What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2025-02-21 compared with 2024-02-23 · 449 added, 325 removed, 1524 unchanged (34% of the section changed)

2 unchanged sentences

Evaluation of Disclosure Controls and Procedures

As of December 31, 2023, the Company performed an evaluation, under the supervision of the Company’s Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended.

As of December 31, 2024, the Company performed an evaluation, under the supervision of the Company’s CEO and CFO, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended.

These controls and procedures have been designed to ensure that information required for disclosure is recorded, processed, summarized and reported within the requisite time periods and that such information is accumulated and communicated to its management.

69 unchanged sentences

The information required by this item with respect to the nominating process, the audit committee and the audit committee financial expert will be included in the 2025 Proxy Statement and is incorporated herein by reference.

The information required by this item with respect to a code of ethics will be included in the 2024 Proxy Statement and is incorporated herein by reference.

The information required by this item with respect to a code of ethics and insider trading arrangements and policies will be included in the 2025 Proxy Statement and is incorporated herein by reference.

Any amendments to or waivers of the code of ethics granted to the Company’s executive officers or the controller will be published promptly on our website or by other appropriate means in accordance with SEC rules and regulations.

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warrants and rights

(b) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))

(b) Number of securities remaining

available for future issuance

under equity compensation

plans (excluding securities

reflected in column (a))

Equity compensation plans approved by security holders (1)

44 unchanged sentences

3.6 Amended and Restated Bylaws of American Homes 4 Rent (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed August 4, 2023.)

4.1 Form of Indenture (Incorporated by reference to Exhibit 4.4 to the Company's Registration Statement on Form S-3 (Registration Number 333-221878) filed December 1, 2017.)

4.1 Indenture, dated as of February 7, 2018, between American Homes 4 Rent, L.P.

22 unchanged sentences

Bank Trust Company, National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed January 30, 2024.)

4.17 Form of Global Note representing the 2034 Notes (Incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed January 30, 2024.)

4.16 Form of Global Note representing the 2034 Notes I (Incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed January 30, 2024.)

4.17 Eighth Supplemental Indenture, dated as of June 26, 2024, between American Homes 4 Rent, L.P.

Bank Trust Company, National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed June 26, 2024.)

4.18 Form of Global Note representing the 2034 Notes II (Incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed June 26, 2024.)

4.19 Ninth Supplemental Indenture, dated as of December 9 , 2024, between American Homes 4 Rent, L.P.

Bank Trust Company, National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed December 9 , 2024.)

4.20 Form of Global Note representing the 203 5 Notes (Incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed December 9 , 2024.)

10.1 Agreement of Limited Partnership of American Homes 4 Rent, L.P.

13 unchanged sentences

1 to the Company's Registration Statement on Form S-11 (Registration Number 333-189103) filed June 25, 2013.)

Number Exhibit Document

10.6 Fifth Amendment to Agreement of Limited Partnership of American Homes 4 Rent, L.P.

7 unchanged sentences

1 to the Company's Registration Statement on Form S-11 (Registration Number 333-195575) filed May 1, 2014.)

Number Exhibit Document

10.9 Eighth Amendment to Agreement of Limited Partnership of American Homes 4 Rent, L.P.

16 unchanged sentences

(Incorporated by reference to Exhibit 10.17 to the Company’s Annual Report on Form 10-K filed February 22, 2019.)

10.18 Agreement of Limited Partnership of American Residential Properties OP, L.P.

(Incorporated by reference to Exhibit 3.3 to American Residential Properties, Inc.'s Amendment No.

1 to Registration Statement on Form S-11 (Registration No.

333-187450) filed April 22, 2013.)

10.19 Loan Agreement dated as of September 19, 2014 between AMH 2014-2 Borrower, LLC, as Borrower and Goldman Sachs Bank USA, as Lender (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed September 25, 2014.)

10.20 Loan Agreement dated as of November 25, 2014 between AMH 2014-3 Borrower, LLC, as Borrower and Goldman Sachs Bank USA, as Lender (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed December 2, 2014.)

10.18 Loan Agreement dated as of March 6, 2015 between AMH 2015-1 Borrower, LLC, as Borrower and Goldman Sachs Mortgage Company, as Lender (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed March 11, 2015.)

10.19 Loan Agreement dated as of September 22, 2015 between AMH 2015-2 Borrower, LLC, as Borrower and Goldman Sachs Mortgage Company, as Lender (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed September 23, 2015.)

10.23 Property Management Agreement dated June 16, 2014 among American Homes 4 Rent II, LLC, American homes 4 Rent Management Holdings Company, LLC and American Homes 4 Rent, LLC (Incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed June 19, 2014.)

10.20 Amendment Number Seven to the Master Loan and Security Agreement.

(Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed June 9, 2016.)

10.21 † Amended and Restated American Homes 4 Rent 2012 Equity Incentive Plan (Incorporated by reference to Exhibit 10.26 to the Company’s Annual Report on Form 10-K filed February 24, 2017.)

10 unchanged sentences

10.30 † Form of Indemnification Agreement with Trustees and Executive Officers.

(Incorporated by reference to Exhibit 10.33 to the Company’s Annual Report on Form 10-K filed February 23, 2024.)

10.31 † Form of Retirement and Award Agreement between American Homes 4 Rent and David P.

(Incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed May 3, 2024.)

10.32 † Form of Restricted Share Unit Agreement – Performance-Vesting for Executives (2024).

Filed herewith.

10.34 Amendment Number Seven to the Master Loan and Security Agreement.

(Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed June 9, 2016.)

10.35 Amended and Restated Credit Agreement, dated April 15, 2021, by and among American Homes 4 Rent, L.P., as Borrower, American Homes 4 Rent, as Parent, Wells Fargo Bank, National Association, as Agent, and the other lending institutions that are parties thereto, as Lenders.( Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed April 19, 2021)

10.33 † Form of Severance and Change of Control Letter Agreement.

(Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed February 15, 2022.)

10.37 Amendment No.

1 to Amended and Restated Credit Agreement, dated April 21, 2023, by and among American Homes 4 Rent, L.P., as Borrower, American Homes 4 Rent, as Parent, Wells Fargo Bank, National Association, as Administrative Agent, and the other lending institutions that are parties thereto, as Lenders.

( Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 10-Q filed August 1 , 202 3 .

10.34 Credit Agreement, dated July 16, 2024, by and among American Homes 4 Rent, L.P., as Borrower, American Homes 4 Rent, as Parent, Wells Fargo Bank, National Association, as Agent, and the other lending institutions that are parties thereto, as Lenders (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed July 19, 2024.)

19.1 Policy on Inside Information and Insider Trading.

Filed herewith.

21.1 List of Subsidiaries of American Homes 4 Rent and American Homes 4 Rent, L.P.

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97.1 Policy Relating to Recovery of Erroneously Awarded Compensation.

Filed herewith.

(Incorporated by reference to Exhibit 97.1 to the Company’s Annual Report on Form 10-K filed February 23, 2024.)

101.INS Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

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AMERICAN HOMES 4 RENT

Singelyn, Chief Executive Officer

/s/ BRYAN SMITH

Bryan Smith, Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on February 21, 2025 by the following persons on behalf of the registrant and in the capacities indicated.

/s/ BRYAN SMITH

Chief Executive Officer and Trustee

(Principal Executive Officer)

/s/ CHRISTOPHER C.

Christopher C.

Chief Financial Officer

/s/ CHRIS LAU

Chief Financial Officer and Senior Executive Vice President

(Principal Financial Officer)

/s/ BRIAN REITZ

Executive Vice President, Chief Accounting Officer

(Principal Accounting Officer)

/s/ DOUGLAS N.

/s/ DOUGLAS BENHAM

Douglas Benham

/s/ JACK CORRIGAN

4 unchanged sentences

Tamara Hughes Gustavson

/s/ MATTHEW J.

/s/ MICHELLE C.

/s/ WINIFRED M.

/s/ MATTHEW HART

/s/ MICHELLE KERRICK

Michelle Kerrick

/s/ JAMES KROPP

/s/ DAVID SINGELYN

David Singelyn

/s/ LYNN SWANN

/s/ WINIFRED WEBB

Winifred Webb

/s/ JAY WILLOUGHBY

Jay Willoughby

/s/ MATTHEW R.

/s/ MATTHEW ZAIST

Matthew Zaist

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on February 21, 2025.

1 unchanged sentence

American Homes 4 Rent, its General Partner

Singelyn, Chief Executive Officer

/s/ BRYAN SMITH

Bryan Smith, Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on February 21, 2025, by the following persons on behalf of American Homes 4 Rent, as sole general partner of American Homes 4 Rent, L.P., the registrant, and in the capacities indicated.

/s/ BRYAN SMITH

Chief Executive Officer and Trustee

(Principal Executive Officer)

/s/ CHRISTOPHER C.

Christopher C.

Chief Financial Officer

/s/ CHRIS LAU

Chief Financial Officer and Senior Executive Vice President

(Principal Financial Officer)

/s/ BRIAN REITZ

Executive Vice President, Chief Accounting Officer

(Principal Accounting Officer)

/s/ DOUGLAS N.

/s/ DOUGLAS BENHAM

Douglas Benham

/s/ JACK CORRIGAN

4 unchanged sentences

Tamara Hughes Gustavson

/s/ MATTHEW J.

/s/ MICHELLE C.

/s/ WINIFRED M.

/s/ MATTHEW HART

/s/ MICHELLE KERRICK

Michelle Kerrick

/s/ JAMES KROPP

/s/ DAVID SINGELYN

David Singelyn

/s/ LYNN SWANN

/s/ WINIFRED WEBB

Winifred Webb

/s/ JAY WILLOUGHBY

Jay Willoughby

/s/ MATTHEW R.

/s/ MATTHEW ZAIST

Matthew Zaist

Report of Independent Registered Public Accounting Firm

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The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Real estate assets, net

Description of the Matter As of December 31, 2023, the Company had total real estate assets, net of $11.8 billion, consisting of single-family properties in operation, single-family properties in development and development land, and single-family properties and land held-for-sale.

As explained in Note 2 to the consolidated financial statements, the Company capitalizes costs to prepare single-family properties to be leased and for the development of single-family properties through its internal construction program.

From time to time, the Company identifies single-family properties to be sold.

At the time such properties are identified, the Company evaluates whether such properties should be classified as held for sale.

Given the number of homes and the volume and nature of the different transactions affecting the recognition, measurement and classification of real estate assets, performing audit procedures to evaluate the accounting for real estate assets was challenging and required an increased extent of audit effort.

How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over management’s accounting for real estate assets, including controls over capitalization of costs, dispositions and classification of the Company’s properties.

Our procedures included testing of management’s controls over the completeness and accuracy of underlying data used in the operation of the controls.

To test the existence, measurement and presentation and disclosure of real estate assets, we performed audit procedures that included, among others, selecting a sample of costs capitalized during the year, including development costs, and evaluating the accuracy and classification of recorded amounts, evaluating the methodologies utilized to capitalize soft costs including interest and payroll costs, and selecting a sample of properties completed during the period and verifying that they were accounted for appropriately when placed into service.

As it relates to dispositions, we selected a sample of properties disposed during the year and evaluated the terms and conditions of the sales contracts to assess whether the sale was properly recorded, including the removal of assets from the accounting records and related gain or loss on sale.

We also selected a sample of properties classified as held for sale and evaluated whether the properties met the criteria to be classified as held for sale as of December 31, 2023 and selected a sample of properties sold after December 31, 2023 and evaluated whether each property was properly classified as either held for sale or held for use as of December 31, 2023.

Purchase price accounting

Description of the Matter For the year ended December 31, 2024, the Company completed the acquisition of 1,724 single-family properties for a total purchase price of $495.9 million.

As explained in Note 2 to the consolidated financial statements, the transactions were accounted for as asset acquisitions, and as such, were recorded at the price to acquire the single-family properties including acquisition costs.

The purchase price was allocated to the acquired components, which consist principally of land and buildings, based upon their relative fair values, which were determined using the Company’s own knowledge obtained from published market data, including county tax assessment records, and supplemented by the Company’s historical costs to construct a home.

Auditing the accounting for the Company’s 2024 acquisitions of single-family properties was challenging because the determination of the relative fair values of the acquired land and buildings involved a higher degree of subjectivity due to the lack of availability of direct comparable market information.

How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over management’s accounting for acquired single-family properties, including controls over the review of assumptions underlying the purchase price allocation and accuracy of the underlying data used.

For example, we tested controls over the determination of the fair value of the land and buildings, including review of the significant inputs and assumptions used to develop those estimates.

Management’s review of the allocated values included the use of historical market data and internal construction costs to validate the reasonableness of the allocated land and building values.

For the 2024 single-family property acquisitions described above, our procedures included, among others, an evaluation of the methodology used by the Company and an assessment of the sensitivity of changes in the inputs and assumptions on the purchase price allocation.

For a sample of acquisitions, we read the purchase and sale agreements and tested the completeness and accuracy of the underlying data supporting the significant inputs and assumptions.

For example, on a sub-market basis, we compared the allocated land and building values to the historical allocations for single-family properties acquired in similar markets or submarkets in prior years.

We also performed a sensitivity analysis to evaluate the impact on the Company’s financial statements resulting from changes in allocated building values.

In addition, for a sample of the acquired properties, our valuation specialists performed corroborative calculations to assess whether management’s allocations were supported by observable market data.

Specifically, our valuation specialists utilized alternative data sources to develop a range of independent estimates of the land and building fair values to evaluate the reasonableness of management’s allocations.

/s/ Ernst & Young LLP

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Real estate assets, net

From time to time, the Company identifies single-family properties to be sold.

At the time such properties are identified, the Company evaluates whether such properties should be classified as held for sale.

Our procedures included testing of management’s controls over the completeness and accuracy of underlying data used in the operation of the controls.

Purchase price accounting

Description of the Matter For the year ended December 31, 2024, the Operating Partnership completed the acquisition of 1,724 single-family properties for a total purchase price of $495.9 million.

The purchase price was allocated to the acquired components, which consist principally of land and buildings, based upon their relative fair values, which were determined using the Operating Partnership’s own knowledge obtained from published market data, including county tax assessment records, and supplemented by the Operating Partnership’s historical costs to construct a home.

Auditing the accounting for the Operating Partnership’s 2024 acquisitions of single-family properties was challenging because the determination of the relative fair values of the acquired land and buildings involved a higher degree of subjectivity due to the lack of availability of direct comparable market information.

How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over management’s accounting for acquired single-family properties, including controls over the review of assumptions underlying the purchase price allocation and accuracy of the underlying data used.

For example, we tested controls over the determination of the fair value of the land and buildings, including review of the significant inputs and assumptions used to develop those estimates.

Management’s review of the allocated values included the use of historical market data and internal construction costs to validate the reasonableness of the allocated land and building values.

For the 2024 single-family property acquisitions described above, our procedures included, among others, an evaluation of the methodology used by the Operating Partnership and an assessment of the sensitivity of changes in the inputs and assumptions on the purchase price allocation.

For a sample of acquisitions, we read the purchase and sale agreements and tested the completeness and accuracy of the underlying data supporting the significant inputs and assumptions.

We also performed a sensitivity analysis to evaluate the impact on the Company’s financial statements resulting from changes in allocated building values.

/s/ Ernst & Young LLP

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Gain on sale and impairment of single-family properties and other, net 225,756 209,834 136,459

Loss on early extinguishment of debt ( 6,323 ) — —

Other income and expense, net 22,243 9,798 6,865

17 unchanged sentences

Net income $ 468,142 $ 432,142 $ 310,025

Other comprehensive loss:

Other comprehensive income (loss):

Cash flow hedging instruments:

Loss on settlement of cash flow hedging instrument — — ( 3,999 )

Gain on settlement of cash flow hedging instruments 8,595 — —

Reclassification adjustment for amortization of interest expense included in net income ( 615 ) ( 564 ) ( 564 )

Other comprehensive loss ( 564 ) ( 564 ) ( 4,770 )

Other comprehensive income (loss):

7,980 ( 564 ) ( 564 )

Comprehensive income 476,122 431,578 309,461

20 unchanged sentences

15,000,000 150 — — — — 561,122 — — 561,272 — 561,272

Redemptions of Class A units 350,000 4 — — — — 4,613 — 7 4,624 ( 4,624 ) —

Redemption of Series D perpetual preferred shares — — — — ( 10,750,000 ) ( 108 ) ( 260,133 ) ( 8,509 ) — ( 268,750 ) — ( 268,750 )

Redemption of Series E perpetual preferred shares — — — — ( 9,200,000 ) ( 92 ) ( 222,538 ) ( 7,370 ) — ( 230,000 ) — ( 230,000 )

Redemption of Series F perpetual preferred shares — — — — ( 6,200,000 ) ( 62 ) ( 149,662 ) ( 5,276 ) — ( 155,000 ) — ( 155,000 )

Distributions to equity holders:

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10,799,683 108 — — — — 398,092 — — 398,200 — 398,200

Redemption of Series F perpetual preferred shares — — — — ( 6,200,000 ) ( 62 ) ( 149,662 ) ( 5,276 ) — ( 155,000 ) — ( 155,000 )

Distributions to equity holders:

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Net income — — — — — — — 412,426 — 412,426 55,716 468,142

Total other comprehensive loss — — — — — — — — ( 489 ) ( 489 ) ( 75 ) ( 564 )

Total other comprehensive income — — — — — — — — 7,009 7,009 971 7,980

Balances at December 31, 2024 368,987,993 $ 3,690 635,075 $ 6 9,200,000 $ 92 $ 7,529,008 $ ( 380,632 ) $ 7,852 $ 7,160,016 $ 688,614 $ 7,848,630

11 unchanged sentences

Noncash share-based compensation 30,984 25,370 27,308

Equity in net income of unconsolidated joint ventures ( 1,227 ) ( 3,066 ) ( 1,610 )

Loss on early extinguishment of debt 6,323 — —

Equity in net loss (income) of unconsolidated entities 6 ( 1,227 ) ( 3,066 )

Return on investment from unconsolidated joint ventures 1,946 3,345 5,711

19 unchanged sentences

Cash paid for deposits on land option contracts ( 653 ) ( 1,142 ) ( 14,548 )

Proceeds from asset-backed securitization certificates 25,666 — —

Other investing activities ( 29,158 ) ( 38,752 ) ( 49,570 )

10 unchanged sentences

Proceeds from unsecured senior notes, net of discount 1,594,052 — 876,813

Settlement of cash flow hedging instrument — — ( 3,999 )

Settlement of cash flow hedging instruments 8,595 — —

Proceeds from liabilities related to consolidated land not owned — — 60,217

Payments related to liabilities to repurchase consolidated land not owned ( 82,001 ) — —

Distributions to noncontrolling interests ( 53,287 ) ( 45,071 ) ( 36,853 )

2 unchanged sentences

Deferred financing costs paid ( 25,216 ) — ( 8,225 )

Net cash (used for) provided by financing activities ( 42,210 ) 786,177 1,064,955

Net increase (decrease) in cash, cash equivalents and restricted cash 3,901 26,193 ( 73,310 )

Net cash provided by (used for) financing activities 142,696 ( 42,210 ) 786,177

Net increase in cash, cash equivalents and restricted cash 128,355 3,901 26,193

Cash, cash equivalents and restricted cash, beginning of period (see Note 2)

73 unchanged sentences

Gain on sale and impairment of single-family properties and other, net 225,756 209,834 136,459

Loss on early extinguishment of debt ( 6,323 ) — —

Other income and expense, net 22,243 9,798 6,865

16 unchanged sentences

Net income $ 468,142 $ 432,142 $ 310,025

Other comprehensive loss:

Other comprehensive income (loss):

Cash flow hedging instruments:

Loss on settlement of cash flow hedging instrument — — ( 3,999 )

Gain on settlement of cash flow hedging instruments 8,595 — —

Reclassification adjustment for amortization of interest expense included in net income ( 615 ) ( 564 ) ( 564 )

Other comprehensive loss ( 564 ) ( 564 ) ( 4,770 )

Other comprehensive income (loss):

7,980 ( 564 ) ( 564 )

Comprehensive income 476,122 431,578 309,461

16 unchanged sentences

15,000,000 561,272 — — — — 561,272

Redemptions of Class A units 350,000 4,617 — ( 350,000 ) ( 4,617 ) — —

Redemption of Series D perpetual preferred units — ( 8,509 ) ( 260,241 ) — — — ( 268,750 )

Redemption of Series E perpetual preferred units — ( 7,370 ) ( 222,630 ) — — — ( 230,000 )

Redemption of Series F perpetual preferred units — ( 5,276 ) ( 149,724 ) — — — ( 155,000 )

Distributions to capital holders:

10 unchanged sentences

10,799,683 398,200 — — — — 398,200

Redemption of Series F perpetual preferred units — ( 5,276 ) ( 149,724 ) — — — ( 155,000 )

Distributions to capital holders:

25 unchanged sentences

Net income — 398,482 13,944 — 55,716 — 468,142

Total other comprehensive loss — — — — — ( 564 ) ( 564 )

Total other comprehensive income — — — — — 7,980 7,980

Balances at December 31, 2024 369,623,068 $ 6,930,324 $ 221,840 51,376,980 $ 687,524 $ 8,942 $ 7,848,630

11 unchanged sentences

Noncash share-based compensation 30,984 25,370 27,308

Equity in net income of unconsolidated joint ventures ( 1,227 ) ( 3,066 ) ( 1,610 )

Loss on early extinguishment of debt 6,323 — —

Equity in net loss (income) of unconsolidated entities 6 ( 1,227 ) ( 3,066 )

Return on investment from unconsolidated joint ventures 1,946 3,345 5,711

19 unchanged sentences

Cash paid for deposits on land option contracts ( 653 ) ( 1,142 ) ( 14,548 )

Proceeds from repayment of loan from affiliate 25,666 — —

Other investing activities ( 29,158 ) ( 38,752 ) ( 49,570 )

10 unchanged sentences

Proceeds from unsecured senior notes, net of discount 1,594,052 — 876,813

Settlement of cash flow hedging instrument — — ( 3,999 )

Settlement of cash flow hedging instruments 8,595 — —

Proceeds from liabilities related to consolidated land not owned — — 60,217

Payments related to liabilities to repurchase consolidated land not owned ( 82,001 ) — —

Distributions to common unitholders ( 436,822 ) ( 364,569 ) ( 289,359 )

1 unchanged sentence

Deferred financing costs paid ( 25,216 ) — ( 8,225 )

Net cash (used for) provided by financing activities ( 42,210 ) 786,177 1,064,955

Net increase (decrease) in cash, cash equivalents and restricted cash 3,901 26,193 ( 73,310 )

Net cash provided by (used for) financing activities 142,696 ( 42,210 ) 786,177

Net increase in cash, cash equivalents and restricted cash 128,355 3,901 26,193

Cash, cash equivalents and restricted cash, beginning of period (see Note 2)

35 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.

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.

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.

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

The asset-backed securitization certificates were recorded as asset-backed securitization certificates receivable by the Company and as an amount due from affiliates by the Operating Partnership prior to the Operating Partnership’s payoff of the AMH 2014-SFR2 securitization during the first quarter of 2024 (see Note 7.

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

7 unchanged sentences

In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the consolidated financial statements have been made.

Rent and Other Receivables, the Company reclassified certain immaterial tenant charge-backs from variable lease payments to fixed lease payments for the years ended December 31, 2023 and 2022 and certain immaterial fees from single-family properties from variable lease payments to fixed lease payments for the year ended December 31, 2023 to conform with the current year presentation.

Principles of Consolidation

1 unchanged sentence

Intercompany accounts and transactions have been eliminated.

The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”), when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity.

Entities that are not VIEs and for which the Company owns an interest and has

American Homes 4 Rent

1 unchanged sentence

Notes to Consolidated Financial Statements

the ability to exercise significant influence but does not control are accounted for under the equity method of accounting.

Entities that are not VIEs and for which the Company owns an interest and has the ability to exercise significant influence but does not control are accounted for under the equity method of accounting.

See Investments in Unconsolidated Joint Ventures below for a further discussion of our investments in unconsolidated joint ventures.

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.

During the year ended December 31, 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 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.

4 unchanged sentences

AMH has elected to be taxed as a REIT for U.S.

federal income tax purposes under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2012.

federal income tax purposes under Sections 856 to 860 of the Code, commencing with our taxable year ended December 31, 2012.

We believe that we have operated, and continue to operate, in such a manner as to satisfy the requirements for qualification as a REIT.

9 unchanged sentences

federal, state and local authorities for the periods presented.

We made joint elections to treat certain subsidiaries as taxable REIT subsidiaries which are subject to U.S.

We made joint elections to treat certain subsidiaries as taxable REIT subsidiaries which are

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

subject to U.S.

federal, state and local taxes on their income at regular corporate rates.

13 unchanged sentences

We do not anticipate a significant change in unrecognized tax benefits within the next 12 months.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

As a REIT, we generally are required to distribute annually to our shareholders at least 90 % of our REIT taxable income (determined without regard to the deduction for dividends paid and any net capital gains) and to pay tax at regular corporate rates to the extent that we annually distribute less than 100 % of our REIT taxable income (determined without regard to the deduction for dividends paid and including any net capital gains).

5 unchanged sentences

Fair value is determined in accordance with ASC 820, Fair Value Measurements and Disclosures , and is primarily based on unobservable data inputs.

In making estimates of fair values for purposes of allocating the purchase price of individually acquired properties subject to an existing lease, the Company utilizes its own market knowledge obtained from historical transactions, its internal construction program (the “AMH Development Program”) and published market data.

In making estimates of fair values for purposes of allocating the total purchase price to individual homes in a portfolio acquisition and allocating the individual purchase price of a home to the acquired components, the Company utilizes its own market knowledge obtained from historical transactions, its internal construction program (the “AMH Development Program”) and published market data.

In this regard, the Company also utilizes information obtained from county tax assessment records to assist in the determination of the fair value of the land and building.

9 unchanged sentences

Land and construction in progress for our AMH Development Program are presented separately in single-family properties under development and development land within the consolidated balance sheets.

Our capitalization policy on development properties follows the guidance in ASC 835-20, Capitalization of Interest , and ASC 970, Real Estate-General .

Our capitalization policy on development properties

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

follows the guidance in ASC 835-20, Capitalization of Interest , and ASC 970, Real Estate-General .

Costs directly related to the development of properties are capitalized and the costs of land and buildings under development include specifically identifiable costs.

We also capitalize interest, real estate taxes, insurance, utilities, and payroll costs for land and construction in progress under active development once the applicable GAAP criteria have been met.

Single-family Properties Held for Sale and Discontinued Operations

Single-Family Properties and Land Held for Sale

Single-family properties and land lots are classified as held for sale when they meet the applicable GAAP criteria in accordance with ASC 360-10, Property, Plant, and Equipment—Overall , including, but not limited to, the availability of the property for immediate sale in its present condition, the existence of an active program to locate a buyer and the probable sale of the property within one year.

Single-family properties and land lots classified as held for sale are reported at the lower of their carrying value or estimated fair value less costs to sell, and are presented separately in single-family properties and land held for sale, net within the consolidated balance sheets.

As of December 31, 2023 and 2022, the Company had 862 and 1,115 single-family properties, respectively, classified as held for sale, and recorded $ 1.9 million, $ 2.5 million and $ 0.2 million of impairment on single-family properties held for sale for the years ended December 31, 2023, 2022 and 2021, respectively, which is included in gain on sale and impairment of single-family properties and other, net within the consolidated statements of operations.

The results of operations of properties that have either been sold or classified as held for sale, if due to a strategic shift that has (or will have) a major effect on our operations or financial results, are reported in the consolidated statements of operations as discontinued operations for both current and prior periods presented through the date of the applicable disposition in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

As of December 31, 2024 and 2023, the Company had 805 and 862 single-family properties, respectively, classified as held for sale, and recorded $ 9.2 million, $ 1.9 million and $ 2.5 million of impairment on single-family properties and land held for sale for the years ended December 31, 2024, 2023 and 2022, respectively, which is included in gain on sale and impairment of single-family properties and other, net within the consolidated statements of operations.

During the years ended December 31, 2024, 2023 and 2022, no ne of the properties classified as held for sale met the criteria to be reported as a discontinued operation.

1 unchanged sentence

We evaluate our long-lived assets for impairment periodically or whenever events or circumstances indicate that their carrying amount may not be recoverable.

Significant indicators of impairment may include, but are not limited to, declines in home values, rental rates and occupancy percentages, as well as significant changes in the economy.

Significant indicators of impairment may include, but are not limited to, sustained losses, declines in home values, rental rates and occupancy percentages, as well as significant changes in the economy.

If an impairment indicator exists, we compare the expected future undiscounted cash flows against the net carrying amount.

15 unchanged sentences

Improvements made to the land under the related development agreements prior to exercising the options to repurchase the finished lots are capitalized to consolidated land not owned and reimbursement proceeds from the land banking entity are accreted to liability for consolidated land not owned in the consolidated balance sheets.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

the option to repurchase finished lots is exercised, the Company reclassifies the associated consolidated land not owned to single-family properties and reduces its liability for consolidated land not owned accordingly.

Commercial Office Leases

8 unchanged sentences

The right-of-use assets and lease liabilities are presented in escrow deposits, prepaid expenses and other assets and accounts payable and accrued expenses, respectively, within the consolidated balance sheets.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

Depreciation and Amortization

17 unchanged sentences

No goodwill impairment was recorded during the years ended December 31, 2024, 2023 and 2022.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

Deferred Financing Costs

7 unchanged sentences

We believe that the risk is not significant.

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.

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 certain 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.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

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

13 unchanged sentences

Our investments in unconsolidated joint ventures are reviewed for impairment periodically and we will record an impairment charge when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

Investments in Venture Capital Funds

1 unchanged sentence

We record our proportionate shares of net income or loss resulting from these investments within other income and expense, net in the consolidated statements of operations.

As discussed in Principals of Consolidation above, we determined the venture capital funds to be VIEs for which we are not the primary beneficiary.

As discussed in Principles of Consolidation above, we determined the venture capital funds to be VIEs for which we are not the primary beneficiary.

As of December 31, 2024 and 2023, the carrying value of our investments in venture capital funds was $ 13.2 million and $ 13.0 million, respectively, and the Company’s maximum exposure to loss was $ 14.9 million and $ 15.6 million, respectively, which includes all future capital funding requirements.

2 unchanged sentences

The Company elected the measurement alternative for its investments in these equity securities and measures these investments at cost less impairment, if any, and adjusted for changes resulting from observable price changes for identical or similar investments in the same issuer.

No unrealized gains or losses nor impairments were recorded during the year ended December 31, 2023.

No unrealized gains or losses nor impairments were recorded during the years ended December 31, 2024 and 2023.

Notes Receivable, Net

1 unchanged sentence

The promissory note obtained during the second quarter of 2019 was paid in full during the year ended December 31, 2022 and the promissory note obtained during the first quarter of 2017 matured in the first quarter of 2022 and is still being actively collected.

The promissory notes

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

are secured by first priority mortgages on the disposed homes, contain certain covenants and require monthly or quarterly interest payments with the full principal due at maturity.

The promissory notes are secured by first priority mortgages on the disposed homes, contain certain covenants and require monthly or quarterly interest payments with the full principal due at maturity.

Notes receivable are presented net of discounts in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets.

13 unchanged sentences

The actual assessment may differ from the estimates, resulting in a change in estimate in a subsequent period.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

Gains or losses on sales of properties and upon contributions to our unconsolidated joint ventures are recognized pursuant to the provisions included in ASC 610-20, Other Income .

11 unchanged sentences

When it is reasonably possible that a significant contingent loss has occurred, we disclose the nature of the potential loss and, if estimable, a range of exposure.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

Share-Based Compensation

5 unchanged sentences

The Plans allow for continued release of awards based on the original vesting schedule, rather than forfeiture, of unvested share-based grants upon termination of service for employees who meet certain retirement eligibility criteria, including age and years of service.

Retirement eligible employees must also provide a notice of intent to retire at least six months prior to retirement date and the Human Capital and Compensation Committee (“HCC Committee”) must approve the continued release of awards.

Retirement eligible employees must also provide a notice of intent to retire at least six months prior to retirement date and the Human Capital and Compensation Committee (the “HCC Committee”) must approve the continued release of awards.

As a result of the six month notice requirement, compensation cost is recognized over six months from the grant date to the extent an employee is retirement eligible on the grant date and compensation cost is accelerated to the extent that an employee will become retirement eligible before six months prior to the end of the contractual life of their share-based grants.

6 unchanged sentences

• Level 1 —Inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets;

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

• Level 2 —Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument;

1 unchanged sentence

Fair Value for our consideration of the fair value of our financial instruments.

From time to time, we may use interest rate cap agreements or other derivative instruments for interest rate risk management purposes.

From time to time, we may use treasury lock agreements or other derivative instruments for interest rate risk management purposes.

We assess these derivatives at inception and on an ongoing basis for the effectiveness of qualifying cash flow hedges.

1 unchanged sentence

Cash flows from derivative instruments accounted for as a cash flow hedge are classified in the same category as the hedged transaction within the consolidated statements of cash flows.

Segment Reporting

We operate in one operating segment with activities related to acquiring, renovating, developing, leasing and managing single-family homes as rental properties.

ASC 280, Segment Reporting , requires the use of the “management approach” to align segment reporting with our internal reporting, and our chief operating decision maker regularly reviews core funds from operations at the total portfolio level as the primary measure for assessing the Company’s performance and allocating resources.

Property acquisition and disposition decisions are made at the individual property level and development decisions are made at the community level across a

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

geographically diversified portfolio based on criteria consistent with our objective of generating attractive risk-adjusted returns for our shareholders.

Recent Accounting Pronouncements Not Yet Effective

Accounting Pronouncements Adopted

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures .

The amendments in this ASU will require public entities to disclose significant segment expenses and other segment items and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually.

Public entities with a single reportable segment will also be required to provide the new disclosures and all the disclosures required under ASC 280.

The amendments in this ASU require public entities to disclose significant segment expenses and other segment items and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually.

Public entities with a single reportable segment are also required to provide the new disclosures and all the disclosures required under ASC 280.

The guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

The amendments in this ASU should be applied retrospectively to all periods presented unless it is impracticable.

The Company adopted ASU 2023-07 on January 1, 2024.

Segment Reporting.

Recent Accounting Pronouncements Not Yet Effective

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures .

The amendments in this ASU require public entities to disclose disaggregated information about certain income statement expense line items in the notes to the financial statements on an interim and annual basis.

The guidance is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted.

The amendments in this ASU should be applied prospectively to reporting periods issued after the effective date or retrospectively to all periods presented.

The Company is currently assessing the impact of the guidance on its financial statements.

12 unchanged sentences

Total real estate assets, net $ 12,365,691 $ 11,757,225

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

Depreciation expense related to single-family properties was $ 454.2 million, $ 436.1 million and $ 410.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.

During the fourth quarter of 2024, the Company acquired a portfolio of 1,673 single-family properties located in 13 markets across the United States for $ 481.7 million, which includes $ 1.9 million of direct transaction costs.

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

Hurricanes Beryl, Debby, Helene and Milton impacted certain properties in our Texas, Florida, Georgia, South Carolina and North Carolina markets during the year ended December 31, 2024.

The Company’s property and casualty insurance policies provide coverage for wind and flood damage, as well as business interruption costs, during the period of remediation and repairs, subject to deductibles and limits.

During the year ended December 31, 2024, the Company recognized $ 12.8 million in gross charges primarily related to actual and estimated accruals for minor repair and remediation costs, partially offset by an estimated $ 3.9 million of related insurance claims that the Company believes is probable it will recover.

The $ 8.9 million of net charges are included in hurricane-related charges, net within the consolidated statement of operations for the year ended December 31, 2024.

Hurricane Ian impacted certain properties primarily located in Florida, South Carolina and North Carolina during the year ended December 31, 2022.

2 unchanged sentences

The $ 6.1 million of net charges are included in hurricane-related charges, net within the consolidated statement of operations for year ended December 31, 2022.

The following table summarizes the Company’s dispositions of single-family properties and land for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands, except property data):

For the Years Ended December 31,

2023 2022 2021

Single-family properties:

Properties sold 1,546 987 481

Net proceeds (1)

$ 459,580 $ 288,030 $ 130,825

Net gain on sale $ 217,598 $ 140,537 $ 50,543

Net proceeds $ 9,883 $ 4,479 $ 1,247

Net (loss) gain on sale $ ( 2,017 ) $ 777 $ 136

(1) Net proceeds are net of deductions for working capital prorations.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

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

The Company disposed of single-family properties and land for aggregate net proceeds of $ 573.2 million, $ 469.5 million and $ 292.5 million for the years ended December 31, 2024, 2023 and 2022, respectively, which resulted in an aggregate net gain on sale of $ 248.6 million, $ 215.6 million and $ 141.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Rent and Other Receivables

7 unchanged sentences

Total $ 827,161

As of December 31, 2023 and 2022, rent and other receivables included zero and $ 5.0 million, respectively, of insurance claims receivables related to Hurricane Ian and Winter Storm Elliott.

The Company collected $ 4.0 million, $ 2.0 million and $ 4.8 million in proceeds from storm-related insurance claims during the years ended December 31, 2023, 2022 and 2021, respectively.

Rent and other receivables included $ 3.9 million of insurance claims receivables related to Hurricanes Milton and Helene as of December 31, 2024 and no storm-related insurance claims receivables as of December 31, 2023.

The Company collected zero , $ 4.0 million and $ 2.0 million in proceeds from storm-related insurance claims during the years ended December 31, 2024, 2023 and 2022, respectively.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

Escrow Deposits, Prepaid Expenses and Other Assets

1 unchanged sentence

December 31, 2024 December 31, 2023

Consolidated land not owned (see Note 2)

$ 147,330 $ 108,114

Escrow deposits, prepaid expenses and other $ 115,801 $ 136,640

Commercial real estate, software, vehicles and FF&E, net 104,188 96,862

Consolidated land not owned (see Note 2)

89,745 147,330

Operating lease right-of-use assets 14,729 16,623

9 unchanged sentences

11,512 22,491

15,258 25,356

accumulated amortization (1)

( 2,857 ) ( 17,726 )

Total $ 12,401 $ 7,630

(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 December 31, 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 7.

Amortization expense related to deferred leasing costs was $ 3.4 million, $ 3.0 million and $ 2.7 million for the years ended December 31, 2024, 2023 and 2022, respectively, and is included in depreciation and amortization within the consolidated statements of operations.

Amortization of deferred financing costs related to our revolving credit facility was $ 2.7 million, $ 2.7 million and $ 2.5

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

million for the years ended December 31, 2023, 2022 and 2021, respectively, and is included in gross interest, prior to interest capitalization (see Note 7.

Amortization of deferred financing costs related to our revolving credit facility was $ 2.5 million, $ 2.7 million and $ 2.7 million for the years ended December 31, 2024, 2023 and 2022, respectively, and is included in gross interest, prior to interest capitalization (see Note 7.

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

Deferred Leasing Costs Deferred Financing Costs Total

Leasing Costs Deferred

Financing Costs (1)

2025 $ 1,956 $ 2,300 $ 4,256

1 unchanged sentence

2027 — 2,300 2,300

2028 — 2,309 2,309

2029 — 1,236 1,236

Total $ 1,956 $ 10,445 $ 12,401

(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 December 31, 2024 reflect costs incurred as a result of the Company entering into its current revolving credit facility in July 2024 (see Note 7.

Investments in Unconsolidated Joint Ventures

As of December 31, 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.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

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 consolidated statements of operations.

1 unchanged sentence

During the third quarter of 2018, the Company entered into a joint venture with another leading institutional investor (the “Institutional Investor JV”) to invest in newly constructed single-family rental homes, which was subsequently amended and upsized to $ 312.5 million during the third quarter of 2019.

The initial term of the joint venture with Institutional Investor JV is five years from the effective date of the amended agreement, during which neither member may unilaterally market properties for sale.

The initial term of the joint venture with Institutional Investor JV is five years from the effective date of the amended agreement, during which neither member could unilaterally market properties for sale.

During the first quarter of 2020, the Company entered into a $ 253.1 million strategic joint venture, which has an evergreen term, with institutional investors advised by J.P.

3 unchanged sentences

Morgan JV I agreed to reinvest proceeds from debt financing obtained in the first quarter of 2022 (see below) to increase the size of the joint venture up to approximately $ 900.0 million.

The changes do not impact the accounting treatment of the joint venture.

In July 2023, the Company entered into a $ 625.0 million second strategic joint venture, which has an evergreen term, with institutional investors advised by J.P.

During the third quarter of 2023, the Company entered into a $ 625.0 million second strategic joint venture, which has an evergreen term, with institutional investors advised by J.P.

Morgan Asset Management (“J.P.

12 unchanged sentences

Management fee and development fee income from unconsolidated joint ventures was $ 14.4 million, $ 10.8 million and $ 13.9 million for the years ended December 31, 2024, 2023 and 2022, respectively, and is included in other income and expense, net within the consolidated statements of operations.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

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 consolidated balance sheets.

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

During the first quarter of 2022, the Company acquired 200 properties in a bulk transaction from the Institutional Investor JV for total consideration of $ 74.6 million, of which (i) $ 66.2 million was paid in cash and included in cash paid for single-family properties in the consolidated statements of cash flows and (ii) $ 8.4 million was recorded as a noncash distribution resulting in a reduction to our equity method investment.

3 unchanged sentences

Morgan JV I entered into a loan agreement to borrow up to a $ 375.0 million aggregate commitment.

During the initial three-year term, the loan bears interest at the Secured Overnight Financing Rate (“SOFR”) plus a 1.50 % margin and matures on January 28, 2025.

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

During the initial three-year term, the loan bore interest at the Secured Overnight Financing Rate (“SOFR”) plus a 1.50 % margin and had a maturity date of January 28, 2025.

As of December 31, 2024, J.P.

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

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

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

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

In January 2025, J.P.

Morgan JV I amended its existing loan agreement to increase borrowing capacity

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

to $ 500.0 million.

During the initial three -year term, the loan bears interest at SOFR plus a 1.50 % margin and matures on January 24, 2028.

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

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

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

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

3 unchanged sentences

However, there can be no assurances that actions that could trigger the guarantee will not occur.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

All of the Company’s indebtedness is debt of the Operating Partnership.

4 unchanged sentences

Maturity Date December 31, 2024 December 31, 2023

AMH 2014-SFR2 securitization (2)

4.42 % October 9, 2024 $ 461,498 $ 468,138

AMH 2014-SFR3 securitization 4.40 % December 9, 2024 477,064 482,964

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

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

AMH 2015-SFR1 securitization (2)

9 unchanged sentences

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

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

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

2035 unsecured senior notes (6)

5.08 % March 15, 2035 500,000 —

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

1 unchanged sentence

Revolving credit facility (7)

6.38 % April 15, 2026 90,000 130,000

5.44 % July 16, 2029 — 90,000

Total debt 5,075,391 4,517,158

5 unchanged sentences

Unless otherwise stated, interest rates are fixed percentages.

(2) The Company has provided notice to the lender of its intent to payoff the AMH 2014-SFR2 securitization during the first quarter of 2024.

Subsequent Events for further information.

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

If the securitization is not repaid by this date, the duration-adjusted weighted-average interest rate will increase by a minimum of 3.00 %.

The Company has provided notice to the lender of its intent to pay off the AMH 2015-SFR1 securitization during the second quarter of 2025.

(3) The AMH 2015-SFR2 securitization has an anticipated repayment date of October 9, 2025.

2 unchanged sentences

(5) The stated interest rate on the 2031 unsecured senior notes is 2.38 %, which was hedged to yield an interest rate of 2.46 %.

(6) The stated interest rate on the 2035 unsecured senior notes is 5.25 %, which was hedged to yield an interest rate of 5.08 %.

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

The Company had approximately $ 2.0 million and $ 2.7 million committed to outstanding letters of credit that reduced our borrowing capacity as of December 31, 2024 and 2023, respectively.

During the second quarter of 2023, the Company amended its revolving credit facility in connection with the transition from the London Inter-Bank Offered Rate (“LIBOR”) to the SOFR.

The revolving credit facility bears interest at SOFR, as adjusted for the Company’s SOFR spread, plus 0.90 % as of December 31, 2023.

The revolving credit facility bears interest at SOFR plus a 0.10 % spread adjustment and a margin of 0.85 % as of December 31, 2024.

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

Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $ 6.2 million, $ 7.0 million and $ 6.8 million for the years ended December 31, 2024, 2023 and 2022, respectively, and is included in gross interest, prior to interest capitalization.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

Debt Maturities

4 unchanged sentences

Total debt $ 5,075,391

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

Encumbered Properties

7 unchanged sentences

Total encumbered properties 8,819 $ 1,083,774 17,921 $ 2,233,192

Early Extinguishment of Debt

During the first quarter of 2024, the Operating Partnership paid off the $ 460.6 million outstanding principal on the AMH 2014-SFR2 securitization, which resulted in $ 1.0 million of charges related to legal fees and the write-off of unamortized deferred financing costs that are included in loss on early extinguishment of debt within the consolidated statements of operations.

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 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.

See AMH 2014-SFR2 Securitization below and Note 13.

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 that are included in loss on early extinguishment of debt within the 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 legal fees and the write-off of unamortized deferred financing costs that are included in loss on early extinguishment of debt within the 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.

Asset-backed Securitizations

2 unchanged sentences

The Borrowers are each wholly owned by respective special purpose entities (the “Equity Owners”), which are wholly owned by the Operating Partnership.

The loans were represented by promissory notes that were immediately transferred by the third-party lenders to subsidiaries of the Company and then to Real Estate Mortgage Investment Conduit (“REMIC”) trusts in exchange for single-family rental pass-through certificates representing the beneficial ownership interests in the respective loans and trusts.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

exchange for single-family rental pass-through certificates representing the beneficial ownership interests in the respective loans and trusts.

Upon receipt of the certificates, the subsidiaries sold the certificates to investors.

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AMH 2014-SFR2 Securitization

The AMH 2014-SFR2 securitization completed during the third quarter of 2014 is a fixed-rate loan for $ 513.3 million with a 10 -year term maturing on October 9, 2024 and has a duration-adjusted weighted-average interest rate of 4.42 %.

The AMH 2014-SFR2 securitization completed during the third quarter of 2014 was a fixed-rate loan for $ 513.3 million with a 10 -year term maturing on October 9, 2024 and had a duration-adjusted weighted-average interest rate of 4.42 %.

The loan was originally secured by first priority mortgages on a portfolio of 4,487 single-family residential properties.

In addition to the single-family rental pass-through certificates sold to third parties, the Company acquired all of the Class F certificates, which bear no interest, for $ 25.7

In addition to the single-family rental pass-through certificates sold to third parties, the Company had acquired all of the Class F certificates, which bore no interest, for $ 25.7 million.

The Company evaluated the purchased Class F certificates as a variable interest in the trust and concluded that the Class F certificates would not absorb a majority of the trust’s expected losses or receive a majority of the trust’s expected residual returns.

The Company also concluded that the Class F certificates did not provide the Company with an ability to direct activities that could have impacted the trust’s economic performance.

The Company did not consolidate the trust and the $ 25.7 million of purchased Class F certificates were reflected as asset-backed securitization certificates in the Company’s consolidated balance sheets and as amounts due from affiliates in the Operating Partnership’s consolidated balance sheets.

Gross proceeds to the Company from the transaction, after purchase of the Class F certificates, were $ 487.7 million before issuance costs of $ 12.9 million.

During the first quarter of 2024, the Operating Partnership paid off the AMH 2014-SFR2 securitization using available cash on hand.

The Company received $ 25.7 million from the payoff for its investment in the Class F certificates.

See Early Extinguishment of Debt above and Note 13.

Related Party Transactions.

AMH 2014-SFR3 Securitization

The AMH 2014-SFR3 securitization completed during the fourth quarter of 2014 was a fixed-rate loan for $ 528.4 million with a 10 -year term maturing on December 9, 2024 and had a duration-adjusted weighted-average interest rate of 4.40 %.

The loan was originally

American Homes 4 Rent

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Notes to Consolidated Financial Statements

The Company evaluated the purchased Class F certificates as a variable interest in the trust and concluded that the Class F certificates will not absorb a majority of the trust’s expected losses or receive a majority of the trust’s expected residual returns.

The Company also concluded that the Class F certificates do not provide the Company with an ability to direct activities that could impact the trust’s economic performance.

The Company does not consolidate the trust and the $ 25.7 million of purchased Class F certificates are reflected as asset-backed securitization certificates in the Company’s consolidated balance sheets and as amounts due from affiliates in the Operating Partnership’s consolidated balance sheets.

Gross proceeds to the Company from the transaction, after purchase of the Class F certificates, were $ 487.7 million, before issuance costs of $ 12.9 million, and were used to pay down the outstanding balance on the credit facility and for general corporate purposes.

AMH 2014-SFR3 Securitization

The AMH 2014-SFR3 securitization completed during the fourth quarter of 2014 is a fixed-rate loan for $ 528.4 million with a 10 -year term maturing on December 9, 2024 and has a duration-adjusted weighted-average interest rate of 4.40 %.

The loan was originally secured by first priority mortgages on a portfolio of 4,503 single-family residential properties owned by the Borrower.

Gross proceeds from the transaction were $ 528.4 million, before issuance costs of $ 12.9 million, and were used to pay down the outstanding balance on the credit facility and for general corporate purposes.

secured by first priority mortgages on a portfolio of 4,503 single-family residential properties owned by the Borrower.

Gross proceeds from the transaction were $ 528.4 million before issuance costs of $ 12.9 million.

During the third quarter of 2024, the Operating Partnership paid off the AMH 2014-SFR3 securitization using available cash on hand.

See Early Extinguishment of Debt above.

AMH 2015-SFR1 Securitization

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The loan was originally secured by first priority mortgages on a pool of 4,661 single-family residential properties owned by the Borrower and has an anticipated repayment date of April 9, 2025.

Gross proceeds from the transaction were $ 552.8 million, before issuance costs of $ 13.3 million, and were used to pay down the outstanding balance on the credit facility and for general corporate purposes.

Gross proceeds from the transaction were $ 552.8 million before issuance costs of $ 13.3 million.

AMH 2015-SFR2 Securitization

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The loan was originally secured by first priority mortgages on a portfolio of 4,125 single-family residential properties owned by the Borrower and has an anticipated repayment date of October 9, 2025.

Gross proceeds from the transaction were $ 477.7 million, before issuance costs of $ 11.3 million, and were used to pay down the outstanding balance on the credit facility and for general corporate purposes.

Gross proceeds from the transaction were $ 477.7 million before issuance costs of $ 11.3 million.

Unsecured Senior Notes

During the second quarter of 2022, the Operating Partnership issued $ 600.0 million of 3.625 % unsecured senior notes with a maturity date of April 15, 2032 (the “2032 Notes”) and $ 300.0 million of 4.300 % unsecured senior notes with a maturity date of April 15, 2052 (the “2052 Notes” and, together with the 2032 Notes, the “2032 and 2052 Notes”).

Interest on the 2032 and 2052 Notes is payable semi-annually in arrears on April 15 and October 15 of each year, which commenced on October 15, 2022.

The Operating Partnership received aggregate net proceeds of $ 870.3 million from these issuances, after underwriting fees of approximately $ 6.5 million and a $ 23.2 million discount, and before offering costs of approximately $ 1.7 million.

The Operating Partnership used net proceeds from this offering to repay amounts outstanding on its revolving credit facility, for the redemption of its Series F perpetual preferred shares and for general corporate purposes.

The Operating Partnership may redeem the 2032 and 2052 Notes in whole at any time or in part from time to time at the applicable redemption price specified in the indentures with respect to the 2032 and 2052 Notes.

If the 2032 Notes are redeemed on or after January 15, 2032 (three months prior to the maturity date), the redemption price will be equal to 100 % of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

If the 2052 Notes are redeemed on or after October 15, 2051 (six months prior to the maturity date), the redemption price will be equal to 100 % of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

During the third quarter of 2021, the Operating Partnership issued $ 450.0 million of 2.375 % unsecured senior notes with a maturity date of July 15, 2031 (the “2031 Notes”) and $ 300.0 million of 3.375 % unsecured senior notes with a maturity date of July 15, 2051 (the “2051 Notes” and, together with the 2031 Notes, the “2031 and 2051 Notes”).

Interest on the 2031 and 2051 Notes is payable semi-annually in arrears on January 15 and July 15 of each year, which commenced on January 15, 2022.

The Operating Partnership received aggregate net proceeds of $ 731.6 million from these issuances, after underwriting fees of approximately $ 5.6 million and a

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

$ 12.8 million discount, and before offering costs of $ 1.4 million.

The Operating Partnership used the net proceeds from this offering to repay amounts outstanding on its revolving credit facility and for general corporate purposes, including, without limitation, property acquisitions and developments, the expansion, redevelopment and/or improvement of existing properties in the Operating Partnership’s portfolio, other capital expenditures, the redemption of its preferred shares, the repayment of outstanding indebtedness, working capital and other general purposes.

The Operating Partnership may redeem the 2031 and 2051 Notes in whole at any time or in part from time to time at the applicable redemption price specified in the indentures with respect to the 2031 and 2051 Notes.

If the 2031 Notes are redeemed on or after April 15, 2031 (three months prior to the maturity date), the redemption price will be equal to 100 % of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

If the 2051 Notes are redeemed on or after January 15, 2051 (six months prior to the maturity date), the redemption price will be equal to 100 % of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

Including the effect of a cash flow hedging instrument settled during the second quarter of 2021 (see Note 12.

Fair Value), the 2031 Notes yield an effective interest rate of 2.46 %.

During the first quarter of 2018, the Operating Partnership issued $ 500.0 million of 4.25 % unsecured senior notes with a maturity date of February 15, 2028 (the “2028 Notes”).

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The Operating Partnership received net proceeds of $ 494.0 million from this issuance, after underwriting fees of approximately $ 3.2 million and a $ 2.8 million discount, and before offering costs of $ 1.9 million.

The Operating Partnership used the net proceeds from this issuance to repay amounts outstanding on our revolving credit facility and for general corporate purposes.

The Operating Partnership may redeem the 2028 Notes at any time, in whole or in part, at the applicable redemption price specified in the indenture with respect to the 2028 Notes.

If the 2028 Notes are redeemed on or after November 15, 2027 (three months prior to the maturity date), the redemption price will be equal to 100 % of the principal amount of the 2028 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

Including the effect of a cash flow hedging instrument settled during the first quarter of 2018, the 2028 Notes yield an effective interest rate of 4.08 %.

During the first quarter of 2019, the Operating Partnership issued $ 400.0 million of 4.90 % unsecured senior notes with a maturity date of February 15, 2029 (the “2029 Notes”).

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The Operating Partnership received net proceeds of $ 395.3 million from this issuance, after underwriting fees of approximately $ 2.6 million and a $ 2.1 million discount, and before offering costs of $ 1.0 million.

The net proceeds from this issuance were used for general corporate purposes, including, without limitation, acquisitions of additional properties, the repayment of outstanding indebtedness, capital expenditures, the expansion, redevelopment and/or improvement of our properties, working capital and other general purposes, including repurchases of securities.

The Operating Partnership may redeem the 2029 Notes at any time, in whole or in part, at the applicable redemption price specified in the indenture with respect to the 2029 Notes.

If the 2029 Notes are redeemed on or after November 15, 2028 (three months prior to the maturity date), the redemption price will be equal to 100 % of the principal amount of the 2029 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

Including the effect of a cash flow hedging instrument settled during the first quarter of 2018, the 2028 Notes yield an effective interest rate of 4.08 %.

The 2028 Notes, 2029 Notes, 2031 Notes, 2032 Notes, 2051 Notes and 2052 Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness.

Interest on the 2031 and 2051 Notes is payable semi-annually in arrears on January 15 and July 15 of each year, which commenced on January 15, 2022.

The Operating Partnership received aggregate net proceeds of $ 731.6 million from these issuances, after underwriting fees of approximately $ 5.6 million and a $ 12.8 million discount, and before offering costs of $ 1.4 million.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

thereon to, but not including, the redemption date.

Including the effect of a cash flow hedging instrument settled during the second quarter of 2021, the 2031 Notes yield an effective interest rate of 2.46 %.

Interest on the 2032 and 2052 Notes is payable semi-annually in arrears on April 15 and October 15 of each year, which commenced on October 15, 2022.

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

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

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

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

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

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

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

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

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

The Operating Partnership used the net proceeds primarily to repay outstanding indebtedness, including the payoff of the AMH 2014-SFR3 securitization, and for 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.

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

During the fourth quarter of 2024, the Operating Partnership issued $ 500.0 million of 5.250 % unsecured senior notes with a maturity date of March 15, 2035 (the “2035 Notes”).

Interest on the 2035 Notes is payable semi-annually in arrears on March 15 and September 15 of each year, commencing on March 15, 2025.

The Operating Partnership received aggregate net proceeds of $ 494.2 million from this offering, after underwriting fees of $ 3.2 million and a $ 2.6 million discount, and before offering costs of $ 1.1 million.

The Operating Partnership used the net proceeds primarily to repay outstanding indebtedness, including amounts outstanding on its revolving credit facility, and for general corporate purposes.

The Operating Partnership may redeem the 2035 Notes in whole at any time or in part from time to time at the applicable redemption price specified in the indenture.

If the 2035 Notes are redeemed on or after December 15, 2034 (three months prior to the maturity date), the redemption price will be equal to 100 % of the principal amount of the 2035 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

Including the effect of a cash flow hedging instrument settled during the fourth quarter of 2024 (see Note 12.

Fair Value), the 2035 Notes yield an effective interest rate of 5.08 %.

The 2028 Notes, 2029 Notes, 2031 Notes, 2032 Notes, 2034 Notes I, 2034 Notes II, 2035 Notes, 2051 Notes and 2052 Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness.

The indentures require that we maintain certain financial covenants.

Revolving Credit Facility

During the second quarter of 2021, the Company closed a $ 1.25 billion revolving credit facility, amending and restating its previous $ 800 million revolving credit agreement.

The amended and restated revolving credit agreement (the “Revolving Credit Facility”) provides for expanded borrowing capacity, reflects a more favorable pricing grid based on current market conditions, and includes a sustainability component based upon third-party performance measures through which overall pricing can further improve if the Company meets certain targets.

The interest rate on the Revolving Credit Facility was either the LIBOR plus a margin ranging from 0.725 % to 1.45 % or a base rate (determined according to the greater of a prime rate, federal funds rate plus 0.5 % or the daily LIBOR plus 1.0 %) plus a margin ranging from 0.00 % to 0.45 %.

During the second quarter of 2023, the Company amended its Revolving Credit Facility in connection with the transition from the LIBOR to the SOFR.

The interest rate under the amended Revolving Credit Facility is either the SOFR plus a 0.1 % spread adjustment and a margin ranging from 0.725 % to 1.45 % or a base rate (determined according to the greater of a prime rate, federal funds rate plus 0.5 % or the daily SOFR plus 1.1 %) plus a margin ranging from 0.00 % to 0.45 %.

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

The amended Revolving Credit Facility matures on April 15, 2025, with two six-month extension options at the Company’s election if

American Homes 4 Rent

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Notes to Consolidated Financial Statements

certain conditions are met.

Revolving Credit Facility

During the second quarter of 2021, the Company amended and restated its previous revolving credit agreement with a $ 1.25 billion sustainability-linked revolving credit facility which was further amended during the second quarter of 2023 to transition from the LIBOR to the SOFR.

The interest rate under the amended revolving credit facility was either the SOFR plus a 0.1 % spread adjustment and a margin ranging from 0.725 % to 1.45 % or a base rate (determined according to the greater of a prime rate, federal funds rate plus 0.5 % or the daily SOFR plus 1.1 %) plus a margin ranging from 0.00 % to 0.45 %.

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

The amended revolving credit facility had a maturity date of April 15, 2025, with two six-month extension options at the Company’s election if certain conditions were met.

In addition, the Company was required to pay a facility fee of an amount ranging from 0.125 % to 0.30 % of the aggregate amount of the revolving commitments, which fee is also based on the Company’s credit rating.

During the third quarter of 2024, the Company terminated this revolving credit facility.

See Early Extinguishment of Debt above.

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.

In addition, the Company is required to pay a facility fee of an amount ranging from 0.125 % to 0.30 % of the aggregate amount of the revolving commitments, which fee is also based on the Company’s credit rating.

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Resident security deposits $ 123,377 $ 119,577

Accrued construction and maintenance liabilities 80,710 94,004

Liability for consolidated land not owned (see Note 2)

74,518 108,688

Accrued construction and maintenance liabilities 94,004 86,775

Accrued property taxes 59,015 51,586

Accrued interest 65,824 40,017

Accounts payable 36,056 5,719

Accrued property taxes 61,044 59,015

Prepaid rent 30,153 30,320

Operating lease liabilities 16,309 18,288

Accounts payable 96 36,056

Other accrued liabilities 69,728 67,695

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When the Company issues common or preferred 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.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

Class A Common Shares / Units

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D uring the third quarter of 2022, the Company issued and physically settled 5,000,000 Class A common shares under the 2022 Forward Sale Agreements, receiving net proceeds of $ 185.6 million.

During the first quarter of 2023, the Company issued and physically settled the remaining 8,000,000 Class A common shares under the 2022 Forward Sale Agreements, receiving net proceeds

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

of $ 298.4 million.

The Company used these net proceeds to repay indebtedness under its revolving credit facility and for general corporate purposes.

During the second quarter of 2021, the Company completed an underwritten public offering for 18,745,000 of its Class A common shares of beneficial interest, $ 0.01 par value per share, of which 5,500,000 shares were issued directly by the Company and 13,245,000 shares were offered on a forward basis at the request of the Company by the forward sellers.

In connection with this offering, the Company entered into forward sale agreements with the forward purchasers (the “2021 Forward Sale Agreements”) for these 13,245,000 shares which are accounted for in equity.

The Company received net proceeds of $ 194.0 million from the 5,500,000 Class A common shares issued directly by the Company after deducting underwriting fees and before offering costs of approximately $ 0.2 million.

The Company used the net proceeds to repay indebtedness under its revolving credit facility, to partially fund the redemption of its Series D and Series E perpetual preferred shares discussed below and for general corporate purposes.

The Company did not initially receive proceeds from the sale of the Class A common shares offered on a forward basis.

During the third and fourth quarters of 2021, the Company issued and physically settled all 13,245,000 Class A common shares under the 2021 Forward Sale Agreements, receiving net proceeds of $ 463.5 million.

The Company used these net proceeds for general corporate purposes including property acquisitions and developments.

During the first quarter of 2023, the Company issued and physically settled the remaining 8,000,000 Class A common shares under the 2022 Forward Sale Agreements, receiving net proceeds of $ 298.4 million.

At-the-Market Common Share Offering Program

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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.

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

During the years ended December 31, 2022 and 2021, the Company issued zero and 1,749,286 Class A common shares, respectively, under its previous program, raising zero and $ 72.3 million, respectively, in gross proceeds before commissions and other expenses of approximately zero and $ 1.1 million, respectively.

During the fourth quarter of 2023, the Company issued 2,799,683 Class A common shares under its 2023 At-the-Market Program, raising $ 102.0 million in gross proceeds before commissions and other expenses of approximately $ 1.7 million.

During the year ended December 31, 2022, the Company issued zero Class A common shares under its previous program.

During the years ended December 31, 2024 and 2023, the Company directly issued 932,746 and 2,799,683 Class A common shares under its 2023 At-the-Market Program, respectively, raising $ 33.7 million and $ 102.0 million in gross proceeds before commissions and other expenses of approximately $ 0.5 million and $ 1.7 million, respectively.

Additionally, the Company entered into a forward sale agreement with the forward purchaser during the first quarter of 2024 (the “March 2024 Forward Sale Agreement”), which was 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 issued and physically settled the 2,987,024 Class A common shares during the fourth quarter of 2024, receiving gross proceeds of $ 110.6 million before commissions and other expenses of approximately $ 0.8 million and before offering costs of approximately $ 0.2 million.

As of December 31, 2024, 6,719,453 shares have been issued under the 2023 At-the-Market Program and $ 753.7 million remained available for future issuances.

Subsequent Events for further information on share issuances under the 2023 At-the-Market Program in January 2024.

Share Repurchase Program

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Each Class B common share generally entitles the holder to 50 votes on all matters that the holders of Class A common shares are entitled to vote.

The issuance of Class B common shares to former AH LLC members allows former AH LLC members a voting right associated with their investment in the Company no greater than if they had solely received Class A common shares.

Additionally, when the voting interest from Class A

The issuance of Class B common shares to former AH LLC members allows former AH LLC members a voting right associated with their investment in the

American Homes 4 Rent

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Notes to Consolidated Financial Statements

common shares and Class B common shares are added together, a shareholder is limited to a 30 % total voting interest.

Company no greater than if they had solely received Class A common shares.

Additionally, when the voting interest from Class A common shares and Class B common shares are added together, a shareholder is limited to a 30 % total voting interest.

Each Class B common share has the same economic interest as a Class A common share.

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As a result of the redemption, the Company recorded a $ 5.3 million allocation of income to the Series F perpetual preferred shareholders within the consolidated statements of operations during the year ended December 31, 2022, which represents the initial liquidation value of the Series F perpetual preferred shares in excess of its carrying value as of the redemption date.

During the second quarter of 2021, the Company redeemed all 10,750,000 shares of the outstanding 6.500 % Series D perpetual preferred shares, $ 0.01 par value per share, for cash at a liquidation preference of $ 25.00 per share plus any accrued and unpaid dividends in accordance with the terms of such shares.

The Operating Partnership also redeemed its corresponding Series D perpetual preferred units.

As a result of the redemption, the Company recorded an $ 8.5 million allocation of income to the Series D perpetual preferred shareholders within the consolidated statements of operations during the year ended December 31, 2021, which represents the initial liquidation value of the Series D perpetual preferred shares in excess of its carrying value as of the redemption date.

During the second quarter of 2021, the Company redeemed all 9,200,000 shares of the outstanding 6.350 % Series E perpetual preferred shares, $ 0.01 par value per share, for cash at a liquidation preference of $ 25.00 per share plus accrued and unpaid dividends in accordance with the terms of such shares.

The Operating Partnership also redeemed its corresponding Series E perpetual preferred units.

As a result of the redemption, the Company recorded a $ 7.4 million allocation of income to the Series E perpetual preferred shareholders within the consolidated statements of operations during the year ended December 31, 2021, which represents the initial liquidation value of the Series E perpetual preferred shares in excess of its carrying value as of the redemption date.

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.

No distributions can be paid on our Class A and Class B common shares unless we have first paid all cumulative distributions on our Series G and Series H perpetual preferred shares.

The distribution preference of our Series G and Series H perpetual preferred shares could limit our ability to make distributions to the holders of our Class A and Class B common shares.

American Homes 4 Rent

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Notes to Consolidated Financial Statements

No distributions can be paid on our Class A and Class B common shares unless we have first paid all cumulative distributions on our Series G and Series H perpetual preferred shares.

The distribution preference of our Series G and Series H perpetual preferred shares could limit our ability to make distributions to the holders of our Class A and Class B common shares.

The Company’s board of trustees declared the following distributions during the years ended December 31, 2024, 2023 and 2022.

3 unchanged sentences

Class A and Class B common shares $ 1.04 $ 0.88 $ 0.72

6.500 % Series D perpetual preferred shares (1)

6.350 % Series E perpetual preferred shares (2)

5.875 % Series F perpetual preferred shares (1)

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1.56 1.56 1.56

(1) The 6.500 % Series D perpetual preferred shares were redeemed on June 7, 2021 and the distributions for the year ended December 31, 2021 include the accrued and unpaid dividends paid to shareholders as part of the redemption.

(2) The 6.350 % Series E perpetual preferred shares were redeemed on June 30, 2021.

(1) The 5.875 % Series F perpetual preferred shares were redeemed on May 5, 2022 and the distributions for the year ended December 31, 2022 include the accrued and unpaid dividends paid to shareholders as part of the redemption.

3 unchanged sentences

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 % and 0.2 % of the total 416,308,486 and 404,893,881 Class A units in the Operating Partnership as of December 31, 2023 and 2022, respectively.

Non-affiliate Class A unitholders owned 596,990 , or approximately 0.1 %, of the total 421,000,048 and 416,308,486 Class A units in the Operating Partnership as of December 31, 2024 and 2023, respectively.

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

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2021 Equity Incentive Plan

During the second quarter of 2021, the Company’s shareholders approved and the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”).

In 2021, the Company’s shareholders approved and the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”).

The 2021 Plan replaced the 2012 Equity Incentive Plan (the “2012 Plan”) and provides for the issuance of up to 9,544,095 Class A common shares (including shares that remained available for future awards under the 2012 Plan as of the effective date of the 2021 Plan and shares related to outstanding awards under the 2012 Plan that may become available after expiration, forfeiture or cancellation of such awards).

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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.

During the years ended December 31, 2023, 2022 and 2021, employees were granted RSUs that vest over a one - to three-year service period and non-management trustees were granted RSUs that vest over a one-year service period.

During the years ended December 31, 2024, 2023 and 2022, employees were granted RSUs that generally vest over a three-year service period and non-management trustees were granted RSUs that vest over a one-year service period.

Options expire 10 years from the date of grant.

During the first quarter of 2024, the Company announced that David Singelyn, the Company’s Chief Executive Officer, would retire effective December 31, 2024.

In connection with Mr.

Singelyn’s retirement, the Company and Mr.

Singelyn entered into a Retirement and Award Agreement (the “Retirement Agreement”), which became effective February 21, 2024, pursuant to which Mr.

Singelyn agreed to provide transition advisory services from his retirement until June 30, 2025 and the Company granted him 46,070 RSUs on February 21, 2024 which cliff vest on June 30, 2025 upon satisfaction of certain vesting conditions, including performance of his obligations under the Retirement Agreement.

In addition, the Company granted Chris 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.

During the years ended December 31, 2024, 2023 and 2022, certain senior employees were granted PSUs that 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 January 1, 2023 through December 31, 2025 for PSUs granted during the year ended December 31, 2023, January 1, 2022 through December 31, 2024 for PSUs granted during the year ended December 31, 2022 and January 1, 2021 through December 31, 2023 for PSUs granted during the year ended December 31, 2021.

A portion of the PSUs are based on (i) the

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 year ended December 31, 2024, January 1, 2023 through December 31, 2025 for PSUs granted during the year ended December 31, 2023 and January 1, 2022 through December 31, 2024 for PSUs granted during the year ended December 31, 2022.

A portion of the PSUs are

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Notes to Consolidated Financial Statements

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”).

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”).

The number of PSUs that may ultimately vest range from zero to 200 % of the number of PSUs granted based on the level of achievement of these performance conditions.

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RSUs outstanding at December 31, 2021 1,050,599 $ 29.71

651,537 $ 24.53

Awarded 651,898 32.69

Granted 466,802 39.52

Vested ( 439,643 ) 29.41

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RSUs outstanding at December 31, 2022 1,024,722 $ 33.99

1,050,599 $ 29.71

Awarded 466,802 39.52

Granted 509,730 33.24

Vested ( 418,351 ) 31.40

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RSUs outstanding at December 31, 2023 1,090,522 $ 34.64

1,024,722 $ 33.99

Awarded 509,730 33.24

Granted 701,342 35.70

Vested ( 559,257 ) 33.80

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RSUs outstanding at December 31, 2024 1,187,544 $ 35.66

1,090,522 $ 34.64

The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the years ended December 31, 2024, 2023 and 2022:

Performance-Based Restricted Share Units Weighted-Average Grant Date Fair Value

Performance-Based Restricted Share Units (1)

Weighted-Average Grant Date Fair Value

PSUs outstanding at December 31, 2021 92,319 $ 34.83

Awarded 92,319 34.83

Granted 202,104 43.91

Forfeited — —

PSUs outstanding at December 31, 2022 294,423 $ 41.07

Awarded 202,104 43.91

Granted 227,033 40.19

Forfeited ( 1,237 ) 43.91

PSUs outstanding at December 31, 2023 520,219 $ 40.68

294,423 $ 41.07

Awarded 227,033 40.19

Granted 254,157 41.46

Adjustment for performance achievement 75,109 34.83

Vested ( 167,428 ) 34.83

Forfeited ( 4,759 ) 41.51

PSUs outstanding at December 31, 2024 677,298 $ 41.76

520,219 $ 40.68

(1) Represents the number of target shares at grant date for PSUs outstanding, granted and forfeited.

Adjustment for performance achievement represents the difference between the number of target shares at grant date and the number of actual shares earned for the three-year performance period ended December 31, 2023, which was determined and vested during the first quarter of 2024.

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

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(1) Estimated volatility for the performance period is based on 50 % historical volatility and 50 % implied volatility.

2021 Employee Stock Purchase Plan

During the second quarter of 2021, the Company’s shareholders approved and the Company adopted the 2021 ESPP, which provides for the issuance of up to 3,000,000 Class A common shares and allows employees to acquire the Company’s Class A common shares through payroll deductions, subject to maximum purchase limitations, during six-month purchase periods.

The purchase price for Class A common shares may be set at a maximum discount equal to 85 % of the lower of the closing price of the Company’s Class A common shares on the first day or the last day of the applicable purchase period.

The 2021 ESPP terminates in June 2031 or the date

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Notes to Consolidated Financial Statements

on which there are no longer any Class A common shares available for issuance.

2021 Employee Stock Purchase Plan

The 2021 ESPP provides for the issuance of up to 3,000,000 Class A common shares and allows employees to acquire the Company’s Class A common shares through payroll deductions, subject to maximum purchase limitations, during six-month purchase periods.

The 2021 ESPP terminates in June 2031 or the date on which there are no longer any Class A common shares available for issuance.

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

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Carrying Value Fair Value Carrying Value Fair Value

AMH 2014-SFR2 securitization $ 460,507 $ 463,237 $ 465,864 $ 469,192

AMH 2014-SFR3 securitization 475,854 478,833 480,467 484,350

AMH 2015-SFR1 securitization 500,713 503,668 505,738 509,714

AMH 2015-SFR2 securitization 434,347 437,508 438,773 442,286

Total asset-backed securitizations 1,871,421 1,883,246 1,890,842 1,905,542

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

AMH 2014-SFR3 securitization, net — — 475,854 478,833

AMH 2015-SFR1 securitization, net 494,635 496,776 500,713 503,668

AMH 2015-SFR2 securitization, net 429,709 432,316 434,347 437,508

Total asset-backed securitizations, net 924,344 929,092 1,871,421 1,883,246

2028 unsecured senior notes, net 497,534 488,265 496,745 486,875

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2032 unsecured senior notes, net 585,509 537,174 583,521 539,304

2034 unsecured senior notes I, net 594,640 597,504 — —

2034 unsecured senior notes II, net 493,336 496,185 — —

2035 unsecured senior notes, net 493,150 487,335 — —

2051 unsecured senior notes, net 291,807 198,174 291,498 207,264

2052 unsecured senior notes, net 289,567 234,258 289,183 244,275

Total unsecured senior notes, net 4,086,418 3,812,906 2,500,226 2,246,491

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Total debt $ 5,010,762 $ 4,741,998 $ 4,461,647 $ 4,219,737

During the first quarter of 2021, in anticipation of a debt issuance and in order to hedge interest rate risk, the Company entered into a treasury lock agreement with a notional amount of $ 400.0 million based on the 10-year treasury note rate at the time.

The treasury lock was designated as a cash flow hedging instrument.

The Company settled the treasury lock during the second quarter of 2021 in connection with the pricing of the 2031 Notes (see Note 7.

Debt), which resulted in a $ 4.0 million loss recorded in other comprehensive loss at the time that will be reclassified into earnings as an increase to interest expense over the 10-year term of the 2031 Notes.

The treasury lock was the only financial instrument recorded at fair value on a recurring basis in the consolidated financial statements and was classified as Level 2 within the fair value hierarchy as its fair value was estimated using observable inputs based on the 10-year treasury note rate.

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.

The Company settled the treasury locks during the fourth quarter of 2024 in connection with the pricing of the 2035 Notes (see Note 7.

Debt), which resulted in an aggregate gain of $ 8.6 million recorded in other comprehensive income at the time that will be reclassified into earnings as a reduction of interest expense over the 10-year term of the 2035 Notes.

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

Related Party Transactions

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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 December 31, 2024 and 2023) an approximate 23.0 % and 23.3 % interest as of December 31, 2024 and 2023, respectively.

As of December 31, 2023 and 2022, the Operating Partnership had a receivable from affiliates of $ 25.7 million related to the asset-backed securitization certificates held by AMH, which is included in amounts due from affiliates on the Operating Partnership’s consolidated balance sheets.

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 consolidated balance sheets.

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

See Note 7 Debt.

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

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The Company leases office space from third parties for our corporate and property management operations under non-cancelable operating lease agreements.

Our operating leases have remaining lease terms of one to eight years before any unexercised options to extend.

Our operating leases have remaining lease terms of one to seven years before any unexercised options to extend.

For the years ended December 31, 2024, 2023 and 2022, operating lease costs were as follows (amounts in thousands):

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Other Commitments

As of December 31, 2023, the Company had commitments to acquire 29 single-family properties through our National Builder Program for an aggregate purchase price of $ 6.6 million, as well as $ 75.6 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 December 31, 2024, the Company had commitments to acquire one single-family property through our traditional acquisition channel for a purchase price of $ 0.3 million as well as $ 81.1 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 December 31, 2023, the Company had sales in escrow for approximately 173 of our single-family properties and 202 of our land lots for an aggregate selling price of $ 78.4 million.

As of December 31, 2024, the Company had sales in escrow for 158 of our single-family properties and 663 of our land lots for an aggregate selling price of $ 121.4 million.

As of December 31, 2024, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $ 233.6 million.

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Captive Insurance Company

During the first quarter of 2021, the Company formed a wholly owned captive insurance company, American Dream Insurance, LLC, which provides general liability insurance coverage for losses below the deductible under the Company’s third-party liability insurance policy.

The Company has a wholly owned captive insurance company, American Dream Insurance, LLC, which provides general liability insurance coverage for losses below the deductible under the Company’s third-party liability insurance policy.

The Company created American Dream Insurance, LLC as part of its overall risk management program and to stabilize its insurance costs, manage exposure and recoup expenses through the functions of the captive program.

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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.

Segment Reporting

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and assess performance.

The Company is organized as a REIT with activities related to acquiring, renovating, developing, leasing and managing single-family homes as rental properties in one geographically diversified portfolio, which represents our one operating and reportable segment.

Our one reportable segment derives its revenues from leasing single-family homes to tenants under non-cancelable lease agreements generally with a term of one year as well as certain fees charged to tenants.

The Company’s CODM is our Chief Executive Officer and Chief Operating Officer.

The accounting policies of our one reportable segment are the same as those described in Note 2.

Significant Accounting Policies.

Net income and its components, as presented on the consolidated statements of operations, are metrics utilized by the CODM to assess the reporting segment’s performance and allocate resources.

The measure of segment assets is reported on the consolidated balance sheets as total assets.

The CODM also reviews core net operating income (“Core NOI”) at the total portfolio level as an additional segment profitability measure.

The CODM uses the segment profitability measures to evaluate income generated from total portfolio assets in deciding whether to reinvest profits into enhancing the existing portfolio or for acquisitions or development of new properties.

Property acquisition and disposition decisions are made at the individual property level and development decisions are made at the community level.

Core NOI for the total portfolio is also used to monitor budget versus actual results and in competitive analysis to benchmark against the Company’s competitors.

The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation.

In addition to the revenues and significant segment expenses included within the consolidated statements of operations, the following table presents significant segment expenses regularly provided to the CODM within property operating expenses for the years ended December 31, 2024, 2023 and 2022:

For the Years Ended December 31,

2024 2023 2022

Property operating expenses

Property tax expense $ 252,406 $ 239,425 $ 217,584

HOA fees 26,911 25,768 23,949

Repairs and maintenance and turnover costs 326,745 316,318 296,464

Insurance 19,821 17,948 14,094

Total property operating expenses $ 625,883 $ 599,459 $ 552,091

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Consolidated Financial Statements

The table below summarizes the significant expense categories included in Core NOI and regularly provided to the CODM for the years ended December 31, 2024, 2023 and 2022:

For the Years Ended December 31,

(Amounts in thousands)

2024 2023 2022

Core revenues $ 1,507,266 $ 1,408,050 $ 1,287,928

Core property operating expenses

Property tax expense 252,406 239,425 217,584

HOA fees, net of tenant charge-backs 26,911 25,768 23,949

Repairs and maintenance and turnover costs, net of tenant charge-backs 113,206 108,373 100,213

Insurance 19,821 17,948 14,094

Property management expenses, net of tenant charge-backs and excluding share-based compensation 116,615 111,723 102,482

Total core property operating expenses 528,959 503,237 458,322

Core NOI $ 978,307 $ 904,813 $ 829,606

Reconciliation of core revenues to rents and other single-family property revenues

Core revenues $ 1,507,266 $ 1,408,050 $ 1,287,928

Tenant charge-backs 221,431 215,555 202,606

Rents and other single-family property revenues $ 1,728,697 $ 1,623,605 $ 1,490,534

Reconciliation of Core NOI to net income

Core NOI $ 978,307 $ 904,813 $ 829,606

Noncash share-based compensation - property management ( 4,814 ) ( 4,030 ) ( 3,861 )

General and administrative expense ( 83,590 ) ( 74,615 ) ( 68,057 )

Interest expense ( 165,351 ) ( 140,198 ) ( 134,871 )

Acquisition and other transaction costs ( 12,192 ) ( 16,910 ) ( 23,452 )

Depreciation and amortization ( 477,010 ) ( 456,550 ) ( 426,531 )

Hurricane-related charges, net ( 8,884 ) — ( 6,133 )

Loss on early extinguishment of debt ( 6,323 ) — —

Gain on sale and impairment of single-family properties and other, net 225,756 209,834 136,459

Other income and expense, net 22,243 9,798 6,865

Net income $ 468,142 $ 432,142 $ 310,025

Subsequent Events

Subsequent Acquisitions

From January 1, 2024 through February 16, 2024, the Company added 196 properties to its portfolio for a total cost of approximately $ 72.4 million, which included 192 newly constructed properties delivered through our AMH Development Program and four newly constructed properties acquired from a third-party developer through our National Builder Program.

From January 1, 2025 through February 14, 2025, the Company added 221 single-family properties to its portfolio for a total cost of approximately $ 88.3 million, which included 218 newly constructed properties delivered through our AMH Development Program and three properties acquired through our traditional acquisition channel.

Subsequent Dispositions

From January 1, 2024 through February 16, 2024, the Company disposed of 243 properties for aggregate net proceeds of approximately $ 74.5 million.

Unsecured Senior Notes

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

Interest on the Notes 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 these issuances, after underwriting fees of approximately $ 3.9 million and a $ 0.6 million discount, and before estimated offering costs of $ 1.5 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 intends to allocate the net proceeds to repay outstanding indebtedness, including the payoff of the AMH 2014-SFR2 securitization and/or temporarily invest the net proceeds in accordance with the Company’s cash investment policy.

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

The indenture requires that we maintain certain financial covenants.

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

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

Revolving Credit Facility

From January 1, 2024 through February 16, 2024, the Company paid down $ 90.0 million under its revolving credit facility, resulting in no outstanding borrowings under its revolving credit facility as of February 16, 2024.

From January 1, 2025 through February 14, 2025, the Company disposed of 200 single-family properties as well as land for aggregate net proceeds of approximately $ 63.9 million.

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AMH 2015-SFR1 Securitization Payoff Intent

In January 2024, the Company provided notice to its third-party lender of its intent to repay all amounts due under the AMH 2014-SFR2 securitization during the first quarter of 2024.

As of December 31, 2023, the AMH 2014-SFR2 securitization had an outstanding principal balance of $ 461.5 million, of which $ 25.7 million represents Class F certificates that were issued by the Operating Partnership to the Company and are recorded as asset-backed securitization certificates in the Company’s consolidated balance sheets and as amounts due from affiliates in the Operating Partnership’s consolidated balance sheets.

At-the-Market Common Share Offering Program

In January 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 $ 0.5 million.

Shareholders’ Equity / Partners’ Capital for further details on the 2023 At-the-Market Program.

In February 2025, the Company provided notice to its third-party lender of its intent to repay all amounts due under the AMH 2015-SFR1 securitization during the second quarter of 2025.

As of December 31, 2024, the AMH 2015-SFR1 securitization had an outstanding principal balance of $ 494.9 million.

Distributions

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Jacksonville, FL 3,297 63,626 114,869 517,813 — 119,256 114,869 637,069 751,938 ( 145,904 ) 606,034 2012-2024

Kansas City, MO 162 — 8,617 40,038 — 66 8,617 40,104 48,721 ( 375 ) 48,346 2024

Knoxville, TN 442 18,045 16,076 80,377 — 11,335 16,076 91,712 107,788 ( 27,747 ) 80,041 2013-2022

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Nashville, TN 3,370 33,826 144,221 580,590 — 138,381 144,221 718,971 863,192 ( 189,716 ) 673,476 2012-2024

Oklahoma City, OK 487 — 16,319 100,657 — 112 16,319 100,769 117,088 ( 902 ) 116,186 2024

Orlando, FL 2,126 47,940 76,674 344,235 — 84,891 76,674 429,126 505,800 ( 96,366 ) 409,434 2011-2024

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures