American Homes 4 Rent (AMH) investor relations material

Executive summary

• Achieved a strong start to 2026 with record leasing volumes in March, accelerating spring leasing activity, and continued operational momentum into April, despite a delayed seasonal uptick.

• Demonstrated resilience of single-family rentals amid political and economic uncertainty, with higher occupancy and positive new lease spreads in April.

• Owned 61,237 single-family properties in 24 states as of March 31, 2026, with 1,037 held for sale and 3,858 in unconsolidated joint ventures.

• Focused on operational excellence, capital recycling, and strategic share repurchases, with portfolio growth driven by internal development and selective acquisitions.

• Delivered 539 newly constructed homes to wholly owned and JV portfolios, supporting growth and operational scale.

Financial highlights

• Net income attributable to common shareholders was $148.8 million for Q1 2026, up from $128.7 million in Q1 2025, driven by higher rental revenues and property sales gains.

• Core FFO per share and unit was $0.48, up 4.6% year-over-year; Adjusted FFO per share and unit was $0.45, up 8% year-over-year.

• Rents and other single-family property revenues rose 2.8% year-over-year to $472.0 million in Q1 2026.

• Same-home Core NOI grew 3.7% year-over-year to $245.9 million; total portfolio Core NOI increased 4.8% to $271.2 million.

• Sold over 700 non-core homes for ~$200 million net proceeds, with average disposition yield around 4%.

Outlook and guidance

• 2026 guidance remains unchanged, with full-year Core FFO expected at $1.89–$1.95 per share and unit.

• Management expects to meet liquidity needs through operations, debt, equity issuances, and property sales.

• Expect continued healthy demand and strong leasing activity, with occupancy and rate building in the first half and holding in the back half.

• New lease rate growth expected to be flat for the year, supporting occupancy.

• Anticipates 1,300–1,500 wholly owned acquisitions, 400–600 wholly owned development deliveries, and 1,700–2,100 JV development deliveries for 2026.