What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2024-08-02 compared with 2024-05-03 · 214 added, 116 removed, 694 unchanged (32% of the section changed)

3 unchanged sentences

(Amounts in thousands, except share data)

March 31, 2024 December 31, 2023

June 30, 2024 December 31, 2023

Single-family properties:

22 unchanged sentences

Shareholders’ equity:

Class A common shares ($ 0.01 par value per share, 450,000,000 shares authorized, 365,686,971 and 364,296,431 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively)

Class B common shares ($ 0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at March 31, 2024 and December 31, 2023)

Preferred shares ($ 0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at March 31, 2024 and December 31, 2023)

Class A common shares ($ 0.01 par value per share, 450,000,000 shares authorized, 365,863,545 and 364,296,431 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively)

Class B common shares ($ 0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at June 30, 2024 and December 31, 2023)

Preferred shares ($ 0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at June 30, 2024 and December 31, 2023)

Additional paid-in capital 7,406,098 7,357,848

10 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2024 2023 2024 2023

Rents and other single-family property revenues $ 423,494 $ 395,548 $ 847,049 $ 793,251

24 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2024 2023 2024 2023

Net income $ 108,534 $ 115,414 $ 236,629 $ 253,113

33 unchanged sentences

Balances at March 31, 2023 361,146,292 $ 3,611 635,075 $ 6 9,200,000 $ 92 $ 7,232,191 $ ( 403,303 ) $ 1,212 $ 6,833,809 $ 684,095 $ 7,517,904

Share-based compensation — — — — — — 8,508 — — 8,508 — 8,508

Common stock issued under share-based compensation plans, net of shares withheld for employee taxes 219,400 3 — — — — 3,505 — — 3,508 — 3,508

Distributions to equity holders:

Preferred shares (Note 10)

— — — — — — — ( 3,486 ) — ( 3,486 ) — ( 3,486 )

Noncontrolling interests — — — — — — — — — — ( 11,303 ) ( 11,303 )

Common shares ($ 0.22 per share)

— — — — — — — ( 80,160 ) — ( 80,160 ) — ( 80,160 )

Net income — — — — — — — 101,515 — 101,515 13,899 115,414

Total other comprehensive loss — — — — — — — — ( 122 ) ( 122 ) ( 18 ) ( 140 )

Balances at June 30, 2023 361,365,692 $ 3,614 635,075 $ 6 9,200,000 $ 92 $ 7,244,204 $ ( 385,434 ) $ 1,090 $ 6,863,572 $ 686,673 $ 7,550,245

American Homes 4 Rent

24 unchanged sentences

Balances at March 31, 2024 365,686,971 $ 3,657 635,075 $ 6 9,200,000 $ 92 $ 7,394,461 $ ( 381,508 ) $ 721 $ 7,017,429 $ 687,302 $ 7,704,731

Share-based compensation — — — — — — 10,484 — — 10,484 — 10,484

Common stock issued under share-based compensation plans, net of shares withheld for employee taxes

176,574 2 — — — — 1,153 — — 1,155 — 1,155

Distributions to equity holders:

Preferred shares (Note 10)

— — — — — — — ( 3,486 ) — ( 3,486 ) — ( 3,486 )

Noncontrolling interests — — — — — — — — — — ( 13,358 ) ( 13,358 )

Common shares ($ 0.26 per share)

— — — — — — — ( 95,932 ) — ( 95,932 ) — ( 95,932 )

Net income — — — — — — — 95,628 — 95,628 12,906 108,534

Total other comprehensive loss — — — — — — — — ( 124 ) ( 124 ) ( 17 ) ( 141 )

Balances at June 30, 2024 365,863,545 $ 3,659 635,075 $ 6 9,200,000 $ 92 $ 7,406,098 $ ( 385,298 ) $ 597 $ 7,025,154 $ 686,833 $ 7,711,987

The accompanying notes are an integral part of these condensed consolidated financial statements.

2 unchanged sentences

(Amounts in thousands)

For the Three Months Ended

For the Six Months Ended

Operating activities

5 unchanged sentences

Loss on early extinguishment of debt 1,017 —

Equity in net loss (income) of unconsolidated joint ventures 884 ( 1,340 )

Equity in net loss (income) of unconsolidated entities 934 ( 711 )

Return on investment from unconsolidated joint ventures 1,004 1,788

Gain on sale and impairment of single-family properties and other, net ( 112,793 ) ( 147,417 )

32 unchanged sentences

Deferred financing costs paid ( 8,626 ) —

Net cash (used for) provided by financing activities ( 72,204 ) 63,300

Net cash provided by (used for) financing activities 292,317 ( 34,044 )

Net increase in cash, cash equivalents and restricted cash 659,785 143,810

4 unchanged sentences

(Amounts in thousands)

For the Three Months Ended

For the Six Months Ended

Supplemental cash flow information

4 unchanged sentences

Property and land contributions to unconsolidated joint ventures ( 156,934 ) ( 11,647 )

Noncash right-of-use assets obtained in exchange for operating lease liabilities 426 —

Accrued distributions to affiliates 1,551 841

4 unchanged sentences

(Amounts in thousands, except unit data)

March 31, 2024 December 31, 2023

June 30, 2024 December 31, 2023

Single-family properties:

23 unchanged sentences

General partner:

Common units ( 366,322,046 and 364,931,506 units issued and outstanding at March 31, 2024 and December 31, 2023, respectively)

Common units ( 366,498,620 and 364,931,506 units issued and outstanding at June 30, 2024 and December 31, 2023, respectively)

6,802,717 6,744,841

Preferred units ( 9,200,000 units issued and outstanding at March 31, 2024 and December 31, 2023)

Preferred units ( 9,200,000 units issued and outstanding at June 30, 2024 and December 31, 2023)

221,840 221,840

Limited partner:

Common units ( 51,376,980 units issued and outstanding at March 31, 2024 and December 31, 2023)

Common units ( 51,376,980 units issued and outstanding at June 30, 2024 and December 31, 2023)

686,750 685,240

7 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2024 2023 2024 2023

Rents and other single-family property revenues $ 423,494 $ 395,548 $ 847,049 $ 793,251

23 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2024 2023 2024 2023

Net income $ 108,534 $ 115,414 $ 236,629 $ 253,113

26 unchanged sentences

Balances at March 31, 2023 361,781,367 $ 6,610,757 $ 221,840 51,376,980 $ 683,922 $ 1,385 $ 7,517,904

Share-based compensation — 8,508 — — — — 8,508

Common units issued under share-based compensation plans, net of units withheld for employee taxes 219,400 3,508 — — — — 3,508

Distributions to capital holders:

Preferred units (Note 10)

— — ( 3,486 ) — — — ( 3,486 )

Common units ($ 0.22 per unit)

— ( 80,160 ) — — ( 11,303 ) — ( 91,463 )

Net income — 98,029 3,486 — 13,899 — 115,414

Total other comprehensive loss — — — — — ( 140 ) ( 140 )

Balances at June 30, 2023 362,000,767 $ 6,640,642 $ 221,840 51,376,980 $ 686,518 $ 1,245 $ 7,550,245

American Homes 4 Rent, L.P.

17 unchanged sentences

Balances at March 31, 2024 366,322,046 $ 6,794,868 $ 221,840 51,376,980 $ 687,202 $ 821 $ 7,704,731

Share-based compensation — 10,484 — — — — 10,484

Common units issued under share-based compensation plans, net of units withheld for employee taxes 176,574 1,155 — — — — 1,155

Distributions to capital holders:

Preferred units (Note 10)

— — ( 3,486 ) — — — ( 3,486 )

Common units ($ 0.26 per unit)

— ( 95,932 ) — — ( 13,358 ) — ( 109,290 )

Net income — 92,142 3,486 — 12,906 — 108,534

Total other comprehensive loss — — — — — ( 141 ) ( 141 )

Balances at June 30, 2024 366,498,620 $ 6,802,717 $ 221,840 51,376,980 $ 686,750 $ 680 $ 7,711,987

The accompanying notes are an integral part of these condensed consolidated financial statements.

2 unchanged sentences

(Amounts in thousands)

For the Three Months Ended

For the Six Months Ended

Operating activities

5 unchanged sentences

Loss on early extinguishment of debt 1,017 —

Equity in net loss (income) of unconsolidated joint ventures 884 ( 1,340 )

Equity in net loss (income) of unconsolidated entities 934 ( 711 )

Return on investment from unconsolidated joint ventures 1,004 1,788

Gain on sale and impairment of single-family properties and other, net ( 112,793 ) ( 147,417 )

31 unchanged sentences

Deferred financing costs paid ( 8,626 ) —

Net cash (used for) provided by financing activities ( 72,204 ) 63,300

Net cash provided by (used for) financing activities 292,317 ( 34,044 )

Net increase in cash, cash equivalents and restricted cash 659,785 143,810

4 unchanged sentences

(Amounts in thousands)

For the Three Months Ended

For the Six Months Ended

Supplemental cash flow information

4 unchanged sentences

Property and land contributions to unconsolidated joint ventures ( 156,934 ) ( 11,647 )

Noncash right-of-use assets obtained in exchange for operating lease liabilities 426 —

Accrued distributions to affiliates 1,551 841

8 unchanged sentences

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.

As of March 31, 2024, the Company held 59,343 single-family properties in 21 states, including 728 properties classified as held for sale.

AMH is the general partner of, and as of March 31, 2024 owned approximately 87.7 % of the common partnership interest in, the Operating Partnership.

As of June 30, 2024, the Company held 59,493 single-family properties in 21 states, including 633 properties classified as held for sale.

AMH is the general partner of, and as of June 30, 2024 owned approximately 87.7 % of the common partnership interest in, the Operating Partnership.

The remaining 12.3 % of the common partnership interest was owned by limited partners.

7 unchanged sentences

One difference between the Company and the Operating Partnership was $ 25.7 million of asset-backed securitization certificates issued by the Operating Partnership and purchased by AMH in connection with the Operating Partnership’s AMH 2014-SFR2 securitization debt offering.

The asset-backed securitization certificates were recorded as an asset-backed securitization certificates receivable by the Company and as an amount due from affiliates by the Operating Partnership prior to the Operating Partnership’s payoff of the AMH 2014-SFR2 securitization during the three months ended March 31, 2024 (see Note 8.

AMH contributes all net proceeds from its various equity offerings to the Operating Partnership.

21 unchanged sentences

The investments in the unconsolidated venture capital funds are accounted for under the equity method of accounting and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets.

As of March 31, 2024 and December 31, 2023, the carrying value of the investments in these venture capital funds was $ 12.7 million and $ 13.0 million, respectively, and the Company’s maximum exposure to loss was $ 15.4 million and $ 15.6 million, respectively, which includes all future capital funding requirements.

As of June 30, 2024 and December 31, 2023, the carrying value of the investments in these venture capital funds was $ 13.1 million and $ 13.0 million, respectively, and the Company’s maximum exposure to loss was $ 15.3 million and $ 15.6 million, respectively, which includes all future capital funding requirements.

The deposits with land banking entities are held at cost and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets.

As of both March 31, 2024 and December 31, 2023, the carrying value of the deposits with land banking entities and the Company’s maximum exposure to loss was $ 15.7 million.

As of June 30, 2024 and December 31, 2023, the carrying value of the deposits with land banking entities and the Company’s maximum exposure to loss was $ 15.3 million and $ 15.7 million, respectively.

Recent Accounting Pronouncements Not Yet Effective

11 unchanged sentences

The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets (amounts in thousands):

March 31, December 31,

June 30, December 31,

2024 2023 2023 2022

3 unchanged sentences

Real Estate Assets, Net

The net book values of real estate assets consisted of the following as of March 31, 2024 and December 31, 2023 (amounts in thousands):

March 31, 2024 December 31, 2023

The net book values of real estate assets consisted of the following as of June 30, 2024 and December 31, 2023 (amounts in thousands):

June 30, 2024 December 31, 2023

Occupied single-family properties $ 9,842,364 $ 9,595,421

8 unchanged sentences

Total real estate assets, net $ 11,725,595 $ 11,757,225

Depreciation expense related to single-family properties was $ 110.3 million and $ 107.8 million for the three months ended March 31, 2024 and 2023, respectively.

During the three months ended March 31, 2024 and 2023, the Company disposed of single-family properties and land for aggregate net proceeds of $ 156.1 million and $ 184.5 million, respectively, which resulted in an aggregate net gain on sale of $ 69.8 million and $ 85.7 million, respectively, as a result of submarket analysis, as well as individual asset-level review.

Depreciation expense related to single-family properties was $ 112.0 million and $ 108.3 million for the three months ended June 30, 2024 and 2023, respectively, and $ 222.3 million and $ 216.1 million for the six months ended June 30, 2024 and 2023, respectively.

Our properties and land are identified for disposition primarily based on individual asset-level review, as well as submarket analysis.

During the three months ended June 30, 2024 and 2023, the Company disposed of single-family properties and land for aggregate net proceeds of $ 123.7 million and $ 127.4 million, respectively, which resulted in an aggregate net gain on sale of $ 60.0 million and $ 62.8 million, respectively.

During the six months ended June 30, 2024 and 2023, the Company disposed of single-family properties and land for aggregate net proceeds of $ 279.8 million and $ 311.9 million, respectively, which resulted in an aggregate net gain on sale of $ 129.8 million and $ 148.5 million, respectively.

Rent and Other Receivables

Included in rents and other single-family property revenues are variable lease payments for tenant charge-backs, which primarily relate to cost recoveries on utilities, and variable lease payments for fees from single-family properties.

Variable lease payments for tenant charge-backs were $ 57.3 million and $ 55.4 million for the three months ended March 31, 2024 and 2023, respectively.

Variable lease payments for fees from single-family properties were $ 8.0 million and $ 7.4 million for the three months ended March 31, 2024 and 2023, respectively.

Variable lease payments for tenant charge-backs were $ 47.4 million and $ 45.8 million for the three months ended June 30, 2024 and 2023, respectively, and $ 104.7 million and $ 101.2 million for the six months ended June 30, 2024 and 2023, respectively.

Variable lease payments for fees from single-family properties were $ 8.1 million and $ 7.4 million for the three months ended June 30, 2024 and 2023, respectively, and $ 16.1 million and $ 14.8 million for the six months ended June 30, 2024 and 2023, respectively.

The Company generally rents its single-family properties under non-cancelable lease agreements with a term of one year .

The following table summarizes future minimum rental revenues under existing leases on our properties as of March 31, 2024 (amounts in thousands):

March 31, 2024

The following table summarizes future minimum rental revenues under existing leases on our properties as of June 30, 2024 (amounts in thousands):

June 30, 2024

Remaining 2024 $ 557,671

2 unchanged sentences

Escrow Deposits, Prepaid Expenses and Other Assets

The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of March 31, 2024 and December 31, 2023 (amounts in thousands):

March 31, 2024 December 31, 2023

Escrow deposits, prepaid expenses and other $ 140,011 $ 136,640

The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of June 30, 2024 and December 31, 2023 (amounts in thousands):

June 30, 2024 December 31, 2023

Consolidated land not owned $ 135,697 $ 147,330

Escrow deposits, prepaid expenses and other 124,869 136,640

Commercial real estate, software, vehicles and FF&E, net 99,622 96,862

3 unchanged sentences

Total $ 382,836 $ 406,138

Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $ 4.6 million and $ 4.2 million for the three months ended March 31, 2024 and 2023, respectively.

Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $ 4.8 million and $ 4.2 million for the three months ended June 30, 2024 and 2023, respectively, and $ 9.4 million and $ 8.4 million for the six months ended June 30, 2024 and 2023, respectively.

Deferred Costs and Other Intangibles, Net

Deferred costs and other intangibles, net consisted of the following as of March 31, 2024 and December 31, 2023 (amounts in thousands):

March 31, 2024 December 31, 2023

Deferred costs and other intangibles, net consisted of the following as of June 30, 2024 and December 31, 2023 (amounts in thousands):

June 30, 2024 December 31, 2023

Deferred leasing costs $ 3,081 $ 2,865

3 unchanged sentences

Total $ 6,597 $ 7,630

Amortization expense related to deferred leasing costs was $ 0.8 million and $ 0.7 million for the three months ended March 31, 2024 and 2023, respectively, and is included in depreciation and amortization within the condensed consolidated statements of operations.

Amortization of deferred financing costs related to our revolving credit facility was $ 0.7 million for both the three months ended March 31, 2024 and 2023 and is included in gross interest, prior to interest capitalization (see Note 8.

The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of March 31, 2024 for future periods (amounts in thousands):

Amortization expense related to deferred leasing costs was $ 0.8 million and $ 0.7 million for the three months ended June 30, 2024 and 2023, respectively, and $ 1.6 million and $ 1.4 million for the six months ended June 30, 2024 and 2023, respectively, and is included in depreciation and amortization within the condensed consolidated statements of operations.

Amortization of deferred financing costs related to our revolving credit facility was $ 0.7 million and $ 0.6 million for the three months ended June 30, 2024 and 2023, respectively, and $ 1.4 million and $ 1.3 million for the six months ended June 30, 2024 and 2023, respectively, and is included in gross interest, prior to interest capitalization (see Note 8.

The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of June 30, 2024 for future periods (amounts in thousands):

Leasing Costs Deferred

Financing Costs Total

Financing Costs (1)

Remaining 2024 $ 1,126 $ 1,444 $ 2,570

2 unchanged sentences

Total $ 1,647 $ 4,950 $ 6,597

(1) In July 2024, these unamortized deferred financing costs were written off as a result of the termination and replacement of the previous revolving credit facility.

Subsequent Events for further details.

Investments in Unconsolidated Joint Ventures

As of March 31, 2024, the Company held 20 % ownership interests in four unconsolidated joint ventures.

As of June 30, 2024, the Company held 20 % ownership interests in four unconsolidated joint ventures.

In evaluating the Company’s 20 % ownership interests in these joint ventures, we concluded that the joint ventures are not VIEs after applying the variable interest model and, therefore, we account for our interests in the joint ventures as investments in unconsolidated subsidiaries after applying the voting interest model using the equity method of accounting.

Equity in net income (losses) of unconsolidated joint ventures is included in other income and expense, net within the condensed consolidated statements of operations.

The Company entered into a joint venture with (i) the Alaska Permanent Fund Corporation (the “Alaska JV”) during the second quarter of 2014 to invest in homes acquired through traditional acquisition channels, (ii) another leading institutional investor (the “Institutional Investor JV”) during the third quarter of 2018 to invest in newly constructed single-family rental homes and (iii) institutional investors advised by J.P.

institutional investors advised by J.P.

Morgan Asset Management focused on constructing and operating newly built rental homes during the first quarter of 2020 (“J.P.

1 unchanged sentence

Morgan JV II”).

The following table summarizes our investments in unconsolidated joint ventures as of March 31, 2024 and December 31, 2023 (amounts in thousands, except percentages and property data):

The following table summarizes our investments in unconsolidated joint ventures as of June 30, 2024 and December 31, 2023 (amounts in thousands, except percentages and property data):

Joint Venture Description % Ownership at

March 31, 2024 Completed Homes at

March 31, 2024 Balances at

June 30, 2024 Completed Homes at

June 30, 2024 Balances at

December 31, 2023

5 unchanged sentences

The Company provides various services to these joint ventures, which are considered to be related parties, including property management and development services and has opportunities to earn promoted interests.

Management fee and development fee income from unconsolidated joint ventures was $ 3.0 million and $ 3.3 million for the three months ended March 31, 2024 and 2023, respectively, and is included in other income and expense, net within the condensed consolidated statements of operations.

Management fee and development fee income from unconsolidated joint ventures was $ 3.6 million and $ 2.9 million for the three months ended June 30, 2024 and 2023, respectively, and $ 6.6 million and $ 6.2 million for the six months ended June 30, 2024 and 2023, respectively, and is included in other income and expense, net within the condensed consolidated statements of operations.

As a result of the Company’s management of these joint ventures, certain related party receivables and payables arise in the ordinary course of business and are included in escrow deposits, prepaid expenses and other assets or amounts payable to affiliates in the condensed consolidated balance sheets.

The Company also transfers single-family properties or land to the joint ventures in the ordinary course of business and any gains or losses on transfers are included in gain on sale and impairment of single-family properties and other, net in the condensed consolidated statements of operations.

During the first quarter of 2022, J.P.

2 unchanged sentences

The loan agreement provides for one one-year extension option that includes additional fees and interest.

As of March 31, 2024, J.P.

As of June 30, 2024, J.P.

Morgan JV I’s loan had a $ 324.0 million outstanding principal balance.

During the third quarter of 2022, the Institutional Investor JV amended its existing loan agreement to increase borrowing capacity to $ 250.0 million.

During the initial two -year term, the loan bears interest at SOFR plus a 2.40 % margin and matures on July 1, 2024.

The loan agreement provides for two one-year extension options that include additional fees and interest.

As of March 31, 2024, the Institutional Investor JV’s loan had a $ 232.7 million outstanding principal balance.

During the second quarter of 2024, the Institutional Investor JV amended its existing loan agreement.

During the three-year term, the loan, which has an aggregate commitment of $ 232.7 million, bears interest at SOFR plus a 1.90 % margin and matures on July 1, 2027.

As of June 30, 2024, the Institutional Investor JV’s loan had a $ 232.7 million outstanding principal balance.

The Company has provided customary non-recourse guarantees for the J.P.

4 unchanged sentences

AMH is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership.

The following table presents the Company’s debt as of March 31, 2024 and December 31, 2023 (amounts in thousands):

The following table presents the Company’s debt as of June 30, 2024 and December 31, 2023 (amounts in thousands):

Outstanding Principal Balance

Interest Rate (1)

Maturity Date March 31, 2024 December 31, 2023

Maturity Date June 30, 2024 December 31, 2023

AMH 2014-SFR2 securitization 4.42 % N/A $ — $ 461,498

AMH 2014-SFR3 securitization 4.40 % December 9, 2024 475,240 477,064

AMH 2014-SFR3 securitization (2)

4.40 % December 9, 2024 472,900 477,064

AMH 2015-SFR1 securitization (3)

4.14 % April 9, 2045 498,656 502,299

8 unchanged sentences

2032 unsecured senior notes 3.63 % April 15, 2032 600,000 600,000

2034 unsecured senior notes 5.50 % February 1, 2034 600,000 —

2034 unsecured senior notes I 5.50 % February 1, 2034 600,000 —

2034 unsecured senior notes II 5.50 % July 15, 2034 500,000 —

2051 unsecured senior notes 3.38 % July 15, 2051 300,000 300,000

7 unchanged sentences

Total debt per balance sheet $ 4,992,590 $ 4,461,647

(1) Interest rates are rounded and as of March 31, 2024.

(1) Interest rates are rounded and as of June 30, 2024.

Unless otherwise stated, interest rates are fixed percentages.

(2) The Company has provided notice to the lender of its intent to pay off the AMH 2014-SFR3 securitization during the third quarter of 2024.

Subsequent Events for further details.

(3) The AMH 2015-SFR1 securitization has an anticipated repayment date of April 9, 2025.

5 unchanged sentences

(7) The revolving credit facility provides for a borrowing capacity of up to $ 1.25 billion and the maturity date includes two six-month extension periods.

The Company had approximately $ 2.7 million committed to outstanding letters of credit that reduced our borrowing capacity as of both March 31, 2024 and December 31, 2023.

The revolving credit facility bears interest at SOFR, as adjusted for the Company’s SOFR spread, plus 0.90 % as of March 31, 2024.

The Company had approximately $ 2.3 million and $ 2.7 million committed to outstanding letters of credit that reduced our borrowing capacity as of June 30, 2024 and December 31, 2023, respectively.

The revolving credit facility bears interest at SOFR, as adjusted for the Company’s SOFR spread, plus 0.90 % as of June 30, 2024.

In July 2024, the Company entered into a new credit agreement with a $ 1.25 billion revolving credit facility that replaced the existing revolving credit facility.

Subsequent Events for further details.

(8) Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes.

Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $ 1.7 million for both the three months ended March 31, 2024 and 2023 and is included in gross interest, prior to interest capitalization.

Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $ 1.6 million and $ 1.8 million for the three months ended June 30, 2024 and 2023, respectively, and $ 3.3 million and $ 3.5 million for the six months ended June 30, 2024 and 2023, respectively, and is included in gross interest, prior to interest capitalization.

Early Extinguishment of Debt

5 unchanged sentences

Unsecured Senior Notes

During the first quarter of 2024, the Operating Partnership issued $ 600.0 million of 5.500 % unsecured senior notes with a maturity date of February 1, 2034 (the “2034 Notes”), which carry a green bond designation and were issued under the Company’s green finance framework.

Interest on the 2034 Notes is payable semi-annually in arrears on February 1 and August 1 of each year, commencing on August 1, 2024.

During the first quarter of 2024, the Operating Partnership issued $ 600.0 million of 5.500 % unsecured senior notes with a maturity date of February 1, 2034 (the “2034 Notes I”), which carry a green bond designation and were issued under the Company’s green finance framework.

Interest on the 2034 Notes I is payable semi-annually in arrears on February 1 and August 1 of each year,

commencing on August 1, 2024.

The Operating Partnership received aggregate net proceeds of $ 595.5 million from this offering, after underwriting fees of $ 3.9 million and a $ 0.6 million discount, and before offering costs of $ 1.3 million.

Pending full allocation of an amount equal to the net proceeds to finance new or existing projects meeting the eligibility criteria described in the prospectus

supplement related to the offering, the Operating Partnership used the net proceeds primarily to repay outstanding indebtedness, including the payoff of the AMH 2014-SFR2 securitization.

The 2034 Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness.

The indenture requires that we maintain certain financial covenants.

The Operating Partnership may redeem the 2034 Notes in whole at any time or in part from time to time at the applicable redemption price specified in the indenture.

If the 2034 Notes are redeemed on or after November 1, 2033 (three months prior to the maturity date), the redemption price will be equal to 100 % of the principal amount of the 2034 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

Pending full allocation of an amount equal to the net proceeds to finance new or existing projects meeting the eligibility criteria described in the prospectus supplement related to the offering, the Operating Partnership used the net proceeds primarily to repay outstanding indebtedness, including the payoff of the AMH 2014-SFR2 securitization.

The Operating Partnership may redeem the 2034 Notes I in whole at any time or in part from time to time at the applicable redemption price specified in the indenture.

If the 2034 Notes I are redeemed on or after November 1, 2033 (three months prior to the maturity date), the redemption price will be equal to 100 % of the principal amount of the 2034 Notes I being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

During the second quarter of 2024, the Operating Partnership issued $ 500.0 million of 5.500 % unsecured senior notes with a maturity date of July 15, 2034 (the “2034 Notes II”).

Interest on the 2034 Notes II is payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2025.

The Operating Partnership received aggregate net proceeds of $ 494.0 million from this offering, after underwriting fees of $ 3.3 million and a $ 2.7 million discount, and before offering costs of $ 1.1 million.

The Operating Partnership intends to use the net proceeds from the offering for the repayment of outstanding indebtedness, which may include the repayment or voluntary prepayment of all or a portion of the outstanding AMH 2014-SFR3 securitization, as well as general corporate purposes, including, without limitation, property acquisitions and developments, the expansion, redevelopment and/or improvement of existing properties in the Company’s portfolio, other capital expenditures, working capital and other general purposes.

The Operating Partnership may redeem the 2034 Notes II in whole at any time or in part from time to time at the applicable redemption price specified in the indenture.

If the 2034 Notes II are redeemed on or after April 15, 2034 (three months prior to the maturity date), the redemption price will be equal to 100 % of the principal amount of the 2034 Notes II being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

The 2034 Notes I and 2034 Notes II are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness.

The indentures require that we maintain certain financial covenants.

Debt Maturities

The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of March 31, 2024 (amounts in thousands):

The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of June 30, 2024 (amounts in thousands):

Debt Maturities

3 unchanged sentences

Interest Expense

The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three months ended March 31, 2024 and 2023 (amounts in thousands):

The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three and six months ended June 30, 2024 and 2023 (amounts in thousands):

For the Three Months Ended

June 30, For the Six Months Ended

2024 2023 2024 2023

Gross interest cost $ 51,809 $ 48,577 $ 104,608 $ 97,547

2 unchanged sentences

Accounts Payable and Accrued Expenses

The following table summarizes accounts payable and accrued expenses as of March 31, 2024 and December 31, 2023 (amounts in thousands):

March 31, 2024 December 31, 2023

Resident security deposits $ 122,120 $ 119,577

The following table summarizes accounts payable and accrued expenses as of June 30, 2024 and December 31, 2023 (amounts in thousands):

June 30, 2024 December 31, 2023

Accrued property taxes $ 140,390 $ 59,015

Resident security deposits 123,824 119,577

Liability for consolidated land not owned 105,543 108,688

13 unchanged sentences

The 2023 At-the-Market Program may be suspended or terminated by the Company at any time.

During the three months ended March 31, 2024, the Company issued 932,746 Class A common shares under its 2023 At-the-Market Program, raising $ 33.7 million in gross proceeds before commissions and other expenses of approximately $ 0.5 million.

As of March 31, 2024, 3,732,429 shares have been issued under the 2023 At-the-Market Program and $ 864.3 million remained available for future share issuances.

During the first quarter of 2024, the Company issued 932,746 Class A common shares under its 2023 At-the-Market Program, raising $ 33.7 million in gross proceeds before commissions and other expenses of approximately $ 0.5 million.

As of June 30, 2024, 3,732,429 shares have been issued under the 2023 At-the-Market Program and $ 864.3 million remained available for future share issuances.

During the first quarter of 2024, the Company entered into a forward sale agreement with the forward purchaser (the “March 2024 Forward Sale Agreement”), which is accounted for in equity, to offer 2,987,024 Class A common shares on a forward basis under its 2023 At-the-Market Program at the request of the Company by the forward seller.

3 unchanged sentences

The March 2024 Forward Sale Agreement is subject to early termination or settlement under certain circumstances.

As of March 31, 2024, the Company has estimated net proceeds of approximately $ 108.6 million available from future settlement under the March 2024 Forward Sale Agreement, subject to adjustment in accordance with the forward sale transaction.

As of June 30, 2024, the Company has estimated net proceeds of approximately $ 109.3 million available from future settlement under the March 2024 Forward Sale Agreement, subject to adjustment in accordance with the forward sale transaction.

Share Repurchase Program

3 unchanged sentences

The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units.

During the three months ended March 31, 2024 and 2023, we did not repurchase and retire any of our Class A common shares or preferred shares.

As of March 31, 2024, 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.

During the six months ended June 30, 2024 and 2023, we did not repurchase and retire any of our Class A common shares or

preferred shares.

As of June 30, 2024, 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.

Perpetual Preferred Shares

As of March 31, 2024 and December 31, 2023, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data):

March 31, 2024 December 31, 2023

As of June 30, 2024 and December 31, 2023, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data):

June 30, 2024 December 31, 2023

Series Issuance Date Earliest Redemption Date Dividend Rate Outstanding Shares Current Liquidation Value Outstanding Shares Current Liquidation Value

6 unchanged sentences

For the Three Months Ended

Security March 31,

Security June 30,

2024 March 31,

2024 June 30,

2023 March 31,

Class A and Class B common shares $ 0.26 $ 0.26 $ 0.22 $ 0.22

5.875 % Series G perpetual preferred shares

0.37 0.37 0.37 0.37

6.250 % Series H perpetual preferred shares

0.39 0.39 0.39 0.39

Noncontrolling Interest

Noncontrolling interest as reflected in the Company’s condensed consolidated balance sheets primarily consists of the interests held by former American Homes 4 Rent, LLC (“AH LLC”) members in units in the Operating Partnership.

Former AH LLC members owned 50,779,990 , or approximately 12.2 %, of the total 417,699,026 and 416,308,486 Class A units in the Operating Partnership as of March 31, 2024 and December 31, 2023, respectively.

Former AH LLC members owned 50,779,990 , or approximately 12.2 %, of the total 417,875,600 and 416,308,486 Class A units in the Operating Partnership as of June 30, 2024 and December 31, 2023, respectively.

Noncontrolling interest also includes interests held by non-affiliates in Class A units in the Operating Partnership.

Non-affiliate Class A unitholders owned 596,990 , or approximately 0.1 %, of the total 417,699,026 and 416,308,486 Class A units in the Operating Partnership as of March 31, 2024 and December 31, 2023, respectively.

Non-affiliate Class A unitholders owned 596,990 , or approximately 0.1 %, of the total 417,875,600 and 416,308,486 Class A units in the Operating Partnership as of June 30, 2024 and December 31, 2023, respectively.

The OP units owned by former AH LLC members and non-affiliates are reflected as noncontrolling interest in the Company’s condensed consolidated balance sheets and limited partner capital in the Operating Partnership’s condensed consolidated balance sheets.

3 unchanged sentences

When the Company issues Class A common shares under the 2012 Plan and 2021 Plan, the Operating Partnership issues an equivalent number of Class A units to AMH.

RSUs granted to employees during the three months ended March 31, 2024 and 2023 generally vest over a three-year service period.

During the three months ended March 31, 2024, the Company announced that David P.

RSUs granted to employees during the six months ended June 30, 2024 and 2023 generally vest over a three-year service period.

RSUs granted to non-management trustees during the six months ended June 30, 2024 and 2023 vest over a one-year service period.

During the first quarter of 2024, the Company announced that David P.

Singelyn, the Company’s Chief Executive Officer, will retire effective December 31, 2024.

5 unchanged sentences

Lau, the Company’s Chief Financial Officer, 143,968 RSUs on February 21, 2024 which cliff vest five years from the date of grant in connection with his appointment to the elevated role of Senior Executive Vice President.

Performance-based restricted share units (“PSUs”) granted to certain senior employees during the three months ended March 31, 2024 and 2023 cliff vest at the end of a three-year service period based on satisfaction of performance conditions.

The performance conditions of the PSUs are measured over the three-year performance period from January 1, 2024 through December 31, 2026 for PSUs granted during the three months ended March 31, 2024 and from January 1, 2023 through December 31, 2025 for PSUs granted during the three months ended March 31, 2023.

Performance-based restricted share units (“PSUs”) granted to certain senior employees during the six months ended June 30, 2024 and 2023 cliff vest at the end of a three-year service period based on satisfaction of performance conditions.

The performance conditions of the PSUs are measured over the three-year performance period from January 1, 2024 through December 31, 2026 for PSUs granted during the six months ended June 30, 2024 and from January 1, 2023 through December 31, 2025 for PSUs granted during the six months ended June 30, 2023.

A portion of the PSUs are based on (i) the achievement of relative total shareholder return compared to a specified peer group (the “TSR Awards”), and a portion are based on (ii) average annual growth in core funds from operations per share (the “Core FFO Awards”).

2 unchanged sentences

For the Core FFO Awards, fair value is based on the market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period.

The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2024 and 2023:

For the Three Months Ended

The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the six months ended June 30, 2024 and 2023:

For the Six Months Ended

Options outstanding at beginning of period 522,675 730,550

3 unchanged sentences

Options exercisable at end of period 409,300 600,800

The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2024 and 2023:

For the Three Months Ended

The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the six months ended June 30, 2024 and 2023:

For the Six Months Ended

RSUs outstanding at beginning of period 1,090,522 1,024,722

3 unchanged sentences

RSUs outstanding at end of period 1,198,017 1,088,735

The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2024 and 2023:

For the Three Months Ended

The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the six months ended June 30, 2024 and 2023:

For the Six Months Ended

PSUs outstanding at beginning of period (1)

4 unchanged sentences

Forfeited (1)

( 1,227 ) ( 693 )

PSUs outstanding at end of period (1)

1 unchanged sentence

(1) Represents target shares at grant date.

(2) Represents the difference between the number of target shares at grant date and the number of actual shares earned for the three-year performance period ended December 31, 2023, which was determined and settled during the three months ended March 31, 2024.

For the TSR Awards, the following assumptions were used in the calculation of fair value using the Monte Carlo simulation model:

For the Three Months Ended

For the Six Months Ended

Expected term (years) 3.0 3.0

12 unchanged sentences

Noncash share-based compensation expense relating to employees involved in the purchases of single-family properties, including newly constructed properties from third-party builders, the development of single-family properties, or the disposal of certain properties or portfolios of properties is included in acquisition and other transaction costs.

The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the three months ended March 31, 2024 and 2023 (amounts in thousands):

The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the three and six months ended June 30, 2024 and 2023 (amounts in thousands):

For the Three Months Ended

June 30, For the Six Months Ended

2024 2023 2024 2023

General and administrative expense $ 7,559 $ 5,982 $ 14,398 $ 9,725

4 unchanged sentences

American Homes 4 Rent

The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three months ended March 31, 2024 and 2023 (amounts in thousands, except share and per share data):

The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three and six months ended June 30, 2024 and 2023 (amounts in thousands, except share and per share data):

For the Three Months Ended

June 30, For the Six Months Ended

2024 2023 2024 2023

Net income $ 108,534 $ 115,414 $ 236,629 $ 253,113

2 unchanged sentences

Allocation to participating securities (1)

314 288 682 633

Numerator for income per common share–basic and diluted $ 91,828 $ 97,741 $ 200,749 $ 214,861

9 unchanged sentences

(1) Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per share using the two-class method.

(2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and vesting of PSUs under the treasury stock method for the three months ended March 31, 2024 and 2023 and the dilutive effect of a forward sale equity contract under the treasury stock method for the three months ended March 31, 2024 (see Note 10.

(2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and vesting of PSUs under the treasury stock method for the three and six months ended June 30, 2024 and 2023 and the dilutive effect of a forward sale equity contract under the treasury stock method for the three and six months ended June 30, 2024 (see Note 10.

Shareholders’ Equity / Partners’ Capital).

3 unchanged sentences

American Homes 4 Rent, L.P.

The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three months ended March 31, 2024 and 2023 (amounts in thousands, except unit and per unit data):

The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three and six months ended June 30, 2024 and 2023 (amounts in thousands, except unit and per unit data):

For the Three Months Ended

June 30, For the Six Months Ended

2024 2023 2024 2023

Net income $ 108,534 $ 115,414 $ 236,629 $ 253,113

1 unchanged sentence

Allocation to participating securities (1)

314 288 682 633

Numerator for income per common unit–basic and diluted $ 104,734 $ 111,640 $ 228,975 $ 245,508

8 unchanged sentences

Shareholders’ Equity / Partners’ Capital).

8 unchanged sentences

Our unsecured senior notes are financial instruments classified as Level 2 in the fair value hierarchy as their fair values were estimated using observable inputs based on the market value of the last trade at the end of the period.

The following table displays the carrying values and fair values of our debt instruments as of March 31, 2024 and December 31, 2023 (amounts in thousands):

March 31, 2024 December 31, 2023

The following table displays the carrying values and fair values of our debt instruments as of June 30, 2024 and December 31, 2023 (amounts in thousands):

June 30, 2024 December 31, 2023

Carrying Value Fair Value Carrying Value Fair Value

AMH 2014-SFR2 securitization $ — $ — $ 460,507 $ 463,237

AMH 2014-SFR3 securitization 474,351 477,149 475,854 478,833

AMH 2015-SFR1 securitization 499,594 502,352 500,713 503,668

AMH 2015-SFR2 securitization 433,435 436,712 434,347 437,508

Total asset-backed securitizations 1,407,380 1,416,213 1,871,421 1,883,246

2028 unsecured senior notes, net 496,943 480,425 496,745 486,875

AMH 2014-SFR2 securitization, net $ — $ — $ 460,507 $ 463,237

AMH 2014-SFR3 securitization, net 472,332 474,945 475,854 478,833

AMH 2015-SFR1 securitization, net 497,743 500,623 500,713 503,668

AMH 2015-SFR2 securitization, net 432,413 435,369 434,347 437,508

Total asset-backed securitizations, net 1,402,488 1,410,937 1,871,421 1,883,246

2028 unsecured senior notes, net 497,140 479,080 496,745 486,875

2 unchanged sentences

2032 unsecured senior notes, net 584,515 523,506 583,521 539,304

2034 unsecured senior notes I, net 594,384 590,526 — —

2034 unsecured senior notes II, net 492,962 490,940 — —

2051 unsecured senior notes, net 291,652 196,038 291,498 207,264

4 unchanged sentences

Related Party Transactions

As of both March 31, 2024 and December 31, 2023, affiliates owned approximately 12.5 % of the Company’s outstanding Class A common shares.

On a fully-diluted basis, affiliates held (including consideration of 635,075 Class B common shares and 50,622,165 Class A units as of March 31, 2024 and December 31, 2023) an approximate 23.2 % and 23.3 % interest as of March 31, 2024 and December 31, 2023, respectively.

As of both June 30, 2024 and December 31, 2023, affiliates owned approximately 12.5 % of the Company’s outstanding Class A common shares.

On a fully-diluted basis, affiliates held (including consideration of 635,075 Class B common shares and 50,622,165 Class A units as of June 30, 2024 and December 31, 2023) an approximate 23.2 % and 23.3 % interest as of June 30, 2024 and December 31, 2023, respectively.

As of December 31, 2023, the Operating Partnership had a receivable from affiliates of $ 25.7 million related to the asset-backed securitization certificates held by AMH, which was included in amounts due from affiliates on the Operating Partnership’s condensed consolidated balance sheets.

During the three months ended March 31, 2024, the Operating Partnership paid off the outstanding principal on the AMH 2014-SFR2 securitization which resulted in the settlement of the receivable from affiliates.

During the first quarter of 2024, the Operating Partnership paid off the outstanding principal on the AMH 2014-SFR2 securitization which resulted in the settlement of the receivable from affiliates.

Investments in Unconsolidated Joint Ventures for a description of related party transactions between the Company and its unconsolidated joint ventures.

Commitments and Contingencies

As of March 31, 2024, the Company had commitments to acquire 9 single-family properties through our National Builder Program for an aggregate purchase price of $ 2.1 million, as well as $ 66.0 million in purchase commitments for land relating to our AMH Development Program, which includes certain land deals expected to close beyond twelve months when development is ready to commence.

As of June 30, 2024, the Company had commitments to acquire 7 single-family properties through our traditional acquisition channel for an aggregate purchase price of $ 2.5 million, as well as $ 68.4 million in purchase commitments for land relating to our AMH Development Program, which includes certain land deals expected to close beyond twelve months when development is ready to commence.

Purchase commitments exclude option contracts where we have acquired the right to purchase land for our AMH Development Program or single-family properties because the contracts do not contain provisions requiring our specific performance.

As of March 31, 2024, the Company had sales in escrow for approximately 192 of our single-family properties and 168 of our land lots for an aggregate selling price of $ 76.1 million.

As of March 31, 2024, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $ 220.4 million.

As of June 30, 2024, the Company had sales in escrow for approximately 106 of our single-family properties and 258 of our land lots for an aggregate selling price of $ 67.0 million.

As of June 30, 2024, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $ 233.9 million.

Legal Matters

5 unchanged sentences

Subsequent Acquisitions

From April 1, 2024 through April 26, 2024, the Company added 221 newly constructed properties to its portfolio through its AMH Development Program for a total cost of approximately $ 84.8 million.

From July 1, 2024 through July 26, 2024, the Company added 192 properties to its portfolio for a total cost of approximately $ 74.9 million, which included 185 newly constructed properties delivered through our AMH Development Program and seven properties acquired through our traditional acquisition channel.

Subsequent Dispositions

From April 1, 2024 through April 26, 2024, the Company disposed of 145 properties for aggregate net proceeds of approximately $ 45.7 million.

From July 1, 2024 through July 26, 2024, the Company disposed of 83 properties for aggregate net proceeds of approximately $ 26.8 million.

Revolving Credit Facility

In July 2024, the Company entered into a new credit agreement with a $ 1.25 billion sustainability-linked revolving credit facility, replacing its previous $ 1.25 billion revolving credit facility.

The interest rate on the new revolving credit facility is at either a daily or Term SOFR plus a 0.10 % spread adjustment and a margin ranging from 0.725 % to 1.40 % or a base rate (determined according to the greater of a prime rate, federal funds rate plus 0.5 % or the daily SOFR plus 1.10 %) plus a margin ranging from 0.00 % to 0.40 %.

In each case the actual margin is determined based on the Company’s credit ratings in effect from time to time.

The new revolving credit facility matures on July 16, 2028, with two six-month extension options at the Company’s election if certain conditions are met.

AMH 2014-SFR3 Securitization Payoff Intent

In July 2024, the Company provided notice to the third-party lender of its intent to repay all amounts due under the AMH 2014-SFR3 securitization during the third quarter of 2024.

As of June 30, 2024, the AMH 2014-SFR3 securitization had an outstanding principal balance of $ 472.9 million.

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.

What changed 10-Q

Item 1. Financial Statements