a percentage of total portfolio, excluding properties held for sale. All other markets make up the remaining 12.7%.

1. Reflected for the three months ended September 30, 2022.

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Same-Home Operational Update

Transitioning to New Post-Covid Norm, Well Above Historic Levels

Average Occupied Days

98.0%
97.0%	97.4%	97.1%	97.5%
	96.9%
96.0%
95.0%
94.0%	94.9%		94.8%
93.0%
3Q		October

Average Blended Change in Rent

10.0%
8.0%	9.0%	9.5%
8.7%	8.5%
6.0%
4.0%	4.0%
	3.4%
2.0%
0.0%
3Q	October

		'18 - '19 Avg.		2021		2022

	Average Change in Rent for Re-Leases			Average Change in Rent for Renewals
16.0%					10.0%
	15.8%				8.0%
12.0%					8.3%	8.2%
12.5%	12.6%
			6.0%
						6.5%
8.0%		9.1%				5.6%
				4.0%
					4.1%	4.4%
4.0%
	2.0%			2.0%
	4.0%
0.0%					0.0%
3Q	October	3Q	October

Note: Refer to Defined Terms and Non-GAAP Reconciliations, as well as the 3Q22 Supplemental Information Package, for defined metrics and GAAP to non-GAAP reconciliations.

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