American Homes 4 Rent at Bank of America Global Real Estate Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Joshua Dennerlein - BofA Global Research - Analyst : Yes. No. Chris, maybe I'll just start there. People are, I guess, trying to think through the balance of the year and how you're thinking about where you're maybe sending out renewals today, if that's something you can share? Or yes, just the trajectory for the balance of the year versus like what you've achieved. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 11, 2024 / 2:20PM, AMH.N - American Homes 4 Rent at Bank of America Global Real Estate Conference

Question: Joshua Dennerlein - BofA Global Research - Analyst : Okay. And then I guess a lot of questions at the conference about thinking about where we're heading and the building blocks that have already been laid for 2025. Can you speak about your expected earn-in for 2025 and like what else -- where the other variables are for the remainder of the year and how that might change?

Question: Joshua Dennerlein - BofA Global Research - Analyst : Any questions from the field on just like the operating update or where things are heading traditionally? Unidentified Participant Supply SFR, product supply (inaudible) your assets or communities to be effective.

Question: Joshua Dennerlein - BofA Global Research - Analyst : Maybe a tangential question on that. Does the build-to-rent product that you're talking about, does that compete for the customers from more traditional apartments or the SFR that you own? Just trying to think of like where the profile is. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 11, 2024 / 2:20PM, AMH.N - American Homes 4 Rent at Bank of America Global Real Estate Conference

Question: Joshua Dennerlein - BofA Global Research - Analyst : And maybe just a little bit of a technical question. Does that -- like a start for this build-to-rent product, does it show up as a single-family start or a multifamily start?

Question: Joshua Dennerlein - BofA Global Research - Analyst : Okay. Interesting. And then, I guess, just the development platform, I think is the most unique -- one of the more unique aspects of AMH. Just one of the questions I have feel is it seems like the yields that have been discussed on the development side have come in maybe a little bit lower than expected or what was discussed. Just -- can you walk us through what your latest thoughts on the returns that you're achieving, where you expect those to go? And maybe just why they've been lagged that expectation a little bit?

Question: Joshua Dennerlein - BofA Global Research - Analyst : Sure. I guess on the yields, we've seen a competitor buy from the homebuilders that would seem like comparable yields to maybe what you're current development orders are. Just curious like how you view your product versus maybe what you're seeing from homebuilders. And I don't know, it's just hard from our seat sometimes to reconcile the two yield differences.

Question: Joshua Dennerlein - BofA Global Research - Analyst : I guess when you're underwriting, what are some of your key assumptions from the homebuilders?

Question: Joshua Dennerlein - BofA Global Research - Analyst : Questions from the field? Unidentified Participant So just to clarify, what's your marginal dollar, what yield -- economic yield do you want to see today given the higher cost of capital?

Question: Joshua Dennerlein - BofA Global Research - Analyst : I was just looking at your presentation, slide 15 just shows like your development land pipeline. It was like a number of lots of peaked in 2022. I know you're developing, so it's probably coming down. I guess how do you think about the pace going forward of the development pipeline as well as like potentially backfilling this so it doesn't dip too low?

Question: Joshua Dennerlein - BofA Global Research - Analyst : I noticed the -- I was just looking to the slide deck. It's very difficult. Slide 4 shows your footprint. And I noticed -- and I don't know if this is new, but it looks like you have a development in Boise, Idaho and Denver. It didn't say market presence total. But are those newer developments, newer markets, places you want to grow capital allocation front? .

Question: Joshua Dennerlein - BofA Global Research - Analyst : So we just have a few minutes left. And we do have an election coming up, and I feel like there's been some noise around the housing market. Is there anything on the regulatory horizon that is worth mentioning? Do you have any thoughts on potential impacts of the presidential, housing proposals? .

Question: Joshua Dennerlein - BofA Global Research - Analyst : So I'll leave you with an easier one. It's multiple choice. We have three rapid fire questions. Do you expect real estate transactions to increase once the Fed starts to cut, yes or no? .

Question: Joshua Dennerlein - BofA Global Research - Analyst : Yes or no.

Question: Joshua Dennerlein - BofA Global Research - Analyst : Yes. If yes, when do you expect them to pick up? I thought Bryan was answering everything. If yes, when do you expect them to pick up? A, 4Q '24; B, first half '25; or C, second half '25?

Question: Joshua Dennerlein - BofA Global Research - Analyst : How would you characterize demand for space today? A, improving; B, steady; C, weakening.

Question: Joshua Dennerlein - BofA Global Research - Analyst : I guess, demand for your product.

Question: Joshua Dennerlein - BofA Global Research - Analyst : Last year --

Question: Joshua Dennerlein - BofA Global Research - Analyst : Last year, the majority of companies at our conference stated they expected to ramp up spending on AI initiatives in 2024. How would you characterize your plans over the next year? A, higher; B, flat; C, lower .

Question: Joshua Dennerlein - BofA Global Research - Analyst : Awesome. Thank you.