Financial Data and Key Metrics Changes - The company reported a core FFO per share growth of 8.5% year-over-year, with a new midpoint guidance of $1.76, reflecting a 6% growth for the full year [6][19] - Net income attributable to common shareholders was $92.1 million, or $0.25 per diluted share [14] - Adjusted FFO was $0.39, representing a 9.4% year-over-year growth [14] Business Line Data and Key Metrics Changes - Same-Home core revenue growth was 5.5%, driven by renewal increases of 5.2% and blended spreads of 5.3% [9][10] - Same-Home core NOI growth was 5.9% for the quarter, with an updated full-year guidance increase to 4.5% [10][11] - The company maintained a Same-Home average occupied days of 96.6% [9] Market Data and Key Metrics Changes - The company noted strong demand for rental homes due to a national housing shortage and elevated home prices, which continues to drive the single-family rental market [7] - The Midwest markets showed particularly strong performance, with high-quality homes in good locations attracting in-migration [36] Company Strategy and Development Direction - The company is focused on consistent and predictable growth through disciplined capital allocation and operational execution [6][7] - The development program aims to deliver between 2,200 and 2,400 newly developed homes this year, with a controlled land pipeline of over 11,000 lots [11][12] - The company is strategically positioned to capitalize on the growing demand for high-quality single-family rental housing [7][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of housing fundamentals and the company's ability to meet growing demand [6][7] - The CEO transition is reported to be smooth, with a talented team in place to drive future growth [8] - Management remains cautious about potential impacts from new supply in certain markets but believes their product quality will maintain strong occupancy rates [24][25] Other Important Information - The company successfully issued a $500 million unsecured bond with a 5.5% coupon, which will be used to repay existing debt [16][17] - The company has a strong cash position with over $700 million available on the balance sheet [16] Q&A Session Summary Question: July trends and renewal rates - Management reported strong July performance with new lease rate growth of 6.2% and renewals at 5%, with expectations for renewal rates in the high 4% range for the second half of the year [21][22] Question: Impact of new supply in certain regions - Management acknowledged some pressure from new supply in Phoenix but emphasized that their product remains in high demand, with occupancy rates above 97% [24][25] Question: Bad debt expectations - Management expects bad debt to average around 1% for the full year, with strong collection trends observed across the portfolio [27][29] Question: Property tax guidance - Management indicated a positive outlook for property taxes, with a reduction in guidance reflecting favorable assessments in certain states [32][34] Question: Development pipeline concerns - Management expressed confidence in their development strategy, noting that their built-to-rent product is distinct from other new supply and remains in high demand [71][74] Question: Cost of capital considerations - Management discussed the importance of opportunistic capital use, emphasizing that their development program is structured to minimize reliance on equity [78][79] Question: Renewal rate expectations - Management targets a 70% retention rate for renewals, reflecting improvements in their service offerings and market conditions [80][81]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number: 001-36013 (American Homes 4 Rent) Commission File Number: 333-221878-02 (American Homes 4 Rent, L.P.) AMERICAN HOMES ...

Exhibit 99.2 | --- | --- | --- | |----------------------------------|-------|-------| | | | | | | | | | Earnings Release and | | | | | | | | Supplemental Information Package | | | | | | | | | | | | Second Quarter 2024 | | | | | | | | | | | | | | | | | | amh1 | AMH Table of Contents Summary Earnings Press Release 3 Select Non-GAAP Reconciliations – Core Net Operating Income 8 Fact Sheet 10 Financial Information Condensed Consolidated Statements of Operations 11 Funds from Operations 12 Core Net Operating Inc ...

Financial Data and Key Metrics Changes - The company reported core FFO of $0.43 per share, reflecting a year-over-year growth of 5.8% [7][15] - Net income attributable to common shareholders was $109.3 million, or $0.30 per diluted share [15] - Adjusted FFO was $0.40, representing a year-over-year growth of 6.5% [15] Business Line Data and Key Metrics Changes - Same-Home core revenue growth was 5.3%, with occupancy metrics showing an increase to 96.2% [11] - Same-Home average occupied days improved to 96.6% in April, with new, renewal, and blended rental rate spreads of 5.1%, 5.2%, and 5.2% respectively [12] - Same-Home core NOI growth was 4.9% for the quarter [11] Market Data and Key Metrics Changes - The company noted a healthy demand for single-family rentals, driven by macro factors such as housing shortages and demographic trends [8] - The company observed a significant reduction in the supply of new homes in its markets, with about half the number of homes available compared to pre-pandemic levels [22] Company Strategy and Development Direction - The company is focused on its development program, expecting to deliver between 2,200 and 2,400 homes in 2024 [12] - The company aims to address the housing shortage by providing new premium housing options in desirable locations [9] - Sustainability initiatives include a commitment to energy-efficient homes, with 2023 deliveries being 54% more energy-efficient than typical American homes [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing demand for single-family rentals and the strength of the leasing momentum [10] - The company is maintaining its guidance for 2024, citing robust demand and leasing activity [17] - Management acknowledged the potential for increased bad debt but noted a positive trend in collections [26] Other Important Information - The company was added to the S&P 400 Index on March 1, creating an opportunity to sell approximately 3 million Class A common shares [17] - The company repaid its 2014-SFR2 securitization, freeing up approximately 4,500 properties for asset management and disposition [16] Q&A Session Summary Question: About external growth and portfolio acquisitions - Management indicated that they are seeing opportunities in the acquisition landscape, particularly from national builders, with economic yields in the high 4s to low 5s [21][22] Question: On bad debt and revenue sustainability - Management reported that bad debt remains consistent with previous years, with a slight improvement noted in March [26] Question: On expense trends and property taxes - Management maintained their expense growth outlook at 6.25%, with property taxes expected to grow in the low 7% area [30] Question: On renewal rent growth and tenant negotiations - Management confirmed that renewal rates remain healthy, with no significant pushback from tenants [56] Question: On home prices and move-outs to home ownership - Management noted that the percentage of move-outs to buy is at its lowest, indicating stability in rental demand despite fluctuations in home prices [85] Question: On the impact of institutional investors on the market - Management discussed the legislative landscape and emphasized that state-level initiatives are addressing housing shortages effectively [88][89]

[PART I FINANCIAL INFORMATION](index=7&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for the quarterly period ended March 31, 2024 [American Homes 4 Rent Financial Statements](index=7&type=section&id=American%20Homes%204%20Rent%20Financial%20Statements) Reports Q1 2024 revenues of $423.6 million, net income of $128.1 million, and total assets of $12.76 billion Condensed Consolidated Balance Sheet Highlights (AMH) | Metric | March 31, 2024 ($ in thousands) | December 31, 2023 ($ in thousands) | | :--- | :--- | :--- | | **Total Assets** | **$12,761,092** | **$12,688,190** | | Total Real Estate Assets, Net | $11,806,056 | $11,757,225 | | Cash and Cash Equivalents | $124,826 | $59,385 | | **Total Liabilities** | **$5,056,361** | **$5,035,307** | | Unsecured Senior Notes, Net | $3,095,733 | $2,500,226 | | Asset-Backed Securitizations, Net | $1,407,380 | $1,871,421 | | **Total Equity** | **$7,704,731** | **$7,652,883** | Condensed Consolidated Statements of Operations Highlights (AMH) | Metric | Q1 2024 ($ in thousands) | Q1 2023 ($ in thousands) | | :--- | :--- | :--- | | Rents and other revenues | $423,555 | $397,703 | | Total Expenses | $366,841 | $349,398 | | Gain on sale of properties, net | $68,901 | $84,659 | | **Net Income** | **$128,095** | **$137,699** | | Net income attributable to common shareholders | $109,289 | $117,465 | | **Diluted EPS** | **$0.30** | **$0.32** | Condensed Consolidated Cash Flow Highlights (AMH) | Metric | Q1 2024 ($ in thousands) | Q1 2023 ($ in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $201,780 | $200,467 | | Net cash used for investing activities | ($68,146) | ($72,912) | | Net cash (used for) provided by financing activities | ($72,204) | $63,300 | | **Net increase in cash** | **$61,430** | **$190,855** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=21&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Details accounting policies, asset composition, debt structure, and significant Q1 2024 financing activities - As of March 31, 2024, the Company owned **59,343 single-family properties** in 21 states, including 728 properties classified as held for sale[60](index=60&type=chunk) Debt Composition as of March 31, 2024 | Debt Type | Outstanding Principal ($ in thousands) | | :--- | :--- | | Asset-backed securitizations | $1,411,186 | | Unsecured senior notes | $3,150,000 | | Revolving credit facility | $0 | | **Total Debt** | **$4,561,186** | - In Q1 2024, the Operating Partnership paid off the **$460.6 million AMH 2014-SFR2 securitization**, resulting in a $1.0 million loss on early extinguishment of debt and releasing 4,516 homes as collateral[88](index=88&type=chunk) - In Q1 2024, the Operating Partnership issued **$600.0 million of 5.500% unsecured senior notes** due 2034, receiving net proceeds of $595.5 million[89](index=89&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes Q1 2024 financial performance, highlighting revenue growth, operational results, and liquidity [Overview](index=35&type=section&id=Overview) Summarizes the company's property portfolio of 59,343 homes and its focus on the AMH Development Program Portfolio Snapshot as of March 31, 2024 | Metric | Value | | :--- | :--- | | Total Single-Family Properties | 59,343 | | Properties Held for Sale | 728 | | Occupied Properties (excl. held for sale) | 56,362 | | Properties in Unconsolidated JVs | 3,004 | - In Q1 2024, the company added **482 homes** (441 from its AMH Development Program) and sold 471 homes[143](index=143&type=chunk) - The company has strategically scaled back acquisitions through its National Builder Program and traditional channels, focusing on its internal **AMH Development Program**, and anticipates resuming growth in other channels once markets stabilize[143](index=143&type=chunk) [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Details a 6.5% revenue increase to $423.6 million and a 5.3% growth in Same-Home core revenues for Q1 2024 Q1 2024 vs. Q1 2023 Performance | Metric ($ in millions) | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Rents & Other Revenues | $423.6 | $397.7 | +6.5% | | Property Operating Expenses | $155.9 | $147.1 | +6.0% | | Net Income | $128.1 | $137.7 | -7.0% | | Core NOI | $237.7 | $220.9 | +7.6% | Same-Home Portfolio Performance (Q1 2024 vs. Q1 2023) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Core Revenues | $334.1M | $317.4M | +5.3% | | Core Property Operating Expenses | $114.8M | $108.4M | +5.9% | | Core NOI | $219.3M | $209.0M | +4.9% | | Avg. Monthly Realized Rent | $2,147 | $2,027 | +5.9% | | Avg. Occupied Days % | 96.2% | 97.2% | -1.0% | [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) Outlines liquidity of $124.8 million in cash and key Q1 2024 financing activities, including a $600 million note issuance - As of March 31, 2024, liquidity included **$124.8 million in cash** and **$1.25 billion available** under the revolving credit facility[188](index=188&type=chunk) - In Q1 2024, the company issued **$600.0 million of 5.500% unsecured senior notes** due 2034, raising net proceeds of $595.5 million[188](index=188&type=chunk)[200](index=200&type=chunk) - The company raised **$33.7 million in gross proceeds** from its At-the-Market (ATM) program in Q1 2024, with $864.3 million remaining available[188](index=188&type=chunk)[202](index=202&type=chunk) - Net cash used for financing activities was **$72.2 million** in Q1 2024, a significant shift from $63.3 million provided by financing in Q1 2023, driven by the payoff of the AMH 2014-SFR2 securitization, offset by the new notes issuance[198](index=198&type=chunk) [Additional Non-GAAP Measures](index=46&type=section&id=Additional%20Non-GAAP%20Measures) Reconciles non-GAAP measures, showing Core FFO growth to $180.9 million and Adjusted EBITDAre growth to $227.7 million FFO Reconciliation Highlights ($ in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net income attributable to common shareholders | $109,289 | $117,465 | | FFO attributable to common share and unit holders | $168,376 | $158,604 | | **Core FFO attributable to common share and unit holders** | **$180,937** | **$168,489** | | Adjusted FFO attributable to common share and unit holders | $166,018 | $153,488 | EBITDAre Reconciliation Highlights ($ in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Income | $128,095 | $137,699 | | EBITDA | $282,398 | $286,298 | | EBITDAre | $215,094 | $202,149 | | **Adjusted EBITDAre** | **$227,655** | **$212,034** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Discusses market risk exposure, primarily interest rate risk, which is currently minimal due to no variable rate debt - As of March 31, 2024, the company had **no outstanding variable rate debt** and therefore no current exposure to interest rate risk on its borrowings[221](index=221&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Confirms the effectiveness of disclosure controls and procedures with no material changes to internal controls - Management concluded that the disclosure controls and procedures for both American Homes 4 Rent and the Operating Partnership were **effective** as of the end of the period covered by the report[224](index=224&type=chunk)[227](index=227&type=chunk) - There were **no changes** during the quarter ended March 31, 2024, that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[225](index=225&type=chunk)[228](index=228&type=chunk) [PART II OTHER INFORMATION](index=50&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) Discloses cooperation with a Georgia Attorney General's Office investigation regarding landlord-tenant matters - The company is cooperating with an investigation by the **Georgia Attorney General's Office** concerning landlord-tenant matters and is exploring a potential negotiated resolution[128](index=128&type=chunk)[230](index=230&type=chunk) [Item 1A. Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors) States no material changes to risk factors disclosed in the 2023 Annual Report on Form 10-K - There have been **no material changes** to the risk factors previously disclosed in the 2023 Annual Report on Form 10-K[231](index=231&type=chunk)

American Homes 4 Rent (NYSE:AMH) Q4 2023 Earnings Conference Call February 23, 2024 12:00 PM ET Company Participants Nick Fromm - Director, IR David Singelyn - CEO Bryan Smith - COO Chris Lau - CFO Conference Call Participants Juan Sanabria - BMO Capital Markets Jeff Spector - Bank of America Steve Sakwa - Evercore ISI Keegan Carl - Wolfe Research Cooper Clark - Wells Fargo Eric Wolfe - Citi Haendel St. Juste - Mizuho Securities Adam Kramer - Morgan Stanley Michael Goldsmith - UBS Brad Heffern - RBC Capital ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbols Name of each exchange on which registered Class A common shares of beneficial interest, $.01 par value AMH New York Stock Exchange Series G perpetual preferred shares of beneficial interest, $.01 par value AMH-G New York Stock Exchange Series H perpetual preferred shares of beneficial interest, $.01 par value AMH-H New York Stock Exchange FOR ...

AMH Table of Contents | Summary | | | --- | --- | | Earnings Press Release | 3 | | Select Non-GAAP Reconciliations – Core Net Operating Income | 9 | | Fact Sheet | 11 | | Financial Information | | | Consolidated Statements of Operations | 12 | | Funds from Operations | 13 | | Core Net Operating Income – Total Portfolio | 14 | | Same-Home Results | 15 | | Consolidated Balance Sheets | 18 | | Debt Summary | 19 | | Capital Structure and Credit Metrics | 20 | | Property and Other Information | | | Top 20 Market ...

American Homes 4 Rent. (NYSE:AMH) Q3 2023 Earnings Conference Call November 3, 2023 ET Company Participants Nick Fromm - Director, IR David Singelyn - CEO Bryan Smith - COO Chris Lau - CFO Conference Call Participants Juan Sanabria - BMO Capital Markets Joshua Dennerlein - Bank of America Eric Wolfe - Citi Steve Sakwa - Evercore ISI Haendel St. Juste - Mizuho James Feldman - Wells Fargo Michael Goldsmith - UBS Adam Kramer - Morgan Stanley Alan Peterson - Green Street Daniel Tricarico - Scotiabank Austin Wur ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number: 001-36013 (American Homes 4 Rent) Commission File Number: 333-221878-02 (American Homes 4 Rent, L.P.) AMERICAN ...