Growing responsibly by adding value to the market

AMH today is recognized as a leading national homebuilder and rental operator that’s addressing America’s greatest housing challenges. More than ever, the value we deliver to the marketplace is critically needed.

During our earnings call with investors this morning, we reiterated our focus on continuing to provide stability and solutions for those who rely on us. Our core strategic priorities into 2025 remain the same ?

Meeting growing consumer demand

Through our best-in-class products and services, we’re providing a housing option the market is telling us it needs.

?? Why it matters:

• With housing affordability creating unprecedented barriers for families seeking quality homes in desirable neighborhoods, we’re leveraging our expertise and scale to respond to market demands and shape a brighter future for housing.
• In our top markets in 2025, renting an AMH home is currently 27% more affordable than owning. That delta represents a meaningful difference for the typical U.S. household we serve, and unlocks opportunities for residents to meet their budget goals, save for a down payment, or simply enjoy a better quality of life in today’s inflationary environment.

?? By the numbers:

• In Q4, during a typically slower leasing season, we picked up occupancy every month. Full-year average occupancy remained steady at over 96%, reflecting customer satisfaction and desire for the professionally managed single-family rental housing option we offer.
• As we look to the start of spring leasing season, our internal demand metrics in February continue to present well, validating our customer value proposition.

Adding more rental supply

We’re building sustainable housing through our development program to bring more people more access to single-family living.

?? Why it matters:

• The housing shortage that’s driving the affordability crisis is estimated to be in the millions. Since launching our internally managed development program in 2017, we’ve built over 12,000 houses in 200 communities to date, consistently adding supply to the national housing stock.
• Because we build these properties to lease rather than sell, we invest in designing well-located, durable homes with contemporary features that appeal to modern-day renters, providing quality housing for the long-term.

?? By the numbers:

• In 2024, we delivered a total of 2,356 AMH-built properties. And in 2025, we expect to deliver approximately 2,300 more homes. With a land pipeline of over 10,000 lots, we’re committed to continue adding value to the market through more AMH-built communities well into the future.
• We’re also continuing to add supply back to the national stock through our dispositions program, with 587 properties sold last quarter alone.

Being accountable to our stakeholders

Our financial integrity provides stability to all the people who rely on us.

?? Why it matters:

• In 2024, as the economic tide receded, AMH differentiated itself as an out-performing, resilient industry leader. And that benefits all of the customers, employees, trade partners, and shareholders who depend on us.
• There are thousands of people in the U.S. today who look to us to provide reliable housing, employment, and income. Whether it’s a family of residents who’s been priced out of homeownership, hard-working professionals who seek job opportunities with our company, or the pension funds who entrust us with their investments, we recognize our responsibility to continue operating steadily, transparently, and mindfully.

?? By the numbers:

• That’s why, this past year, we worked hard to deliver industry-leading results, outperforming our peers in financial metrics like same-home revenue growth, same-home NOI growth, and core FFO growth. ?
• Looking ahead, we remain committed to keep moderating our expense growth and streamlining operations, so we can invest more capital in innovation and technology that improves our consumer-facing services platform and systems.

With renewed energy in our purpose and ample opportunities ahead, our outlook for the future has never been more optimistic. In 2025, we remain steadfast in our responsible approach to growth, so that we can continue to meet the evolving needs of households across the U.S.