What changed in this filing

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Item 1. Financial Statements

2025-05-02 compared with 2024-10-30 · 199 added, 375 removed, 647 unchanged (47% of the section changed)

2 unchanged sentences

Condensed Consolidated Balance Sheets

(Amounts in thousands, except share data)

September 30, 2024 December 31, 2023

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

March 31, 2025 December 31, 2024

Single-family properties:

12 unchanged sentences

Investments in unconsolidated joint ventures 160,764 159,134

Asset-backed securitization certificates — 25,666

Goodwill 120,279 120,279

7 unchanged sentences

Shareholders’ equity:

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

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

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

Class A common shares ($ 0.01 par value per share, 450,000,000 shares authorized, 369,525,121 and 368,987,993 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively)

Class B common shares ($ 0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at March 31, 2025 and December 31, 2024)

Preferred shares ($ 0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at March 31, 2025 and December 31, 2024)

Additional paid-in capital 7,526,294 7,529,008

10 unchanged sentences

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

Rents and other single-family property revenues $ 459,276 $ 423,555

5 unchanged sentences

Depreciation and amortization 124,928 115,726

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

Total expenses 394,797 366,841

17 unchanged sentences

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

Net income $ 128,713 $ 128,095

Other comprehensive income (loss):

Other comprehensive loss:

Cash flow hedging instruments:

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

Unrealized loss on cash flow hedging instruments ( 1,549 ) —

Reclassification adjustment for amortization of interest expense included in net income

( 351 ) ( 141 )

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

Other comprehensive loss ( 1,900 ) ( 141 )

Comprehensive income 126,813 127,954

17 unchanged sentences

Common stock issued under share-based compensation plans, net of shares withheld for employee taxes 457,794 5 — — — — ( 6,518 ) — — ( 6,513 ) — ( 6,513 )

Issuance of Class A common shares 8,000,000 80 — — — — 298,292 — — 298,372 — 298,372

Distributions to equity holders:

Preferred shares (Note 10)

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

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

Common shares ($ 0.22 per share)

— — — — — — — ( 79,977 ) — ( 79,977 ) — ( 79,977 )

Net income — — — — — — — 120,951 — 120,951 16,748 137,699

Total other comprehensive loss — — — — — — — — ( 120 ) ( 120 ) ( 21 ) ( 141 )

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

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

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

Distributions to equity holders:

Preferred shares (Note 10)

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

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

Common shares ($ 0.22 per share)

Issuance of Class A common shares, net of offering costs of $ 34

932,746 9 — — — — 33,206 — — 33,215 — 33,215

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

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

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

American Homes 4 Rent

Condensed Consolidated Statements of Equity (continued)

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

Class A common shares Class B common shares Preferred shares

of shares Amount Number

of shares Amount Additional

capital Accumulated

deficit Accumulated other comprehensive income Shareholders’

equity Noncontrolling

interest Total

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

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

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

Distributions to equity holders:

6 unchanged sentences

Total other comprehensive loss — — — — — — — — ( 122 ) ( 122 ) ( 19 ) ( 141 )

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

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

American Homes 4 Rent

13 unchanged sentences

537,128 5 — — — — ( 10,375 ) — — ( 10,370 ) — ( 10,370 )

Issuance of Class A common shares, net of offering costs of $ 34

932,746 9 — — — — 33,206 — — 33,215 — 33,215

Distributions to equity holders:

7 unchanged sentences

Balances at March 31, 2025 369,525,121 $ 3,695 635,075 $ 6 9,200,000 $ 92 $ 7,526,294 $ ( 382,384 ) $ 6,186 $ 7,153,889 $ 688,222 $ 7,842,111

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

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

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

Distributions to equity holders:

Preferred shares (Note 10)

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

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

Common shares ($ 0.26 per share)

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

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

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

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

American Homes 4 Rent

Condensed Consolidated Statements of Equity (continued)

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

Class A common shares Class B common shares Preferred shares

of shares Amount Number

of shares Amount Additional

capital Accumulated

deficit Accumulated other comprehensive income Shareholders’

equity Noncontrolling

interest Total

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

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

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

21,643 — — — — — 391 — — 391 — 391

Distributions to equity holders:

Preferred shares (Note 10)

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

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

Common shares ( 0.26 per share)

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

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

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

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

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

2 unchanged sentences

(Amounts in thousands)

For the Nine Months Ended

September 30,

For the Three Months Ended

Operating activities

5 unchanged sentences

Loss on early extinguishment of debt 216 954

Equity in net loss (income) of unconsolidated entities 454 ( 1,581 )

Equity in net loss of unconsolidated entities 915 884

Return on investment from unconsolidated joint ventures 1,659 —

11 unchanged sentences

Net proceeds received from sales of single-family properties and other 142,128 156,102

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

Proceeds from notes receivable related to the sale of properties 19 130

Investment in unconsolidated joint ventures ( 3,336 ) ( 1,116 )

Distributions from joint ventures 115,409 34,352

Distributions from unconsolidated entities 963 113

Renovations to single-family properties ( 7,456 ) ( 10,804 )

1 unchanged sentence

Cash paid for development activity ( 193,696 ) ( 209,477 )

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

Proceeds from asset-backed securitization certificates — 25,666

7 unchanged sentences

Payments on asset-backed securitizations ( 496,593 ) ( 466,145 )

Proceeds from revolving credit facility 410,000 —

Payments on revolving credit facility — ( 90,000 )

6 unchanged sentences

Net cash used for financing activities ( 247,072 ) ( 72,204 )

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

Net (decrease) increase in cash, cash equivalents and restricted cash ( 131,358 ) 61,430

Cash, cash equivalents and restricted cash, beginning of period (see Note 3) 350,216 221,861

3 unchanged sentences

(Amounts in thousands)

For the Nine Months Ended

September 30,

For the Three Months Ended

Supplemental cash flow information

3 unchanged sentences

Transfers of completed homebuilding deliveries to properties 175,892 185,123

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

Unrealized gain on cash flow hedging instruments 2,603 —

Unrealized loss on cash flow hedging instruments ( 1,549 ) —

Noncash right-of-use assets obtained in exchange for operating lease liabilities 842 —

4 unchanged sentences

Condensed Consolidated Balance Sheets

(Amounts in thousands, except unit data)

September 30, 2024 December 31, 2023

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

March 31, 2025 December 31, 2024

Single-family properties:

12 unchanged sentences

Investments in unconsolidated joint ventures 160,764 159,134

Amounts due from affiliates — 25,666

Goodwill 120,279 120,279

8 unchanged sentences

General partner:

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

Common units ( 370,160,196 and 369,623,068 units issued and outstanding at March 31, 2025 and December 31, 2024, respectively)

6,925,863 6,930,324

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

Preferred units ( 9,200,000 units issued and outstanding at March 31, 2025 and December 31, 2024)

221,840 221,840

Limited partner:

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

Common units ( 51,376,980 units issued and outstanding at March 31, 2025 and December 31, 2024)

687,366 687,524

7 unchanged sentences

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

Rents and other single-family property revenues $ 459,276 $ 423,555

5 unchanged sentences

Depreciation and amortization 124,928 115,726

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

Total expenses 394,797 366,841

16 unchanged sentences

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

Net income $ 128,713 $ 128,095

Other comprehensive income (loss):

Other comprehensive loss:

Cash flow hedging instruments:

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

Unrealized loss on cash flow hedging instruments ( 1,549 ) —

Reclassification adjustment for amortization of interest expense included in net income

( 351 ) ( 141 )

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

Other comprehensive loss ( 1,900 ) ( 141 )

Comprehensive income 126,813 127,954

11 unchanged sentences

Common units issued under share-based compensation plans, net of units withheld for employee taxes 457,794 ( 6,513 ) — — — — ( 6,513 )

Issuance of Class A common units 8,000,000 298,372 — — — — 298,372

Distributions to capital holders:

Preferred units (Note 10)

— — ( 3,486 ) — — — ( 3,486 )

Common units ($ 0.22 per unit)

— ( 79,977 ) — — ( 11,303 ) — ( 91,280 )

Net income — 117,465 3,486 — 16,748 — 137,699

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

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

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

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

Distributions to capital holders:

Preferred units (Note 10)

— — ( 3,486 ) — — — ( 3,486 )

Common units ($ 0.22 per unit)

Issuance of Class A common units, net of offering costs of $ 34

932,746 33,215 — — — — 33,215

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

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

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

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

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

Distributions to capital holders:

5 unchanged sentences

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

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

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

American Homes 4 Rent, L.P.

7 unchanged sentences

Common units issued under share-based compensation plans, net of units withheld for employee taxes 537,128 ( 10,370 ) — — — — ( 10,370 )

Issuance of Class A common units, net of offering costs of $ 34

932,746 33,215 — — — — 33,215

Distributions to capital holders:

6 unchanged sentences

Balances at March 31, 2025 370,160,196 $ 6,925,863 $ 221,840 51,376,980 $ 687,366 $ 7,042 $ 7,842,111

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

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

Distributions to capital holders:

Preferred units (Note 10)

— — ( 3,486 ) — — — ( 3,486 )

Common units ($ 0.26 per unit)

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

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

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

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

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

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

Distributions to capital holders:

Preferred units (Note 10)

— — ( 3,486 ) — — — ( 3,486 )

Common units ($ 0.26 per unit)

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

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

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

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

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

2 unchanged sentences

(Amounts in thousands)

For the Nine Months Ended

September 30,

For the Three Months Ended

Operating activities

5 unchanged sentences

Loss on early extinguishment of debt 216 954

Equity in net loss (income) of unconsolidated entities 454 ( 1,581 )

Equity in net loss of unconsolidated entities 915 884

Return on investment from unconsolidated joint ventures 1,659 —

11 unchanged sentences

Net proceeds received from sales of single-family properties and other 142,128 156,102

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

Proceeds from notes receivable related to the sale of properties 19 130

Investment in unconsolidated joint ventures ( 3,336 ) ( 1,116 )

Distributions from joint ventures 115,409 34,352

Distributions from unconsolidated entities 963 113

Renovations to single-family properties ( 7,456 ) ( 10,804 )

1 unchanged sentence

Cash paid for development activity ( 193,696 ) ( 209,477 )

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

Proceeds from repayment of loan from affiliate — 25,666

7 unchanged sentences

Payments on asset-backed securitizations ( 496,593 ) ( 466,145 )

Proceeds from revolving credit facility 410,000 —

Payments on revolving credit facility — ( 90,000 )

5 unchanged sentences

Net cash used for financing activities ( 247,072 ) ( 72,204 )

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

Net (decrease) increase in cash, cash equivalents and restricted cash ( 131,358 ) 61,430

Cash, cash equivalents and restricted cash, beginning of period (see Note 3) 350,216 221,861

3 unchanged sentences

(Amounts in thousands)

For the Nine Months Ended

September 30,

For the Three Months Ended

Supplemental cash flow information

3 unchanged sentences

Transfers of completed homebuilding deliveries to properties 175,892 185,123

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

Unrealized gain on cash flow hedging instruments 2,603 —

Unrealized loss on cash flow hedging instruments ( 1,549 ) —

Noncash right-of-use assets obtained in exchange for operating lease liabilities 842 —

9 unchanged sentences

References to the “Company,” “we,” “our” and “us” mean collectively AMH, the Operating Partnership and those entities/subsidiaries owned or controlled by AMH and/or the Operating Partnership.

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

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

As of March 31, 2025, the Company held 61,361 single-family properties in 24 states, including 661 properties classified as held for sale.

AMH is the general partner of, and as of March 31, 2025 owned approximately 87.8 % of the common partnership interest in, the Operating Partnership.

The remaining 12.2 % of the common partnership interest was owned by limited partners.

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

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

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

12 unchanged sentences

Actual results could differ from those estimates.

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

Rent and Other Receivables, the Company reclassified certain immaterial tenant charge-backs from variable lease payments to fixed lease payments for the three months ended March 31, 2024 to conform with the current year presentation.

Principles of Consolidation

4 unchanged sentences

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

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

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.

2 unchanged sentences

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

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

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

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

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

As of September 30, 2024 and December 31, 2023, the carrying value of the investments in these venture capital funds was $ 13.3 million and $ 13.0 million, respectively, and the Company’s maximum exposure to loss was $ 15.4 million and $ 15.6 million, respectively, which includes all future capital funding requirements.

As of March 31, 2025 and December 31, 2024, the carrying value of the investments in these venture capital funds was $ 11.5 million and $ 13.2 million, respectively, and the Company’s maximum exposure to loss was $ 13.1 million and $ 14.9 million, respectively, which includes all future capital funding requirements.

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

As of September 30, 2024 and December 31, 2023, the carrying value of the deposits with land banking entities and the Company’s maximum exposure to loss was $ 9.0 million and $ 15.7 million, respectively.

As of March 31, 2025 and December 31, 2024, the carrying value of these deposits with land banking entities and the Company’s maximum exposure to loss was $ 3.7 million and $ 6.9 million, respectively.

Recent Accounting Pronouncements Not Yet Effective

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.

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 retrospectively to all periods presented unless it is impracticable to do so.

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.

Cash, Cash Equivalents and Restricted Cash

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

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

lease agreement, which is generally one year .

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 when proceeds are held prior to the completion of transactions.

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

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

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

September 30, December 31,

March 31, December 31,

2025 2024 2024 2023

3 unchanged sentences

Real Estate Assets, Net

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

September 30, 2024 December 31, 2023

The net book values of real estate assets consisted of the following as of March 31, 2025 and December 31, 2024 (amounts in thousands):

March 31, 2025 December 31, 2024

Occupied single-family properties $ 10,389,282 $ 10,174,136

8 unchanged sentences

Total real estate assets, net $ 12,434,297 $ 12,365,691

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

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

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

Depreciation expense related to single-family properties was $ 118.5 million and $ 110.3 million for the three months ended March 31, 2025 and 2024, respectively.

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

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

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

During the three months ended March 31, 2025 and 2024, the Company disposed of single-family properties and land for aggregate net proceeds of $ 142.1 million and $ 156.1 million, respectively, which resulted in an aggregate net gain on sale of $ 66.0 million and $ 69.8 million, respectively.

Rent and Other Receivables

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

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

Variable lease payments for fees from single-family properties were $ 8.1 million and $ 8.0 million for the three months ended September 30, 2024 and 2023, respectively, and $ 24.2 million and $ 22.9 million for the nine months ended September 30, 2024 and 2023, respectively.

Variable lease payments for tenant charge-backs were $ 62.6 million and $ 56.0 million for the three months ended March 31, 2025 and 2024, respectively.

Variable lease payments for fees from single-family properties were $ 8.6 million and $ 8.0 million for the three months ended March 31, 2025 and 2024, respectively.

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

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

September 30, 2024

The following table summarizes future minimum rental revenues under existing leases on our properties as of March 31, 2025 (amounts in thousands):

March 31, 2025

Remaining 2025 $ 765,019

Total $ 928,516

As of both March 31, 2025 and December 31, 2024, rent and other receivables included $ 3.9 million of insurance claims receivables related to Hurricanes Milton and Helene.

Escrow Deposits, Prepaid Expenses and Other Assets

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

September 30, 2024 December 31, 2023

The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of March 31, 2025 and December 31, 2024 (amounts in thousands):

March 31, 2025 December 31, 2024

Commercial real estate, software, vehicles and FF&E, net $ 106,604 $ 104,188

Escrow deposits, prepaid expenses and other 101,764 115,801

Consolidated land not owned 67,447 89,745

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

Operating lease right-of-use assets 14,680 14,729

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Total $ 302,990 $ 337,379

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

Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $ 5.4 million and $ 4.6 million for the three months ended March 31, 2025 and 2024, respectively.

Deferred Costs and Other Intangibles, Net

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

September 30, 2024 December 31, 2023

Deferred costs and other intangibles, net consisted of the following as of March 31, 2025 and December 31, 2024 (amounts in thousands):

March 31, 2025 December 31, 2024

Deferred leasing costs $ 4,074 $ 3,746

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15,586 15,258

14,749 25,356

accumulated amortization ( 3,586 ) ( 2,857 )

( 2,133 ) ( 17,726 )

Total $ 12,000 $ 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.

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

Amortization expense related to deferred leasing costs was $ 0.9 million and $ 0.8 million for the three months ended September 30, 2024 and 2023, respectively, and $ 2.5 million and $ 2.2 million for the nine months ended September 30, 2024 and 2023, respectively, and is included in depreciation and amortization within the condensed consolidated statements of operations.

Amortization of deferred financing costs related to our revolving credit facility was $ 0.7 million for both the three months ended September 30, 2024 and 2023 and $ 2.1 million and $ 2.0 million for the nine months ended September 30, 2024 and 2023, respectively, and is included in gross interest, prior to interest capitalization (see Note 8.

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

Amortization expense related to deferred leasing costs was $ 1.1 million and $ 0.8 million for the three months ended March 31, 2025 and 2024, respectively, and is included in depreciation and amortization within the condensed consolidated statements of operations.

Amortization of deferred financing costs related to our revolving credit facility was $ 0.6 million and $ 0.7 million for the three months ended March 31, 2025 and 2024, respectively, and is included in gross interest, prior to interest capitalization (see Note 8.

The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of March 31, 2025 for future periods (amounts in thousands):

Leasing Costs Deferred

Financing Costs (1)

Financing Costs Total

Remaining 2025 $ 1,934 $ 1,733 $ 3,667

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2029 — 1,236 1,236

Thereafter — 1,227 1,227

Total $ 2,122 $ 9,878 $ 12,000

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

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

Investments in Unconsolidated Joint Ventures

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

As of March 31, 2025, the Company held 20 % ownership interests in four unconsolidated joint ventures.

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

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

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

institutional investors advised by J.P.

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

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Morgan JV II”).

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

Joint Venture Description % Ownership at

September 30, 2024 Completed Homes at

September 30, 2024 Balances at

December 31, 2023

The following table summarizes our investments in unconsolidated joint ventures as of March 31, 2025 and December 31, 2024 (amounts in thousands, except percentages and property data):

% Ownership at

March 31, 2025 Completed Homes at

March 31, 2025 Investments in Unconsolidated Joint Ventures

Joint Venture Description March 31, 2025 December 31, 2024

Alaska JV 20 % 166 $ 14,655 $ 15,598

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

Management fee and development fee income from unconsolidated joint ventures was $ 4.0 million and $ 1.5 million for the three months ended September 30, 2024 and 2023, respectively, and $ 10.6 million and $ 7.7 million for the nine months ended September 30, 2024 and 2023, respectively, and is included in other income and expense, net within the condensed consolidated statements of operations.

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

Management fee and development fee income from unconsolidated joint ventures was $ 3.6 million and $ 3.0 million for the three months ended March 31, 2025 and 2024, respectively, and is included in other income and expense, net within the condensed consolidated statements of operations.

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

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

During the 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 the Secured Overnight Financing Rate (“SOFR”) plus a 1.90 % margin and matures on July 1, 2027.

As of March 31, 2025, the Institutional Investor JV’s loan had a $ 232.7 million outstanding principal balance.

During the first quarter of 2025, J.P.

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.

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

As of September 30, 2024, J.P.

As of March 31, 2025, J.P.

Morgan JV I’s loan had a $ 358.2 million outstanding principal balance.

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

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

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

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

Morgan JV I and Institutional Investor JV loans that may become a liability for us upon a voluntary bankruptcy filing by the joint ventures or the occurrence of other actions such as fraud or a material misrepresentation by us or the joint ventures.

The Company has provided customary non-recourse guarantees for the Institutional Investor JV and J.P.

Morgan JV I loans that may become a liability for us upon a voluntary bankruptcy filing by the joint ventures or the occurrence of other actions such as fraud or a material misrepresentation by us or the joint ventures.

To date, the guarantees have not been invoked, and we believe that the actions that would trigger a guarantee would generally be disadvantageous to the joint ventures and us and therefore are unlikely to occur.

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

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

The following table presents the Company’s debt as of March 31, 2025 and December 31, 2024 (amounts in thousands):

Outstanding Principal Balance

Interest Rate (1)

Maturity Date September 30, 2024 December 31, 2023

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

Maturity Date March 31, 2025 December 31, 2024

AMH 2015-SFR1 securitization 4.14 % N/A $ — $ 494,868

AMH 2015-SFR2 securitization (2)

4.14 % April 9, 2045 496,732 502,299

AMH 2015-SFR2 securitization (3)

4.36 % October 9, 2045 429,015 430,523

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

2035 unsecured senior notes (5)

5.08 % March 15, 2035 500,000 500,000

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

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Total debt per balance sheet $ 4,926,702 $ 5,010,762

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

(1) Interest rates are rounded and as of March 31, 2025.

Unless otherwise stated, interest rates are fixed percentages.

(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 %.

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

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

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

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

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

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

The Company had approximately $ 1.5 million and $ 2.0 million committed to outstanding letters of credit that reduced our borrowing capacity as of March 31, 2025 and December 31, 2024, respectively.

The revolving credit facility bears interest at SOFR plus a 0.10 % spread adjustment and a margin of 0.85 % as of March 31, 2025.

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

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

Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $ 1.3 million and $ 1.7 million for the three months ended March 31, 2025 and 2024, respectively, and is included in gross interest, prior to interest capitalization.

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 the write-off of unamortized deferred financing costs and related legal fees and included in loss on early extinguishment of debt within the condensed consolidated statements of operations.

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

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

part of the AMH 2014-SFR2 securitization debt offering.

The Class F certificates were recorded as an asset-backed securitization certificates receivable by the Company and as an amount due from affiliates by the Operating Partnership prior to the payoff.

Related Party Transactions.

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

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

During the first quarter of 2025, the Operating Partnership paid off the $ 493.2 million outstanding principal on the AMH 2015-SFR1 securitization, which resulted in $ 0.2 million of charges related to legal fees that are included in loss on early extinguishment of debt within the condensed consolidated statements of operations.

The payoff of the AMH 2015-SFR1 securitization also resulted in the release of the 4,661 homes pledged as collateral and $ 10.7 million of cash restricted for lender requirements.

Unsecured Senior Notes

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

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

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, as well as general corporate purposes.

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

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

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

The indentures require that we maintain certain financial covenants.

Revolving Credit Facility

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

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

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

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

Debt Maturities

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

The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of March 31, 2025 (amounts in thousands):

Debt Maturities

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Interest Expense

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

The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three months ended March 31, 2025 and 2024 (amounts in thousands):

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

Gross interest cost $ 59,280 $ 52,799

2 unchanged sentences

Accounts Payable and Accrued Expenses

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

September 30, 2024 December 31, 2023

Accrued property taxes $ 183,670 $ 59,015

The following table summarizes accounts payable and accrued expenses as of March 31, 2025 and December 31, 2024 (amounts in thousands):

March 31, 2025 December 31, 2024

Resident security deposits $ 127,140 $ 123,377

Liability for consolidated land not owned 96,316 108,688

Accrued property taxes 107,102 61,044

Accrued construction and maintenance liabilities 74,444 80,710

Liability for consolidated land not owned 56,922 74,518

Accrued interest 40,515 65,824

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At-the-Market Common Share Offering Program

During the second quarter of 2023, the Company entered into a new at-the-market common share offering program, replacing the previously expiring program, under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $ 1.0 billion (the “2023 At-the-Market Program”).

The Company maintains an at-the-market common share offering program under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $ 1.0 billion (the “At-the-Market Program”).

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

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

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

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

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

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

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 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.

During the three months ended March 31, 2025, no shares were issued under the At-the-Market Program.

As of March 31, 2025, 6,719,453 shares have been issued under the At-the-Market Program and $ 753.7 million remained available for future share issuances.

Share Repurchase Program

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

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

As of September 30, 2024, we had a remaining repurchase authorization of up to $ 265.1 million of our outstanding Class A common shares and up to $ 250.0 million of our outstanding preferred shares under the program.

Perpetual Preferred Shares

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

September 30, 2024 December 31, 2023

During the three months ended March 31, 2025 and 2024, we did not repurchase and retire any of our Class A common shares

or preferred shares.

As of March 31, 2025, we had a remaining repurchase authorization of up to $ 265.1 million of our outstanding Class A common shares and up to $ 250.0 million of our outstanding preferred shares under the program.

Perpetual Preferred Shares / Units

As of March 31, 2025 and December 31, 2024, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data):

March 31, 2025 December 31, 2024

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

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For the Three Months Ended

Security September 30,

2024 June 30,

2024 March 31,

2024 September 30,

2023 June 30,

Security March 31,

2025 March 31,

1 unchanged sentence

5.875 % Series G perpetual preferred shares

0.37 0.37 0.37 0.37 0.37 0.37

6.250 % Series H perpetual preferred shares

0.39 0.39 0.39 0.39 0.39 0.39

Noncontrolling Interest

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

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

Former AH LLC members owned 50,779,990 , or approximately 12.1 %, of the total 421,537,176 and 421,000,048 Class A units in the Operating Partnership as of March 31, 2025 and December 31, 2024, respectively.

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

Non-affiliate Class A unitholders owned 596,990 , or approximately 0.1 %, of the total 417,897,243 and 416,308,486 Class A units in the Operating Partnership as of September 30, 2024 and December 31, 2023, respectively.

Non-affiliate Class A unitholders owned 596,990 , or approximately 0.1 %, of the total 421,537,176 and 421,000,048 Class A units in the Operating Partnership as of March 31, 2025 and December 31, 2024, respectively.

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

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

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

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

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

Singelyn, the Company’s Chief Executive Officer, will 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 Christopher C.

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

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

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

RSUs granted to employees during the three months ended March 31, 2025 and 2024 generally vest over a three-year service period.

Performance-based restricted share units (“PSUs”) granted to certain senior employees during the three months ended March 31, 2025 and 2024 cliff vest at the end of a three-year service period based on satisfaction of performance conditions.

The performance conditions of the PSUs are measured over the three-year performance period from January 1, 2025 through December 31, 2027 for PSUs granted during the three months ended March 31, 2025 and from January 1, 2024 through December 31, 2026 for PSUs granted during the three months ended March 31, 2024.

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

1 unchanged sentence

For the TSR Awards, grant date fair value was determined using a multifactor Monte Carlo model and the resulting compensation cost is amortized over the service period regardless of whether the performance condition is achieved.

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

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

For the Nine Months Ended

September 30,

For the Core FFO Awards, fair value is based on the market value on the

date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period.

The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2025 and 2024:

For the Three Months Ended

Options outstanding at beginning of period 329,500 522,675

3 unchanged sentences

Options exercisable at end of period 304,000 434,300

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

For the Nine Months Ended

September 30,

The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2025 and 2024:

For the Three Months Ended

RSUs outstanding at beginning of period 1,187,544 1,090,522

3 unchanged sentences

RSUs outstanding at end of period 1,150,937 1,290,740

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

For the Nine Months Ended

September 30,

The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2025 and 2024:

For the Three Months Ended

PSUs outstanding at beginning of period (1)

2 unchanged sentences

Adjustment for performance achievement (2)

170,757 75,109

Vested ( 370,854 ) ( 167,428 )

Forfeited (1)

( 4,759 ) ( 1,237 )

PSUs outstanding at end of period (1)

1 unchanged sentence

(1) Represents target shares at grant date.

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

(2) Represents the difference between the number of target shares at grant date and the number of actual shares earned for the three-year performance periods ended December 31, 2024 and 2023, which was determined and vested during the three months ended March 31, 2025 and 2024, respectively.

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

For the Nine Months Ended

September 30,

For the Three Months Ended

Expected term (years) 3.0 3.0

7 unchanged sentences

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

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.

1 unchanged sentence

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

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

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

The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the three months ended March 31, 2025 and 2024 (amounts in thousands):

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

General and administrative expense $ 4,867 $ 6,839

4 unchanged sentences

American Homes 4 Rent

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

The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three months ended March 31, 2025 and 2024 (amounts in thousands, except share and per share data):

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

Net income $ 128,713 $ 128,095

2 unchanged sentences

Allocation to participating securities (1)

313 238 963 854

Numerator for income per common share–basic and diluted $ 109,626 $ 108,910

9 unchanged sentences

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

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

(2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and vesting of PSUs under the treasury stock method for the three months ended March 31, 2025 and 2024 and the dilutive effect of a forward sale equity contract under the treasury stock method for the three months ended March 31, 2024 (see Note 10.

Shareholders’ Equity / Partners’ Capital).

3 unchanged sentences

American Homes 4 Rent, L.P.

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

The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three months ended March 31, 2025 and 2024 (amounts in thousands, except unit and per unit data):

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2024 2023 2024 2023

Net income $ 128,713 $ 128,095

1 unchanged sentence

Allocation to participating securities (1)

313 238 963 854

Numerator for income per common unit–basic and diluted $ 124,881 $ 124,230

8 unchanged sentences

Shareholders’ Equity / Partners’ Capital).

8 unchanged sentences

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

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

September 30, 2024 December 31, 2023

The following table displays the carrying values and fair values of our debt instruments as of March 31, 2025 and December 31, 2024 (amounts in thousands):

March 31, 2025 December 31, 2024

Carrying Value Fair Value Carrying Value Fair Value

1 unchanged sentence

AMH 2015-SFR2 securitization, net 428,479 430,916 429,709 432,316

AMH 2015-SFR1 securitization, net 496,159 498,603 500,713 503,668

AMH 2015-SFR2 securitization, net 430,940 433,815 434,347 437,508

Total asset-backed securitizations, net 428,479 430,916 924,344 929,092

7 unchanged sentences

2051 unsecured senior notes, net 291,884 198,906 291,807 198,174

2052 unsecured senior notes, net 289,662 234,381 289,567 234,258

Total unsecured senior notes, net 4,088,223 3,852,438 4,086,418 3,812,906

1 unchanged sentence

Total debt $ 4,926,702 $ 4,693,354 $ 5,010,762 $ 4,741,998

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

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

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

During the first quarter of 2025, in anticipation of a potential debt issuance and in order to hedge interest rate risk, the Company entered into two treasury lock agreements with an aggregate notional amount of $ 200.0 million based on the 10-year treasury note rates at the time.

The treasury locks were designated as cash flow hedging instruments and had an aggregate fair value liability of $ 1.5 million as of March 31, 2025, which was included in accounts payable and accrued expenses within the condensed consolidated balance sheets, with a corresponding unrealized loss reflected in accumulated other comprehensive income.

The treasury locks will be settled upon the issuance of debt and any gain or loss recorded in accumulated other comprehensive income upon settlement will be reclassified into earnings as either a reduction of or increase to interest expense over the term of the debt.

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

Related Party Transactions

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

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

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

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.

As of March 31, 2025 and December 31, 2024, affiliates owned approximately 12.5 % and 12.4 %, respectively, of the Company’s outstanding Class A common shares.

On a fully-diluted basis, affiliates held (including consideration of 635,075 Class B common shares and 50,622,165 Class A units as of March 31, 2025 and December 31, 2024) an approximate 23.1 % and 23.0 % interest as of March 31, 2025 and December 31, 2024, respectively.

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

Commitments and Contingencies

As of September 30, 2024, the Company had commitments to acquire 2 single-family properties through our traditional acquisition channel for an aggregate purchase price of $ 0.7 million, as well as $ 80.5 million in purchase commitments for land relating to our AMH Development Program, which includes certain land deals expected to close beyond twelve months when development is ready to commence.

As of March 31, 2025, the Company had commitments to acquire three single-family properties through our traditional acquisition channel for an aggregate purchase price of $ 0.9 million, as well as $ 112.2 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 September 30, 2024, the Company also had a commitment to acquire 1,673 single-family properties in a bulk acquisition for a purchase price of $ 479.8 million which closed in October 2024.

Subsequent Events.

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

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

As of March 31, 2025, the Company had sales in escrow for 145 of our single-family properties and 1,001 of our land lots for an aggregate selling price of $ 146.1 million.

As of March 31, 2025, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $ 233.0 million.

Legal Matters

1 unchanged sentence

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 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

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 three months ended March 31, 2025 and 2024:

For the Three Months Ended

Property operating expenses

Property tax expense $ 66,940 $ 64,588

HOA fees 6,814 6,314

Repairs and maintenance and turnover costs 88,845 80,248

Insurance 4,931 4,777

Total property operating expenses $ 167,530 $ 155,927

The table below summarizes the significant expense categories included in Core NOI and regularly provided to the CODM for the three months ended March 31, 2025 and 2024:

For the Three Months Ended

(Amounts in thousands)

Core revenues $ 395,415 $ 366,218

Core property operating expenses

Property tax expense 66,940 64,588

HOA fees, net of tenant charge-backs 6,814 6,314

Repairs and maintenance and turnover costs, net of tenant charge-backs 27,281 24,846

Insurance 4,931 4,777

Property management expenses, net of tenant charge-backs and excluding share-based compensation 30,638 28,023

Total core property operating expenses 136,604 128,548

Core NOI $ 258,811 $ 237,670

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

Core revenues $ 395,415 $ 366,218

Tenant charge-backs 63,861 57,337

Rents and other single-family property revenues $ 459,276 $ 423,555

Reconciliation of Core NOI to net income

Core NOI $ 258,811 $ 237,670

Noncash share-based compensation - property management ( 1,246 ) ( 1,444 )

General and administrative expense ( 19,671 ) ( 21,885 )

Interest expense ( 45,426 ) ( 38,577 )

Acquisition and other transaction costs ( 3,061 ) ( 3,324 )

Depreciation and amortization ( 124,928 ) ( 115,726 )

Loss on early extinguishment of debt ( 216 ) ( 954 )

Gain on sale and impairment of single-family properties and other, net 62,016 68,901

Other income and expense, net 2,434 3,434

Net income $ 128,713 $ 128,095

Subsequent Events

Subsequent Acquisitions

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

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

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

From April 1, 2025 through April 25, 2025, the Company added 143 single-family properties to its portfolio for a total cost of approximately $ 55.6 million, which included 141 newly constructed properties delivered through our AMH Development Program and two properties acquired through our traditional acquisition channel.

Subsequent Dispositions

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

Revolving Credit Facility

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

March 2024 Forward Sale Agreement Settlement

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

Shareholders’ Equity / Partners’ Capital.

Hurricane Milton

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

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

From April 1, 2025 through April 25, 2025, the Company disposed of 98 single-family properties and 215 land lots for aggregate net proceeds of approximately $ 50.3 million.

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

What changed 10-Q

Item 1. Financial Statements