American Homes 4 Rent (AMH) Earnings

Management highlights

### Legislative Update: Road to Housing Act - The recently enacted bipartisan legislation supports AMH's core business model: it recognizes new home construction as a solution to housing affordability, grandfathering existing single-family rental portfolios to preserve professionally managed rental options, and preserves the ability to consolidate existing SFR portfolios. - The law creates clear long-term certainty for the industry and positions AMH to capture consolidation opportunities as smaller market participants face increased regulatory hurdles. ### Operational Performance - The 2026 spring leasing season was stronger than expected, with the team turning and re-leasing a record number of homes in the first half of the year while maintaining tight expense control. - Momentum extended into July 2026, with occupancy holding at 96.1% and new, renewal, and blended spreads improving to 1.6%, 3.3%, and 2.8% respectively. - A multi-year lease expiration management initiative resulted in only one-third of 2026 total lease expirations scheduled for the second half of the year, flattening the expected occupancy curve and improving positioning for 2027. - Development program performance exceeded expectations: pre-leasing initiatives drove strong lease-up of newly delivered homes, with 40% of planned second half 2026 deliveries already pre-leased as of Q2 end. Initial yields for in-progress development have improved modestly, with new started projects underwritten for yields in the 6% range, up from prior guidance of ~5.25%, driven by lower land costs and design optimizations. - Disposition activity for portfolio optimization is tracking ahead of plan, with over 1,300 homes sold in the first half at cap rates around 4%, with proceeds matching funding for 2026 development activity. - Capital allocation is disciplined: the company repurchased 4.1 million common shares in Q2 for $123 million at an average price of $29.88 per share, bringing total repurchases over the past nine months to ~3% of outstanding shares at an average price of ~$31 per share. End-of-quarter net debt (including preferred shares) to adjusted EBITDA was 5.2x, below the company's long-term leverage target, with $377 million remaining in current share repurchase authorization. - Market performance across the portfolio is broadly positive: the Midwest and Western markets (including Seattle, Boise, and Salt Lake City) hold occupancy of 96%-97%, with early signs of improvement in Tampa (reduced new supply) and Atlanta; Texas markets Houston and Dallas delivered blended spreads over 2%, while Phoenix remains weaker.

Guidance

• Management increased the midpoint of 2026 full-year core FFO per share guidance by 3 cents to $1.95, representing 4.3% year-over-year growth. This new midpoint equals the upper end of the prior guidance range. • The midpoint of full-year 2026 core expense growth guidance for the same-home portfolio was lowered by 75 basis points to 2%, driven by stronger-than-expected cost controls and favorable property tax outcomes in smaller markets. • The midpoint of 2026 same-home core NOI growth guidance was increased by 40 basis points to 2.4%, with full-year same-home core NOI margins expected to modestly expand compared to 2025. • Full-year 2026 occupancy is expected to hold in the high 95% range for the full year, with new lease rate growth expected to remain flattish, and full-year blended renewal rates expected to reach ~3.5%, resulting in full-year blended spreads in the low 2% range. • Full-year 2026 disposition net proceeds are now tracking toward the upper half of the prior $400-$600 million target range, reducing planned incremental debt issuance for the year. • 2026 full-year development deliveries are maintained at 1,900 homes, with lower second half delivery volumes intentional to align construction with stronger seasonal demand and retain optionality as market conditions evolve.

Segment performance

AMH operates primarily in single-family rental (SFR) housing, with two core segments: the same-home rental portfolio and non-same-home contributions from new development. In Q2 2026, the same-home portfolio achieved 96% average occupied days, with new, renewal, and blended rental spreads of 1.4%, 3.2%, and 2.7% respectively, driving core revenue growth of 2.3% year-over-year. Net income attributable to common shareholders was $113.6 million (31 cents per diluted share). Core FFO per share was 49 cents, representing 5.2% year-over-year growth, while adjusted FFO per share was 45 cents, representing 8.3% year-over-year growth. The in-house development segment delivered 651 total homes to wholly-owned and joint venture portfolios in Q2, 542 of which were added to the wholly-owned portfolio for a total investment of ~$220 million. Disposition of non-core homes generated $380 million in net proceeds year-to-date, which is ahead of initial annual targets of $400-$600 million for full-year 2026.

Risks & headwinds

• Forward-looking results, including development yields, consolidation activity, and 2026 second half performance, remain subject to uncertainty, and actual results may differ materially from projections due to factors including changes to market supply, demand, regulatory implementation, and cost of capital. • Full rules for the Road to Housing Act are still being written, and unanticipated regulatory changes could impact future acquisition and operational activity. - Some key markets including Atlanta and Phoenix still underperform portfolio averages, with further recovery needed to meet company occupancy and rental growth targets. • Large volumes of lease expirations in the first half of 2026 created operational complexity, though the company executed better than expected on this challenge.

Analyst Q&A

• Q: What is driving recent improvements in capital expenditure trends (maintenance and turn costs), and what should be expected for the "new normal" of annual spend going forward?

  A: Process improvements and structural adjustments implemented in 2025 have improved cost efficiency that carried into 2026. Teams performed better than expected handling heavy first half 2026 lease expirations. Controllable cost growth is not expected to stay negative in the back half; it is projected to land in low single digits, matching broader inflation levels.

• Q: What are AMH's capital allocation priorities between share buybacks, development, and portfolio consolidation, particularly given new regulatory changes?

  A: Management continues to view share repurchases as attractive, having already repurchased ~3% of outstanding shares in nine months, with ample remaining authorization and leverage below target. The Road to Housing Act created a temporary pause in portfolio consolidation that has lifted post-enactment, with increased activity expected over 12-18 months as smaller players face higher regulatory barriers. Management expects seller pricing expectations will become more realistic over time, and AMH is well-positioned to acquire attractive portfolios that fit its buy box.

• Q: Why has AMH kept full-year development delivery guidance flat despite disposition proceeds coming in ahead of plan, which gives extra capacity for more deliveries?

  A: Development requires long-term planning and is less nimble in the short term than acquisition channels. The 1,900 delivery plan was set to retain optionality as the cost of capital environment evolves, keep land positions healthy in core markets, and align deliveries with stronger seasonal demand. The current delivery pace aligns with AMH's balanced, yield-focused strategy, which has supported the strong pre-leasing results seen this year.

• Q: What do you see for the future of the land pipeline for development, given recent regulatory uncertainty and improving yields?

  A: Land acquisition was quiet in the first half of 2026 due to regulatory uncertainty, but the company expects to replenish its land pipeline through the rest of the year. There are more opportunities for finished/near-finished land now, which shortens the development timeline and allows faster delivery of completed homes. The pipeline has been rebalanced to reflect current market conditions, and attractive new deals are being evaluated to add to the pipeline.