American Homes 4 Rent · NYSE:AMH
American Homes 4 Rent — Investor Presentation (March 2022)
29 slides from American Homes 4 Rent's investor presentation, March 2022
Slide 1: Investor Highlights
Investor Highlights March 2022 fone
Slide 2: Legal Disclosures
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 include
Slide 3: AMH At A Glance
AMH At A Glance Superior Growth Profile Industry Leading First-of-its-Kind Built- & Balance Sheet Operating Platform For-Rent Platform ➢ 2022 Guidance of 14.7%(1) Core ➢ 57,024 high-quality properties ➢ Largest Builder of Single-Family FFO Growth at Midpoint, in 22 states with ~200,000 Homes For Ren
Slide 4: AMH Today
AMH Today The Market Opportunity Robust Growth Engine Strong Governance Practices 4
Slide 5: Same-Home Operational Update
Same-Home Operational Update Same-Home Average Occupied Days Average Blended Change in Rent 98.0% 10.0% 97.6% 8.0% 8.7% 8.6% 97.0% 97.4% 97.3% 97.4% 6.0% 6.8% 5.5% 4.0% 96.0% 2.0% 95.0% 0.0% 4Q February QTD 4Q February QTD 2020 2021 2022 Average Change in Rent for Re-Leases Average Change in Rent fo
Slide 6: Full Year 2022 Guidance
Full Year 2022 Guidance Guidance Summary(1) Full Year Midpoint Core FFO per share and unit $1.53 - $1.59 $1.56 Core FFO per share and unit growth 12.5% - 16.9% 14.7% Same-Home Portfolio: Core revenues growth 7.25% - 9.25% 8.25% Core property operating expenses growth 4.75% - 6.75% 5.75% Core NOI gro
Slide 7: 2022 Core FFO Bridge
2022 Core FFO Bridge Projecting Another Year of Consistent, Double-Digit Earnings Growth $1.56 $1.36 Note: Refer to Defined Terms and Non-GAAP Reconciliations, as well as the 4Q21 Supplemental Information Package, for defined metrics and GAAP to non-GAAP reconciliations. (1) Refer to slide 22 for 20
Slide 8: AMH vs. the Peer Set
AMH vs. the Peer Set 3-Year Core FFO Growth CAGR(1)(4) Implied 2022 Core FFO Growth(2)(4) (Midpoint of Guidance) 12.0% 14.7% 9.9% 13.9% 11.4% 2.8% AMH INVH Multi-Family Avg. AMH Multi-Family Avg. INVH 3-Year Population Growth CAGR(3)(4) Est. 2022 Population Growth(3)(4) 1.1% 1.0% 0.8% 0.8% 0.3% 0.4%
Slide 9: Investment Grade Balance Sheet
Investment Grade Balance Sheet Capital Structure(1) Debt Maturity Schedule(1)(2)(3) $1,160 Liquidity(4) Common Shares $948 $952 & OP Units, 79.8% Preferred Shares, 1.8% $510 $460 $410 $360 Floating Rate Debt, 1.6% $21 $21 $10 $10 $10 Fixed Rate Debt, 16.8% Liquidity - Cash and Cash Equivalents Liqui
Slide 10: The Market Opportunity
AMH Today The Market Opportunity Robust Growth Engine Strong Governance Practices 10
Slide 11: Macro Factors Drive Single-Family Rental Tailwind
Macro Factors Drive Single-Family Rental Tailwind Decade of Undersupply = Massive Housing Shortage Millennials Enter Prime Single Family Living Years TTM Average National Existing Home Inventory (1) (MM) 2.0% Projected Population Growth(2) 3.3 1.5% 2.8 Existing Home Inventory ~55% Below Long-Term Av
Slide 12: Migration Trends Favor AMH Footprint
Migration Trends Favor AMH Footprint US Census Migration Data 2019 - 2020 Trends Existed Prior to the Pandemic and Continue to This Day ❑ Observable 2019 - 2020 trends of out-bound migration from coastal urban centers to higher quality of life markets ❑ Trends continue as the pandemic reinforced the
Slide 13: Robust Growth Engine
AMH Today The Market Opportunity Robust Growth Engine Strong Governance Practices 13
Slide 14: AMH Strategic Priority: Growth
AMH Strategic Priority: Growth Three-Pronged Growth Strategy Enables Opportunistic Total Inventory Additions(1) Capital Allocation and Consistent Growth AMH Development Traditional Acquisitions National Builder AMH Development 5,000 4,607 ❑ Early-mover advantage on built-for-rental strategy, which h
Slide 15: AMH Development
AMH Development Immediate Value Creation by Building Superior BTR Homes at a Significant Discount to Market Value Desirable Durable Efficient ❑ Communities located in existing, ❑ Designed for durability and long- ❑ Superior quality at a significant high-performing AMH submarkets term efficient maint
Slide 16: Not All Build-To-Rent ("BTR") is the Same
Not All Build-To-Rent (“BTR”) is the Same AMH Builds the Ideal Rental Home Through the Lens of our Best-In-Class Operating Platform Other BTR Product Design and create ideal rental Homes and Communities using Less opportunity for alignment of Strategy data and insights from AMH’s integrated develo
Slide 17: AMH Development
AMH Development A Predictable and Consistent Driver of Earnings Growth, Fueled by our Extensive Land Pipeline AMH Development Deliveries AMH Development Land Pipeline(1) 3,000 Total Lots Owned and Controlled 20,000 18,000 18,000 2,500 2,250 16,000 2,054 2,000 14,000 1,647 12,000 1,500 10,000 9,000 M
Slide 18: Strong Governance Practices
AMH Today The Market Opportunity Robust Growth Engine Strong Governance Practices 18
Slide 19: Our Approach to Sustainability
Our Approach to Sustainability ❑ Environmentally ❑ Piloted a renewable energy program through the installation of solar panels on two friendly construction amenity centers, which we are monitoring to evaluate its potential expansion. ❑ In 2021, the average HERS index for our newly constructed homes
Slide 20: Corporate Governance Highlights
Corporate Governance Highlights ▪ AMH is governed by a 13‐member board of trustees Independent & ▪ Independent Chairman of the Board Accountable Stewardship ▪ Annual election of trustees ▪ Majority voting standard (plurality carve‐out voting standard only in contested elections) ▪ Continual process
Slide 21: Appendix
Appendix 21
Slide 22: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations 2022 Guidance The Company does not provide guidance for the most comparable GAAP financial measures of net income or loss, rents and other single-family property revenues and property operating expenses, or a reconciliation of the forward-looking non-GAAP f
Slide 23: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations Core Net Operating Income ("Core NOI“) Core NOI, which we also present separately for our Same-Home, unencumbered and encumbered portfolios, is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and other
Slide 24: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations Credit Ratios We present the following selected metrics because we believe they are helpful as supplemental measures in assessing the Company’s ability to service its financing obligations and in evaluating balance sheet leverage against that of other real
Slide 25: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations Fixed Charge Coverage For the Trailing Twelve Months Ended Dec 31, 2021 Interest expense per income statement $ 114,893 Less: amortization of discounts, loan costs and cash flow hedges (8,790) Add: capitalized interest 33,796 Cash interest 139,899 Dividends
Slide 26: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations EBITDA / EBITDAre / Adjusted EBITDAre EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP financial measure and is used by us and others as a supplemental measure of performance. EBITDAre is a supplement
Slide 27: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations Funds from Operations (“FFO”) / Core FFO attributable to common share and unit holders FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by NAREIT, which defines FF
Slide 28: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations The following is a reconciliation of net income attributable to common shareholders, as determined in accordance with GAAP, to Core FFO attributable to common share and unit holders (amounts in thousands, except share and per share data): For the Years Ende
Slide 29: Defined Terms and Non-GAAP Reconciliations
Defined Terms and Non-GAAP Reconciliations Same-Home Property A property is classified as Same-Home if it has been stabilized longer than 90 days prior to the beginning of the earliest period presented under comparison. A property is removed from Same-Home if it has been classified as held for sale
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