What changed in this filing

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Item 1. Financial Statements

2024-10-30 compared with 2024-08-02 · 251 added, 137 removed, 771 unchanged (33% of the section changed)

3 unchanged sentences

(Amounts in thousands, except share data)

June 30, 2024 December 31, 2023

September 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, 365,863,545 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)

Class A common shares ($ 0.01 par value per share, 450,000,000 shares authorized, 365,885,188 and 364,296,431 shares issued and outstanding at September 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 September 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 September 30, 2024 and December 31, 2023)

Additional paid-in capital 7,412,232 7,357,848

10 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

6 unchanged sentences

Depreciation and amortization 119,691 114,863 353,020 340,779

Hurricane-related charges, net 3,904 — 3,904 —

Total expenses 393,062 368,805 1,122,666 1,063,577

17 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

Net income $ 87,640 $ 88,092 $ 324,269 $ 341,205

Other comprehensive loss:

Other comprehensive income (loss):

Cash flow hedging instruments:

Unrealized gain on cash flow hedging instruments 2,603 — 2,603 —

Reclassification adjustment for amortization of interest expense included in net income

( 141 ) ( 142 ) ( 423 ) ( 423 )

Other comprehensive loss ( 141 ) ( 140 ) ( 282 ) ( 281 )

Other comprehensive income (loss) 2,462 ( 142 ) 2,180 ( 423 )

Comprehensive income 90,102 87,950 326,449 340,782

49 unchanged sentences

interest Total

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

Share-based compensation — — — — — — 6,416 — — 6,416 — 6,416

Common stock issued under share-based compensation plans, net of shares withheld for employee taxes 55,156 — — — — — 845 — — 845 — 845

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)

— — — — — — — ( 80,131 ) — ( 80,131 ) — ( 80,131 )

Net income — — — — — — — 77,599 — 77,599 10,493 88,092

Total other comprehensive loss — — — — — — — — ( 125 ) ( 125 ) ( 17 ) ( 142 )

Balances at September 30, 2023 361,420,848 $ 3,614 635,075 $ 6 9,200,000 $ 92 $ 7,251,465 $ ( 391,452 ) $ 965 $ 6,864,690 $ 685,846 $ 7,550,536

American Homes 4 Rent

Condensed Consolidated Statements of Equity (continued)

(Amounts in thousands, except share and per share data)

Class A common shares Class B common shares Preferred shares

of shares Amount Number

of shares Amount Additional

capital Accumulated

deficit Accumulated other comprehensive income Shareholders’

equity Noncontrolling

interest Total

Balances at December 31, 2023 364,296,431 $ 3,643 635,075 $ 6 9,200,000 $ 92 $ 7,357,848 $ ( 394,908 ) $ 843 $ 6,967,524 $ 685,359 $ 7,652,883

25 unchanged sentences

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

American Homes 4 Rent

Condensed Consolidated Statements of Equity (continued)

(Amounts in thousands, except share and per share data)

Class A common shares Class B common shares Preferred shares

of shares Amount Number

of shares Amount Additional

capital Accumulated

deficit Accumulated other comprehensive income Shareholders’

equity Noncontrolling

interest Total

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

Share-based compensation — — — — — — 5,743 — — 5,743 — 5,743

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

21,643 — — — — — 391 — — 391 — 391

Distributions to equity holders:

Preferred shares (Note 10)

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

Noncontrolling interests — — — — — — — — — ( 13,359 ) ( 13,359 )

Common shares ( 0.26 per share)

— — — — — — — ( 95,774 ) — ( 95,774 ) — ( 95,774 )

Net income — — — — — — — 77,307 — 77,307 10,333 87,640

Total other comprehensive income — — — — — — — — 2,159 2,159 303 2,462

Balances at September 30, 2024 365,885,188 $ 3,659 635,075 $ 6 9,200,000 $ 92 $ 7,412,232 $ ( 407,251 ) $ 2,756 $ 7,011,494 $ 684,110 $ 7,695,604

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

2 unchanged sentences

(Amounts in thousands)

For the Six Months Ended

For the Nine Months Ended

September 30,

Operating activities

19 unchanged sentences

Net proceeds received from sales of single-family properties and other 382,921 384,343

Proceeds received from storm-related insurance claims — 2,185

Proceeds from notes receivable related to the sale of properties 370 663

4 unchanged sentences

Cash paid for development activity ( 651,768 ) ( 708,823 )

Cash paid for deposits on land option contracts ( 653 ) ( 1,142 )

Proceeds from asset-backed securitization certificates 25,666 —

14 unchanged sentences

Deferred financing costs paid ( 20,969 ) —

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

Net cash used for financing activities ( 320,312 ) ( 133,371 )

Net increase in cash, cash equivalents and restricted cash 95,988 24,687

4 unchanged sentences

(Amounts in thousands)

For the Six Months Ended

For the Nine Months Ended

September 30,

Supplemental cash flow information

4 unchanged sentences

Property and land contributions to unconsolidated joint ventures ( 156,934 ) ( 33,385 )

Unrealized gain on cash flow hedging instruments 2,603 —

Noncash right-of-use assets obtained in exchange for operating lease liabilities 440 551

5 unchanged sentences

(Amounts in thousands, except unit data)

June 30, 2024 December 31, 2023

September 30, 2024 December 31, 2023

Single-family properties:

23 unchanged sentences

General partner:

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

Common units ( 366,520,263 and 364,931,506 units issued and outstanding at September 30, 2024 and December 31, 2023, respectively)

6,786,898 6,744,841

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

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

221,840 221,840

Limited partner:

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

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

683,724 685,240

7 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

6 unchanged sentences

Depreciation and amortization 119,691 114,863 353,020 340,779

Hurricane-related charges, net 3,904 — 3,904 —

Total expenses 393,062 368,805 1,122,666 1,063,577

16 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

Net income $ 87,640 $ 88,092 $ 324,269 $ 341,205

Other comprehensive loss:

Other comprehensive income (loss):

Cash flow hedging instruments:

Unrealized gain on cash flow hedging instruments 2,603 — 2,603 —

Reclassification adjustment for amortization of interest expense included in net income

( 141 ) ( 142 ) ( 423 ) ( 423 )

Other comprehensive loss ( 141 ) ( 140 ) ( 282 ) ( 281 )

Other comprehensive income (loss) 2,462 ( 142 ) 2,180 ( 423 )

Comprehensive income 90,102 87,950 326,449 340,782

30 unchanged sentences

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

Share-based compensation — 6,416 — — — — 6,416

Common units issued under share-based compensation plans, net of units withheld for employee taxes 55,156 845 — — — — 845

Distributions to capital holders:

Preferred units (Note 10)

— — ( 3,486 ) — — — ( 3,486 )

Common units ($ 0.22 per unit)

— ( 80,131 ) — — ( 11,303 ) — ( 91,434 )

Net income — 74,113 3,486 — 10,493 — 88,092

Total other comprehensive loss — — — — — ( 142 ) ( 142 )

Balances at September 30, 2023 362,055,923 $ 6,641,885 $ 221,840 51,376,980 $ 685,708 $ 1,103 $ 7,550,536

American Homes 4 Rent, L.P.

27 unchanged sentences

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

Share-based compensation — 5,743 — — — — 5,743

Common units issued under share-based compensation plans, net of units withheld for employee taxes 21,643 391 — — — — 391

Distributions to capital holders:

Preferred units (Note 10)

— — ( 3,486 ) — — — ( 3,486 )

Common units ($ 0.26 per unit)

— ( 95,774 ) — — ( 13,359 ) — ( 109,133 )

Net income — 73,821 3,486 — 10,333 — 87,640

Total other comprehensive income — — — — — 2,462 2,462

Balances at September 30, 2024 366,520,263 $ 6,786,898 $ 221,840 51,376,980 $ 683,724 $ 3,142 $ 7,695,604

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

2 unchanged sentences

(Amounts in thousands)

For the Six Months Ended

For the Nine Months Ended

September 30,

Operating activities

19 unchanged sentences

Net proceeds received from sales of single-family properties and other 382,921 384,343

Proceeds received from storm-related insurance claims — 2,185

Proceeds from notes receivable related to the sale of properties 370 663

4 unchanged sentences

Cash paid for development activity ( 651,768 ) ( 708,823 )

Cash paid for deposits on land option contracts ( 653 ) ( 1,142 )

Proceeds from repayment of loan from affiliate 25,666 —

13 unchanged sentences

Deferred financing costs paid ( 20,969 ) —

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

Net cash used for financing activities ( 320,312 ) ( 133,371 )

Net increase in cash, cash equivalents and restricted cash 95,988 24,687

4 unchanged sentences

(Amounts in thousands)

For the Six Months Ended

For the Nine Months Ended

September 30,

Supplemental cash flow information

4 unchanged sentences

Property and land contributions to unconsolidated joint ventures ( 156,934 ) ( 33,385 )

Unrealized gain on cash flow hedging instruments 2,603 —

Noncash right-of-use assets obtained in exchange for operating lease liabilities 440 551

9 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 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.

As of September 30, 2024, the Company held 59,902 single-family properties in 21 states, including 1,003 properties classified as held for sale.

AMH is the general partner of, and as of September 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.

22 unchanged sentences

Actual results could differ from those estimates.

Rent and Other Receivables, the Company has reclassified certain immaterial tenant charge-backs for the three and nine months ended September 30, 2023, respectively, from variable lease payments to fixed lease payments to conform with the current year presentation.

Principles of Consolidation

4 unchanged sentences

The Company consolidates VIEs in accordance with ASC 810 if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE.

The Company holds investments in venture capital funds and deposits with land banking entities that we determined are VIEs.

As of September 30, 2024, the Company entered into real estate exchange transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), in order to defer taxable gains on the exchange of like-kind property (“1031 Exchange”).

Our 1031 Exchange transactions are facilitated by a qualified intermediary (the “QI”), which holds the proceeds from the Company’s disposition of real properties until such transactions are complete.

The QI established a special purpose entity, which was determined to be a VIE (the “1031 VIE”), to hold the disposition proceeds in an escrow account and the 1031 VIE must use the proceeds to acquire replacement real property for the Company in a manner consistent with the requirements of Section 1031 of the Code.

To the extent the proceeds are not used to acquire replacement real property, the 1031 VIE pays the proceeds to the Company.

The Company is the primary beneficiary of the 1031 VIE as it retains essentially all economic benefits related to the 1031 VIE and directs the activities that most significantly impact the 1031 VIE’s economic performance and therefore the 1031 VIE and the related disposition proceeds are consolidated within the condensed consolidated financial statements.

The Company also holds investments in venture capital funds and deposits with land banking entities that we determined are VIEs.

As the Company does not control the activities that most significantly impact the economic performance of these entities, the Company was deemed not to be the primary beneficiary and therefore did not consolidate the entities.

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 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.

As of September 30, 2024 and December 31, 2023, the carrying value of the investments in these venture capital funds was $ 13.3 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.

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 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.

As of September 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 $ 9.0 million and $ 15.7 million, respectively.

Recent Accounting Pronouncements Not Yet Effective

7 unchanged sentences

Cash, Cash Equivalents and Restricted Cash

Restricted cash primarily consists of funds held related to resident security deposits, cash reserves in accordance with certain loan agreements and funds held in the custody of our transfer agent for the payment of distributions.

Funds held related to resident security deposits are restricted during the term of the related lease agreement, which is generally one year .

Restricted cash primarily consists of funds held related to resident security deposits, cash reserves in accordance with certain loan agreements, funds held in the custody of our transfer agent for the payment of distributions and funds held for the purpose of facilitating 1031 Exchange transactions.

Funds held related to resident security deposits are restricted during the term of the related

lease agreement, which is generally one year .

Cash reserved in connection with lender requirements is restricted during the term of the related debt instrument.

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):

June 30, December 31,

September 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 June 30, 2024 and December 31, 2023 (amounts in thousands):

June 30, 2024 December 31, 2023

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

September 30, 2024 December 31, 2023

Occupied single-family properties $ 9,699,688 $ 9,595,421

8 unchanged sentences

Total real estate assets, net $ 11,823,031 $ 11,757,225

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.

Depreciation expense related to single-family properties was $ 113.9 million and $ 109.6 million for the three months ended September 30, 2024 and 2023, respectively, and $ 336.2 million and $ 325.7 million for the nine months ended September 30, 2024 and 2023, respectively.

During the three months ended September 30, 2024, Hurricanes Beryl, Debby and Helene impacted certain properties in our Texas, Florida, Georgia and Carolinas markets for minor repair and remediation costs that were not subject to the Company’s property and casualty insurance policies.

The Company recognized $ 3.9 million in hurricane related charges primarily related to actual and estimated accruals for minor repair and remediation costs which was included in hurricane-related charges, net within the condensed consolidated statement of operations for the three and nine months ended September 30, 2024.

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.

During the three months ended September 30, 2024 and 2023, the Company disposed of single-family properties and land for aggregate net proceeds of $ 103.1 million and $ 72.4 million, respectively, which resulted in an aggregate net gain on sale of $ 35.8 million and $ 35.6 million, respectively.

During the nine months ended September 30, 2024 and 2023, the Company disposed of single-family properties and land for aggregate net proceeds of $ 382.9 million and $ 384.3 million, respectively, which resulted in an aggregate net gain on sale of $ 165.6 million and $ 184.1 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 $ 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.

Variable lease payments for tenant charge-backs were $ 66.0 million and $ 64.3 million for the three months ended September 30, 2024 and 2023, respectively, and $ 168.1 million and $ 162.6 million for the nine months ended September 30, 2024 and 2023, respectively.

Variable lease payments for fees from single-family properties were $ 8.1 million and $ 8.0 million for the three months ended September 30, 2024 and 2023, respectively, and $ 24.2 million and $ 22.9 million for the nine months ended September 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 June 30, 2024 (amounts in thousands):

June 30, 2024

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

September 30, 2024

Remaining 2024 $ 328,310

Thereafter 12

Total $ 886,604

Escrow Deposits, Prepaid Expenses and Other Assets

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

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

September 30, 2024 December 31, 2023

Escrow deposits, prepaid expenses and other $ 124,804 $ 136,640

Consolidated land not owned 124,487 147,330

Commercial real estate, software, vehicles and FF&E, net 101,384 96,862

3 unchanged sentences

Total $ 378,402 $ 406,138

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.

Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $ 4.9 million and $ 4.5 million for the three months ended September 30, 2024 and 2023, respectively, and $ 14.3 million and $ 12.9 million for the nine months ended September 30, 2024 and 2023, respectively.

Deferred Costs and Other Intangibles, Net

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

September 30, 2024 December 31, 2023

Deferred leasing costs $ 3,297 $ 2,865

1 unchanged sentence

11,452 22,491

14,749 25,356

accumulated amortization (1)

( 2,133 ) ( 17,726 )

Total $ 12,616 $ 7,630

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):

(1) Unamortized deferred financing costs associated with the Company’s previous revolving credit facility were written off in July 2024 as a result of the termination of that facility.

As of September 30, 2024, deferred financing costs and accumulated amortization reflect costs and related amortization incurred as a result of the Company entering into its current revolving credit facility in July 2024 (see Note 8.

Amortization expense related to deferred leasing costs was $ 0.9 million and $ 0.8 million for the three months ended September 30, 2024 and 2023, respectively, and $ 2.5 million and $ 2.2 million for the nine months ended September 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 for both the three months ended September 30, 2024 and 2023 and $ 2.1 million and $ 2.0 million for the nine months ended September 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 September 30, 2024 for future periods (amounts in thousands):

Leasing Costs Deferred

3 unchanged sentences

2026 — 2,288 2,288

2027 — 2,288 2,288

2028 — 2,297 2,297

Thereafter — 1,227 1,227

Total $ 1,772 $ 10,844 $ 12,616

(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.

(1) Unamortized deferred financing costs associated with the Company’s previous revolving credit facility were written off in July 2024 as a result of the termination of that facility.

Estimated annual amortization expense related to deferred financing costs as of September 30, 2024 reflect costs incurred as a result of the Company entering into its current revolving credit facility (see Note 8.

Investments in Unconsolidated Joint Ventures

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

As of September 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.

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 June 30, 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 September 30, 2024 and December 31, 2023 (amounts in thousands, except percentages and property data):

Joint Venture Description % Ownership at

June 30, 2024 Completed Homes at

June 30, 2024 Balances at

September 30, 2024 Completed Homes at

September 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 $ 3.6 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.

Management fee and development fee income from unconsolidated joint ventures was $ 4.0 million and $ 1.5 million for the three months ended September 30, 2024 and 2023, respectively, and $ 10.6 million and $ 7.7 million for the nine months ended September 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.

4 unchanged sentences

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

As of June 30, 2024, J.P.

As of September 30, 2024, J.P.

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

1 unchanged sentence

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.

As of September 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 June 30, 2024 and December 31, 2023 (amounts in thousands):

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

Outstanding Principal Balance

Interest Rate (1)

Maturity Date June 30, 2024 December 31, 2023

Maturity Date September 30, 2024 December 31, 2023

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

AMH 2014-SFR3 securitization (2)

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

AMH 2014-SFR3 securitization 4.40 % N/A — 477,064

AMH 2015-SFR1 securitization (2)

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Revolving credit facility (6)

6.33 % April 15, 2026 — 90,000

5.91 % July 16, 2029 — 90,000

Total debt 4,578,772 4,517,158

3 unchanged sentences

Total debt per balance sheet $ 4,518,813 $ 4,461,647

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

(1) Interest rates are rounded and as of September 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.

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

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(6) 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 $ 2.3 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.

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

The revolving credit facility bears interest at SOFR plus a 0.10 % spread adjustment and a margin of 0.85 % as of September 30, 2024.

(7) 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 $ 1.6 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.

Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $ 1.6 million and $ 1.7 million for the three months ended September 30, 2024 and 2023, respectively, and $ 4.9 million and $ 5.2 million for the nine months ended September 30, 2024 and 2023, respectively, and is included in gross interest, prior to interest capitalization.

Early Extinguishment of Debt

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The payoff of the AMH 2014-SFR2 securitization also resulted in the release of the 4,516 homes pledged as collateral and $ 10.3 million of cash restricted for lender requirements.

The Company received $ 25.7 million from the payoff for its investment in the AMH 2014-SFR2 Class F asset-backed securitization certificates that were issued by the Operating Partnership and acquired by the Company in 2014 as part of the AMH 2014-SFR2 securitization debt offering.

part of the AMH 2014-SFR2 securitization debt offering.

The Class F 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 payoff.

Related Party Transactions.

During the third quarter of 2024, the Company terminated its previous revolving credit facility, which resulted in $ 4.8 million of charges related to the write-off of unamortized deferred financing costs and included in loss on early extinguishment of debt within the condensed consolidated statements of operations.

During the third quarter of 2024, the Operating Partnership paid off the $ 471.8 million outstanding principal on the AMH 2014-SFR3 securitization, which resulted in $ 0.5 million of charges related to the write-off of unamortized deferred financing costs and related legal fees and included in loss on early extinguishment of debt within the condensed consolidated statements of operations.

The payoff of the AMH 2014-SFR3 securitization also resulted in the release of the 4,541 homes pledged as collateral and $ 10.9 million of cash restricted for lender requirements.

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 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.

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.

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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 used the net proceeds primarily to repay outstanding indebtedness, including the payoff of the AMH 2014-SFR3 securitization, as well as general corporate 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.

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The indentures require that we maintain certain financial covenants.

Revolving Credit Facility

During the third quarter of 2024, the Company entered into a new credit agreement with a $ 1.25 billion sustainability-linked 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.

Debt Maturities

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):

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

Debt Maturities

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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 and six months ended June 30, 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 nine months ended September 30, 2024 and 2023 (amounts in thousands):

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

3 unchanged sentences

Accounts Payable and Accrued Expenses

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

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

September 30, 2024 December 31, 2023

Accrued property taxes $ 183,670 $ 59,015

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The 2023 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 2023 At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility or other debt obligations under its securitizations, (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.

properties in the Company’s portfolio.

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

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.

As of September 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.

The Company expects to physically settle the March 2024 Forward Sale Agreement by the delivery of the Class A common shares and receive proceeds by February 28, 2025, although the Company has the right to elect settlement prior to that time subject to certain conditions.

Although the Company expects to physically settle, the March 2024 Forward Sale Agreement allows the Company to cash or net-share settle all or a portion of its obligations.

If the Company elects to cash or net share settle the March 2024 Forward Sale Agreement, the Company may not receive any proceeds, and may owe cash or Class A common shares to the forward purchaser in certain circumstances.

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

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.

In October 2024, the Company issued and physically settled the 2,987,024 Class A common shares, receiving net proceeds of $ 109.8 million.

Share Repurchase Program

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

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.

During the nine months ended September 30, 2024 and 2023, we did not repurchase and retire any of our Class A common shares or preferred shares.

As of September 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 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

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

September 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 June 30,

Security September 30,

2024 June 30,

2024 March 31,

2024 September 30,

2023 June 30,

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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 417,875,600 and 416,308,486 Class A units in the Operating Partnership as of June 30, 2024 and December 31, 2023, respectively.

Former AH LLC members owned 50,779,990 , or approximately 12.2 %, of the total 417,897,243 and 416,308,486 Class A units in the Operating Partnership as of September 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 417,875,600 and 416,308,486 Class A units in the Operating Partnership as of June 30, 2024 and December 31, 2023, respectively.

Non-affiliate Class A unitholders owned 596,990 , or approximately 0.1 %, of the total 417,897,243 and 416,308,486 Class A units in the Operating Partnership as of September 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.

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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 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.

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

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

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

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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 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.

Performance-based restricted share units (“PSUs”) granted to certain senior employees during the nine months ended September 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 nine months ended September 30, 2024 and from January 1, 2023 through December 31, 2025 for PSUs granted during the nine months ended September 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 six months ended June 30, 2024 and 2023:

For the Six Months Ended

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

For the Nine Months Ended

September 30,

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

3 unchanged sentences

Options exercisable at end of period 390,000 547,675

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

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

For the Nine Months Ended

September 30,

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

3 unchanged sentences

RSUs outstanding at end of period 1,193,885 1,092,838

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

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

For the Nine Months Ended

September 30,

PSUs outstanding at beginning of period (1)

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

For the Six Months Ended

For the Nine Months Ended

September 30,

Expected term (years) 3.0 3.0

11 unchanged sentences

The Company’s noncash share-based compensation expense relating to corporate administrative employees is included in general and administrative expense and the noncash share-based compensation expense relating to centralized and field property management employees is included in property management expenses.

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 and six months ended June 30, 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 nine months ended September 30, 2024 and 2023 (amounts in thousands):

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

5 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 and six months ended June 30, 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 nine months ended September 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

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

15 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 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.

(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 nine months ended September 30, 2024 and 2023 and the dilutive effect of a forward sale equity contract under the treasury stock method for the three and nine months ended September 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 and six months ended June 30, 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 nine months ended September 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

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

13 unchanged sentences

(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 nine months ended September 30, 2024 and 2023 and the dilutive effect of a forward sale equity contract under the treasury stock method for the three and nine months ended September 30, 2024 (see Note 10.

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 June 30, 2024 and December 31, 2023 (amounts in thousands):

June 30, 2024 December 31, 2023

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

September 30, 2024 December 31, 2023

Carrying Value Fair Value Carrying Value Fair Value

15 unchanged sentences

Total debt $ 4,518,813 $ 4,372,115 $ 4,461,647 $ 4,219,737

During the third quarter of 2024, in anticipation of a potential debt issuance and in order to hedge interest rate risk, the Company entered into two treasury lock agreements with an aggregate notional amount of $ 200.0 million based on the 10-year treasury note rates at the time.

The treasury locks were designated as cash flow hedging instruments and had an aggregate fair value of $ 2.6 million as of September 30, 2024, which was included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets, with a corresponding unrealized gain reflected in other comprehensive income.

The treasury locks will be settled upon the issuance of debt and the amounts recorded in other comprehensive income will be reclassified into earnings as a reduction of interest expense over the term of the debt.

The treasury locks are the only financial instruments recorded at fair value on a recurring basis in the condensed consolidated financial statements and are classified as Level 2 within the fair value hierarchy as their fair values are estimated using observable inputs based on the 10-year treasury note rate.

Related Party Transactions

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 both September 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 September 30, 2024 and December 31, 2023) an approximate 23.2 % and 23.3 % interest as of September 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.

2 unchanged sentences

Commitments and Contingencies

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.

As of September 30, 2024, the Company had commitments to acquire 2 single-family properties through our traditional acquisition channel for an aggregate purchase price of $ 0.7 million, as well as $ 80.5 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 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.

As of September 30, 2024, the Company also had a commitment to acquire 1,673 single-family properties in a bulk acquisition for a purchase price of $ 479.8 million which closed in October 2024.

Subsequent Events.

As of September 30, 2024, the Company had sales in escrow for approximately 188 of our single-family properties and 767 of our land lots for an aggregate selling price of $ 149.7 million.

As of September 30, 2024, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $ 235.6 million.

Legal Matters

During the third quarter of 2020, we received a notice from the Georgia Attorney General’s Office (the “Georgia AG”) seeking certain information relevant to an investigation they are conducting about our customary landlord-tenant matters.

We have been cooperating with the Georgia AG and have been discussing a possible negotiated resolution with the Georgia AG.

We are involved in various other legal and administrative proceedings that are incidental to our business.

We are involved in various legal and administrative proceedings that are incidental to our business.

We believe these matters will not have a materially adverse effect on our financial position or results of operations upon resolution.

1 unchanged sentence

Subsequent Acquisitions

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.

In October 2024, the Company acquired a portfolio of 1,673 single-family properties located in 13 markets across the United States for $ 479.8 million.

The Company funded the transaction through a combination of cash on hand and its previously undrawn revolving credit facility.

The Company also added 158 properties to its portfolio, which included 156 newly constructed properties delivered through our AMH Development Program and two properties acquired through our traditional acquisition channel, for a total cost of approximately $ 61.3 million during the period October 1, 2024 through October 23, 2024.

Subsequent Dispositions

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

From October 1, 2024 through October 23, 2024, the Company disposed of 97 properties for aggregate net proceeds of approximately $ 28.5 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.

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.

From October 1, 2024 through October 25, 2024, the Company borrowed $ 400.0 million and paid down $ 100.0 million under its revolving credit facility, resulting in $ 300.0 million of outstanding borrowings under its revolving credit facility as of October 25, 2024.

March 2024 Forward Sale Agreement Settlement

In October 2024, the Company issued and physically settled 2,987,024 Class A common shares under its March 2024 Forward Sale Agreement, receiving net proceeds of $ 109.8 million.

Shareholders’ Equity / Partners’ Capital.

Hurricane Milton

In October 2024, Hurricane Milton impacted certain properties in our Florida market for minor repair and remediation costs that were not subject to the Company’s property and casualty insurance policies.

The Company is still assessing damages but preliminarily we expect to record a hurricane-related charge in the range of $ 3 million to $ 4 million in the fourth quarter of 2024.

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