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AMERICAN HOMES 4 RENT

(AMH)
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American Homes 4 Rent : Investor Presentation & Business Update September 2021

09/20/2021 | 04:52pm EDT

Investor Presentation &

Business Update

September 2021

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 2021 Guidance, our expectations with respect to the impacts of the COVID-19 pandemic, 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. 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, September 20, 2021. 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 adverse effect of the COVID-19 pandemic on us, our tenants, the economy and financial markets. The extent to which COVID-19 will impact our future financial results will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, including resurgences, new variants or strains, such as the Delta variant, the impact of government regulations, vaccine adoption rates, the effectiveness of vaccines, 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, 2020, Quarterly Report on Form 10-Q for the quarter ended June 30, 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 of these measures to GAAP is included in the Defined Terms and Non-GAAP Reconciliations section of this presentation, as well as the 2Q21 Supplemental Information Package available on our website at www.americanhomes4rent.com

under "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 a nationally recognized brand for rental homes, known for high- quality, good value and resident 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 June 30, 2021 we owned 54,785 single-family properties in selected submarkets in 22 states.

Contacts

American Homes 4 Rent Media Relations

American Homes 4 Rent Investor Relations

Phone: (855) 794-2447 / Email: investors@ah4r.com

Phone: (805) 413-5088 / Email: media@ah4r.com

2

AMH At A Glance

Peer-Leading Growth

    • Balance Sheet
  • 2021 Guidance of 13.8% Core FFO Growth at Midpoint, highest amongst Residential REIT Peers
  • Issued $750 Million in a Dual- Tranche Unsecured Bond Offering, Becoming First BBB- Residential REIT in History to Issue 30-Year Bonds
  • Highly Successful ~$690 Million Equity Offering with 70% Issued on Forward
  • Net Debt and Preferred Shares to Adjusted EBITDAre of 5.9x(1)

Industry Leading

Operating Platform

  • 54,785 high-quality properties in 22 states with ~ 200,000 residents(1)
  • Same-Home2Q21 Average Occupied Days of 97.9%
  • Best-in-ClassOperating Platform with Proprietary Technology & Call Center
  • Unhindered Operational Execution Through Pandemic

First-of-its-Kind Built-

For-Rent Platform

  • Largest Builder of Single-Family Homes For Rent with more than 2,000 Deliveries Expected in 2021(1)
  • 14,000 Unit Land Pipeline to Fuel Further Acceleration(2)
  • Highest-QualityProduct and Superior Investment Returns
  • Three-ProngedExternal Growth Strategy Drives Consistent Growth in all Cycles
  • 4,450 Total Inventory Additions Expected in 2021

Note: Refer to Defined Terms and Non-GAAP Reconciliations, as well as the 2Q21 Supplemental Information Package, for defined metrics and reconciliations to GAAP.

(1) As of June 30, 2021

3

(2) Midpoint of 2021 Guidance

AMH Today

The Market Opportunity

Differentiated Growth Strategy: AMH Development

Strong Governance Practices

4

Same-Home Operational Update

Strong Demand Tailwinds Persist - Modest Seasonality Returning

Same-Home Average Occupied Days

Average Blended Change in Rent

98.0%

2020

2021

10.0%

2020

2021

97.9%

8.0%

9.2%

97.0%

97.4%

8.0%

6.0%

96.0%

96.0%

4.0%

95.0%

95.5%

2.0%

2.4%

2.1%

94.0%

0.0%

2Q

July/August

2Q

July/August

Average Change in Rent for Re-Leases

Average Change in Rent for Renewals

16.0%

2020

2021

6.0%

2020

2021

16.7%

5.4%

5.6%

12.0%

13.7%

4.0%

8.0%

2.0%

4.0%

4.4%

5.4%

0.5%

1.3%

0.0%

0.0%

2Q

July/August

2Q

July/August

Note: Refer to Defined Terms and Non-GAAP Reconciliations, as well as the 2Q21 Supplemental Information Package, for defined metrics and reconciliations to GAAP.

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

American Homes 4 Rent published this content on 20 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 September 2021 20:51:05 UTC.


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Financials (USD)
Sales 2021 1 293 M - -
Net income 2021 120 M - -
Net Debt 2021 3 642 M - -
P/E ratio 2021 128x
Yield 2021 1,00%
Capitalization 12 849 M 12 849 M -
EV / Sales 2021 12,8x
EV / Sales 2022 11,4x
Nbr of Employees 1 447
Free-Float 85,7%
Chart AMERICAN HOMES 4 RENT
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Technical analysis trends AMERICAN HOMES 4 RENT
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 39,80 $
Average target price 45,31 $
Spread / Average Target 13,8%
EPS Revisions
Managers and Directors
David P. Singelyn CEO, Trustee & Chief Accounting Officer
Christopher C. Lau Chief Financial Officer
Kenneth Musser Woolley Independent Chairman
Bryan Smith Chief Operating Officer
John E. Corrigan Trustee & Chief Investment Officer
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