American Homes 4 Rent (“AMH” or the “General Partner”) is an internally managed Maryland real estate investment trust (“REIT”) formed on October 19, 2012.
−Removed: American Homes 4 Rent, L.P., a Delaware limited partnership formed on October 22, 2012, and its consolidated subsidiaries (collectively, the “Operating Partnership,” our “operating partnership” or the “OP”) is the entity through which the Company conducts substantially all of our business and owns, directly or through subsidiaries, substantially all of our assets.
+Added: American Homes 4 Rent, L.P., a Delaware limited partnership formed on October 22, 2012, and its consolidated subsidiaries (collectively, the “Operating Partnership” or the “OP”) is the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its assets.
References to the “Company,” “we,” “our” and “us” mean collectively AMH, the Operating Partnership and those entities/subsidiaries owned or controlled by AMH and/or the Operating Partnership.
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We believe we can achieve this objective by pursuing the following strategies:
+Added: • Grow through our one-of-a-kind internal development program.
+Added: We have created a fully integrated internal development program, known as AMH Development, that constructs “built-for-rental” homes, which we believe represents one of the best available investments on a risk-adjusted return basis.
+Added: Our “built-for-rental” homes leverage our existing property management platform and are built with the long-term renter in mind, including maintenance resilient features, as well as floor plans, finishes and other features known to be desirable to our residents.
+Added: Our experienced land acquisition team and our proprietary data analytics enables us to strategically identify ideal land opportunities that are within our existing footprint in our high-growth markets.
• Employ a disciplined property acquisition process.
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In addition to our traditional MLS acquisition channel, we continue to acquire newly constructed homes from third-party developers through our National Builder Program.
−Removed: • Expand our one-of-a-kind internal development program.
−Removed: We are increasingly focused on developing “built-for-rental” homes through our internal AMH Development Program, which we believe represents one of the best available investments on a risk-adjusted return basis.
−Removed: Our “built-for-rental” homes will leverage our existing property management platform and are built with the long-term renter in mind, including maintenance resilient features, as well as floor plans, finishes and other features known to be desirable to our residents.
−Removed: Our experienced land acquisition team and our proprietary data analytics enables us to strategically identify ideal land opportunities that are within our existing footprint in our high-growth markets.
−Removed: Our inventory of land holdings and future acquisitions will allow us to sustain our projected stabilized level of development over the next several years.
• Maintain a geographically diversified portfolio.
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• Establish a nationally recognized brand.
−Removed: We recently unveiled a new corporate brand identity in January 2023.
−Removed: The simplified name of “AMH” and reimagined look and feel represent a commitment to continued innovation, as well as to the company’s original purpose and leadership in powering a better future for American housing.
+Added: Our corporate brand identity, which was updated to the simplified name of “AMH” with a reimagined look and feel in January 2023, represents a commitment to continued innovation, as well as to the company’s original purpose and leadership in powering a better future for American housing.
This branding leverages the company’s rich heritage, people-first employer culture and an industry leading sustainability program.
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• Property Development.
−Removed: We are increasingly focused on developing “built-for-rental” homes through our internal AMH Development Program and acquiring newly constructed homes from third-party developers through our National Builder Program in target markets in select submarkets of MSAs.
+Added: We are focused on developing “built-for-rental” homes through our internal AMH Development Program and acquiring newly constructed homes from third-party developers through our National Builder Program in target markets in select submarkets of MSAs.
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.
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• Tenant Relations and Property Maintenance.
−Removed: We also are responsible for most property repairs and maintenance and tenant relations.
+Added: We are also responsible for most property repairs and maintenance and tenant relations.
Our tenants can request maintenance through our online website, our 24/7 emergency line to handle after-hours issues, or through our local property management office or call center.
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Effective systems and technology are essential components of our process.
−Removed: We have made significant investments in our lease management, accounting and asset management systems.
+Added: We have made significant investments in our operating, accounting and asset management systems.
They are designed to be scalable to accommodate continued growth in our portfolio of homes.
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developing/acquiring properties and renting our properties.
−Removed: We believe our primary competitors in acquiring our target properties through individual acquisitions are individual investors, small private investment partnerships looking for one-off acquisitions of investment properties that can either be rented or restored and sold, and larger investors, including private equity funds and other REITs, that are seeking to capitalize on the same market opportunity that we have identified.
+Added: We believe our primary competitors in acquiring our target properties through individual acquisitions are private home buyers, individual investors, small private investment partnerships looking for one-off acquisitions of investment properties that can either be rented or restored and sold, and larger investors, including private equity funds and other REITs, that are seeking to capitalize on the same market opportunity that we have identified.
Our primary competitors in acquiring portfolios of properties or land assets include large and small private equity investors, public and private REITs, other sizeable private institutional investors and other homebuilders.
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However, we believe that our acquisition platform, our extensive in-house property management infrastructure and market knowledge in markets that meet our selection criteria provide us with competitive advantages.
−Removed: Further, we have benefited from increases in long-term demand primarily due to households accelerating decisions to leave city centers and apartments for suburban, detached single-family homes as well as recent increases in mortgage rates which has made home ownership more expensive.
−Removed: The work-from-home proliferation has continued to drive further demand for larger living spaces and the increase in mortgage rates has made renting a single-family home more attractive and we expect these trends to continue into 2023.
−Removed: However, if more companies begin to require a return to in-person or hybrid work arrangements or mortgage rates decline, demand for our single-family rental homes may be impacted.
+Added: Further, we have benefited from increases in long-term demand due to population growth in households desiring detached single-family homes, the surge in demand for larger living spaces driven by the proliferation of work-from-home arrangements, and increases in mortgage rates which have made home ownership more expensive.
+Added: We expect these trends to continue into 2024.
+Added: However, if these trends diminish or mortgage rates decline, demand for our single-family rental homes may be impacted.
In addition to these recent trends, we also believe the persistent national housing shortage and the progression of the millennial demographic into “family formation” years will continue to drive long-term demand for our single-family rental homes.
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and significant increases in the cost of housing.
−Removed: There has been vigorous and continuing political debate and discussion, which we participate in, with respect to
−Removed: residential housing laws and regulations.
+Added: Some states and local jurisdictions continue to propose and pass regulations restricting landlords’ ability to screen applicants, raise rents, process evictions and terminate tenancies.
+Added: There has been vigorous and continuing political debate and discussion, which we participate in, with respect to residential housing laws and regulations.
+Added: We are currently monitoring proposals on
+Added: property tax relief, rent pricing methods and fee disclosures.
We cannot be certain if or when any specific proposal or policy might be announced or adopted by governmental authorities, and, if so, what the effects on us may be.
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Human Capital Management
−Removed: As of December 31, 2022, we had 1,794 dedicated personnel.
−Removed: None of our personnel are covered by a collective bargaining agreement.
−Removed: Our success depends on our employees providing quality service to our residents.
−Removed: This requires us to attract, retain and grow a skilled and diverse workforce to design and maintain high quality homes.
+Added: Our success depends on our ability to attract, retain and grow a skilled and diverse workforce to care for our residents and our portfolio of high-quality homes.
We are committed to creating and maintaining a great place to work with an inclusive culture, competitive benefits and opportunities for training and growth.
−Removed: Our commitment to human capital development is a focus of not just our senior management, but also our board of trustees.
−Removed: The Human Capital and Compensation Committee of the board of trustees oversees our company’s human capital programs and policies, including with respect to employee retention and development, and regularly meets with senior management to discuss these issues.
+Added: Our commitment to human capital development is a focus of not just our executive leadership, but also our board of trustees.
+Added: The Human Capital and Compensation Committee of the board of trustees oversees the Company’s human capital programs and policies, such as employee retention and development, and regularly meets with executive leadership to discuss these issues.
+Added: As of December 31, 2023, we had 1,725 dedicated employees.
+Added: None of our employees are covered by a collective bargaining agreement.
Employee Engagement
−Removed: We recognize employee engagement as a critical factor to our success.
−Removed: We have developed programs designed to attract and retain our talent, and to identify ways to increase employee engagement and satisfaction across the organization.
−Removed: To help build a positive culture and employee experience, each year we appoint members to our company’s Employee Council.
−Removed: This council, led by members of senior management, provides participants with a unique forum to provide feedback from all levels in the organization.
−Removed: In 2022, we launched six Employee Resource Groups (“ERGs”).
−Removed: These ERGs represent safe spaces designed to provide networking opportunities, raise cultural awareness, promote trust, support development, and foster allyship across our organization.
−Removed: Partnering with a third-party engagement survey company, we also periodically survey all employees to measure and assess employee satisfaction.
−Removed: All feedback is anonymous and aggregated in a secure system for analysis.
−Removed: Another important part of engagement is compensating our employees competitively and providing an attractive benefits package.
−Removed: All full-time employees are eligible for our benefits package including healthcare insurance, a 401(k) retirement plan, an employee stock purchase plan, a tuition reimbursement plan, paid time off and our employee wellness programs.
+Added: To index employee satisfaction and maintain a pulse on how our employees are doing, we use a survey platform that invites dialogue and feedback on a voluntary, confidential and anonymous basis.
+Added: To ensure ongoing monitoring of trends, we regularly conduct pulse surveys of all employees.
+Added: During the year ended December 31, 2023, we maintained a healthy 72% participation rate, with over 11,000 comments received.
+Added: Results are then aggregated via a secure third-party platform for analysis, and a summary dashboard is presented quarterly to the board’s Human Capital and Compensation Committee to maintain awareness of employee sentiment.
+Added: Senior leadership then reviews and acts on this feedback as appropriate.
+Added: Enterprise-level and regional Town Halls, Employee Council meetings, biweekly field representative calls, information technology sessions and company-wide emails are examples of additional ways through which we deliver announcements, promote transparency and engage with our workforce.
+Added: As a result of feedback delivered in these forums, our employees have played an instrumental role in shaping and advancing the implementation of workplace initiatives.
+Added: Another form of employee engagement we’ve adopted is our social impact program, in which we provide company-sponsored volunteer opportunities, volunteer grants and an employee match program to enable employees to give back to their communities and support their favorite causes at work.
+Added: We recognize that people thrive when they have the means to meet their needs and goals, both in and out of the workplace.
+Added: To support our employees in living more fulfilled lives, we maintain a broad range of benefits that promote their physical, emotional and financial wellness.
+Added: All full-time employees are eligible for our comprehensive benefits package, which includes robust healthcare and life insurance options, a 401(k) retirement plan with company contributions that vest immediately, an employee stock purchase plan, a tuition reimbursement plan, paid time off and our employee wellness programs.
During the year ended December 31, 2023, employee turnover was 27.9%.
Diversity, Equity and Inclusion
−Removed: We champion inclusion and diversity and embrace Valuing Differences as one of our company’s core philosophies.
−Removed: A two-part “Valuing Differences” training series is mandatory for all employees, the first part to be completed within an employee’s first six months of service.
−Removed: In 2022, our employees participated in 2,210 hours of total diversity, equity and inclusion training.
−Removed: Our Human Resources department routinely monitors diversity in all employment decisions, including but not limited to hiring and promotions.
−Removed: The data in the table below reflects our employee diversity as of December 31, 2022.
−Removed: We believe that women and minority representation is enhanced through our ongoing human capital programs.
−Removed: Women Minorities (1)
−Removed: Undeclared Race
−Removed: Employees 43% 41% 12%
−Removed: Management positions 41% 29% 16%
−Removed: Senior leadership of VP or above 25% 30% 8%
−Removed: (1) Minorities percentage is calculated as the number of employees that declared a minority race divided by total employees (which includes employees who did not declare any race) as of December 31, 2022.
+Added: We believe that teams comprised of individuals with diverse identities, backgrounds, experiences, perspectives and viewpoints improve dialogue and decision-making in both the workplace and the boardroom, contributing to overall organizational effectiveness.
+Added: Our diversity, equity and inclusion principles are – embrace individual differences, treat people fairly and create a sense of community and belonging.
+Added: These principles guide how we engage one another in the workplace.
+Added: We promote a sense of belonging and encourage an environment of respect through two flagship programs.
+Added: First, our “Valuing Differences” learning series provides a foundation for creating awareness and understanding for all team members – 2023 marked the fourth year of this program, and the training is offered to all new employees within their first six months of employment.
+Added: Rooted in our core competency of “Values Differences,” the program helps employees develop greater awareness about personal biases and learn tools for effective communication to strengthen working relationships.
+Added: The program also helps employees learn about the policies and initiatives developed by AMH to promote a fair and inclusive workplace and actionable ways to translate these insights into tools to become more equitable leaders.
+Added: We also have an Employee Resource Group program that is designed to foster an environment of acceptance and inclusion, enhance social and professional networking among employees, raise cultural awareness, and assist AMH in connecting with the communities in which we operate—all ultimately to strengthen our business, promote innovation, develop talent, and build a great workplace.
Training and Development
−Removed: We provide training designed to meet the business and technical skills necessary for our employees to succeed in their roles and to advance their careers in our company.
−Removed: We provide leadership development training to support our managers and executives and to complement our succession planning efforts.
+Added: We provide training designed to meet the business and technical skills necessary for our employees to succeed in their roles and advance their careers at the Company.
+Added: From their first day with us, we aim to provide our team members with the tools and training necessary to succeed.
+Added: Employees are guided through their professional journey by a development toolkit that identifies activities, experiences and milestones for their growth.
+Added: This systematic review of skills and strengths facilitates a continuous process of leadership development, pipeline development and succession planning.
We provided approximately 92,500 hours of training to employees, an average of 54 hours per employee, during the year ended December 31, 2023.
−Removed: Meetings with our District and Regional Managers held throughout the year are intentional opportunities to focus on our employee’s leadership and development.
Workplace Safety
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We provide annual safety training for all employees, and every employee in a safety-sensitive position is required to complete additional relevant training.
−Removed: Our OSHA Recordable Incident Rate for 2022 was 2.4, which continues to be below the national average rate and in line with our historical average rate and demonstrates our commitment to maintaining a safe and healthy environment.
+Added: Our OSHA Recordable Incident Rate for 2023 was 1.7, which is below both the historical national average rate and our historical average rate and demonstrates our commitment to maintaining a safe and healthy environment.
We believe that our business and related operating results will be impacted by seasonal factors throughout the year.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.