American Homes 4 Rent (AMH) Earnings

Management highlights

• 2026 off to a good start with solid seasonal demand and excellent execution. Seasonal demand picked up in back half of first quarter with record leasing volumes for March and continued momentum through April. • Same-home core NOI grew 3.7% due to control of controllables and efficient turning of homes. • Delivered over 500 development homes at 5.3% average initial yield. • Sold over 700 homes for ~$200 million net proceeds. • Active on share repurchases, repurchased ~$360 million of common stock over past six months (~3% of total shares and units outstanding). • Legislative update: Discussions on 21st Century Road Act continue, focus on ensuring single-family rental housing is well represented. • Operating results: Net income $128 million, core FFO 48 cents per share/unit (4.6% y-o-y growth), adjusted FFO $0.45 per share (8% y-o-y growth). • Balance sheet: Net debt to adjusted EBITDA 5.3 times, $63 million cash, $390 million drawn on $1.25 billion revolving credit facility. • Repurchased 3.7 million shares for $115 million in quarter, additional 3.2 million shares for $94 million post-quarter end. • 2026 guidance unchanged with healthy demand and strong activity in leasing season, teams controlling controllables.

Guidance

• 2026 guidance unchanged. Leasing season fully underway with healthy demand and strong activity. Teams controlling controllables. • Despite slower start in January and February, leasing season now fully underway. • Left 2026 guidance unchanged and remain optimistic on position moving forward.

Segment performance

Same-home core NOI grew 3.7% for the quarter. In April, new lease spreads improved to 1.2% and same-home average occupied days were 95.6% (30 basis point sequential improvement). Delivered over 500 high-quality, purpose-built AMH development homes at a 5.3% average initial yield. Sold over 700 homes for approximately $200 million of net proceeds. Net income attributable to common shareholders was $128 million, or 35 cents for diluted share. Core FFO per share and unit was 48 cents (4.6% year-over-year growth), adjusted FFO per share was $0.45 (8% year-over-year growth).

Risks & headwinds

• Forward-looking statements subject to risks and uncertainties causing actual results to differ from projected. • Regulatory uncertainty around legislation like the 21st Century Road Act could affect business and future results. • Inflationary effects on commodities and supply chain could impact development costs and yields. • Market conditions and competition could affect leasing, occupancy, and pricing. • Uncertainty around the timing and outcome of regulatory discussions could impact the business.

Analyst Q&A

• Q: New leases experienced solid 200 BIP acceleration versus 1Q. Unpack what drove that inflection, describe spring leasing season vs typical seasonality, key markets, and May trends.

  A: Lincoln said driven by balanced revenue management strategy, slower start but May and April saw great activity, 15% incremental over last year, expect to build occupancy and rate into season, May feeling good so far.

• Q: Mentioned expecting Hockensee to continue, curious on renewal side.

  A: Eric said renewal so far consistent with balanced revenue plan, 3% area for full year, Q2 to land similar to Q1, mailing into Q3 in mid threes.

• Q: Latest on regulatory front and probability of stripping out bill for rent hindrances.

  A: Brian said House working on response to Senate housing bill, initial bill facilitated development, Senate additions caused concerns, outcome uncertain but importance of addressing housing affordability.

• Q: Touch on additional buybacks, capital allocation.

  A: Chris said believe in business and stock, active repurchasing, over $400 million remaining on authorization, potential to free up additional capital via dispositions.

• Q: How are concessions trending by market, esp Arizona, Texas, Florida?

  A: Mike said generally don't offer concessions, product moving well, not going to use competitive concessions.

• Q: Changes in move outs to buy.

  A: Yana said move out to buy remained consistent sub 30% for last several quarters, no anticipated changes near future.

• Q: Quality of dispositions last few quarters.

  A: Brian said dispositions generally slightly smaller square footage, older homes, slightly lower rent, non-core assets; Chris said average net proceeds per property sold ~$200,000 per door, average disposition yield in 4% area.

• Q: Interplay of commodity prices on development yields and pace of development.

  A: Brian said watching inflation closely, current developments mostly locked in on price, vertical costs this year right on or slightly down from last year, development plans adjusted due to regulatory uncertainty and cost of capital, flexibility in development program.

• Q: Same-store expense growth drivers.

  A: Chris said property taxes no major updates, insurance renewal completed end of February, 2026 rates decreased ~10%, controllable expenses decrease due to timing and great execution despite increased move outs.

• Q: Guidance implies occupancy lift, curious on new move-in pricing and confidence in back half.

  A: Jesse said contemplating flattish new lease rate growth, lease expiration profile in back half extremely low, slightly improving supply picture, plan in place; Chris said new leases tracking according to plan, expect typical seasonal curvature with moderation in third and fourth quarter.

• Q: Initial yield on developments 5.3%, stabilized yield and spread vs cost of capital.

  A: Brian said 5.3% is going-in yield, pre-leasing efforts successful with over half of new deliveries leased before ready, stabilized yield expected to improve with momentum similar to scattered site portfolio in occupancy and rate growth but lower total maintenance cost.

• Q: Regulatory uncertainty impact on future supply and fundamentals.

  A: Brad said affected supply, highlighted importance of scale and operating platform, effect on Build Direct projects, effect on capital coming into space, uncertain how long-lasting but improving supply profile helps.

• Q: Seasonality and rate of expirations shift, dynamic causing it and regularity.

  A: Peter said result of intentional alignment of lease expiration schedule, shifting expirations from back half to front half for more leasing opportunity, will continue intentional effort to refine.

• Q: Movement in pricing sellers or development yields due to regulation or rate uncertainty.

  A: Brian said uncertainty paused transaction market, some willingness from midsize operators to partner, value of operating and development platform.

• Q: Lift from disposition and help for sale activity on same-store revenue growth.

  A: Chris said pool grew by ~1,500 units with newly constructed homes, resetting pool annually with changes from dispositions and help for sale, same store revenue growth affected by resetting and identifying disposition candidates.

• Q: Slightly later than normal start to peak leasing season, cause.

  A: Amy said weather, uncertainty (regulatory, financial) can play part, encouraged by excellent activity this time of year and expect to continue.

• Q: Supply profile improving, color on supply burden markets.

  A: Jesse said supply generally improving across most markets, encouraged by demand during leasing season, moderation in starts and deliveries, some standing inventory in some areas like Arizona and Texas but signs of life in many markets.

• Q: Spread convergence between Midwest and Sunbelt markets.

  A: Austin said convergence likely more due to Sunbelt performance, Midwest projected strong for next several years, other markets improving will lead to convergence.