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. For example, the ROAD Act, which was enacted into federal law on July 11, 2026 and will take effect on January 7, 2027, generally imposes a federal restriction on our ability to purchase single-family homes, subject to various exemptions such as purchases of homes (i) pursuant to a build-to-rent program, (ii) from other large institutional investors, or (iii) with a requirement to substantially renovate the home, among others. In addition, 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.

Although we have not been acquiring a significant number of homes through the MLS in recent years, we expect the ROAD Act will adversely impact our ability to do so in the future. In addition, the ROAD Act and the similar state and local initiatives noted above could impose significant costs, restrict the locations where we can operate our business, or adversely impact our tax profile, including our status as a REIT. Further, the ROAD Act and the prospect of other 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.