What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-05-02 compared with 2024-10-30 · 103 added, 269 removed, 316 unchanged (54% of the section changed)

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

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

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

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

As of March 31, 2025, we owned 61,361 single-family properties in select submarkets of metropolitan statistical areas in 24 states, including 661 properties held for sale, compared to 61,336 single-family properties in 24 states, including 805 properties held for sale, as of December 31, 2024 and 59,343 single-family properties in 21 states, including 728 properties held for sale, as of March 31, 2024.

As of March 31, 2025, 58,246 of our total properties (excluding properties held for sale) were occupied, compared to 57,486 of our total properties (excluding properties held for sale) as of December 31, 2024 and 56,362 of our total properties (excluding properties held for sale) as of March 31, 2024.

Also, as of March 31, 2025, the Company had an additional 3,487 properties held in unconsolidated joint ventures, compared to 3,376 properties held in unconsolidated joint ventures as of December 31, 2024 and 3,004 properties held in unconsolidated joint ventures as of March 31, 2024.

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

Key Single-Family Property and Leasing Metrics

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

The following table summarizes certain key single-family properties metrics as of March 31, 2025:

Total Single-Family Properties (1)

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Dallas-Fort Worth, TX 3,839 6.3 % 685.9 4.9 % 178,665 2,084 20.7 2014

Phoenix, AZ 3,312 5.6 % 723.6 5.4 % 218,485 1,845 19.6 2016

Nashville, TN 3,372 5.6 % 878.9 6.2 % 260,674 2,123 16.6 2016

Jacksonville, FL 3,333 5.5 % 768.3 5.5 % 230,543 1,926 14.4 2016

Tampa, FL 2,972 5.0 % 716.3 5.4 % 241,032 1,948 15.0 2016

Phoenix, AZ 3,315 5.5 % 737.3 5.2 % 222,438 1,850 19.8 2016

Indianapolis, IN 3,049 5.0 % 555.5 3.9 % 182,189 1,936 21.9 2015

Houston, TX 2,304 3.9 % 412.1 3.1 % 178,850 2,079 18.8 2014

Tampa, FL 3,004 4.9 % 738.9 5.3 % 245,990 1,951 15.0 2016

Las Vegas, NV 2,622 4.3 % 817.4 5.8 % 311,759 1,966 10.8 2018

Houston, TX 2,400 4.0 % 438.9 3.1 % 182,867 2,065 19.2 2015

Raleigh, NC 2,211 3.6 % 452.1 3.2 % 204,482 1,892 18.5 2015

Columbus, OH 2,179 3.6 % 449.7 3.2 % 206,395 1,890 21.7 2015

Cincinnati, OH 2,121 3.6 % 422.2 3.2 % 199,041 1,843 21.7 2014

Orlando, FL 2,152 3.5 % 519.5 3.7 % 241,418 1,932 16.8 2016

Cincinnati, OH 2,105 3.5 % 421.7 3.0 % 200,353 1,843 22.2 2014

Salt Lake City, UT 1,937 3.2 % 597.3 4.2 % 308,400 2,243 18.0 2016

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San Antonio, TX 1,215 2.0 % 246.3 1.8 % 202,808 1,913 16.0 2016

Boise, ID 1,077 1.8 % 340.5 2.4 % 316,132 1,878 10.7 2018

Savannah/Hilton Head, SC 1,064 1.8 % 231.4 1.6 % 217,464 1,886 16.2 2017

Seattle, WA 1,012 1.7 % 342.0 2.6 % 338,031 2,009 14.3 2017

All Other (2)

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Total/Average 60,700 100.0 % $ 14,072.7 100.0 % $ 231,840 1,997 17.8 2016

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

(1) Excludes 661 single-family properties held for sale as of March 31, 2025.

(2) Represents 17 markets in 16 states.

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

The following table summarizes certain key leasing metrics as of March 31, 2025:

Total Single-Family Properties (1)

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Dallas-Fort Worth, TX 95.5 % 2,309 12.4 6.3 3.0 %

Phoenix, AZ 95.0 % 2,120 12.0 6.2 3.4 %

Nashville, TN 94.9 % 2,373 12.2 6.5 3.1 %

Jacksonville, FL 94.2 % 2,193 12.3 6.7 2.7 %

Tampa, FL 94.0 % 2,409 12.1 6.1 4.5 %

Phoenix, AZ 94.9 % 2,147 12.0 6.2 3.1 %

Indianapolis, IN 97.0 % 1,908 12.7 6.2 5.5 %

Houston, TX 96.4 % 2,055 12.1 6.7 4.7 %

Tampa, FL 94.3 % 2,453 12.3 6.9 3.4 %

Las Vegas, NV 91.6 % 2,338 12.8 6.8 3.4 %

Houston, TX 96.0 % 2,076 12.9 6.0 3.3 %

Raleigh, NC 95.8 % 2,070 12.8 6.4 3.1 %

Columbus, OH 95.8 % 2,235 12.3 7.0 5.6 %

Cincinnati, OH 96.5 % 2,127 12.1 6.3 6.5 %

Orlando, FL 93.1 % 2,404 12.2 6.7 2.5 %

Cincinnati, OH 97.2 % 2,185 12.3 6.9 5.7 %

Salt Lake City, UT 94.5 % 2,479 12.1 6.8 5.0 %

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San Antonio, TX 94.6 % 1,938 12.6 5.6 (0.1) %

Boise, ID 89.3 % 2,282 12.2 6.8 2.8 %

Savannah/Hilton Head, SC 94.5 % 2,294 12.2 7.1 4.6 %

Seattle, WA 95.3 % 2,804 11.5 6.6 6.0 %

All Other (6)

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Total/Average 94.8 % $ 2,255 12.4 6.5 3.7 %

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

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

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

(1) Excludes 661 single-family properties held for sale as of March 31, 2025.

(2) For the three months ended March 31, 2025, Average Occupied Days Percentage represents the number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service.

(3) For the three months ended March 31, 2025, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months.

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

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

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

(5) Represents the percentage change in rent on all non-month-to-month lease renewals and re-leases during the three months ended March 31, 2025, compared to the annual rent of the previously expired non-month-to-month comparable long-term lease for each property.

(6) Represents 17 markets in 16 states.

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Key factors that impact our results of operations and financial condition include the pace at which we identify and acquire suitable land and properties, the time and cost required to renovate the acquired properties, the pace and cost of our property developments, the time to lease newly acquired or developed properties at acceptable rental rates, occupancy levels, rates of tenant turnover, the length of vacancy in properties between tenant leases, our expense ratios, property taxes including changes in rates and valuation assessments of our properties, our ability to raise capital and our capital structure.

Additionally, further supply chain disruptions, inflationary increases in labor and material costs and labor shortages may have the potential to impact certain aspects of our business, including our AMH Development Program, our renovation program associated with acquired properties and our maintenance program.

Additionally, labor shortages, supply chain disruptions and inflationary pressures, including as a result of tariffs, have impacted and may in the future impact certain aspects of our business, including our AMH Development Program, our renovation program associated with acquired properties and our maintenance program.

Property Acquisitions, Development and Dispositions

Since our formation, we have rapidly but systematically grown our portfolio of single-family properties.

Our ability to identify and acquire homes that meet our investment criteria is impacted by home prices in our target markets, the inventory of properties available-for-sale through traditional acquisition channels, availability of bulk portfolio acquisition opportunities, competition for our target assets and our available capital.

We are also focused on developing “built-for-rental” homes through our internal AMH Development Program.

In addition, we acquire newly constructed homes from third-party developers through our National Builder

Our ability to identify and acquire homes that meet our investment criteria is impacted by home prices in our target markets, the inventory of properties available-for-sale through traditional acquisition channels, the availability of bulk portfolio acquisition opportunities, competition for our target assets and our available capital.

We are also focused on developing “built-for-rental” homes through our internal AMH

Development Program.

In addition, we acquire newly constructed homes from third-party developers through our National Builder Program.

Opportunities from these new construction channels are impacted by the availability of vacant developed lots, development land assets and inventory of homes currently under construction or newly developed.

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

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

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

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

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

During the three months ended March 31, 2025, we developed or acquired 437 homes, including 424 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 13 homes acquired through our traditional acquisition channel, partially offset by 268 homes identified for sale.

During the three months ended March 31, 2025, we also developed an additional 121 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 545 total home deliveries through our AMH Development Program.

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

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

As of March 31, 2025 and December 31, 2024, there were 661 and 805 properties, respectively, as well as certain land lots, classified as held for sale.

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

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This process is dependent upon the nature of each lot acquired and the timeline varies primarily due to land development requirements.

Once land development requirements have been met, historically it has taken approximately four to six months to complete the rental home vertical construction process.

Once land development requirements have been met, historically it has taken approximately five to seven months to complete the rental home vertical construction process.

However, delivery of homes may be staggered to facilitate leasing absorption.

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Our rental rates and occupancy levels are affected by macroeconomic factors and local and property-level factors, including market conditions, seasonality and tenant defaults, and the amount of time it takes to turn properties when tenants vacate.

Additionally, our ability to collect revenues and related operating results are impacted by the credit worthiness and quality of our tenants.

Additionally, our ability to collect revenues and related operating results are impacted by the credit worthiness and

quality of our tenants.

Typically, our incoming residents have household incomes ranging from $80,000 to $140,000 and primarily consist of families with approximately two adults and one or more children.

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

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

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

Based on our Same-Home population of properties (defined below), the year-over-year increase in Average Monthly Realized Rent per property was 4.5% for the three months ended March 31, 2025, and we experienced turnover rates, which represents the number of tenant move-outs during the period divided by the total number of properties, of 7.0% and 6.4% during the three months ended March 31, 2025 and 2024, respectively.

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

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Results of Operations

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

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

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

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

Net income totaled $128.7 million for the three months ended March 31, 2025, compared to $128.1 million for the three months ended March 31, 2024.

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

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

We classify a property as Same-Home if it has been stabilized longer than 90 days prior to the beginning of the earliest period presented under comparison and if it has not been classified as held for sale or experienced a casualty loss, which allows the performance of these properties to be compared between periods.

performance of these properties to be compared between periods.

Single-family properties that we acquire individually (i.e., not through a bulk purchase) are classified as either stabilized or non-stabilized.

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

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

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

Comparison of the Three Months Ended March 31, 2025 to the Three Months Ended March 31, 2024

For the Three Months Ended

September 30,

Core revenues and Same-Home core revenues

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Net income $ 128,713 $ 128,095

Hurricane-related charges, net 3,904 —

Loss on early extinguishment of debt 216 954

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Same-Home Core NOI $ 236,124 $ 226,114

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

For the Three Months Ended September 30, 2024

The following tables present a summary of Core NOI for our Same-Home properties, Non-Same-Home and Other properties and total properties for the three months ended March 31, 2025 and 2024 (amounts in thousands):

For the Three Months Ended March 31, 2025

Properties (1)

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Core NOI $ 236,124 66.0 % $ 22,687 60.3 % $ 258,811 65.5 %

For the Three Months Ended September 30, 2023

For the Three Months Ended March 31, 2024

Properties (1)

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Rents and Other Single-Family Property Revenues

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

Revenue growth was primarily driven by higher rental rates.

Rents and other single-family property revenues increased 8.4% to $459.3 million for the three months ended March 31, 2025 from $423.6 million for the three months ended March 31, 2024.

Revenue growth was driven by an increase in our average occupied portfolio which grew to 57,866 homes for the three months ended March 31, 2025, compared to 56,065 homes for the three months ended March 31, 2024, as well as higher rental rates.

Property Operating Expenses

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

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

Property operating expenses increased 7.4% to $167.5 million for the three months ended March 31, 2025 from $155.9 million for the three months ended March 31, 2024.

The increase was primarily driven by growth in our portfolio which resulted in increases in R&M and turnover costs as well as annual increases in property tax expense.

Property Management Expenses

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

property management employees.

Property management expenses for the three months ended March 31, 2025 and 2024 were $34.2 million and $31.4 million, respectively, which included $1.2 million and $1.4 million, respectively, of noncash share-based compensation expense in each period related to centralized and field property management employees.

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

Core Revenues from Same-Home Properties

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

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

Core Property Operating Expenses from Same-Home Properties

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

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

General and Administrative Expense

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

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

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

Interest Expense

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

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

Acquisition and Other Transaction Costs

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

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

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

Depreciation and Amortization

Depreciation and amortization expense consists primarily of depreciation of buildings and improvements.

Depreciation of our assets is calculated over their useful lives on a straight-line basis over three to 30 years.

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

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

Hurricane-Related Charges, net

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

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

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

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

Loss on Early Extinguishment of Debt

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

Other Income and Expense, net

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

The increase was primarily due to higher interest income.

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

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

For the Nine Months Ended

September 30,

Core revenues and Same-Home core revenues

Rents and other single-family property revenues $ 1,292,104 $ 1,214,948

Tenant charge-backs (172,323) (167,049)

Core revenues 1,119,781 1,047,899

Non-Same-Home core revenues (119,518) (97,053)

Same-Home core revenues $ 1,000,263 $ 950,846

Core property operating expenses and Same-Home core property operating expenses

Property operating expenses $ 477,428 $ 456,662

Property management expenses 95,757 92,251

Noncash share-based compensation - property management (3,827) (3,151)

Expenses reimbursed by tenant charge-backs (172,323) (167,049)

Core property operating expenses 397,035 378,713

Non-Same-Home core property operating expenses (49,298) (45,287)

Same-Home core property operating expenses $ 347,737 $ 333,426

Core NOI and Same-Home Core NOI

Net income $ 324,269 $ 341,205

Hurricane-related charges, net 3,904 —

Loss on early extinguishment of debt 6,323 —

Gain on sale and impairment of single-family properties and other, net (145,490) (180,752)

Depreciation and amortization 353,020 340,779

Acquisition and other transaction costs 8,866 12,650

Noncash share-based compensation - property management 3,827 3,151

Interest expense 120,866 105,107

General and administrative expense 62,825 56,128

Other income and expense, net (15,664) (9,082)

Core NOI 722,746 669,186

Non-Same-Home Core NOI (70,220) (51,766)

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

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

For the Nine Months Ended September 30, 2024

Properties (1)

Revenue Non-Same-

Home and Other

Properties % of Core

Revenue Total

Properties % of Core

Rents from single-family properties $ 988,718 $ 119,244 $ 1,107,962

Fees from single-family properties 21,329 2,900 24,229

Bad debt (9,784) (2,626) (12,410)

Core revenues 1,000,263 119,518 1,119,781

Property tax expense 170,587 17.1 % 20,969 17.5 % 191,556 17.1 %

HOA fees, net (2)

17,827 1.8 % 2,138 1.8 % 19,965 1.8 %

R&M and turnover costs, net (2)

73,264 7.3 % 11,294 9.4 % 84,558 7.6 %

Insurance 12,721 1.3 % 2,142 1.8 % 14,863 1.3 %

Property management expenses, net (3)

73,338 7.3 % 12,755 10.7 % 86,093 7.7 %

Core property operating expenses 347,737 34.8 % 49,298 41.2 % 397,035 35.5 %

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

For the Nine Months Ended September 30, 2023

Properties (1)

Revenue Non-Same-

Home and Other

Properties % of Core

Revenue Total

Properties % of Core

Rents from single-family properties $ 942,066 $ 98,006 $ 1,040,072

Fees from single-family properties 20,260 2,602 22,862

Bad debt (11,480) (3,555) (15,035)

Core revenues 950,846 97,053 1,047,899

Property tax expense 160,866 17.0 % 19,346 19.9 % 180,212 17.1 %

HOA fees, net (2)

17,189 1.8 % 1,916 2.0 % 19,105 1.8 %

R&M and turnover costs, net (2)

71,641 7.5 % 11,181 11.5 % 82,822 7.9 %

Insurance 11,778 1.2 % 1,434 1.5 % 13,212 1.3 %

Property management expenses, net (3)

71,952 7.6 % 11,410 11.8 % 83,362 8.0 %

Core property operating expenses 333,426 35.1 % 45,287 46.7 % 378,713 36.1 %

Core NOI $ 617,420 64.9 % $ 51,766 53.3 % $ 669,186 63.9 %

(1) Includes 52,370 properties that have been stabilized longer than 90 days prior to January 1, 2023.

(2) Presented net of tenant charge-backs.

(3) Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.

Rents and Other Single-Family Property Revenues

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

Revenue growth was primarily driven by higher rental rates.

Property Operating Expenses

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

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

Property Management Expenses

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

related to centralized and field property management employees.

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

Core Revenues from Same-Home Properties

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

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

Core revenues from Same-Home properties increased 4.3% to $357.8 million for the three months ended March 31, 2025 from $342.9 million for the three months ended March 31, 2024.

This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 4.5% to $2,252 per month for the three months ended March 31, 2025 compared to $2,155 per month for the three months ended March 31, 2024, partially offset by a decrease in Average Occupied Days Percentage, which was 95.9% for the three months ended March 31, 2025 compared to 96.1% for the three months ended March 31, 2024.

Core Property Operating Expenses from Same-Home Properties

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

Core property operating expenses from Same-Home properties increased 4.2% to $121.7 million for the three months ended March 31, 2025 from $116.8 million for the three months ended March 31, 2024 primarily driven by higher R&M and turnover costs, net and property management expenses, net.

The increase was partially due to timing associated with incremental turnover costs related to the Company’s lease expiration management initiative, which is designed to shift lease expiration volume to the first half of the year to better align with the peak leasing season.

General and Administrative Expense

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

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

General and administrative expense for the three months ended March 31, 2025 and 2024 was $19.7 million and $21.9 million, respectively, which included $4.9 million and $6.8 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees.

The decrease in general and administrative expense was primarily due to a decrease in noncash share-based compensation expense.

Interest Expense

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

Interest expense increased 17.8% to $45.4 million for the three months ended March 31, 2025 from $38.6 million for the three months ended March 31, 2024.

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

Acquisition and Other Transaction Costs

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

Acquisition and other transaction costs for the three months ended March 31, 2025 and 2024 were $3.1 million and $3.3 million, respectively, which included $1.5 million and $1.6 million, respectively, of noncash share-based compensation expense in each period related to employees in these functions.

The decrease in acquisition and other transaction costs was primarily due to a decrease in noncash share-based compensation expense.

Depreciation and Amortization

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

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

Hurricane-Related Charges, net

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

Depreciation and amortization expense increased 8.0% to $124.9 million for the three months ended March 31, 2025 from $115.7 million for the three months ended March 31, 2024 primarily due to growth in the average number and cost of depreciable properties as well as ongoing capital investments into existing properties.

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

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

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

Gain on sale and impairment of single-family properties and other, net for the three months ended March 31, 2025 and 2024 was $62.0 million and $68.9 million, respectively, which included $4.5 million and $0.9 million, respectively, of impairment charges related to homes and land classified as held for sale during each period.

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

Loss on Early Extinguishment of Debt

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

Loss on early extinguishment of debt for three months ended March 31, 2025 and 2024 was $0.2 million and $1.0 million, respectively.

The decrease was primarily due to lower charges incurred related to the payoff of the AMH 2015-SFR1 securitization in March 2025 compared to the payoff of the AMH 2014-SFR2 securitization in February 2024.

Other Income and Expense, net

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

The increase was primarily due to higher interest income.

Other income and expense, net for the three months ended March 31, 2025 and 2024 was $2.4 million and $3.4 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated joint ventures, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses.

Critical Accounting Estimates

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Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the 2024 Annual Report.

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

There have been no material changes to these estimates during the three months ended March 31, 2025.

Recent Accounting Pronouncements

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

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

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

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

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

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

Our liquidity and capital resources as of March 31, 2025 included $69.7 million of cash and cash equivalents.

Additionally, as of March 31, 2025, we had $410.0 million of outstanding borrowings and $1.5 million committed to outstanding letters of credit under our $1.25 billion revolving credit facility, leaving $838.5 million of remaining borrowing capacity.

Under our At-the-Market Program discussed below, we also had $753.7 million remaining available for future share issuances as of March 31, 2025.

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

Uses of Capital

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

acquisition, development and renovation of our properties and repurchases of our securities.

Additionally, we expect to repay all amounts due under the AMH 2015-SFR2 securitization in 2025.

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

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

During the three months ended March 31, 2025, we repaid all amounts due under the AMH 2015-SFR1 securitization.

Except as described in Note 8.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the 2024 Annual Report.

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

For the Nine Months Ended

September 30,

The following table summarizes the Company’s and the Operating Partnership’s cash flows for the three months ended March 31, 2025 and 2024 (amounts in thousands):

For the Three Months Ended

2025 2024 Change

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Net cash used for financing activities (247,072) (72,204) (174,868)

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

Net (decrease) increase in cash, cash equivalents and restricted cash $ (131,358) $ 61,430 $ (192,788)

Operating Activities

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

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

Net cash provided by operating activities increased $21.6 million, or 10.7%, from $201.8 million for the three months ended March 31, 2024 to $223.4 million for the three months ended March 31, 2025, primarily due to increased cash inflows generated from a larger number of occupied properties and higher rental rates as well as changes in working capital primarily related to the timing of payments for prepaid expenses and other assets and accounts payable and accrued expenses, partially offset by higher cash outflows for property related expenses.

Investing Activities

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

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

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

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

to the condition of capital markets.

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

Cash outflows for the addition of single-family properties to our portfolio, primarily for our AMH Development Program, decreased $42.2 million as a result of the timing of development-related payments.

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

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

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

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

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

We have strategically scaled back acquisitions of single-family properties through broker sales via the MLS and our National Builder Program as the housing market adjusts to the current macroeconomic environment.

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

Net cash used for investing activities increased $39.5 million, or 58.0%, from $68.1 million for the three months ended March 31, 2024 to $107.7 million for the three months ended March 31, 2025.

The increase was primarily attributable to (i) $25.7 million of nonrecurring cash proceeds received during the three months ended March 31, 2024 for our AMH 2014-SFR2 Class F asset-backed securitization certificates, (ii) a $14.0 million decrease in net proceeds received from sales of single-family properties and other due to fewer properties sold, (iii) a $3.8 million increase in cash outflows for recurring and other capital expenditures and renovations to single-family properties due to an increase in spend on property-enhancing capital expenditures and repairs for damages incurred from Hurricanes Milton and Helene, (iv) a $2.0 million increase in cash outflows for other investing activities and (v) a $1.4 million increase in net cash outflows to unconsolidated entities due to the timing of contributions and distributions.

These changes were partially offset by a $7.3 million decrease in cash outflows for the addition of single-family properties to our portfolio, primarily for our AMH Development Program, as a result of the timing of development-related payments.

Financing Activities

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

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

Net cash used for financing activities increased $174.9 million, or 242.2%, from $72.2 million for the three months ended March 31, 2024 to $247.1 million for the three months ended March 31, 2025.

The increase was primarily attributable to (i) $594.1 million of nonrecurring proceeds from unsecured senior notes, net of discounts and deferred financing costs paid, from an issuance during the three months ended March 31, 2024, (ii) $33.2 million in nonrecurring proceeds from the issuance of Class A common shares, net of offering costs, during the three months ended March 31, 2024, (iii) a $30.4 million increase in payments on asset-backed securitizations resulting from the payoff of the AMH 2015-SFR1 securitization during the three months ended March 31, 2025 compared to the payoff of the AMH 2014-SFR2 securitization during the three months ended March 31, 2024 and (iv) an $18.5 million increase in distributions paid to common share and unit holders resulting from a 15% increase in distributions paid per common share and unit during the three months ended March 31, 2025.

These changes were partially offset by (i) $410.0 million in proceeds from our revolving credit facility during the three months ended March 31, 2025 compared to $90.0 million of payments on our revolving credit facility during the three months ended March 31, 2024 and (ii) a $5.3 million decrease in payments to a land banking entity related to liabilities to repurchase consolidated land not owned for our AMH Development Program.

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.

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 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 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.

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.

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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”) 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.

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

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

During the 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.

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.

Distributions

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The Operating Partnership funds the payment of distributions.

We historically used our net operating loss (“NOL”) for U.S.

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

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

During the three months ended March 31, 2025 and 2024, the Company distributed an aggregate $131.2 million and $112.7 million, respectively, to common shareholders, preferred shareholders and noncontrolling interests on a cash basis.

Additional Non-GAAP Measures

Funds from Operations (“FFO”) / Core FFO / Adjusted FFO attributable to common share and unit holders

FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales or impairment of real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis.

FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales or impairment of real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustments for unconsolidated real estate joint ventures to reflect FFO on the same basis.

Core FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance.

We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (4) gain or loss on early extinguishment of debt and (5) the allocation of income to our perpetual preferred shares in connection with their redemption.

We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations and adjustments for investments in proptech venture capital funds related to the pro rata equity pickup of realized and unrealized gains and losses from their portfolio investments, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (4) gain or loss on early extinguishment of debt and (5) the allocation of income to our perpetual preferred shares in connection with their redemption.

Adjusted FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance.

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

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

or ability to pay dividends.

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

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

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

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

Net income attributable to common shareholders $ 109,972 $ 109,289

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

Adjustments for unconsolidated joint ventures 1,116 812 3,909 2,380

Adjustments for unconsolidated real estate joint ventures 1,484 1,597

Depreciation and amortization 124,928 115,726

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

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

Loss on early extinguishment of debt 216 954

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EBITDA is a non-GAAP financial measure and is used by us and others as a supplemental measure of performance.

EBITDAre is a supplemental non-GAAP financial measure, which we calculate in accordance with the definition approved by NAREIT by adjusting EBITDA for gains and losses from sales or impairments of single-family properties and adjusting for unconsolidated partnerships and joint ventures on the same basis.

Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting EBITDAre for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio , and (4) gain or loss on early extinguishment of debt.

Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting EBITDAre for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations and adjustments for investments in proptech venture capital funds related to the pro rata equity pickup of realized and unrealized gains and losses from their portfolio investments, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio and (4) gain or loss on early extinguishment of debt.

Fully Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting Adjusted EBITDAre for (1) Recurring Capital Expenditures and (2) leasing costs.

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

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

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

Net income $ 128,713 $ 128,095

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

Adjustments for unconsolidated joint ventures 1,116 812 3,909 2,380

Adjustments for unconsolidated real estate joint ventures 1,484 1,597

EBITDAre $ 238,535 $ 215,094

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Acquisition, other transaction costs and other 4,090 3,324

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

Loss on early extinguishment of debt 216 954

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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-Q

Item 2. Management’s Discussion and Analysis