American Homes 4 Rent

Previous wording

As of June 30, 2025, we owned 61,500 single-family properties in select submarkets of metropolitan statistical areas in 24 states, including 904 properties held for sale, compared to 61,336 single-family properties in 24 states, including 805 properties held for sale, as of December 31, 2024 and 59,493 single-family properties in 21 states, including 633 properties held for sale, as of June 30, 2024. As of June 30, 2025, 58,317 of our total properties (excluding properties held for sale) were occupied, compared to 57,486 of our total properties (excluding properties held for sale) as of December 31, 2024 and 56,669 of our total properties (excluding properties held for sale) as of June 30, 2024. Also, as of June 30, 2025, the Company had an additional 3,616 properties held in unconsolidated joint ventures, compared to 3,376 properties held in unconsolidated joint ventures as of December 31, 2024 and 3,167 properties held in unconsolidated joint ventures as of June 30, 2024. Our portfolio of single-family properties, including those held in our unconsolidated joint ventures, is internally managed through our proprietary property management platform.

Current wording

As of September 30, 2025, we owned 61,692 single-family properties in select submarkets of metropolitan statistical areas in 24 states, including 1,028 properties held for sale, compared to 61,336 single-family properties in 24 states, including 805 properties held for sale, as of December 31, 2024 and 59,902 single-family properties in 21 states, including 1,003 properties held for sale, as of September 30, 2024. As of September 30, 2025, 57,061 of our total properties (excluding properties held for sale) were occupied, compared to 57,486 of our total properties (excluding properties held for sale) as of December 31, 2024 and 55,726 of our total properties (excluding properties held for sale) as of September 30, 2024. Also, as of September 30, 2025, the Company had an additional 3,721 properties held in unconsolidated joint ventures, compared to 3,376 properties held in unconsolidated joint ventures as of December 31, 2024 and 3,271 properties held in unconsolidated joint ventures as of September 30, 2024. Our portfolio of single-family properties, including those held in our unconsolidated joint ventures, is internally managed through our proprietary property management platform.

Previous wording

During the three months ended June 30, 2025, we developed or acquired 506 homes, including 501 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 5 homes acquired through our traditional acquisition channel, partially offset by 610 homes identified for sale. During the three months ended June 30, 2025, we also developed an additional 135 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 636 total home deliveries through our AMH Development Program.

Current wording

During the three months ended September 30, 2025, we developed or acquired 587 homes, including 539 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 48 homes acquired through our National Builder Program and traditional acquisition channel, partially offset by 519 homes identified for sale. During the three months ended September 30, 2025, we also developed an additional 112 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 651 total home deliveries through our AMH Development Program.

Previous wording

During the six months ended June 30, 2025, we developed or acquired 943 homes, including 925 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 18 homes acquired through our traditional acquisition channel, partially offset by 878 homes identified for sale. During the six months ended June 30, 2025, we also developed an additional 256 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 1,181 total home deliveries through our AMH Development Program.

Current wording

During the nine months ended September 30, 2025, we developed or acquired 1,530 homes, including 1,464 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 66 homes acquired through our National Builder Program and traditional acquisition channel, partially offset by 1,397 homes identified for sale. During the nine months ended September 30, 2025, we also developed an additional 368 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 1,832 total home deliveries through our AMH Development Program.

Previous wording

Our properties and land held for sale were identified based on individual asset-level review, as well as submarket analysis. As of June 30, 2025 and December 31, 2024, there were 904 and 805 properties, respectively, as well as certain land lots, classified as held for sale. During the three and six months ended June 30, 2025, we sold 370 and 786 properties, respectively. We will continue to evaluate our properties and land for potential disposition going forward as a normal course of business.

Current wording

Our properties and land held for sale were identified based on individual asset-level review, as well as submarket analysis. As of September 30, 2025 and December 31, 2024, there were 1,028 and 805 properties, respectively, as well as certain land lots, classified as held for sale. During the three and nine months ended September 30, 2025, we sold 395 and 1,181 properties, respectively. We will continue to evaluate our properties and land for potential disposition going forward as a normal course of business.

Previous wording

Our ability to maintain and grow revenues from our existing portfolio of homes will be dependent on our ability to retain tenants and increase rental rates. Based on our Same-Home population of properties (defined below), the year-over-year increase in Average Monthly Realized Rent per property was 4.0% for the three months ended June 30, 2025, and we experienced turnover rates, which represents the number of tenant move-outs during the period divided by the total number of properties, of 7.9% and 7.5% during the three months ended June 30, 2025 and 2024, respectively. Based on our Same-Home population of properties, the year-over-year increase in Average Monthly Realized Rent per property was 4.2% for the six months ended June 30, 2025, and we experienced turnover rates of 14.6% and 13.8% during the six months ended June 30, 2025 and 2024, respectively.

Current wording

Our ability to maintain and grow revenues from our existing portfolio of homes will be dependent on our ability to retain tenants and increase rental rates. Based on our Same-Home population of properties (defined below), the year-over-year increase in Average Monthly Realized Rent per property was 3.5% for the three months ended September 30, 2025, and we experienced turnover rates, which represents the number of tenant move-outs during the period divided by the total number of properties, of 7.3% and 7.9% during the three months ended September 30, 2025 and 2024, respectively. Based on our Same-Home population of properties, the year-over-year increase in Average Monthly Realized Rent per property was 3.9% for the nine months ended September 30, 2025, and we experienced turnover rates of 21.5% and 21.7% during the nine months ended September 30, 2025 and 2024, respectively.

Previous wording

Net income totaled $123.6 million for the three months ended June 30, 2025, compared to $108.5 million for the three months ended June 30, 2024. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses and higher net gains on property sales. Net income totaled $252.3 million for the six months ended June 30, 2025, compared to $236.6 million for the six months ended June 30, 2024. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses.

Current wording

Net income totaled $116.8 million for the three months ended September 30, 2025, compared to $87.6 million for the three months ended September 30, 2024. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses and higher net gains on property sales. Net income totaled $369.1 million for the nine months ended September 30, 2025, compared to $324.3 million for the nine months ended September 30, 2024. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses and higher net gains on property sales.

Previous wording

(1)Includes 54,029 properties that have been stabilized longer than 90 days prior to January 1, 2024.

Current wording

(1)Includes 53,412 properties that have been stabilized longer than 90 days prior to January 1, 2024.

Previous wording

Rents and other single-family property revenues increased 8.0% to $457.5 million for the three months ended June 30, 2025 from $423.5 million for the three months ended June 30, 2024. Revenue growth was driven by an increase in our average occupied portfolio which grew to 58,282 homes for the three months ended June 30, 2025, compared to 56,516 homes for the three months ended June 30, 2024, as well as higher rental rates.

Current wording

Rents and other single-family property revenues increased 7.5% to $478.5 million for the three months ended September 30, 2025 from $445.1 million for the three months ended September 30, 2024. Revenue growth was driven by an increase in our average occupied portfolio which grew to 57,689 homes for the three months ended September 30, 2025, compared to 56,198 homes for the three months ended September 30, 2024, as well as higher rental rates.

Previous wording

Property operating expenses increased 7.1% to $160.1 million for the three months ended June 30, 2025 from $149.5 million for the three months ended June 30, 2024. The increase was primarily driven by growth in our portfolio which resulted in increases in R&M and turnover costs as well as annual increases in property tax expense.

Current wording

Property operating expenses increased 5.6% to $181.6 million for the three months ended September 30, 2025 from $172.0 million for the three months ended September 30, 2024. The increase was primarily driven by (i) growth in our portfolio which resulted in increases in R&M and turnover costs and (ii) annual increases in property tax expense.

Previous wording

Property management expenses for the six months ended June 30, 2025 and 2024 were $68.6 million and $63.8 million, respectively, which included $2.4 million and $2.8 million, respectively, of noncash share-based compensation expense in each period related to centralized and field property management employees. The increase in property management expenses was primarily attributable to an increase in personnel related expenses.

Current wording

Property management expenses for the three months ended September 30, 2025 and 2024 were $33.4 million and $32.0 million, respectively, which included $0.9 million and $1.0 million, respectively, of noncash share-based compensation expense in each period related to centralized and field property management employees. The increase in property management expenses was primarily attributable to growth in our portfolio.

Previous wording

Core revenues from Same-Home properties increased 3.9% to $361.3 million for the three months ended June 30, 2025 from $347.6 million for the three months ended June 30, 2024. This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 4.0% to $2,276 per month for the three months ended June 30, 2025 compared to $2,188 per month for the three months ended June 30, 2024, as well as higher fees from single-family properties and lower uncollectible rents, partially offset by a decrease in Average Occupied Days Percentage, which was 96.3% for the three months ended June 30, 2025 compared to 96.7% for the three months ended June 30, 2024.

Current wording

Core revenues from Same-Home properties increased 3.8% to $357.8 million for the three months ended September 30, 2025 from $344.7 million for the three months ended September 30, 2024. This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 3.5% to $2,296 per month for the three months ended September 30, 2025 compared to $2,218 per month for the three months ended September 30, 2024, as well as higher fees from single-family properties and lower uncollectible rents, partially offset by a decrease in Average Occupied Days Percentage, which was 95.9% for the three months ended September 30, 2025 compared to 96.1% for the three months ended September 30, 2024.

Previous wording

Core property operating expenses from Same-Home properties consist of direct property operating expenses, net of tenant charge-backs, and property management costs, net of tenant charge-backs, and excludes noncash share-based compensation expense. Core property operating expenses from Same-Home properties increased 3.6% to $124.5 million for the three months ended June 30, 2025 from $120.1 million for the three months ended June 30, 2024 primarily driven by higher R&M and turnover costs, net. The increase was partially due to timing associated with incremental turnover costs related to the Company’s lease expiration management initiative, which is designed to shift lease expiration volume to the first half of the year to better align with the peak leasing season.

Current wording

Core property operating expenses from Same-Home properties consist of direct property operating expenses, net of tenant charge-backs, and property management costs, net of tenant charge-backs, and excludes noncash share-based compensation expense. Core property operating expenses from Same-Home properties increased 2.4% to $123.0 million for the three months ended September 30, 2025 from $120.2 million for the three months ended September 30, 2024 primarily driven by annual increases in property tax expense and partially offset by effective cost controls benefitted by the Company’s lease expiration management initiative, which was designed to shift lease expiration volume to the first half of the year to better align with the peak leasing season.

Previous wording

General and administrative expense primarily consists of corporate payroll and personnel costs, federal and state taxes, trustees’ and officers’ insurance expense, audit and tax fees, trustee fees and other expenses associated with our corporate and administrative functions. General and administrative expense for the six months ended June 30, 2025 and 2024 was $39.7 million and $43.6 million, respectively, which included $8.9 million and $14.4 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees. The decrease in general and administrative expense was primarily due to a decrease in noncash share-based compensation expense.

Current wording

General and administrative expense primarily consists of corporate payroll and personnel costs, federal and state taxes, trustees’ and officers’ insurance expense, audit and tax fees, trustee fees and other expenses associated with our corporate and administrative functions. General and administrative expense for the three months ended September 30, 2025 and 2024 was $20.5 million and $19.2 million, respectively, which included $3.9 million and $3.6 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees. The increase in general and administrative expense was primarily due to an increase in information technology costs to support growth in our business as well as an increase in noncash share-based compensation expense.

Previous wording

Interest expense increased 19.7% to $46.3 million for the three months ended June 30, 2025 from $38.7 million for the three months ended June 30, 2024. The increase was primarily due to additional interest from the issuances of unsecured senior notes in June 2024, December 2024 and May 2025, partially offset by lower interest expense resulting from the payoffs of the AMH 2014-SFR3 securitization in August 2024 and the AMH 2015-SFR1 securitization in March 2025.

Current wording

Interest expense increased 10.5% to $48.2 million for the three months ended September 30, 2025 from $43.6 million for the three months ended September 30, 2024. The increase was primarily due to additional interest from the issuances of unsecured senior notes in December 2024 and May 2025, partially offset by lower interest expense resulting from the payoffs of the AMH 2014-SFR3 securitization in August 2024 and the AMH 2015-SFR1 securitization in March 2025.

Previous wording

Acquisition and other transaction costs consist primarily of personnel and platform costs associated with purchases of single-family properties, including newly constructed properties from third-party builders, or the disposal of certain properties or portfolios of properties which do not qualify for capitalization. Acquisition and other transaction costs for the three months ended June 30, 2025 and 2024 were $2.7 million and $2.9 million, respectively, which included $1.3 million and $1.6 million, respectively, of noncash share-based compensation expense in each period related to employees in these functions. The decrease in acquisition and other transaction costs was primarily due to a decrease in noncash share-based compensation expense.

Current wording

Acquisition and other transaction costs consist primarily of personnel and platform costs associated with purchases of single-family properties, including newly constructed properties from third-party builders, the disposal of certain properties or portfolios of properties, or costs associated with land transactions, which do not qualify for capitalization. Acquisition and other transaction costs for the three months ended September 30, 2025 and 2024 were $3.7 million and $2.6 million, respectively, which included $1.4 million and $1.1 million, respectively, of noncash share-based compensation expense in each period related to employees in these functions. The increase in acquisition and other transaction costs was primarily due to an increase in costs associated with land transactions that did not qualify for capitalization as well as an increase in noncash share-based compensation expense.

Previous wording

Depreciation and amortization expense consists primarily of depreciation of buildings and improvements. Depreciation of our assets is calculated over their useful lives on a straight-line basis over three to 30 years. Our intangible assets are amortized on a straight-line basis over the asset’s estimated economic useful life. Depreciation and amortization expense increased 7.9% to $126.9 million for the three months ended June 30, 2025 from $117.6 million for the three months ended June 30, 2024 primarily due to growth in the average number and cost of depreciable properties as well as ongoing capital investments into existing properties.

Current wording

Depreciation and amortization expense consists primarily of depreciation of buildings and improvements. Depreciation of our assets is calculated over their useful lives on a straight-line basis over three to 30 years. Our intangible assets are amortized on a straight-line basis over the asset’s estimated economic useful life. Depreciation and amortization expense increased 5.8% to $126.7 million for the three months ended September 30, 2025 from $119.7 million for the three months ended September 30, 2024 primarily due to growth in the average number and cost of depreciable properties as well as ongoing capital investments into existing properties.

Previous wording

Gain on sale and impairment of single-family properties and other, net for the three months ended June 30, 2025 and 2024 was $51.9 million and $43.9 million, respectively, which included $5.8 million and $2.4 million, respectively, of impairment charges related to homes and land classified as held for sale during each period. The increase was primarily related to higher net gains on property sales.

Current wording

Gain on sale and impairment of single-family properties and other, net for the three months ended September 30, 2025 and 2024 was $47.6 million and $32.7 million, respectively, which included $5.7 million and $3.2 million, respectively, of impairment charges related to homes and land classified as held for sale during each period. The increase was primarily related to higher net gains on property sales.

Previous wording

Loss on early extinguishment of debt for the six months ended June 30, 2025 and 2024 was $0.2 million and $1.0 million, respectively. The decrease was primarily due to lower charges incurred related to the payoff of the AMH 2015-SFR1 securitization in March 2025 compared to the payoff of the AMH 2014-SFR2 securitization in February 2024.

Current wording

Loss on early extinguishment of debt for the three months ended September 30, 2025 and 2024 was $0.2 million and $5.3 million, respectively. The decrease was primarily due to lower charges incurred related to the payoff of the AMH 2015-SFR2 securitization in September 2025 compared to charges incurred related to the termination of our previous revolving credit facility in July 2024 and the payoff of the AMH 2014-SFR3 securitization in August 2024.

Previous wording

Other income and expense, net for the three months ended June 30, 2025 and 2024 was $4.6 million and $4.0 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated joint ventures, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses.

Current wording

Other income and expense, net for the three months ended September 30, 2025 and 2024 was $4.9 million and $8.3 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated joint ventures, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses. The decrease was primarily due to lower interest income.

Previous wording

Comparison of the Six Months Ended June 30, 2025 to the Six Months Ended June 30, 2024

Current wording

Comparison of the Nine Months Ended September 30, 2025 to the Nine Months Ended September 30, 2024

Previous wording

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the six months ended June 30, 2025 and 2024 (amounts in thousands):

Current wording

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the nine months ended September 30, 2025 and 2024 (amounts in thousands):

Previous wording

The following tables present a summary of Core NOI for our Same-Home properties, Non-Same-Home and Other properties and total properties for the six months ended June 30, 2025 and 2024 (amounts in thousands):

Current wording

The following tables present a summary of Core NOI for our Same-Home properties, Non-Same-Home and Other properties and total properties for the nine months ended September 30, 2025 and 2024 (amounts in thousands):

Previous wording

(1)Includes 54,029 properties that have been stabilized longer than 90 days prior to January 1, 2024.

Current wording

(1)Includes 53,412 properties that have been stabilized longer than 90 days prior to January 1, 2024.

Previous wording

Rents and other single-family property revenues increased 8.2% to $916.8 million for the six months ended June 30, 2025 from $847.0 million for the six months ended June 30, 2024. Revenue growth was driven by an increase in our average occupied portfolio which grew to 58,016 homes for the six months ended June 30, 2025, compared to 56,266 homes for the six months ended June 30, 2024, as well as higher rental rates.

Current wording

Rents and other single-family property revenues increased 8.0% to $1.4 billion for the nine months ended September 30, 2025 from $1.3 billion for the nine months ended September 30, 2024. Revenue growth was driven by an increase in our average occupied portfolio which grew to 57,778 homes for the nine months ended September 30, 2025, compared to 56,131 homes for the nine months ended September 30, 2024, as well as higher rental rates.

Previous wording

Property operating expenses increased 7.3% to $327.6 million for the six months ended June 30, 2025 from $305.4 million for the six months ended June 30, 2024. The increase was primarily driven by growth in our portfolio which resulted in increases in R&M and turnover costs as well as annual increases in property tax expense.

Current wording

Property operating expenses increased 6.7% to $509.2 million for the nine months ended September 30, 2025 from $477.4 million for the nine months ended September 30, 2024. The increase was primarily driven by (i) growth in our portfolio which resulted in increases in R&M and turnover costs and (ii) annual increases in property tax expense.

Previous wording

Property management expenses for the three months ended June 30, 2025 and 2024 were $34.4 million and $32.4 million, respectively, which included $1.1 million and $1.3 million, respectively, of noncash share-based compensation expense in each period related to centralized and field property management employees. The increase in property management expenses was primarily attributable to an increase in personnel related expenses.

Current wording

Property management expenses for the nine months ended September 30, 2025 and 2024 were $102.0 million and $95.8 million, respectively, which included $3.2 million and $3.8 million, respectively, of noncash share-based compensation expense in each period related to centralized and field property management employees. The increase in property management expenses was primarily attributable to an increase in personnel related expenses.

Previous wording

Core revenues from Same-Home properties increased 4.2% to $716.9 million for the six months ended June 30, 2025 from $687.9 million for the six months ended June 30, 2024. This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 4.2% to $2,264 per month for the six months ended June 30, 2025 compared to $2,172 per month for the six months ended June 30, 2024, as well as higher fees from single-family properties, partially offset by a decrease in Average Occupied Days Percentage, which was 96.2% for the six months ended June 30, 2025 compared to 96.4% for the six months ended June 30, 2024.

Current wording

Core revenues from Same-Home properties increased 4.2% to $1.1 billion for the nine months ended September 30, 2025 from $1.0 billion for the nine months ended September 30, 2024. This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 3.9% to $2,274 per month for the nine months ended September 30, 2025 compared to $2,188 per month for the nine months ended September 30, 2024, as well as higher fees from single-family properties and lower uncollectible rents, partially offset by a decrease in Average Occupied Days Percentage, which was 96.2% for the nine months ended September 30, 2025 compared to 96.3% for the nine months ended September 30, 2024.

Previous wording

Core property operating expenses from Same-Home properties consist of direct property operating expenses, net of tenant charge-backs, and property management costs, net of tenant charge-backs, and excludes noncash share-based compensation expense. Core property operating expenses from Same-Home properties increased 3.8% to $244.9 million for the six months ended June 30, 2025 from $235.9 million for the six months ended June 30, 2024 primarily driven by higher R&M and turnover costs, net and property management expenses, net. The increase in R&M and turnover costs, net was partially due to timing associated with incremental turnover costs related to the Company’s lease expiration management initiative, which is designed to shift lease expiration volume to the first half of the year to better align with the peak leasing season.

Current wording

Core property operating expenses from Same-Home properties consist of direct property operating expenses, net of tenant charge-backs, and property management costs, net of tenant charge-backs, and excludes noncash share-based compensation expense. Core property operating expenses from Same-Home properties increased 3.3% to $364.6 million for the nine months ended September 30, 2025 from $353.1 million for the nine months ended September 30, 2024 primarily driven by annual increases in property tax expense.

Previous wording

General and administrative expense primarily consists of corporate payroll and personnel costs, federal and state taxes, trustees’ and officers’ insurance expense, audit and tax fees, trustee fees and other expenses associated with our corporate and administrative functions. General and administrative expense for the three months ended June 30, 2025 and 2024 was $20.0 million and $21.7 million, respectively, which included $4.0 million and $7.6 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees. The decrease in general and administrative expense was primarily due to a decrease in noncash share-based compensation expense, partially offset by an increase in personnel related expenses.

Current wording

General and administrative expense primarily consists of corporate payroll and personnel costs, federal and state taxes, trustees’ and officers’ insurance expense, audit and tax fees, trustee fees and other expenses associated with our corporate and administrative functions. General and administrative expense for the nine months ended September 30, 2025 and 2024 was $60.2 million and $62.8 million, respectively, which included $12.8 million and $18.0 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees. The decrease in general and administrative expense was primarily due to a decrease in noncash share-based compensation expense partially offset by increases in information technology costs and personnel related expenses to support growth in our business.

Previous wording

Interest expense increased 18.7% to $91.7 million for the six months ended June 30, 2025 from $77.3 million for the six months ended June 30, 2024. The increase was primarily due to additional interest from the issuances of unsecured senior notes in January 2024, June 2024, December 2024 and May 2025, partially offset by lower interest expense resulting from the payoffs of the AMH 2014-SFR2 securitization in February 2024, the AMH 2014-SFR3 securitization in August 2024 and the AMH 2015-SFR1 securitization in March 2025.

Current wording

Interest expense increased 15.8% to $139.9 million for the nine months ended September 30, 2025 from $120.9 million for the nine months ended September 30, 2024. The increase was primarily due to additional interest from the issuances of unsecured senior notes in January 2024, June 2024, December 2024 and May 2025, partially offset by lower interest expense resulting from the payoffs of the AMH 2014-SFR2 securitization in February 2024, the AMH 2014-SFR3 securitization in August 2024 and the AMH 2015-SFR1 securitization in March 2025.

Previous wording

Acquisition and other transaction costs consist primarily of personnel and platform costs associated with purchases of single-family properties, including newly constructed properties from third-party builders, or the disposal of certain properties or portfolios of properties which do not qualify for capitalization. Acquisition and other transaction costs for the six months ended June 30, 2025 and 2024 were $5.7 million and $6.3 million, respectively, which included $2.9 million and $3.2 million, respectively, of noncash share-based compensation expense in each period related to employees in these functions. The decrease in acquisition and other transaction costs was primarily due to a decrease in noncash share-based compensation expense.

Current wording

Acquisition and other transaction costs consist primarily of personnel and platform costs associated with purchases of single-family properties, including newly constructed properties from third-party builders, the disposal of certain properties or portfolios of properties, or costs associated with land transactions, which do not qualify for capitalization. Acquisition and other transaction costs for the nine months ended September 30, 2025 and 2024 were $9.4 million and $8.9 million, respectively, which included $4.3 million of noncash share-based compensation expense in each period related to employees in these functions. The increase in acquisition and other transaction costs was primarily due to an increase in costs associated with land transactions that did not qualify for capitalization.

Previous wording

Depreciation and amortization expense consists primarily of depreciation of buildings and improvements. Depreciation of our assets is calculated over their useful lives on a straight-line basis over three to 30 years. Our intangible assets are amortized on a straight-line basis over the asset’s estimated economic useful life. Depreciation and amortization expense increased 7.9% to $251.9 million for the six months ended June 30, 2025 from $233.3 million for the six months ended June 30, 2024 primarily due to growth in the average number and cost of depreciable properties as well as ongoing capital investments into existing properties.

Current wording

Depreciation and amortization expense consists primarily of depreciation of buildings and improvements. Depreciation of our assets is calculated over their useful lives on a straight-line basis over three to 30 years. Our intangible assets are amortized on a straight-line basis over the asset’s estimated economic useful life. Depreciation and amortization expense increased 7.2% to $378.5 million for the nine months ended September 30, 2025 from $353.0 million for the nine months ended September 30, 2024 primarily due to growth in the average number and cost of depreciable properties as well as ongoing capital investments into existing properties.

Previous wording

Gain on sale and impairment of single-family properties and other, net for the six months ended June 30, 2025 and 2024 was $113.9 million and $112.8 million, respectively, which included $10.3 million and $3.3 million, respectively, of impairment charges related to homes and land classified as held for sale during each period. The increase was primarily related to higher net gains on property sales.

Current wording

Gain on sale and impairment of single-family properties and other, net for the nine months ended September 30, 2025 and 2024 was $161.5 million and $145.5 million, respectively, which included $16.0 million and $6.5 million, respectively, of impairment charges related to homes and land classified as held for sale during each period. The increase was primarily related to higher net gains on property sales.

Previous wording

Other income and expense, net for the six months ended June 30, 2025 and 2024 was $7.1 million and $7.4 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated joint ventures, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses.

Current wording

Other income and expense, net for the nine months ended September 30, 2025 and 2024 was $12.0 million and $15.7 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated joint ventures, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses. The decrease was primarily due to lower interest income.

Previous wording

Our critical accounting estimates are included in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the 2024 Annual Report. There have been no material changes to these estimates during the six months ended June 30, 2025.

Current wording

Our critical accounting estimates are included in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the 2024 Annual Report. There have been no material changes to these estimates during the nine months ended September 30, 2025.

Previous wording

Our liquidity and capital resources as of June 30, 2025 included $323.3 million of cash and cash equivalents. Additionally, as of June 30, 2025, we had no outstanding borrowings and $1.6 million committed to outstanding letters of credit under our $1.25 billion revolving credit facility, leaving $1.25 billion of remaining borrowing capacity. During the second quarter of 2025, the Company issued $650.0 million of 4.950% unsecured senior notes with a maturity date of June 15, 2030 (the “2030 Notes”), raising net proceeds of $642.5 million before offering costs of $1.3 million. Under our At-the-Market Program discussed below, we also had $753.7 million remaining available for future share issuances as of June 30, 2025. We maintain an investment grade credit rating which provides for greater availability of and lower cost of debt financing.

Current wording

Our liquidity and capital resources as of September 30, 2025 included $45.6 million of cash and cash equivalents. Additionally, as of September 30, 2025, we had $110.0 million of outstanding borrowings and $4.1 million committed to outstanding letters of credit under our $1.25 billion revolving credit facility, leaving $1.14 billion of remaining borrowing capacity. During the nine months ended September 30, 2025, the Company issued $650.0 million of 4.950% unsecured senior notes with a maturity date of June 15, 2030 (the “2030 Notes”), raising net proceeds of $642.5 million before offering costs of $1.3 million. Under our At-the-Market Program discussed below, we also had $753.7 million remaining available for future share issuances as of September 30, 2025. We maintain an investment grade credit rating which provides for greater availability of and lower cost of debt financing.

Previous wording

Our expected material cash requirements over the next twelve months consist of (i) contractually obligated expenditures, including payments of principal and interest, (ii) other essential expenditures, including property operating expenses, HOA fees (as applicable), real estate taxes, maintenance capital expenditures, general and administrative expenses and dividends on our equity securities including those paid in accordance with REIT distribution requirements, and (iii) opportunistic expenditures, including to pay for the acquisition, development and renovation of our properties and repurchases of our securities. Additionally, in July 2025, the Company provided notice to the third-party lender of its intent to repay all amounts due under the AMH 2015-SFR2 securitization during the third quarter of 2025.

Current wording

Our expected material cash requirements over the next twelve months consist of (i) contractually obligated expenditures, including interest payments, (ii) other essential expenditures, including property operating expenses, HOA fees (as applicable), real estate taxes, maintenance capital expenditures, general and administrative expenses and dividends on our equity securities including those paid in accordance with REIT distribution requirements, and (iii) opportunistic expenditures, including to pay for the acquisition, development and renovation of our properties and repurchases of our securities.

Previous wording

With respect to our contractually obligated expenditures, our cash requirements within the next twelve months include accounts payable and accrued expenses, interest payments on debt obligations, principal amortization on our asset-backed securitizations, operating lease obligations and purchase commitments to acquire single-family properties and land for our AMH Development Program. During the first quarter of 2025, we repaid all amounts due under the AMH 2015-SFR1 securitization. Except as described in Note 8. Debt, Note 9. Accounts Payable and Accrued Expenses, Note 15. Commitments and Contingencies and Note 17. Subsequent Events to our condensed consolidated financial statements in this report, there have been no other material changes outside the ordinary course of business to our other known contractual obligations described in “Liquidity and Capital Resources” in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the 2024 Annual Report.

Current wording

With respect to our contractually obligated expenditures, our cash requirements within the next twelve months include accounts payable and accrued expenses, interest payments on debt obligations, operating lease obligations and purchase commitments to acquire single-family properties and land for our AMH Development Program. During the nine months ended September 30, 2025, we repaid all amounts due under the AMH 2015-SFR1 and AMH 2015-SFR2 securitizations. Except as described in Note 8. Debt, Note 9. Accounts Payable and Accrued Expenses, Note 15. Commitments and Contingencies and Note 17. Subsequent Events to our condensed consolidated financial statements in this report, there have been no other material changes outside the ordinary course of business to our other known contractual obligations described in “Liquidity and Capital Resources” in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the 2024 Annual Report.

Previous wording

The following table summarizes the Company’s and the Operating Partnership’s cash flows for the six months ended June 30, 2025 and 2024 (amounts in thousands):

Current wording

The following table summarizes the Company’s and the Operating Partnership’s cash flows for the nine months ended September 30, 2025 and 2024 (amounts in thousands):

Previous wording

Our cash flows provided by operating activities, which is our principal source of cash flows, depend on numerous factors, including the occupancy level of our properties, the rental rates achieved on our leases, the collection of rent from our tenants and the level of property operating expenses, property management expenses, general and administrative expense and interest expense. Net cash provided by operating activities increased $19.5 million, or 4.1%, from $475.8 million for the six months ended June 30, 2024 to $495.3 million for the six months ended June 30, 2025, primarily due to increased cash inflows generated from a larger number of occupied properties and higher rental rates, partially offset by higher cash outflows for property related expenses as well as changes in working capital primarily related to the timing of payments for prepaid expenses and other assets and accounts payable and accrued expenses.

Current wording

Our cash flows provided by operating activities, which is our principal source of cash flows, depend on numerous factors, including the occupancy level of our properties, the rental rates achieved on our leases, the collection of rent from our tenants and the level of property operating expenses, property management expenses, general and administrative expense and interest expense. Net cash provided by operating activities increased $9.2 million, or 1.3%, from $709.3 million for the nine months ended September 30, 2024 to $718.5 million for the nine months ended September 30, 2025, primarily due to increased cash inflows generated from a larger number of occupied properties and higher rental rates, partially offset by higher cash outflows for property related expenses as well as changes in working capital primarily related to the timing of payments for accounts payable and accrued expenses.