13 unchanged sentences
The Operating Partnership owns substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity.
−Removed: One difference between the Company and the Operating Partnership is $25.7 million of asset-backed securitization certificates issued by the Operating Partnership and purchased by AMH.
−Removed: The asset-backed securitization certificates are recorded as an asset-backed securitization certificates receivable by the Company and as an amount due from affiliates by the Operating Partnership.
AMH contributes all net proceeds from its various equity offerings to the Operating Partnership.
54 unchanged sentences
In addition, by having a national property management operation, we have the ability to negotiate favorable terms on services and products with many of our contractors and vendors, including national contractors and vendors.
−Removed: Our property management functions are 100% internalized, which we believe provides us with consistency of service, control and branding in the operation of our properties.
+Added: Our property management functions are generally internalized, which we believe provides us with consistency of service, control and branding in the operation of our properties.
• Establish a nationally recognized brand.
3 unchanged sentences
We believe that creating brand awareness will facilitate the growth and success of our company.
−Removed: We have established a toll-free number serviced by our call center and a website to provide a
−Removed: direct portal to reach potential residents and to drive our brand presence.
+Added: We have established a toll-free number serviced by our call center and a website to provide a direct portal to reach potential residents and to drive our brand presence.
We believe our brand has gained recognition within a number of our markets.
1 unchanged sentence
We may use leverage to increase potential returns to our shareholders, but we will seek to maintain a conservative and flexible balance sheet.
−Removed: We have obtained capital through the issuance of equity securities, the use of unsecured credit facilities, the issuance of unsecured senior notes, preferred shares, and through asset-backed securitization transactions completed during 2014 and 2015.
+Added: We have obtained capital through the issuance of equity securities,
+Added: the use of unsecured credit facilities, the issuance of unsecured senior notes, preferred shares, and through asset-backed securitization transactions completed during 2014 and 2015.
We also participate in investment vehicles with third-party investors as an alternative source of equity to grow our business.
8 unchanged sentences
For our AMH Development Program, the development timeline varies primarily due to land development requirements.
−Removed: Once land development requirements have been met, on average it takes approximately four to six months to complete the rental home vertical construction process.
+Added: Once land development requirements have been met, on average it takes approximately five to seven months to complete the rental home vertical construction process.
However, delivery of homes may be staggered to facilitate leasing absorption.
22 unchanged sentences
We have found that a rapid response to renovating our homes improves our relationship with the local communities and homeowners’ associations (“HOAs”), enhancing the “AMH” brand recognition and loyalty.
−Removed: On average, it has taken
−Removed: approximately 20 to 90 days to complete the renovation process, which will fluctuate based on our overall acquisition volume as well as availability of construction labor and materials.
+Added: Historically, it has taken approximately 20 to 90 days to complete the renovation process, which will fluctuate based on our overall acquisition volume as well as availability of construction labor and materials.
Properties are typically leased approximately 20 to 40 days after completing the renovation process.
−Removed: If a home that is acquired remains occupied, the renovation process may be postponed.
+Added: If a home that is acquired remains occupied, the renovation process may
+Added: be postponed.
However, an assessment is made of potential renovation work that must be addressed once the property can be accessed.
1 unchanged sentence
We have developed an extensive internal property management infrastructure, with modern systems, dedicated personnel and local offices.
−Removed: We directly manage all of our properties, including those held in our unconsolidated joint ventures, without the engagement of a third-party manager.
+Added: We directly manage all of our properties, including those held in our unconsolidated joint ventures, generally without the engagement of a third-party manager.
+Added: A third-party manager may be utilized temporarily subsequent to a bulk portfolio acquisition as we transition the properties into our property management infrastructure or evaluate the performance of potential new markets.
• Marketing and Leasing.
44 unchanged sentences
We expect these trends to continue into 2025.
−Removed: However, if these trends diminish or mortgage rates decline, demand for our single-family rental homes may be impacted.
+Added: However, if these trends diminish, mortgage rates decline, or there is an increase in supply of alternative housing options, demand for our single-family rental homes may be impacted.
In addition to these recent trends, we also believe the persistent national housing shortage and the progression of the millennial demographic into “family formation” years will continue to drive long-term demand for our single-family rental homes.
7 unchanged sentences
As a current or prior owner of real estate, we are subject to various federal, state and local environmental laws, regulations and ordinances, and we could be liable to third parties as a result of environmental contamination or noncompliance at our properties, even if we no longer own such properties.
−Removed: See “Risk Factors—Risks Related to Our Business—Contingent or unknown liabilities could adversely affect our financial condition, cash flows and operating results” and “Risk Factors—Risks Related to the Real Estate Industry—Environmentally hazardous conditions may adversely affect our financial condition, cash flows and operating results.”
+Added: See “Risk Factors—Risks Related to Our Business—Contingent or unknown liabilities associated with our property acquisitions could adversely affect our financial condition, cash flows and operating results” and “Risk Factors—Risks Related to the Real Estate Industry—Environmentally hazardous conditions may adversely affect our financial condition, cash flows and operating results.”
Residential Housing Legislation and Regulations
29 unchanged sentences
To ensure ongoing monitoring of trends, we regularly conduct pulse surveys of all employees.
−Removed: During the year ended December 31, 2023, we maintained a healthy 72% participation rate, with over 11,000 comments received.
+Added: During the year ended December 31, 2024, we maintained a healthy 72% participation rate, with nearly 11,000 comments received.
Results are then aggregated via a secure third-party platform for analysis, and a summary dashboard is presented quarterly to the board’s Human Capital and Compensation Committee to maintain awareness of employee sentiment.
Senior leadership then reviews and acts on this feedback as appropriate.
−Removed: Enterprise-level and regional Town Halls, Employee Council meetings, biweekly field representative calls, information technology sessions and company-wide emails are examples of additional ways through which we deliver announcements, promote transparency and engage with our workforce.
−Removed: As a result of feedback delivered in these forums, our employees have played an instrumental role in shaping and advancing the implementation of workplace initiatives.
−Removed: Another form of employee engagement we’ve adopted is our social impact program, in which we provide company-sponsored volunteer opportunities, volunteer grants and an employee match program to enable employees to give back to their communities and support their favorite causes at work.
We recognize that people thrive when they have the means to meet their needs and goals, both in and out of the workplace.
2 unchanged sentences
During the year ended December 31, 2024, employee turnover was 25.1%.
−Removed: Diversity, Equity and Inclusion
+Added: Inclusion and Belonging
We believe that teams comprised of individuals with diverse identities, backgrounds, experiences, perspectives and viewpoints improve dialogue and decision-making in both the workplace and the boardroom, contributing to overall organizational effectiveness.
−Removed: Our diversity, equity and inclusion principles are – embrace individual differences, treat people fairly and create a sense of community and belonging.
+Added: We try to foster inclusion and belonging through three principles – embrace individual differences, treat people fairly and create a sense of community and belonging.
These principles guide how we engage one another in the workplace.
−Removed: We promote a sense of belonging and encourage an environment of respect through two flagship programs.
−Removed: First, our “Valuing Differences” learning series provides a foundation for creating awareness and understanding for all team members – 2023 marked the fourth year of this program, and the training is offered to all new employees within their first six months of employment.
−Removed: Rooted in our core competency of “Values Differences,” the program helps employees develop greater awareness about personal biases and learn tools for effective communication to strengthen working relationships.
−Removed: The program also helps employees learn about the policies and initiatives developed by AMH to promote a fair and inclusive workplace and actionable ways to translate these insights into tools to become more equitable leaders.
−Removed: We also have an Employee Resource Group program that is designed to foster an environment of acceptance and inclusion, enhance social and professional networking among employees, raise cultural awareness, and assist AMH in connecting with the communities in which we operate—all ultimately to strengthen our business, promote innovation, develop talent, and build a great workplace.
+Added: One way we promote a sense of belonging and encourage an environment of respect is through our “Valuing Differences” learning series which is offered to all new employees within their first six months of employment.
+Added: The program helps employees develop tools for effective communication to strengthen working relationships.
+Added: The program also helps employees learn about the policies and
+Added: initiatives developed by AMH to promote a fair and inclusive workplace and actionable ways to translate these insights into tools to become more effective leaders.
+Added: We also have an Employee Resource Group program that is designed to enhance social and professional networking among employees, raise cultural awareness, and assist AMH in connecting with the communities in which we operate—all ultimately to strengthen our business, promote innovation, develop talent, and build a great workplace.
Training and Development
1 unchanged sentence
From their first day with us, we aim to provide our team members with the tools and training necessary to succeed.
−Removed: Employees are guided through their professional journey by a development toolkit that identifies activities, experiences and milestones for their growth.
+Added: Employees are guided through their professional journey by a Development Growth Plan that identifies activities, experiences and milestones for their growth.
This systematic review of skills and strengths facilitates a continuous process of leadership development, pipeline development and succession planning.
18 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.