American Homes 4 Rent : AMH Investor Highlights March 2023

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 2023 Guidance, our expectations regarding Same-Home core revenues and occupied days, 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, March 3, 2023. 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, 2022, 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 4Q22 Supplemental Information Package available on our website at www.amh.com under "For Investors."

About AMH

AMH is a leading single-family property owner, leasing operator, and build-to-rent developer. We're an internally managed Maryland real estate investment trust (REIT) focused on acquiring, developing, renovating, leasing and managing homes as rental properties. Our goal is to simplify the experience of leasing a home and deliver peace of mind to households across the country. In recent years, we've been named one of Fortune's 2022 Best Workplaces in Real Estate™, a 2023 Great Place to Work®, a 2022 Top U.S. Homebuilder by Builder100, one of America's Most Responsible Companies 2023 and America's Most Trusted Companies 2022 by Newsweek and Statista Inc., and a Top ESG Regional Performer by Sustainalytics. As of December 31, 2022, we owned nearly 59,000 single-family properties in the Southeast, Midwest, Southwest and Mountain West regions of the United States. Additional information about AMH is available on our website at www.amh.com. AMH refers to one or more of American Homes 4 Rent, American Homes 4 Rent, L.P. and their subsidiaries and joint ventures. In certain states, we operate under AMH Living or American Homes 4 Rent. Please see www.amh.com/dba to learn more.

Contacts
AMH Investor Relations	AMH 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

• Strong Rate Growth Supports 2023 Expected Same-Home Core Revenues Growth of 6.0% at the Midpoint of Guidance(1)
• Another Year of Continued Strong Demand with 2023 Expected Same- Home Average Occupied Days of ~97%
• Favorable Supply Landscape and Sustainable Demand Tailwinds
• • National Housing Shortage
  • Growing SFR Renter Cohort
  • Increased Value Proposition
  • 24% Less Expensive to Rent vs. Own Across AMH Top 20 Markets(3)

Consistent Growth

From Development

Program

• Largest Integrated Single-Family Rental Builder with 2,200 - 2,400 Deliveries Expected in 2023(1)
• 14,000+ Unit Land Pipeline Creates Opportunity for Years of Stable Growth(2)
• Highest-QualityProduct and Superior Investment Returns
• Class A Single-Family Rental Locations, Inside Existing AMH Footprint
• #41 on Builder Magazine's 2022
  Builder 100 List

Investment Grade

Balance Sheet

• Industry Leading Investment Grade Balance Sheet - BBB Rating from S&P
• 6.0x Net Debt and Preferred Shares to Adjusted EBITDAre(2)
• Recently Agreed to Increase the Total Capital Capacity of Existing Joint Venture with Institutional Investors Advised by JP Morgan Asset Management to $900 Million
• Wholly-OwnedDevelopment Pipeline Strategically Sized to be Funded Without the Need for Additional Equity

Note: Refer to Defined Terms and Non-GAAP Reconciliations, as well as the 4Q22 Supplemental Information Package, for defined metrics and GAAP to non-GAAP reconciliations.

1. Refer to slide 10.
2. As of December 31, 2022.
3. Source: John Burns Real Estate Consulting, LLC. (Data as of February 2023)

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Diversified Portfolio Footprint

Positioned for Long-Term Sustainable Growth and Portfolio Optimization Flexibility

Seattle, 2.0%

Boise

Chicago, 2.8%

Indianapolis, 5.0%

Salt Lake City, 3.3%

Denver

Columbus, 3.6%

Cincinnati, 3.7%

Las Vegas, 3.2%
Phoenix, 5.9%			Dallas, 7.3%
Top 20 AMH Market		San Antonio, 2.3%
AMH Development Presence

Nashville, 5.6%

Raleigh, 3.8%

Atlanta, 10.0%

Charlotte, 6.8%

Charleston, 2.6%

Savannah, 1.8%

Jacksonville, 5.0%

Orlando, 3.2%

Tampa, 4.7%

Houston, 4.6%

57,878

Properties Owned

30+

Markets

21

States

17 Years

Avg. Age per Home

1,989 sf

Avg. Square Feet per Home

97.0%

Same-Home Avg. Occupied Days(1)

$1,979

Same-Home Avg. Mon. Realized Rent(1)

Amounts presented are for total portfolio, excluding properties held for sale, as of December 31, 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 12.8%.

1. Reflected for the three months ended December 31, 2022.

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Same-Home Operational Update

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

Average Occupied Days

Average Blended Change in Rent

98.0%				10.0%
97.0%	97.7%	97.5%		8.0%	8.7%		8.6%
	97.0%	97.1%			8.1%
				7.1%
96.0%				6.0%
95.0%		95.0%		4.0%
94.0%	95.0%		2.0%	3.2%		3.5%
93.0%				0.0%
	4Q	Feb QTD			4Q		Feb QTD
		'18 - '19 Avg.	2021	2022	2023

Average Change in Rent for Re-Leases

12.0%	12.2%
10.0%	11.9%
8.0%		8.5%
6.0%		7.1%
4.0%		2.5%
2.0%	1.4%
0.0%
	4Q	Feb QTD

Average Change in Rent for Renewals

10.0%
8.0%
6.0%		7.9%	7.4%	7.1%
6.7%
4.0%	4.5%		4.1%
2.0%
0.0%
	4Q		Feb QTD

Note: Refer to Defined Terms and Non-GAAP Reconciliations, as well as the 4Q22 Supplemental Information Package, for defined metrics and GAAP to non-GAAP reconciliations.

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