American Homes for Rent today is transforming the single-family rental industry by its Build to Rent program. We are building Class A single-family homes, higher quality than you would find from most homebuilders.

Build to Rent is one of the top strategic priorities for us in American Homes. We are in the midst of a massive housing shortage crisis in our country.

Demand isn't even through the roof. The demand is so great that we don't know where the top of that demand curve is.

Our primary growth driver is our AMH development program.

AMH development is the home building arm of American Homes.

Adding very durable, purpose-built rental homes to our portfolio that are leasing just incredibly well. Generating rental rate premiums, ultimately translating into superior investment returns as well. So we really have a win-win here.

We're making precise decisions based on proprietary data on locations that we see as incredibly high demand growth areas for single family rentals.

We are really revolutionizing the single family rental home industry. We've now been able to launch over 70 communities across the country. And if you look at what we've managed to do in just a few short years, you know, the future is incredibly bright.

We've been able to mitigate the risk by hiring a world-class team of professional homebuilders that have many, many years coming from a publicly traded homebuilding background.

These people have spent their entire careers in production homebuilding. That depth of understanding spans everything that we do.

You can feel it when you walk through our neighborhoods, when you see our amenity centers, and when you touch and feel the tangible aspects of the homes that we've created for our tenants.

It's clear that this team knows what they're doing. so our typical resident is a family of three or more with a pet they like the idea of the communities that we're building and they really appreciate the value proposition and the convenience of our service platform we have an entirely vertically integrated capability to create new assets for us at cost a typical home builder might make a 20 to 25 gross margin on a newly constructed home the power for our company is also being able to create a desirable and durable asset very efficiently we have the best in class operating platform and we're able to couple

that with this development platform it's really really powerful combination we're maximizing the returns to our investors and we are providing the quality service that our residents desire we can't even build these houses fast enough and looking at what is available out there and then seeing our brand new homes and the flooring the attention to detail with the kitchen layout the overall quality of both our homes and the communities I think sometimes people are surprised when they see one of our communities it looks like any other high-end for sale community our three guiding principles when we design a house are desirable durable and efficient

we obviously need to have something that people would love to come in and live in there's a pride of ownership when we come through our communities you can see that the people enjoy living here in our area whether that's the fenced yards for the kids and the pets so you get all the features and benefits of class a apartment rentals in a single family living environment as our neighborhoods get larger we'll add other amenities that you'll often see in a neighborhood things like a swimming pool and a clubhouse as neighborhoods get even larger we'll add fitness centers co-working spaces so when people fall in love with our homes and lease from us they're also falling in love with the community that we build for them and the lifestyle that we create

building communities that we can all be proud of and not just today but for the next 15 20 years or longer we're providing quality housing at better economics than we can in any other channel by building new single family rentals we're the largest built to rent rental company every day we get further ahead.

The team that we've compiled and put together along with the land that we are continuing to acquire and build a portfolio gets me really excited for the future of American Homes Rent and AMH development specifically.

We're able to build the homes that we want and the locations that we want them and we're able to as a result deliver superior returns that are far in excess of what our competitors are able to do.

Shareholders get a better return on our product than they do on somebody who's just out acquiring and a better return is better for our company, better for shareholders, results in higher distributions and higher earnings.

People understand today the value proposition of single-family rentals. The sum of those two parts, under supply of housing and the understanding of the value proposition is a tailwind that is going to propel us for years to come.