American Homes 4 Rent

In addition to the other information in this Quarterly Report on Form 10-Q, you should carefully consider the risks described in the 2025 Annual Report in Part I, “Item 1A. Risk Factors” and in our other filings with the SEC and the risk factor set forth below. These factors may materially affect our business, financial condition and operating results and could cause our actual results to differ materially from expectations.

The following is an update of a risk factor included in our Form 10-K for the year ended December 31, 2025 to reflect developments after the filing of such Form 10-K.

New and proposed laws and regulations restricting institutional ownership of single-family homes could impede our ability to operate or grow our business.

Various legislative and regulatory bodies, including at the federal, state and local level, have been focused on the shortage of residential housing in the U.S. and significant increases in the cost of housing. Some states and local jurisdictions have passed or proposed regulations (i) imposing prohibitions or limitations on corporate entities purchasing and renting single-family homes, (ii) restricting developers from selling single-family homes to corporate entities intending to rent such homes, (iii) imposing tax and financial disincentives on corporate ownership of single-family homes for rent, and (iv) imposing adverse zoning restrictions on corporate ownership of single-family homes for rent. Similar restrictions are being considered at the federal level. For example, in March 2026, the U.S. Senate advanced a federal housing bill that if enacted into law may, among other things, restrict us from purchasing single-family homes or may require us to divest certain homes acquired or developed by us after enactment of the legislation. The Senate bill is currently under consideration by the U.S. House of Representatives.

We expect this trend to continue at the federal, state and local level. Any such laws or regulations could impose significant costs, could require that we suspend or limit property acquisitions or otherwise modify or cease existing business practices or divest properties, could restrict the locations where we can operate our business, and could adversely impact our tax profile, including our status as a REIT. In addition, the prospect of such laws or regulations has adversely impacted and may in the future continue to adversely impact our access to capital markets and the attractiveness of our securities to certain investors.