American Homes 4 Rent

Previous wording

We are a Maryland REIT focused on acquiring, developing, renovating, leasing and managing single-family homes as rental properties. The Operating Partnership is the entity through which we conduct substantially all of our business and own, directly or through subsidiaries, substantially all of our assets. We commenced operations in November 2012 and we have elected to be taxed as a REIT.

Current wording

We are a Maryland REIT focused on developing, renovating, leasing and managing single-family homes as rental properties. The Operating Partnership is the entity through which we conduct substantially all of our business and own, directly or through subsidiaries, substantially all of our assets. We commenced operations in November 2012 and we have elected to be taxed as a REIT.

Previous 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.

Current wording

As of March 31, 2026, we owned 61,237 single-family properties in select submarkets of metropolitan statistical areas in 24 states, including 1,037 properties held for sale, compared to 61,479 single-family properties in 24 states, including 1,142 properties held for sale, as of December 31, 2025 and 61,361 single-family properties in 24 states, including 661 properties held for sale, as of March 31, 2025. As of March 31, 2026, 57,112 of our total properties (excluding properties held for sale) were occupied, compared to 56,756 of our total properties (excluding properties held for sale) as of December 31, 2025 and 58,246 of our total properties (excluding properties held for sale) as of March 31, 2025. Also, as of March 31, 2026, the Company had an additional 3,858 properties held in unconsolidated joint ventures, compared to 3,785 properties held in unconsolidated joint ventures as of December 31, 2025 and 3,487 properties held in unconsolidated joint ventures as of March 31, 2025. 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

Our results of operations and financial condition are affected by numerous factors, many of which are beyond our control. Key factors that impact our results of operations and financial condition include the pace at which we identify and acquire suitable land and properties, the time and cost required to renovate the acquired properties, the pace and cost of our property developments, the time to lease newly acquired or developed properties at acceptable rental rates, occupancy levels, rates of tenant turnover, the length of vacancy in properties between tenant leases, our expense ratios, property taxes including changes in rates and valuation assessments of our properties, our ability to raise capital and our capital structure. Additionally, labor shortages, supply chain disruptions and inflationary pressures, including as a result of tariffs, have impacted and may in the future impact certain aspects of our business, including our AMH Development Program, our renovation program associated with acquired properties and our maintenance program.

Current wording

Our results of operations and financial condition are affected by numerous factors, many of which are beyond our control. Key factors that impact our results of operations and financial condition include the pace at which we identify and acquire suitable land, the pace and cost of our property developments, the time it takes to lease our properties at acceptable rental rates, occupancy levels, rates of tenant turnover, the length of vacancy in properties between tenant leases, our expense ratios, property taxes including changes in rates and valuation assessments of our properties, our ability to raise capital and our capital structure. Additionally, labor shortages, supply chain disruptions and inflationary pressures, including as a result of tariffs, have impacted and may in the future impact certain aspects of our business, including our AMH Development Program, our renovation program and our maintenance program. We may also face challenges from new laws and regulations that attempt to restrict institutional ownership of single-family homes, such as by imposing limits on acquisitions or ownership, tax or other financial disincentives, or adverse zoning restrictions.

Previous wording

Development Program. In addition, we acquire newly constructed homes from third-party developers through our National Builder Program. Opportunities from these new construction channels are impacted by the availability of vacant developed lots, development land assets and inventory of homes currently under construction or newly developed. Our level of investment activity has fluctuated based on the number of suitable opportunities and the level of capital available to invest. We have strategically scaled back acquisitions of single-family properties through broker sales via the MLS and our National Builder Program as the housing market adjusts to the current macroeconomic environment. We will continue to evaluate all of our growth channels and grow accordingly, if and when, acquisition opportunities are attractive relative to the condition of capital markets.

Current wording

Our growth strategy is primarily focused on developing “built-for-rental” homes through our internal AMH Development Program. In addition, we evaluate opportunities to acquire newly constructed homes from third-party developers through our National Builder Program. Opportunities from these new construction channels are impacted by the availability of vacant developed lots, development land assets and inventory of homes currently under construction or newly developed. Our level of investment activity has fluctuated based on the number of suitable opportunities and the level of capital available to invest. We have strategically scaled back acquisitions of single-family properties through broker sales via the MLS and our National Builder Program as the housing market adjusts to the current macroeconomic environment. In the past, our ability to identify and acquire homes through traditional channels that met our investment criteria was impacted by home prices in our target markets, the inventory of properties available, the availability of bulk portfolio acquisition opportunities, competition for our target assets and our available capital.

Previous 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.

Current wording

During the three months ended March 31, 2026, we developed 457 newly constructed homes delivered to our operating portfolio through our AMH Development Program, offset by 594 homes identified for sale. During the three months ended March 31, 2026, we also developed an additional 82 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 539 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 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.

Current wording

Our properties and land held for sale were identified based on individual asset-level review, as well as submarket analysis. As of March 31, 2026 and December 31, 2025, there were 1,037 and 1,142 properties, respectively, as well as certain land lots, classified as held for sale. During the three months ended March 31, 2026 and 2025, we sold 710 and 416 properties, respectively. We will continue to evaluate our properties and land for potential disposition going forward as a normal course of business.

Previous wording

Homes added to our portfolio through new construction channels include properties developed through our internal AMH Development Program and newly constructed properties acquired from third-party developers through our National Builder Program. Rental homes developed through our AMH Development Program involve substantial up-front costs, time to acquire and develop land, time to build the rental home, and time to lease the rental home before the home generates income. This process is dependent upon the nature of each lot acquired and the timeline varies primarily due to land development requirements. Once land development requirements have been met, historically it has taken approximately five to seven months to complete the rental home vertical construction process. However, delivery of homes may be staggered to facilitate leasing absorption. Our internal construction program is managed by our team of development professionals that oversee the full rental home construction process including all land development and work performed by subcontractors. We typically incur costs between $300,000 and $450,000 to acquire and develop land and build a rental home. Homes added through our AMH Development Program are available for lease immediately upon or shortly after receipt of a certificate of occupancy. Rental homes acquired from third-party developers through our National Builder Program are dependent on the inventory of newly constructed homes and homes currently under construction.

Current wording

Homes added to our portfolio through new construction channels include properties developed through our internal AMH Development Program and newly constructed properties acquired from third-party developers through our National Builder Program. Rental homes developed through our AMH Development Program involve substantial up-front costs, time to acquire and develop land, time to build the rental home, and time to lease the rental home before the home generates income. This process is dependent upon the nature of each lot acquired and the timeline varies primarily due to land development requirements. Once land development requirements have been met, historically it has taken approximately four to seven months to complete the rental home vertical construction process. However, delivery of homes may be staggered to facilitate leasing absorption. Our internal construction program is managed by our team of development professionals that oversee the full rental home construction process including all land development and work performed by subcontractors. We typically incur costs between $300,000 and $500,000 to acquire and develop land and build a rental home. Homes added through our AMH Development Program are available for lease immediately upon or shortly after receipt of a certificate of occupancy. Rental homes acquired from third-party developers through our National Builder Program are dependent on the inventory of newly constructed homes and homes currently under construction.

Previous wording

Homes added to our portfolio through traditional acquisition channels require expenditures in addition to payment of the purchase price, including property inspections, closing costs, liens, title insurance, transfer taxes, recording fees, broker commissions, property taxes and homeowner association (“HOA”) fees, when applicable. In addition, we typically incur costs between $20,000 and $40,000 to renovate a home acquired through traditional acquisition channels to prepare it for rental. Renovation work varies, but may include paint, flooring, cabinetry, appliances, plumbing hardware and other items required to prepare the home for rental. The time and cost involved to prepare our homes for rental can impact our financial performance and varies among properties based on several factors, including the source of acquisition channel and age and condition of the property. Historically, it has taken approximately 20 to 90 days to complete the renovation process, which will fluctuate based on our overall acquisition volume as well as availability of construction labor and materials.

Current wording

Historically, homes added to our portfolio through traditional acquisition channels required expenditures in addition to payment of the purchase price, including property inspections, closing costs, liens, title insurance, transfer taxes, recording fees, broker commissions, property taxes and homeowner association (“HOA”) fees, when applicable. In addition, we typically incurred costs between $30,000 and $50,000 to renovate these homes to prepare it for rental. Renovation work varies, but may include paint, flooring, cabinetry, appliances, plumbing hardware and other items required to prepare the home for rental. The time and cost involved to prepare our homes for rental can impact our financial performance and varies among properties based on several factors, including the source of acquisition channel and age and condition of the property. Historically, it has taken approximately 20 to 90 days to complete the renovation process, which fluctuated based on our overall acquisition volume as well as availability of construction labor and materials.

Previous wording

Our revenues are derived primarily from rents collected from tenants for our single-family properties under lease agreements which typically have a term of one year. Our rental rates and occupancy levels are affected by macroeconomic factors and local and property-level factors, including market conditions, seasonality and tenant defaults, and the amount of time it takes to turn properties when tenants vacate. Additionally, our ability to collect revenues and related operating results are impacted by the credit worthiness and quality of our tenants. Typically, our incoming residents have household incomes ranging from $80,000 to $140,000 and primarily consist of families with approximately two adults and one or more children.

Current wording

Our revenues are derived primarily from rents collected from tenants for our single-family properties under lease agreements which typically have a term of one year. Our rental rates and occupancy levels are affected by macroeconomic factors and local and property-level factors, including market conditions, seasonality and tenant defaults, and the amount of time it takes to turn properties when tenants vacate. Additionally, our ability to collect revenues and related operating results are impacted by the credit worthiness and quality of our tenants. Typically, our incoming residents have household incomes ranging from $80,000 to $150,000 and primarily consist of families with approximately two adults and one or more children.

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 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.

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 3.0% for the three months ended March 31, 2026, and we experienced turnover rates, which represents the number of tenant move-outs during the period divided by the total number of properties, of 7.4% and 6.9% during the three months ended March 31, 2026 and 2025, respectively.

Previous 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.

Current wording

Net income totaled $148.8 million for the three months ended March 31, 2026, compared to $128.7 million for the three months ended March 31, 2025. 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

Core NOI also excludes (1) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (2) gain or loss on early extinguishment of debt, (3) gains and losses from sales or impairments of single-family properties and other, (4) depreciation and amortization, (5) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (6) noncash share-based compensation expense, (7) interest expense, (8) general and administrative expense, and (9) other income and expense, net. We believe Core NOI provides useful information to investors about the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs.

Current wording

Core NOI also excludes (1) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (2) gain or loss on early extinguishment of debt, (3) gains and losses from sales or impairments of single-family properties and other, (4) depreciation and amortization, (5) acquisition, disposition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (6) noncash share-based compensation expense, (7) interest expense, (8) general and administrative expense, and (9) other income and expense, net. We believe Core NOI provides useful information to investors about the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs.

Previous wording

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

Current wording

(1)Includes 54,162 properties that have been stabilized longer than 90 days prior to January 1, 2025.

Previous 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.

Current wording

Rents and other single-family property revenues increased 2.8% to $472.0 million for the three months ended March 31, 2026 from $459.3 million for the three months ended March 31, 2025. Revenue growth was primarily driven by higher rental rates.

Previous 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.

Current wording

Property operating expenses increased 0.7% to $168.7 million for the three months ended March 31, 2026 from $167.5 million for the three months ended March 31, 2025. The increase was primarily driven by annual increases in property tax expense.

Previous 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.

Current wording

Property management expenses for the three months ended March 31, 2026 and 2025 were $33.3 million and $34.2 million, respectively, which included $1.1 million and $1.2 million, respectively, of noncash share-based compensation expense in each period related to centralized and field property management employees. The decrease in property management expenses was primarily attributable to a decrease in personnel related expenses.

Previous 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.

Current wording

Core revenues from Same-Home properties increased 2.4% to $365.8 million for the three months ended March 31, 2026 from $357.3 million for the three months ended March 31, 2025. This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 3.0% to $2,329 per month for the three months ended March 31, 2026 compared to $2,261 per month for the three months ended March 31, 2025, as well as higher fees from single-family properties, partially offset by a decrease in Average Occupied Days Percentage, which was 95.1% for the three months ended March 31, 2026 compared to 95.9% for the three months ended March 31, 2025.

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 3.3% 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.

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 decreased 0.2% to $120.0 million for the three months ended March 31, 2026 from $120.3 million for the three months ended March 31, 2025 primarily driven by the Company’s effective cost controls.

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 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.

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 March 31, 2026 and 2025 was $21.3 million and $19.7 million, respectively, which included $4.4 million and $4.9 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 increases in personnel related expenses and information technology costs, partially offset by a decrease in noncash share-based compensation expense.

Previous 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.

Current wording

Interest expense increased 6.2% to $48.2 million for the three months ended March 31, 2026 from $45.4 million for the three months ended March 31, 2025. The increase was primarily due to additional interest from the issuance of unsecured senior notes in May 2025 as well as higher interest expense on our revolving credit facility as a result of a larger average balance, partially offset by lower interest expense resulting from the payoffs of the AMH 2015-SFR1 securitization in March 2025 and the AMH 2015-SFR2 securitization in September 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, 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.

Current wording

Acquisition, disposition 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, disposition and other transaction costs were $3.1 million for both the three months ended March 31, 2026 and 2025, which included $1.2 million and $1.5 million, respectively, of noncash share-based compensation expense in each period related to employees in these functions.

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 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.

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 1.9% to $127.3 million for the three months ended March 31, 2026 from $124.9 million for the three months ended March 31, 2025 primarily due to growth in the average 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 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.

Current wording

Gain on sale and impairment of single-family properties and other, net for the three months ended March 31, 2026 and 2025 was $78.4 million and $62.0 million, respectively, which included $14.2 million and $4.5 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 resulting from a higher volume of properties sold, partially offset by higher impairment charges.

Previous 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.

Current wording

Other income and expense, net for the three months ended March 31, 2026 and 2025 was $0.3 million and $2.4 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated entities, 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 nine months ended September 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 2025 Annual Report. There have been no material changes to these estimates during the three months ended March 31, 2026.

Previous wording

We expect to satisfy our cash requirements through cash provided by operations, long-term secured and unsecured borrowings, issuances of debt and equity securities (including OP units), property dispositions and joint venture transactions. We expect to meet our operating liquidity requirements and our dividend distributions generally through cash on hand and cash provided by operations. For our acquisition and development expenditures, we expect to supplement these sources through the issuance of equity securities, including under our At-the-Market Program described below, borrowings under our $1.25 billion credit facility, issuances of unsecured senior notes, and proceeds from sales of single-family properties. However, our real estate assets are illiquid in nature. A timely liquidation of assets might not be a viable source of short-term liquidity should a cash flow shortfall arise, and we may need to source liquidity from other financing alternatives including drawing on our revolving credit facility.

Current wording

We expect to satisfy our cash requirements through cash provided by operations, long-term secured and unsecured borrowings, issuances of debt and equity securities (including OP units), property dispositions and joint venture transactions. We expect to meet our operating liquidity requirements and our dividend distributions generally through cash on hand and cash provided by operations. For our development expenditures, we expect to supplement these sources through the issuance of equity securities, including under our At-the-Market Program described below, borrowings under our $1.25 billion credit facility, issuances of unsecured senior notes, and proceeds from sales of single-family properties. However, our real estate assets are illiquid in nature. A timely liquidation of assets might not be a viable source of short-term liquidity should a cash flow shortfall arise, and we may need to source liquidity from other financing alternatives including drawing on our revolving credit facility.

Previous 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.

Current wording

Our liquidity and capital resources as of March 31, 2026 included $63.3 million of cash and cash equivalents. Additionally, as of March 31, 2026, we had $390.0 million of outstanding borrowings and $3.0 million committed to outstanding letters of credit under our $1.25 billion revolving credit facility, leaving $857.0 million of remaining borrowing capacity. Under our At-the-Market Program discussed below, we also had $753.7 million remaining available for future share issuances as of March 31, 2026. 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 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.

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 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, 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.

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 land for our AMH Development Program. 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 2025 Annual Report.

Previous 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):

Current wording

The following table summarizes the Company’s and the Operating Partnership’s cash flows for the three months ended March 31, 2026 and 2025 (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 $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.

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 decreased $20.3 million, or 9.1%, from $223.4 million for the three months ended March 31, 2025 to $203.1 million for the three months ended March 31, 2026, primarily due to changes in working capital primarily related to the timing of payments for prepaid expenses and other assets as well as higher cash outflows for property related expenses, partially offset by increased cash inflows generated from higher rental rates.

Previous wording

Our investing activities are most significantly impacted by the level of investment activity through traditional acquisition channels, including the availability of bulk portfolio acquisition opportunities, the acquisition of newly built properties through our National Builder Program and the development of “built-for-rental” homes through our AMH Development Program. The development of “built-for-rental” homes and our property-enhancing capital expenditures may reduce recurring and other capital expenditures on an average per-home basis in the future. We have strategically scaled back acquisitions of single-family properties through broker sales via the MLS and our National Builder Program as the housing market adjusts to the current macroeconomic environment. We will continue to evaluate all of our growth channels and grow accordingly, if and when, acquisition opportunities are attractive relative to the condition of capital markets. We use cash generated from operating and financing activities and by recycling capital through the sale of single-family properties to invest in the strategic expansion of our single-family property portfolio.

Current wording

Our investing activities are most significantly impacted by the level of investment activity through the development of “built-for rental” homes through our AMH Development Program. The development of “built-for-rental” homes and our property-enhancing capital expenditures may reduce recurring and other capital expenditures on an average per-home basis in the future. We use cash generated from operating and financing activities and by recycling capital through the sale of single-family properties to invest in the strategic expansion of our single-family property portfolio.

Previous wording

Net cash used for investing activities decreased $12.4 million, or 4.2%, from $293.0 million for the nine months ended September 30, 2024 to $280.6 million for the nine months ended September 30, 2025. The decrease was primarily attributable to (i) a $59.6 million decrease in cash outflows for the addition of single-family properties to our portfolio, primarily for our AMH Development Program, as a result of the timing of development-related payments, (ii) a $39.3 million increase in net proceeds received from sales of single-family properties and other resulting from an increase in properties sold and (iii) $2.4 million in proceeds received from storm-related insurance claims during the nine months ended September 30, 2025. These changes were partially offset by (i) a $48.6 million decrease in distributions from joint ventures, net of contributions, primarily due to lower cash distributions received with respect to our property and land contributions, (ii) $25.7 million of nonrecurring cash proceeds received during the nine months ended September 30, 2024 for our AMH 2014-SFR2 Class F asset-backed securitization certificates, (iii) a $13.2 million increase in cash outflows for recurring and other capital expenditures and renovations to single-family properties due to growth in our portfolio and (iv) a $2.0 million increase in cash outflows for other investing activities.

Current wording

Net cash provided by investing activities was $10.3 million for the three months ended March 31, 2026 compared to net cash used for investing activities of $107.7 million for the three months ended March 31, 2025. This change was primarily attributable to (i) a $56.3 million increase in net proceeds received from sales of single-family properties and other resulting from an increase in properties sold, (ii) a $54.5 million decrease in cash outflows for the addition of single-family properties to our portfolio, primarily for our AMH Development Program, as a result of a scale-back in capital investment given the current capital markets environment, and (iii) a $5.8 million decrease in cash outflows for recurring and other capital expenditures and renovations to single-family properties.

Previous wording

Net cash used for financing activities increased $292.1 million, or 91.2%, from $320.3 million for the nine months ended September 30, 2024 to $612.4 million for the nine months ended September 30, 2025. The increase was primarily attributable to (i) a $434.5 million decrease in proceeds from unsecured senior notes, net of discounts and deferred financing costs paid, from the issuance of the 2030 Notes (see below) during the nine months ended September 30, 2025 compared to two issuances of unsecured senior notes during the nine months ended September 30, 2024, (ii) a $54.3 million increase in distributions paid to common share and unit holders resulting from a 15% increase in distributions paid per common share and unit during the nine months ended September 30, 2025 and (iii) $33.2 million in nonrecurring proceeds from the issuance of Class A common shares, net of offering costs, during the nine months ended September 30, 2024. These changes were partially offset by (i) activity under our revolving credit facility, which resulted in $110.0 million of net cash inflows during the nine months ended September 30, 2025 compared to $90.0 million of net cash outflows during the nine months ended September 30, 2024, (ii) a $23.0 million decrease in payments on asset-backed securitizations resulting from the payoffs of the AMH 2015-SFR1 and AMH 2015-SFR2 securitizations during the nine months ended September 30, 2025 compared to the payoffs of the AMH 2014-SFR2 and AMH 2014-SFR3 securitizations during the nine months ended September 30, 2024 and (iii) a $9.7 million decrease in payments to a land banking entity related to liabilities to repurchase consolidated land not owned for our AMH Development Program.

Current wording

Net cash used for financing activities decreased $11.2 million, or 4.5%, from $247.1 million for the three months ended March 31, 2025 to $235.8 million for the three months ended March 31, 2026. The decrease in cash outflows was primarily attributable to (i) $496.6 million in nonrecurring asset-backed securitizations payments resulting from the payoff of the AMH 2015-SFR1 securitization during the three months ended March 31, 2025 and (ii) $18.9 million in nonrecurring payments to a land banking entity related to liabilities to repurchase consolidated land not owned for our AMH Development Program during the three months ended March 31, 2025. These changes were partially offset by (i) a $380.0 million decrease in proceeds from our revolving credit facility, (ii) $115.1 million in cash outflows for the repurchases of Class A common shares during the three months ended March 31, 2026 and (iii) a $10.2 million increase in distributions paid to common share and unit holders resulting primarily from a 10% increase in distributions paid per common share and unit during the three months ended March 31, 2026.

Previous wording

The Company maintains an at-the-market common share offering program under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $1.0 billion (the “At-the-Market Program”). The At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers. The Company intends to use any net proceeds from the At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility, (ii) to develop new single-family properties and communities, (iii) to acquire and renovate single-family properties and for related activities in accordance with the Company’s business strategy and (iv) for working capital and general corporate purposes, including repurchases of the Company’s securities, acquisitions of additional properties, capital expenditures and the expansion, redevelopment and/or improvement of properties in the Company’s portfolio. The At-the-Market Program may be suspended or terminated by the Company at any time. During the first quarter of 2024, the Company directly issued 932,746 Class A common shares under its At-the-Market Program, raising $33.7 million in gross proceeds before commissions and other expenses of approximately $0.5 million. Additionally, the Company entered into a forward sale agreement with the forward purchaser during the first quarter of 2024 (the “March 2024 Forward Sale Agreement”) to offer 2,987,024 Class A common shares on a forward basis under its At-the-Market Program at the request of the Company by the forward seller. The Company issued and physically settled the 2,987,024 Class A common shares during the fourth quarter of 2024, receiving gross proceeds of $110.6 million before commissions and other expenses of approximately $0.8 million and before offering costs of approximately $0.2 million. During the nine months ended September 30, 2025, no shares were issued under the At-the-Market Program. As of September 30, 2025, 6,719,453 shares have been issued under the At-the-Market Program and $753.7 million remained available for future share issuances.

Current wording

At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers. The Company intends to use any net proceeds from the At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility, (ii) to develop new single-family properties and communities, and (iii) for working capital and general corporate purposes, including repurchases of the Company’s securities, capital expenditures and the expansion, redevelopment and/or improvement of properties in the Company’s portfolio. The At-the-Market Program may be suspended or terminated by the Company at any time. During the three months ended March 31, 2026 and 2025, no shares were issued under the At-the-Market Program. As of March 31, 2026, 6,719,453 shares have been issued under the At-the-Market Program and $753.7 million remained available for future share issuances.

Previous wording

The Company’s board of trustees authorized the establishment of our share repurchase program for the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions. The program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. During the nine months ended September 30, 2025 and 2024, we did not repurchase and retire any of our Class A common shares or preferred shares. As of September 30, 2025, we had a remaining repurchase authorization of up to $265.1 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares under the program.

Current wording

In February 2026, the Company’s board of trustees authorized the establishment of a new share repurchase program for the repurchase of up to $500.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions (the “2026 Share Repurchase Program”). The 2026 Share Repurchase Program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. During the three months ended March 31, 2026, we did not repurchase and retire any of our Class A common shares or preferred shares under the 2026 Share Repurchase Program. As of March 31, 2026, we had a remaining repurchase authorization of up to $500.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares under the 2026 Share Repurchase Program. In April 2026, the Company repurchased and retired 3.2 million of its outstanding Class A common shares on a settlement date basis pursuant to the 2026 Share Repurchase Program at a weighted-average price of $29.37 per share and a total price of $94.0 million, leaving $406.0 million of remaining authorization.

Previous wording

During the nine months ended September 30, 2025 and 2024, the Company distributed an aggregate $391.9 million and $337.5 million, respectively, to common shareholders, preferred shareholders and noncontrolling interests on a cash basis.

Current wording

During the three months ended March 31, 2026 and 2025, the Company distributed an aggregate $141.4 million and $131.2 million, respectively, to common shareholders, preferred shareholders and noncontrolling interests on a cash basis.

Previous wording

Core FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations and adjustments for investments in proptech venture capital funds related to the pro rata equity pickup of realized and unrealized gains and losses from their portfolio investments, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (4) gain or loss on early extinguishment of debt and (5) the allocation of income to our perpetual preferred shares in connection with their redemption.

Current wording

Core FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition, disposition, other transaction costs and other incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations and adjustments for investments in proptech venture capital funds related to the pro rata equity pickup of realized and unrealized gains and losses from their portfolio investments, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (4) gain or loss on early extinguishment of debt and (5) the allocation of income to our perpetual preferred shares in connection with their redemption.

Previous wording

The following is a reconciliation of the Company’s net income attributable to common shareholders, determined in accordance with GAAP, to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands):

Current wording

The following is a reconciliation of the Company’s net income attributable to common shareholders, determined in accordance with GAAP, to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders for the three months ended March 31, 2026 and 2025 (amounts in thousands):

Previous wording

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 supplemental non-GAAP financial measure, which we calculate in accordance with the definition approved by NAREIT by adjusting EBITDA forgains and losses from sales or impairments of single-family properties and adjusting for unconsolidated real estate joint ventures on the same basis. Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting EBITDAre for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations and adjustments for investments in proptech venture capital funds related to the pro rata equity pickup of realized and unrealized gains and losses from their portfolio investments, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio and (4) gain or loss on early extinguishment of debt. Fully Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting Adjusted EBITDAre for (1) Recurring Capital Expenditures and (2) leasing costs. As a portion of our homes are recently developed, acquired and/or renovated, we estimate Recurring Capital Expenditures for our entire portfolio by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home Property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale. We believe these metrics provide useful information to investors because they exclude the impact of various income and expense items that are not indicative of operating performance.

Current wording

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 supplemental non-GAAP financial measure, which we calculate in accordance with the definition approved by NAREIT by adjusting EBITDA forgains and losses from sales or impairments of single-family properties and adjusting for unconsolidated real estate joint ventures on the same basis. Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting EBITDAre for (1) acquisition, disposition, other transaction costs and other incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations and adjustments for investments in proptech venture capital funds related to the pro rata equity pickup of realized and unrealized gains and losses from their portfolio investments, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio and (4) gain or loss on early extinguishment of debt. Fully Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting Adjusted EBITDAre for (1) Recurring Capital Expenditures and (2) leasing costs. As a portion of our homes are recently developed, acquired and/or renovated, we estimate Recurring Capital Expenditures for our entire portfolio by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home Property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale. We believe these metrics provide useful information to investors because they exclude the impact of various income and expense items that are not indicative of operating performance.