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1. An apartment REIT like Equity Residential, but for single-family homes.

2. Marriott or Hilton, but for rental houses instead of hotel rooms.

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• Single-Family Home Rentals: American Homes 4 Rent provides attractive single-family homes for lease to tenants across multiple U.S. states.

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American Homes 4 Rent (AMH) primarily serves individual customers. As a leader in the single-family home rental industry, the company leases its properties directly to tenants.

The major categories of individual customers it serves include:

1. Families and Individuals Seeking Space and Privacy: This category encompasses renters who desire the amenities and lifestyle offered by a single-family home, such as multiple bedrooms, a yard, and greater privacy, without the long-term commitment and maintenance responsibilities of homeownership.
2. Young Professionals and Couples: These customers often look for the benefits of a house, such as a dedicated home office, a backyard, or more living space, with the flexibility and convenience that renting provides, particularly in desired neighborhoods.
3. Individuals and Families in Transition: This segment includes renters who are relocating for work, military service, or other life changes, as well as those who are saving for a down payment on a future home purchase and require flexible, quality housing in the interim.

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Bryan Smith - Chief Executive Officer

Bryan Smith was appointed Chief Executive Officer of American Homes 4 Rent in January 2025 and also joined the company's Board of Trustees. Prior to this, he served as Chief Operating Officer since 2019. Smith has held several leadership roles at AMH since its founding, including Senior Vice President of Acquisitions before its initial public offering in 2013, and Executive Vice President and President of Property Management. He earned a B.A. in Business Economics from the University of California, Los Angeles, and an M.B.A. from the UCLA Anderson School of Management. He is also a Certified Public Accountant (inactive) in California.

Christopher C. Lau - Chief Financial Officer and Senior Executive Vice President

Chris Lau serves as the Chief Financial Officer and Senior Executive Vice President for American Homes 4 Rent, a role he assumed effective July 1, 2018. He is responsible for all financial functions, including financial planning and analysis, accounting, financial reporting, treasury, tax, investor relations, and capital markets. Lau has been instrumental in the company's strategic direction and growth initiatives. Before becoming CFO, he held positions as Vice President, Senior Vice President, and Executive Vice President of Finance at AMH from 2013 to 2018. Prior to joining American Homes 4 Rent, Mr. Lau was a Senior Manager in Deloitte's New York Real Estate Mergers & Acquisitions Advisory practice, and also worked in Deloitte's Real Estate Audit Practice, focusing on equity REIT clients. He holds a B.S. in Accounting.

Sara H. Vogt-Lowell - Chief Administrative Officer and Chief Legal Officer

Sara Vogt-Lowell oversees communications, government affairs, human resources, sustainability, and all legal matters and transactions, including governance, regulatory, and compliance developments for American Homes 4 Rent. She joined AMH at its founding. Previously, she served as General Counsel for Malibu Management, Public Storage Canada, and American Commercial Equities. Her legal career began at the law firm of Latham & Watkins LLP in the finance and real estate department.

Lincoln Palmer - Executive Vice President and Chief Operating Officer

Lincoln Palmer holds the title of Executive Vice President and Chief Operating Officer at American Homes 4 Rent.

Zackory Johnson - Executive Vice President and Chief Investment Officer

Zackory Johnson serves as the Executive Vice President and Chief Investment Officer for American Homes 4 Rent.

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1. Softening Rental Demand, Elevated New Supply, and Rising Concessions: American Homes 4 Rent faces significant risks from softening rental demand, an increase in new housing supply, and the resulting need for greater concessions to attract and retain tenants. Analysts have expressed caution regarding these trends, which could negatively impact the company's near-term earnings expectations and growth trajectory.
2. Regulatory and Legislative Changes: The company is exposed to risks associated with potential regulatory and legislative changes in the real estate industry. These include possible restrictions on corporate ownership of single-family homes, alterations in zoning laws, adverse tax policies, and new regulations concerning tenant rights and rent control. Notably, proposals to ban large institutional investors from purchasing single-family homes introduce significant uncertainty to AMH's business model.
3. Operational Risks and Increasing Costs: Managing a large and geographically diversified portfolio of single-family rental homes presents ongoing operational challenges. Key risks include increased operating costs due to high inflation and rising property taxes, unexpected expenses related to repairs and maintenance, and fluctuating Homeowners Association (HOA) fees. Additionally, the ability to efficiently manage property operations and maintain high occupancy rates while minimizing tenant turnover can directly impact profitability.

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The addressable market for single-family home rentals in the United States consists of approximately 15.7 million single-family rental homes as of a BatchData analysis in September 2025. This represents the total number of single-family homes available for rent in the U.S., which is the primary product/service offered by American Homes 4 Rent.

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1. Development of New Homes: American Homes 4 Rent's "Build-to-Rent" model and its AMH Development Program are significant drivers. The company plans to deliver approximately 1,900 newly constructed homes in 2026, continuing its strategy of funding new development through the proceeds from strategic property dispositions. This consistent addition of new, purpose-built homes directly expands its rental portfolio.
2. Rental Rate Growth: The company anticipates continued growth in average monthly realized rents. For instance, in 2026, management expects rental rate growth to be in the 2.5% range, driven by market demand and strategic lease management initiatives.
3. Occupancy Improvements: Maintaining and improving occupancy rates will be a key driver. While there was a focus on building momentum into late 2025, American Homes 4 Rent expects average occupied days to remain in the high 95% area for 2026. Efforts to control turnover rates through initiatives like lease expiration management also support stable occupancy.
4. Operational Efficiencies and Technology Integration: American Homes 4 Rent is implementing AI-driven tools to enhance the leasing process, improve resident communication, and boost internal leasing efficiency. These operational improvements are expected to lead to better resident retention and optimized processes, indirectly contributing to revenue growth by improving cost management and tenant satisfaction.

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Share Repurchases

• American Homes 4 Rent authorized a new $500 million share repurchase program in February 2026, following the completion of a previous buyback program.
• The company executed a $265 million share repurchase program, acquiring 8.4 million shares in 2025.
• In January 2026, AMH repurchased an additional 3.7 million shares for $115.1 million, fully utilizing the prior share repurchase authorization.

Share Issuance

• In January 2022, American Homes 4 Rent announced an underwritten public offering of 20,000,000 Class A common shares, with an option for underwriters to purchase an additional 3,000,000 shares.

Inbound Investments

• No specific large inbound investments by third-parties into American Homes 4 Rent were identified within the last 3-5 years.

Outbound Investments

• No specific instances of American Homes 4 Rent making strategic investments in other companies were identified within the last 3-5 years.

Capital Expenditures

• American Homes 4 Rent's capital expenditures amounted to -$1.5 billion USD based on the financial report for September 30, 2025.
• The company delivered over 2,300 new homes through its in-house development program in 2025.
• For 2026, American Homes 4 Rent plans to deploy $750 million to add another 1,900 newly constructed homes, primarily funding these wholly-owned development deliveries using $400 - $600 million of recycled capital from dispositions.