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Item 2. Management’s Discussion and Analysis

2024-10-30 compared with 2024-08-02 · 130 added, 111 removed, 455 unchanged (35% of the section changed)

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We commenced operations in November 2012 and we have elected to be taxed as a REIT.

As of June 30, 2024, we owned 59,493 single-family properties in select submarkets of metropolitan statistical areas (“MSAs”) in 21 states, including 633 properties held for sale, compared to 59,332 single-family properties in 21 states, including 862 properties held for sale, as of December 31, 2023 and 58,693 single-family properties in 21 states, including 648 properties held for sale, as of June 30, 2023.

As of June 30, 2024, 56,669 of our total properties (excluding properties held for sale) were occupied, compared to 55,768 of our total properties (excluding properties held for sale) as of December 31, 2023 and 56,000 of our total properties (excluding properties held for sale) as of June 30, 2023.

Also, as of June 30, 2024, the Company had an additional 3,167 properties held in unconsolidated joint ventures, compared to 2,978 properties held in unconsolidated joint ventures as of December 31, 2023 and 2,846 properties held in unconsolidated joint ventures as of June 30, 2023.

As of September 30, 2024, we owned 59,902 single-family properties in select submarkets of metropolitan statistical areas in 21 states, including 1,003 properties held for sale, compared to 59,332 single-family properties in 21 states, including 862 properties held for sale, as of December 31, 2023 and 59,092 single-family properties in 21 states, including 700 properties held for sale, as of September 30, 2023.

As of September 30, 2024, 55,726 of our total properties (excluding properties held for sale) were occupied, compared to 55,768 of our total properties (excluding properties held for sale) as of December 31, 2023 and 55,949 of our total properties (excluding properties held for sale) as of September 30, 2023.

Also, as of September 30, 2024, the Company had an additional 3,271 properties held in unconsolidated joint ventures, compared to 2,978 properties held in unconsolidated joint ventures as of December 31, 2023 and 2,936 properties held in unconsolidated joint ventures as of September 30, 2023.

Our portfolio of single-family properties, including those held in our unconsolidated joint ventures, is internally managed through our proprietary property management platform.

Key Single-Family Property and Leasing Metrics

The following table summarizes certain key single-family properties metrics as of June 30, 2024:

The following table summarizes certain key single-family properties metrics as of September 30, 2024:

Total Single-Family Properties (1)

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Total/Average 58,899 100.0 % $ 13,361.2 100.0 % $ 226,849 1,993 17.6 2016

(1) Excludes 633 single-family properties held for sale as of June 30, 2024.

(1) Excludes 1,003 single-family properties held for sale as of September 30, 2024.

(2) Represents 15 markets in 13 states.

The following table summarizes certain key leasing metrics as of June 30, 2024:

The following table summarizes certain key leasing metrics as of September 30, 2024:

Total Single-Family Properties (1)

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Total/Average 95.1 % $ 2,224 12.1 6.4 5.3 %

(1) Excludes 633 single-family properties held for sale as of June 30, 2024.

(2) For the three months ended June 30, 2024, Average Occupied Days Percentage represents the number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service.

(3) For the three months ended June 30, 2024, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months.

(1) Excludes 1,003 single-family properties held for sale as of September 30, 2024.

(2) For the three months ended September 30, 2024, Average Occupied Days Percentage represents the number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service.

(3) For the three months ended September 30, 2024, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months.

For properties partially owned during the period, this is adjusted to reflect the number of days of ownership.

(4) Average Original Lease Term and Average Remaining Lease Term are reflected as of period end.

(5) Represents the percentage change in rent on all non-month-to-month lease renewals and re-leases during the three months ended June 30, 2024, compared to the annual rent of the previously expired non-month-to-month comparable long-term lease for each property.

(5) Represents the percentage change in rent on all non-month-to-month lease renewals and re-leases during the three months ended September 30, 2024, compared to the annual rent of the previously expired non-month-to-month comparable long-term lease for each property.

(6) Represents 15 markets in 13 states.

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We will continue to evaluate all of our growth channels and grow accordingly, if and when, acquisition opportunities are attractive relative to the condition of capital markets.

During the three months ended June 30, 2024, we developed or acquired 590 homes, including 580 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 10 homes acquired through our National Builder Program and traditional acquisition channel, partially offset by 345 homes identified for sale or contributed to unconsolidated joint ventures.

During the three months ended June 30, 2024, we also developed an additional 91 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 671 total program deliveries through our AMH Development Program.

During the six months ended June 30, 2024, we developed or acquired 1,050 homes, including 1,021 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 29 homes acquired through our National Builder Program and traditional acquisition channel, partially offset by 660 homes identified for sale or contributed to unconsolidated joint ventures.

During the six months ended June 30, 2024, we also developed an additional 119 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 1,140 total program deliveries through our AMH Development Program.

During the three months ended September 30, 2024, we developed or acquired 656 homes, including 640 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 16 homes acquired through our traditional acquisition channel, partially offset by 617 homes identified for sale.

During the three months ended September 30, 2024, we also developed an additional 113 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 753 total home deliveries through our AMH Development Program.

During the nine months ended September 30, 2024, we developed or acquired 1,706 homes, including 1,661 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 45 homes acquired through our National Builder Program and traditional acquisition channel, partially offset by 1,277 homes identified for sale or contributed to unconsolidated joint ventures.

During the nine months ended September 30, 2024, we also developed an additional 232 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 1,893 total home deliveries through our AMH Development Program.

Our properties and land held for sale were identified based on individual asset-level review, as well as submarket analysis.

As of June 30, 2024 and December 31, 2023, there were 633 and 862 properties, respectively, as well as certain land lots, classified as held for sale.

As of September 30, 2024 and December 31, 2023, there were 1,003 and 862 properties, respectively, as well as certain land lots, classified as held for sale.

We will continue to evaluate our properties and land for potential disposition going forward as a normal course of business.

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Our ability to maintain and grow revenues from our existing portfolio of homes will be dependent on our ability to retain tenants and increase rental rates.

Based on our Same-Home population of properties (defined below), the year-over-year increase in Average Monthly Realized Rent per property was 5.6% for the three months ended June 30, 2024, and we experienced turnover rates, which represents the number of tenant move-outs during the period divided by the total number of properties, of 7.8% and 8.5% during the three months ended June 30, 2024 and 2023, respectively.

Based on our Same-Home population of properties, the year-over-year increase in Average Monthly Realized Rent per property was 5.7% for the six months ended June 30, 2024, and we experienced turnover rates of 14.2% and 14.9% during the six months ended June 30, 2024 and 2023, respectively.

Based on our Same-Home population of properties (defined below), the year-over-year increase in Average Monthly Realized Rent per property was 5.1% for the three months ended September 30, 2024, and we experienced turnover rates, which represents the number of tenant move-outs during the period divided by the total number of properties, of 8.0% and 8.4% during the three months ended September 30, 2024 and 2023, respectively.

Based on our Same-Home population of properties, the year-over-year increase in Average Monthly Realized Rent per property was 5.6% for the nine months ended September 30, 2024, and we experienced turnover rates of 21.8% and 23.4% during the nine months ended September 30, 2024 and 2023, respectively.

We monitor the following categories of expenses that we believe most significantly affect our results of operations.

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Results of Operations

Net income totaled $108.5 million for the three months ended June 30, 2024, compared to $115.4 million for the three months ended June 30, 2023.

The decrease was primarily due to lower net gains on property sales, partially offset by increases in rents and other single-family property revenues exceeding increases in total expenses.

Net income totaled $236.6 million for the six months ended June 30, 2024, compared to $253.1 million for the six months ended June 30, 2023.

The decrease was primarily due to lower net gains on property sales, partially offset by increases in rents and other single-family property revenues exceeding increases in total expenses.

Net income totaled $87.6 million for the three months ended September 30, 2024, compared to $88.1 million for the three months ended September 30, 2023.

The decrease was primarily due to a $5.3 million loss on early extinguishment of debt and $3.9 million of hurricane-related charges, net in the third quarter of 2024, partially offset by an increase in other income and expense, net as a result of higher interest income as well as increases in rents and other single-family property revenues exceeding increases in total expenses excluding hurricane-related charges, net.

Net income totaled $324.3 million for the nine months ended September 30, 2024, compared to $341.2 million for the nine months ended September 30, 2023.

The decrease was primarily due to lower net gains on property sales as well as a $6.3 million loss on early extinguishment of debt and $3.9 million of hurricane-related charges, net during the nine months ended September 30, 2024, partially offset by increases in rents and other single-family property revenues exceeding increases in total expenses excluding hurricane-related charges, net.

As we continue to grow our portfolio with a portion of our homes still recently developed, acquired and/or renovated, we distinguish our portfolio of homes between Same-Home properties and Non-Same-Home and Other properties in evaluating our operating performance.

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Core NOI is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and other single-family property revenues, excluding expenses reimbursed by tenant charge-backs, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense and expenses reimbursed by tenant charge-backs.

Core NOI also excludes (1) gain or loss on early extinguishment of debt, (2) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (3) gains and losses from sales or impairments of single-family properties and other, (4) depreciation and amortization, (5) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (6) noncash share-based compensation expense, (7) interest expense, (8) general and administrative expense, and (9) other income and expense, net.

Core NOI also excludes (1) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (2) gain or loss on early extinguishment of debt, (3) gains and losses from sales or impairments of single-family properties and other, (4) depreciation and amortization, (5) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (6) noncash share-based compensation expense, (7) interest expense, (8) general and administrative expense, and (9) other income and expense, net.

We believe Core NOI provides useful information to investors about the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs.

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Additionally, these metrics should not be used as substitutes for net income or loss or net cash flows from operating activities (as computed in accordance with accounting principles generally accepted in the United States of America (“GAAP”)).

Comparison of the Three Months Ended June 30, 2024 to the Three Months Ended June 30, 2023

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the three months ended June 30, 2024 and 2023 (amounts in thousands):

Comparison of the Three Months Ended September 30, 2024 to the Three Months Ended September 30, 2023

For the Three Months Ended

September 30,

Core revenues and Same-Home core revenues

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Net income $ 87,640 $ 88,092

Hurricane-related charges, net 3,904 —

Loss on early extinguishment of debt 5,306 —

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Same-Home Core NOI $ 217,081 $ 206,054

The following tables present a summary of Core NOI for our Same-Home properties, Non-Same-Home and Other properties and total properties for the three months ended June 30, 2024 and 2023 (amounts in thousands):

For the Three Months Ended June 30, 2024

The following tables present a summary of Core NOI for our Same-Home properties, Non-Same-Home and Other properties and total properties for the three months ended September 30, 2024 and 2023 (amounts in thousands):

For the Three Months Ended September 30, 2024

Properties (1)

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Core NOI $ 217,081 64.7 % $ 25,013 59.8 % $ 242,094 64.1 %

For the Three Months Ended June 30, 2023

For the Three Months Ended September 30, 2023

Properties (1)

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Rents and Other Single-Family Property Revenues

Rents and other single-family property revenues increased 7.1% to $423.5 million for the three months ended June 30, 2024 from $395.5 million for the three months ended June 30, 2023.

Rents and other single-family property revenues increased 5.5% to $445.1 million for the three months ended September 30, 2024 from $421.7 million for the three months ended September 30, 2023.

Revenue growth was primarily driven by higher rental rates.

Property Operating Expenses

Property operating expenses increased 4.9% to $149.5 million for the three months ended June 30, 2024 from $142.6 million for the three months ended June 30, 2023.

This increase was primarily driven by annual increases in property tax expense and inflationary increases in all other expenses.

Property operating expenses increased 3.0% to $172.0 million for the three months ended September 30, 2024 from $167.0 million for the three months ended September 30, 2023.

The increase was primarily driven by annual increases in property tax expense.

Property Management Expenses

Property management expenses for the three months ended June 30, 2024 and 2023 were $32.4 million and $30.7 million, respectively, which included $1.3 million and $1.1 million, respectively, of noncash share-based compensation expense in each period

related to centralized and field property management employees.

The increase in property management expenses was primarily attributable to an increase in personnel related expenses and noncash share-based compensation expense.

Property management expenses for the three months ended September 30, 2024 and 2023 were $32.0 million and $30.8 million, respectively, which included $1.0 million of noncash share-based compensation expense in each period related to centralized and field

property management employees.

The increase in property management expenses was primarily attributable to an increase in personnel related expenses.

Core Revenues from Same-Home Properties

Core revenues from Same-Home properties increased 5.5% to $338.8 million for the three months ended June 30, 2024 from $321.1 million for the three months ended June 30, 2023.

This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 5.6% to $2,178 per month for the three months ended June 30, 2024 compared to $2,063 per month for the three months ended June 30, 2023, as well as higher fees from single-family properties and lower uncollectible rents, partially offset by a decrease in Average Occupied Days Percentage, which was 96.6% for the three months ended June 30, 2024 compared to 97.0% for the three months ended June 30, 2023.

Core revenues from Same-Home properties increased 4.4% to $335.6 million for the three months ended September 30, 2024 from $321.6 million for the three months ended September 30, 2023.

This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 5.1% to $2,208 per month for the three months ended September 30, 2024 compared to $2,100 per month for the three months ended September 30, 2023, partially offset by a decrease in Average Occupied Days Percentage, which was 95.9% for the three months ended September 30, 2024 compared to 96.5% for the three months ended September 30, 2023.

Core Property Operating Expenses from Same-Home Properties

Core property operating expenses from Same-Home properties consist of direct property operating expenses, net of tenant charge-backs, and property management costs, net of tenant charge-backs, and excludes noncash share-based compensation expense.

Core property operating expenses from Same-Home properties increased 4.8% to $118.8 million for the three months ended June 30, 2024 from $113.4 million for the three months ended June 30, 2023 primarily driven by annual increases in property tax expense and inflationary increases in all other expenses.

Core property operating expenses from Same-Home properties increased 2.6% to $118.5 million for the three months ended September 30, 2024 from $115.5 million for the three months ended September 30, 2023 primarily driven by annual increases in property tax expense and partially offset by lower R&M and turnover costs, net.

General and Administrative Expense

General and administrative expense primarily consists of corporate payroll and personnel costs, federal and state taxes, trustees’ and officers’ insurance expense, audit and tax fees, trustee fees and other expenses associated with our corporate and administrative functions.

General and administrative expense for the three months ended June 30, 2024 and 2023 was $21.7 million and $19.9 million, respectively, which included $7.6 million and $6.0 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees.

The increase in general and administrative expense was primarily related to an increase in noncash share-based compensation expense as well as an increase in personnel related expenses.

General and administrative expense for the three months ended September 30, 2024 and 2023 was $19.2 million and $18.3 million, respectively, which included $3.6 million and $4.2 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees.

The increase in general and administrative expense was primarily related to an increase in personnel related expenses.

Interest Expense

Interest expense increased 11.0% to $38.7 million for the three months ended June 30, 2024 from $34.8 million for the three months ended June 30, 2023.

The increase was primarily due to additional interest from the issuance of unsecured senior notes in January 2024, partially offset by lower interest expense resulting from the payoff of the AMH 2014-SFR2 securitization in February 2024.

Interest expense increased 26.8% to $43.6 million for the three months ended September 30, 2024 from $34.4 million for the three months ended September 30, 2023.

The increase was primarily due to additional interest from the issuances of unsecured senior notes in January 2024 and June 2024, partially offset by lower interest expense resulting from the payoffs of the AMH 2014-SFR2 securitization in February 2024 and AMH 2014-SFR3 securitization in August 2024.

Acquisition and Other Transaction Costs

Acquisition and other transaction costs consist primarily of personnel and platform costs associated with purchases of single-family properties, including newly constructed properties from third-party builders, or the disposal of certain properties or portfolios of properties which do not qualify for capitalization.

Acquisition and other transaction costs for the three months ended June 30, 2024 and 2023 were $2.9 million and $4.2 million, respectively, which included $1.6 million and $1.4 million, respectively, of noncash share-based compensation expense in each period related to employees in these functions.

The decrease in acquisition and other transaction costs was primarily due to a decrease in personnel costs as a result of fewer planned transactions through our traditional acquisition channel during the three months ended June 30, 2024.

Acquisition and other transaction costs for the three months ended September 30, 2024 and 2023 were $2.6 million and $3.4 million, respectively, which included $1.1 million and $1.3 million, respectively, of noncash share-based compensation expense in each period related to employees in these functions.

Depreciation and Amortization

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Our intangible assets are amortized on a straight-line basis over the asset’s estimated economic useful life.

Depreciation and amortization expense increased 3.9% to $117.6 million for the three months ended June 30, 2024 from $113.2 million for the three months ended June 30, 2023 primarily due to growth in the average number and cost of depreciable properties as well as ongoing capital investments into existing properties.

Depreciation and amortization expense increased 4.2% to $119.7 million for the three months ended September 30, 2024 from $114.9 million for the three months ended September 30, 2023 primarily due to growth in the average number and cost of depreciable properties as well as ongoing capital investments into existing properties.

Hurricane-Related Charges, net

Hurricanes Beryl, Debby and Helene impacted certain properties in our Texas, Florida, Georgia and Carolinas markets during the three months ended September 30, 2024.

The Company recognized $3.9 million in hurricane-related charges primarily related to actual and estimated accruals for minor repair and remediation costs that were not subject to the Company’s property and casualty insurance policies during the three months ended September 30, 2024.

Gain on Sale and Impairment of Single-Family Properties and Other, net

Gain on sale and impairment of single-family properties and other, net for the three months ended June 30, 2024 and 2023 was $43.9 million and $62.8 million, respectively, which included $2.4 million and $0.4 million, respectively, of impairment charges in each

period related to homes classified as held for sale during each period.

The decrease was primarily related to lower net gains on property sales resulting from fewer properties sold.

Gain on sale and impairment of single-family properties and other, net for the three months ended September 30, 2024 and 2023 was $32.7 million and $33.3 million, respectively, which included $3.2 million and $0.3 million, respectively, of impairment charges related to homes classified as held for sale during each period.

Loss on Early Extinguishment of Debt

Loss on early extinguishment of debt was $0.1 million for the three months ended June 30, 2024, compared to zero for the three months ended June 30, 2023, as a result of legal and administrative fees associated with the payoff of the AMH 2014-SFR2 securitization in February 2024.

Loss on early extinguishment of debt was $5.3 million for the three months ended September 30, 2024, compared to zero for the three months ended September 30, 2023, as a result of the termination of our previous revolving credit facility in July 2024 and the payoff of the AMH 2014-SFR3 securitization in August 2024.

Other Income and Expense, net

Other income and expense, net for the three months ended June 30, 2024 and 2023 was $4.0 million and $2.5 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated joint ventures, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses.

Comparison of the Six Months Ended June 30, 2024 to the Six Months Ended June 30, 2023

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the six months ended June 30, 2024 and 2023 (amounts in thousands):

For the Six Months Ended

Other income and expense, net for the three months ended September 30, 2024 and 2023 was $8.3 million and $1.9 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated joint ventures, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses.

The increase was primarily due to higher interest income.

Comparison of the Nine Months Ended September 30, 2024 to the Nine Months Ended September 30, 2023

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the nine months ended September 30, 2024 and 2023 (amounts in thousands):

For the Nine Months Ended

September 30,

Core revenues and Same-Home core revenues

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Net income $ 324,269 $ 341,205

Hurricane-related charges, net 3,904 —

Loss on early extinguishment of debt 6,323 —

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Same-Home Core NOI $ 652,526 $ 617,420

The following tables present a summary of Core NOI for our Same-Home properties, Non-Same-Home and Other properties and total properties for the six months ended June 30, 2024 and 2023 (amounts in thousands):

For the Six Months Ended June 30, 2024

The following tables present a summary of Core NOI for our Same-Home properties, Non-Same-Home and Other properties and total properties for the nine months ended September 30, 2024 and 2023 (amounts in thousands):

For the Nine Months Ended September 30, 2024

Properties (1)

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Core NOI $ 652,526 65.2 % $ 70,220 58.8 % $ 722,746 64.5 %

For the Six Months Ended June 30, 2023

For the Nine Months Ended September 30, 2023

Properties (1)

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Rents and Other Single-Family Property Revenues

Rents and other single-family property revenues increased 6.8% to $847.0 million for the six months ended June 30, 2024 from $793.3 million for the six months ended June 30, 2023.

Rents and other single-family property revenues increased 6.4% to $1.3 billion for the nine months ended September 30, 2024 from $1.2 billion for the nine months ended September 30, 2023.

Revenue growth was primarily driven by higher rental rates.

Property Operating Expenses

Property operating expenses increased 5.4% to $305.4 million for the six months ended June 30, 2024 from $289.6 million for the six months ended June 30, 2023.

This increase was primarily driven by annual increases in property tax expense and inflationary increases in all other expenses.

Property operating expenses increased 4.5% to $477.4 million for the nine months ended September 30, 2024 from $456.7 million for the nine months ended September 30, 2023.

The increase was primarily driven by annual increases in property tax expense and higher R&M and turnover costs.

Property Management Expenses

Property management expenses for the six months ended June 30, 2024 and 2023 were $63.8 million and $61.5 million, respectively, which included $2.8 million and $2.2 million, respectively, of noncash share-based compensation expense in each period related to

centralized and field property management employees.

Property management expenses for the nine months ended September 30, 2024 and 2023 were $95.8 million and $92.3 million, respectively, which included $3.8 million and $3.2 million, respectively, of noncash share-based compensation expense in each period

related to centralized and field property management employees.

The increase in property management expenses was primarily attributable to an increase in personnel related expenses and noncash share-based compensation expense.

Core Revenues from Same-Home Properties

Core revenues from Same-Home properties increased 5.5% to $671.7 million for the six months ended June 30, 2024 from $636.9 million for the six months ended June 30, 2023.

This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 5.7% to $2,163 per month for the six months ended June 30, 2024 compared to $2,045 per month for the six months ended June 30, 2023, as well as higher fees from single-family properties and lower uncollectible rents, partially offset by a decrease in Average Occupied Days Percentage, which was 96.4% for the six months ended June 30, 2024 compared to 97.1% for the six months ended June 30, 2023.

Core revenues from Same-Home properties increased 5.2% to $1.0 billion for the nine months ended September 30, 2024 from $950.8 million for the nine months ended September 30, 2023.

This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 5.6% to $2,178 per month for the nine months ended September 30, 2024 compared to $2,063 per month for the nine months ended September 30, 2023, as well as higher fees from single-family properties and lower uncollectible rents, partially offset by a decrease in Average Occupied Days Percentage, which was 96.3% for the nine months ended September 30, 2024 compared to 96.9% for the nine months ended September 30, 2023.

Core Property Operating Expenses from Same-Home Properties

Core property operating expenses from Same-Home properties increased 5.3% to $232.8 million for the six months ended June 30, 2024 from $221.2 million for the six months ended June 30, 2023 primarily driven by annual increases in property tax expense and inflationary increases in all other expenses.

Core property operating expenses from Same-Home properties increased 4.3% to $347.7 million for the nine months ended September 30, 2024 from $333.4 million for the nine months ended September 30, 2023 primarily driven by annual increases in property tax expense.

General and Administrative Expense

General and administrative expense for the six months ended June 30, 2024 and 2023 was $43.6 million and $37.8 million, respectively, which included $14.4 million and $9.7 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees.

General and administrative expense for the nine months ended September 30, 2024 and 2023 was $62.8 million and $56.1 million, respectively, which included $18.0 million and $13.9 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees.

The increase in general and administrative expense was primarily related to an increase in noncash share-based compensation expense as well as an increase in personnel related expenses.

Interest Expense

Interest expense increased 9.2% to $77.3 million for the six months ended June 30, 2024 from $70.7 million for the six months ended June 30, 2023.

Interest expense increased 15.0% to $120.9 million for the nine months ended September 30, 2024 from $105.1 million for the nine months ended September 30, 2023.

Acquisition and Other Transaction Costs

Acquisition and other transaction costs for the six months ended June 30, 2024 and 2023 were $6.3 million and $9.3 million, respectively, which included $3.2 million and $2.4 million, respectively, of noncash share-based compensation expense in each period related to employees in these functions.

Acquisition and other transaction costs for the nine months ended September 30, 2024 and 2023 were $8.9 million and $12.7 million, respectively, which included $4.3 million and $3.7 million, respectively, of noncash share-based compensation expense in each period related to employees in these functions.

Depreciation and Amortization

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Our intangible assets are amortized on a straight-line basis over the asset’s estimated economic useful life.

Depreciation and amortization expense increased 3.3% to $233.3 million for the six months ended June 30, 2024 from $225.9 million for the six months ended June 30, 2023 primarily due to growth in the average number and cost of depreciable properties as well as ongoing capital investments into existing properties.

Depreciation and amortization expense increased 3.6% to $353.0 million for the nine months ended September 30, 2024 from $340.8 million for the nine months ended September 30, 2023 primarily due to growth in the average number and cost of depreciable properties as well as ongoing capital investments into existing properties.

Hurricane-Related Charges, net

Hurricanes Beryl, Debby and Helene impacted certain properties in our Texas, Florida, Georgia and Carolinas markets during the nine months ended September 30, 2024.

Gain on Sale and Impairment of Single-Family Properties and Other, net

Gain on sale and impairment of single-family properties and other, net for the six months ended June 30, 2024 and 2023 was $112.8 million and $147.4 million, respectively, which included $3.3 million and $0.8 million, respectively, of impairment charges in each

period related to homes classified as held for sale during each period.

The decrease was primarily related to lower net gains on property sales resulting from fewer properties sold.

Gain on sale and impairment of single-family properties and other, net for the nine months ended September 30, 2024 and 2023 was $145.5 million and $180.8 million, respectively, which included $6.5 million and $1.1 million, respectively, of impairment charges related to homes classified as held for sale during each period.

The decrease was primarily related to lower net gains on property sales resulting from a decrease in properties sold.

Loss on Early Extinguishment of Debt

Loss on early extinguishment of debt was $1.0 million for the six months ended June 30, 2024, compared to zero for the six months ended June 30, 2023, as a result of the payoff of the AMH 2014-SFR2 securitization in February 2024.

Loss on early extinguishment of debt was $6.3 million for the nine months ended September 30, 2024, compared to zero for the nine months ended September 30, 2023, as a result of the termination of our previous revolving credit facility in July 2024 and the payoffs of the AMH 2014-SFR2 securitization in February 2024 and the AMH 2014-SFR3 securitization in August 2024.

Other Income and Expense, net

Other income and expense, net for the six months ended June 30, 2024 and 2023 was $7.4 million and $7.2 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated joint ventures, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses.

Other income and expense, net for the nine months ended September 30, 2024 and 2023 was $15.7 million and $9.1 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated joint ventures, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses.

The increase was primarily due to higher interest income.

Critical Accounting Estimates

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Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the 2023 Annual Report.

There have been no material changes to these estimates during the six months ended June 30, 2024.

There have been no material changes to these estimates during the nine months ended September 30, 2024.

Recent Accounting Pronouncements

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A timely liquidation of assets might not be a viable source of short-term liquidity should a cash flow shortfall arise, and we may need to source liquidity from other financing alternatives including drawing on our revolving credit facility.

Our liquidity and capital resources as of June 30, 2024 included $718.4 million of cash and cash equivalents.

Additionally, as of June 30, 2024, we had no outstanding borrowings and $2.3 million committed to outstanding letters of credit under our $1.25 billion revolving credit facility, leaving $1.25 billion of remaining borrowing capacity.

During the six months ended June 30, 2024, the Company issued (i) $600.0 million of 5.500% unsecured senior notes with a maturity date of February 1, 2034 (the “2034 Notes I”), raising net proceeds of $595.5 million, (ii) $500.0 million of 5.500% unsecured senior notes with a maturity date of July 15, 2034 (the “2034 Notes II”), raising net proceeds of $494.0 million, and (iii) 932,746 Class A common shares under its 2023 At-the-Market Program, raising gross proceeds of $33.7 million with $864.3 million remaining available for future share issuances as of June 30, 2024.

As of June 30, 2024, the Company also had estimated net proceeds of $109.3 million available from future settlement of the March 2024 Forward Sale Agreement under its 2023 At-the-Market Program (described below).

Our liquidity and capital resources as of September 30, 2024 included $162.5 million of cash and cash equivalents.

Additionally, as of September 30, 2024, we had no outstanding borrowings and $2.3 million committed to outstanding letters of credit under our $1.25 billion revolving credit facility, leaving $1.25 billion of remaining borrowing capacity.

During the nine months ended September 30, 2024, the Company issued (i) $600.0 million of 5.500% unsecured senior notes with a maturity date of February 1,

2034 (the “2034 Notes I”), raising net proceeds of $595.5 million, (ii) $500.0 million of 5.500% unsecured senior notes with a maturity date of July 15, 2034 (the “2034 Notes II”), raising net proceeds of $494.0 million, and (iii) 932,746 Class A common shares under its 2023 At-the-Market Program, raising gross proceeds of $33.7 million with $864.3 million remaining available for future share issuances as of September 30, 2024.

As described below, in October 2024, we also issued and physically settled 2,987,024 Class A common shares under the March 2024 Forward Sale Agreement, receiving net proceeds of $109.8 million.

We maintain an investment grade credit rating which provides for greater availability of and lower cost of debt financing.

Uses of Capital

including those paid in accordance with REIT distribution requirements, and (iii) opportunistic expenditures, including to pay for the acquisition, development and renovation of our properties and repurchases of our securities.

With respect to our contractually obligated expenditures, our cash requirements within the next twelve months include accounts payable and accrued expenses, interest payments on debt obligations, principal amortization on our asset-backed securitizations, the repayment of our AMH 2014-SFR3 asset-backed securitization, operating lease obligations and purchase commitments to acquire single-family properties and land for our AMH Development Program.

During the six months ended June 30, 2024, the Company repaid all amounts due under the AMH 2014-SFR2 securitization and 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.

Our expected material cash requirements over the next twelve months consist of (i) contractually obligated expenditures, including payments of principal and interest, (ii) other essential expenditures, including property operating expenses, HOA fees (as applicable), real estate taxes, maintenance capital expenditures, general and administrative expenses and dividends on our equity securities including those paid in accordance with REIT distribution requirements, and (iii) opportunistic expenditures, including to pay for the acquisition, development and renovation of our properties and repurchases of our securities.

With respect to our contractually obligated expenditures, our cash requirements within the next twelve months include accounts payable and accrued expenses, interest payments on debt obligations, principal amortization on our asset-backed securitizations, operating lease obligations and purchase commitments to acquire single-family properties and land for our AMH Development Program.

During the nine months ended September 30, 2024, the Company repaid all amounts due under the AMH 2014-SFR2 and AMH 2014-SFR3 securitizations.

Except as described in Note 8.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the 2023 Annual Report.

The following table summarizes the Company’s and the Operating Partnership’s cash flows for the six months ended June 30, 2024 and 2023 (amounts in thousands):

For the Six Months Ended

The following table summarizes the Company’s and the Operating Partnership’s cash flows for the nine months ended September 30, 2024 and 2023 (amounts in thousands):

For the Nine Months Ended

September 30,

2024 2023 Change

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Net cash used for investing activities (293,048) (465,316) 172,268

Net cash provided by (used for) financing activities 292,317 (34,044) 326,361

Net cash used for financing activities (320,312) (133,371) (186,941)

Net increase in cash, cash equivalents and restricted cash $ 95,988 $ 24,687 $ 71,301

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Our cash flows provided by operating activities, which is our principal source of cash flows, depend on numerous factors, including the occupancy level of our properties, the rental rates achieved on our leases, the collection of rent from our tenants and the level of property operating expenses, property management expenses, general and administrative expense and interest expense.

Net cash provided by operating activities increased $60.1 million, or 14.5%, from $415.7 million for the six months ended June 30, 2023 to $475.8 million for the six months ended June 30, 2024 as a result of increased cash inflows generated from a larger number of occupied properties and higher rental rates, partially offset by higher cash outflows for property related expenses as a result of inflationary increases as well as changes in working capital primarily related to the timing of payments for accounts payable and accrued expenses and prepaid expenses and other assets.

Net cash provided by operating activities increased $86.0 million, or 13.8%, from $623.4 million for the nine months ended September 30, 2023 to $709.3 million for the nine months ended September 30, 2024 primarily as a result of increased cash inflows generated from higher rental rates and changes in working capital primarily related to the timing of payments for accounts payable and accrued expenses and prepaid expenses and other assets, partially offset by higher cash outflows for property related expenses.

Investing Activities

Net cash used for investing activities decreased $129.5 million, or 54.5%, from $237.8 million for the six months ended June 30, 2023 to $108.3 million for the six months ended June 30, 2024.

Net cash used for investing activities decreased $172.3 million, or 37.0%, from $465.3 million for the nine months ended September 30, 2023 to $293.0 million for the nine months ended September 30, 2024.

Our investing activities are most significantly impacted by the level of investment activity through traditional acquisition channels, availability of bulk portfolio acquisition opportunities, the development of “built-for-rental” homes through our AMH Development Program and the acquisition of newly built properties through our National Builder Program.

We have strategically scaled back acquisitions of single-family properties through our National Builder Program and traditional acquisition channels as the housing market adjusts to the current macroeconomic environment.

We will continue to evaluate all of our growth channels and grow accordingly, if and when, acquisition opportunities are attractive relative to the condition of capital markets.

We will continue to evaluate all of our growth channels and grow accordingly, if and when, acquisition opportunities are attractive relative

to the condition of capital markets.

We use cash generated from operating and financing activities and by recycling capital through the sale of single-family properties to invest in the strategic expansion of our single-family property portfolio.

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The development of “built-for-rental” homes and our property-enhancing capital expenditures may reduce recurring and other capital expenditures on an average per-home basis in the future.

Cash outflows for recurring and other capital expenditures for single-family properties and renovations to single-family properties decreased $10.9 million largely as a result of scaled back acquisitions and a reduction in spend on property-enhancing capital expenditures during the six months ended June 30, 2024.

Additional drivers for the decrease in net cash used for investing activities include (i) a $96.4 million increase in distributions from joint ventures, net of contributions, primarily due to additional cash distributions received with respect to our property and land contributions during the six months ended June 30, 2024, (ii) $25.7 million of cash proceeds received during the six months ended June 30, 2024 for our AMH 2014-SFR2 Class F asset-backed securitization certificates, and (iii) a $7.3 million decrease in cash outflows for other investing activities primarily due to a nonrecurring investment

in a residential-focused proptech company during the six months ended June 30, 2023.

These changes were partially offset by a $32.1 million decrease in net proceeds received from sales of single-family properties and other primarily resulting from fewer properties sold during the six months ended June 30, 2024.

Cash outflows for recurring and other capital expenditures for single-family properties and renovations to single-family properties decreased $19.3 million largely due to a reduction in spend on property-enhancing capital expenditures.

Additional drivers for the decrease in net cash used for investing activities include (i) a $78.0 million increase in distributions from joint ventures, net of contributions, primarily due to additional cash distributions received with respect to our property and land contributions during the nine months ended September 30, 2024, (ii) $25.7 million of cash proceeds received during the nine months ended September 30, 2024 for our AMH 2014-SFR2 Class F asset-backed securitization certificates and (iii) a $10.5 million decrease in cash outflows for other investing activities primarily due to a nonrecurring investment in a residential-focused proptech company during the nine months ended September 30, 2023.

These decreases in net cash used for investing activities were partially offset by (i) $2.2 million in nonrecurring proceeds received from storm-related insurance claims during the nine months ended September 30, 2023 and (ii) a $1.4 million decrease in net proceeds received from sales of single-family properties and other.

Financing Activities

Net cash provided by financing activities was $292.3 million for the six months ended June 30, 2024 compared to net cash used for financing activities of $34.0 million for the six months ended June 30, 2023.

This $326.4 million change in financing activities was primarily due to (i) $1.1 billion of proceeds from unsecured senior notes, net of discounts and deferred financing costs paid, from the issuances of unsecured senior notes (see below) during the six months ended June 30, 2024 and (ii) a $40.0 million reduction in cash outflows to pay down our revolving credit facility.

These changes were partially offset by (i) a $459.0 million increase in payments on asset-backed securitizations resulting from the payoff of the AMH 2014-SFR2 securitization during the six months ended June 30, 2024, (ii) a $265.2 million reduction in proceeds from the issuance of Class A common shares, net of offering costs, (iii) $36.4 million of payments to a land banking entity related to liabilities to repurchase consolidated land not owned for our AMH Development Program during the six months ended June 30, 2024, and (iv) a $35.9 million increase in distributions paid to common share and unit holders resulting from an 18% increase in distributions paid per common share and unit during the six months ended June 30, 2024.

Net cash used for financing activities increased $186.9 million, or 140.2%, from $133.4 million for the nine months ended September 30, 2023 to $320.3 million for the nine months ended September 30, 2024 primarily due to (i) a $930.3 million increase in payments on asset-backed securitizations resulting from the payoffs of the AMH 2014-SFR2 and AMH 2014-SFR3 securitizations during the nine months ended September 30, 2024, (ii) a $265.2 million reduction in proceeds from the issuance of Class A common shares, net of offering costs, (iii) a $53.7 million increase in distributions paid to common share and unit holders resulting from an 18% increase in distributions paid per common share and unit during the nine months ended September 30, 2024, (iv) $47.9 million of payments to a land banking entity related to liabilities to repurchase consolidated land not owned for our AMH Development Program during the nine months ended September 30, 2024 and (v) $21.0 million of deferred financings costs paid during the nine months ended September 30, 2024 in connection with the issuances of the 2034 Notes I and 2034 Notes II as well as legal and other fees for a new revolving credit facility.

These increases in net cash used for financing activities were partially offset by (i) $1.1 billion of proceeds from unsecured senior notes, net of discounts, from the issuances of the 2034 Notes I and 2034 Notes II during the nine months ended September 30, 2024 and (ii) a $40.0 million reduction in paydowns on our revolving credit facility.

Early Extinguishment of Debt

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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.

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

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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.

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.

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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.

At-the-Market Common Share Offering Program

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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.

When the Company issues common shares, the Operating Partnership issues an equivalent number of units of partnership interest of a corresponding class to AMH, with the Operating Partnership receiving the net proceeds from the share issuances.

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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.

Distributions

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federal income tax purposes to reduce our REIT taxable income and have substantially utilized our NOL as of December 31, 2023.

During the six months ended June 30, 2024 and 2023, the Company distributed an aggregate $225.1 million and $189.2 million, respectively, to common shareholders, preferred shareholders and noncontrolling interests on a cash basis.

During the nine months ended September 30, 2024 and 2023, the Company distributed an aggregate $337.5 million and $283.8 million, respectively, to common shareholders, preferred shareholders and noncontrolling interests on a cash basis.

Additional Non-GAAP Measures

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We also believe that Core FFO and Adjusted FFO attributable to common share and unit holders provide useful information to investors because they allow investors to compare our operating performance to prior reporting periods without the effect of certain items that, by nature, are not comparable from period to period.

FFO, Core FFO and Adjusted FFO attributable to common share and unit holders are not a substitute for net income or net cash provided by operating activities, each as determined in accordance with GAAP, as a measure of our operating performance, liquidity or ability to pay dividends.

or ability to pay dividends.

These metrics also are not necessarily indicative of cash available to fund future cash needs.

Because other REITs may not compute these measures in the same manner, they may not be comparable among REITs.

The following is a reconciliation of the Company’s net income attributable to common shareholders, determined in accordance with GAAP, to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders for the three and six months ended June 30, 2024 and 2023 (amounts in thousands):

The following is a reconciliation of the Company’s net income attributable to common shareholders, determined in accordance with GAAP, to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders 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

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Noncash share-based compensation - property management 1,043 953 3,827 3,151

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

Loss on early extinguishment of debt 5,306 — 6,323 —

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We believe these metrics provide useful information to investors because they exclude the impact of various income and expense items that are not indicative of operating performance.

The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre, Adjusted EBITDAre and Fully Adjusted EBITDAre for the three and six months ended June 30, 2024 and 2023 (amounts in thousands):

The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre, Adjusted EBITDAre and Fully Adjusted EBITDAre 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

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Acquisition, other transaction costs and other 2,605 3,399 8,866 12,650

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

Loss on early extinguishment of debt 5,306 — 6,323 —

4 unchanged sentences

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 2. Management’s Discussion and Analysis