What changed in this filing

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Item 1. Financial Statements

2025-08-01 compared with 2025-05-02 · 206 added, 115 removed, 731 unchanged (31% of the section changed)

3 unchanged sentences

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

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Single-family properties:

21 unchanged sentences

Shareholders’ equity:

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)

Class A common shares ($ 0.01 par value per share, 450,000,000 shares authorized, 370,262,580 and 368,987,993 shares issued and outstanding at June 30, 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 June 30, 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 June 30, 2025 and December 31, 2024)

Additional paid-in capital 7,542,892 7,529,008

10 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2025 2024 2025 2024

Rents and other single-family property revenues $ 457,503 $ 423,494 $ 916,779 $ 847,049

24 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2025 2024 2025 2024

Net income $ 123,624 $ 108,534 $ 252,337 $ 236,629

Other comprehensive loss:

Other comprehensive gain (loss):

Cash flow hedging instruments:

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

Gain on settlement of cash flow hedging instruments 1,580 — 31 —

Reclassification adjustment for amortization of interest expense included in net income

( 382 ) ( 141 ) ( 733 ) ( 282 )

Other comprehensive loss ( 1,900 ) ( 141 )

Other comprehensive gain (loss) 1,198 ( 141 ) ( 702 ) ( 282 )

Comprehensive income 124,822 108,393 251,635 236,347

28 unchanged sentences

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

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

22 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 — — — — — — 6,473 — — 6,473 — 6,473

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

187,459 2 — — — — 2,773 — — 2,775 — 2,775

Redemptions of Class A units 550,000 5 — — — — 7,352 — 9 7,366 ( 7,366 ) —

Distributions to equity holders:

Preferred shares (Note 10)

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

Noncontrolling interests — — — — — — — — — — ( 15,248 ) ( 15,248 )

Common shares ($ 0.30 per share)

— — — — — — — ( 111,904 ) — ( 111,904 ) — ( 111,904 )

Net income — — — — — — — 109,039 — 109,039 14,585 123,624

Total other comprehensive income — — — — — — — 1,054 1,054 144 1,198

Balances at June 30, 2025 370,262,580 $ 3,702 635,075 $ 6 9,200,000 $ 92 $ 7,542,892 $ ( 388,735 ) $ 7,249 $ 7,165,206 $ 680,337 $ 7,845,543

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

2 unchanged sentences

(Amounts in thousands)

For the Three Months Ended

For the Six Months Ended

Operating activities

5 unchanged sentences

Loss on early extinguishment of debt 216 1,017

Equity in net loss of unconsolidated entities 915 884

Equity in net (income) loss of unconsolidated entities ( 40 ) 934

Return on investment from unconsolidated joint ventures 1,659 1,004

29 unchanged sentences

Proceeds from unsecured senior notes, net of discount 646,385 1,096,633

Settlement of cash flow hedging instruments 31 —

Payments related to liabilities to repurchase consolidated land not owned ( 24,614 ) ( 36,382 )

3 unchanged sentences

Deferred financing costs paid ( 5,038 ) ( 8,626 )

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

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

Net cash (used for) provided by financing activities ( 150,472 ) 292,317

Net increase in cash, cash equivalents and restricted cash 116,384 659,785

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

3 unchanged sentences

(Amounts in thousands)

For the Three Months Ended

For the Six Months Ended

Supplemental cash flow information

3 unchanged sentences

Transfers of completed homebuilding deliveries to properties 382,117 439,006

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

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

Noncash right-of-use assets obtained in exchange for operating lease liabilities 1,617 426

5 unchanged sentences

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

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Single-family properties:

22 unchanged sentences

General partner:

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

Common units ( 370,897,655 and 369,623,068 units issued and outstanding at June 30, 2025 and December 31, 2024, respectively)

6,936,117 6,930,324

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

Preferred units ( 9,200,000 units issued and outstanding at June 30, 2025 and December 31, 2024)

221,840 221,840

Limited partner:

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

Common units ( 50,826,980 and 51,376,980 units issued and outstanding at June 30, 2025 and December 31, 2024, respectively)

679,346 687,524

7 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2025 2024 2025 2024

Rents and other single-family property revenues $ 457,503 $ 423,494 $ 916,779 $ 847,049

23 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2025 2024 2025 2024

Net income $ 123,624 $ 108,534 $ 252,337 $ 236,629

Other comprehensive loss:

Other comprehensive gain (loss):

Cash flow hedging instruments:

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

Gain on settlement of cash flow hedging instruments 1,580 — 31 —

Reclassification adjustment for amortization of interest expense included in net income

( 382 ) ( 141 ) ( 733 ) ( 282 )

Other comprehensive loss ( 1,900 ) ( 141 )

Other comprehensive gain (loss) 1,198 ( 141 ) ( 702 ) ( 282 )

Comprehensive income 124,822 108,393 251,635 236,347

21 unchanged sentences

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

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

American Homes 4 Rent, L.P.

15 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 — 6,473 — — — — 6,473

Common units issued under share-based compensation plans, net of units withheld for employee taxes 187,459 2,775 — — — — 2,775

Redemptions of Class A units 550,000 7,357 — ( 550,000 ) ( 7,357 ) — —

Distributions to capital holders:

Preferred units (Note 10)

— — ( 3,486 ) — — — ( 3,486 )

Common units ($ 0.30 per unit)

— ( 111,904 ) — — ( 15,248 ) — ( 127,152 )

Net income — 105,553 3,486 — 14,585 — 123,624

Total other comprehensive income — — — — — 1,198 1,198

Balances at June 30, 2025 370,897,655 $ 6,936,117 $ 221,840 50,826,980 $ 679,346 $ 8,240 $ 7,845,543

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

2 unchanged sentences

(Amounts in thousands)

For the Three Months Ended

For the Six Months Ended

Operating activities

5 unchanged sentences

Loss on early extinguishment of debt 216 1,017

Equity in net loss of unconsolidated entities 915 884

Equity in net (income) loss of unconsolidated entities ( 40 ) 934

Return on investment from unconsolidated joint ventures 1,659 1,004

29 unchanged sentences

Proceeds from unsecured senior notes, net of discount 646,385 1,096,633

Settlement of cash flow hedging instruments 31 —

Payments related to liabilities to repurchase consolidated land not owned ( 24,614 ) ( 36,382 )

2 unchanged sentences

Deferred financing costs paid ( 5,038 ) ( 8,626 )

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

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

Net cash (used for) provided by financing activities ( 150,472 ) 292,317

Net increase in cash, cash equivalents and restricted cash 116,384 659,785

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

3 unchanged sentences

(Amounts in thousands)

For the Three Months Ended

For the Six Months Ended

Supplemental cash flow information

3 unchanged sentences

Transfers of completed homebuilding deliveries to properties 382,117 439,006

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

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

Noncash right-of-use assets obtained in exchange for operating lease liabilities 1,617 426

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 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.

As of June 30, 2025, the Company held 61,500 single-family properties in 24 states, including 904 properties classified as held for sale.

AMH is the general partner of, and as of June 30, 2025 owned approximately 87.9 % of the common partnership interest in, the Operating Partnership.

The remaining 12.1 % of the common partnership interest was owned by limited partners.

20 unchanged sentences

Actual results could differ from those estimates.

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.

Rent and Other Receivables, the Company reclassified certain immaterial tenant charge-backs from variable lease payments to fixed lease payments for the three and six months ended June 30, 2024 to conform with the current year presentation.

Principles of Consolidation

12 unchanged sentences

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 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.

As of June 30, 2025 and December 31, 2024, the carrying value of the investments in these venture capital funds was $ 12.6 million and $ 13.2 million, respectively, and the Company’s maximum exposure to loss was $ 14.3 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 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.

As of June 30, 2025 and December 31, 2024, the carrying value of these deposits with land banking entities and the Company’s maximum exposure to loss was $ 1.6 million and $ 6.9 million, respectively.

Recent Accounting Pronouncements Not Yet Effective

9 unchanged sentences

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):

March 31, December 31,

June 30, 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 March 31, 2025 and December 31, 2024 (amounts in thousands):

March 31, 2025 December 31, 2024

The net book values of real estate assets consisted of the following as of June 30, 2025 and December 31, 2024 (amounts in thousands):

June 30, 2025 December 31, 2024

Occupied single-family properties $ 10,485,414 $ 10,174,136

8 unchanged sentences

Total real estate assets, net $ 12,499,922 $ 12,365,691

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.

Depreciation expense related to single-family properties was $ 120.3 million and $ 112.0 million for the three months ended June 30, 2025 and 2024, respectively, and $ 238.8 million and $ 222.3 million for the six months ended June 30, 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 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.

During the three months ended June 30, 2025 and 2024, the Company disposed of single-family properties and land for aggregate net proceeds of $ 138.2 million and $ 123.7 million, respectively, which resulted in an aggregate net gain on sale of $ 57.7 million and $ 60.0 million, respectively.

During the six months ended June 30, 2025 and 2024, the Company disposed of single-family properties and land for aggregate net proceeds of $ 280.3 million and $ 279.8 million, respectively, which resulted in an aggregate net gain on sale of $ 123.7 million and $ 129.8 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 $ 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.

Variable lease payments for tenant charge-backs were $ 51.2 million and $ 46.1 million for the three months ended June 30, 2025 and 2024, respectively, and $ 113.8 million and $ 102.1 million for the six months ended June 30, 2025 and 2024, respectively.

Variable lease payments for fees from single-family properties were $ 8.3 million and $ 8.1 million for the three months ended June 30, 2025 and 2024, respectively, and $ 16.9 million and $ 16.1 million for the six months ended June 30, 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 March 31, 2025 (amounts in thousands):

March 31, 2025

The following table summarizes future minimum rental revenues under existing leases on our properties as of June 30, 2025 (amounts in thousands):

June 30, 2025

Remaining 2025 $ 622,163

Total $ 969,121

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.

As of June 30, 2025 and December 31, 2024, rent and other receivables included $ 3.8 million and $ 3.9 million, respectively, 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 March 31, 2025 and December 31, 2024 (amounts in thousands):

March 31, 2025 December 31, 2024

The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of June 30, 2025 and December 31, 2024 (amounts in thousands):

June 30, 2025 December 31, 2024

Commercial real estate, software, vehicles and FF&E, net $ 107,855 $ 104,188

5 unchanged sentences

Total $ 307,238 $ 337,379

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.

Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $ 5.5 million and $ 4.8 million for the three months ended June 30, 2025 and 2024, respectively, and $ 10.9 million and $ 9.4 million for the six months ended June 30, 2025 and 2024, respectively.

Deferred Costs and Other Intangibles, Net

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 costs and other intangibles, net consisted of the following as of June 30, 2025 and December 31, 2024 (amounts in thousands):

June 30, 2025 December 31, 2024

Deferred leasing costs $ 4,154 $ 3,746

3 unchanged sentences

Total $ 11,402 $ 12,401

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):

Amortization expense related to deferred leasing costs was $ 1.1 million and $ 0.8 million for the three months ended June 30, 2025 and 2024, respectively, and $ 2.2 million and $ 1.6 million for the six months ended June 30, 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 $ 0.5 million and $ 0.7 million for the three months ended June 30, 2025 and 2024, respectively, and $ 1.1 million and $ 1.4 million for the six months ended June 30, 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 June 30, 2025 for future periods (amounts in thousands):

Leasing Costs Deferred

7 unchanged sentences

Investments in Unconsolidated Joint Ventures

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

As of June 30, 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.

5 unchanged sentences

Morgan JV II”).

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):

The following table summarizes our investments in unconsolidated joint ventures as of June 30, 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

June 30, 2025 Completed Homes at

June 30, 2025 Investments in Unconsolidated Joint Ventures

Joint Venture Description June 30, 2025 December 31, 2024

Alaska JV 20 % 160 $ 15,139 $ 15,598

4 unchanged sentences

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 $ 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.

Management fee and development fee income from unconsolidated joint ventures was $ 3.6 million for both the three months ended June 30, 2025 and 2024 and $ 7.2 million and $ 6.6 million for the six months ended June 30, 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.

2 unchanged sentences

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.

As of June 30, 2025, the Institutional Investor JV’s loan had a $ 232.7 million outstanding principal balance.

During the first quarter of 2025, J.P.

2 unchanged sentences

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

As of March 31, 2025, J.P.

As of June 30, 2025, J.P.

Morgan JV I’s loan had a $ 439.6 million outstanding principal balance.

5 unchanged sentences

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 March 31, 2025 and December 31, 2024 (amounts in thousands):

The following table presents the Company’s debt as of June 30, 2025 and December 31, 2024 (amounts in thousands):

Outstanding Principal Balance

Interest Rate (1)

Maturity Date March 31, 2025 December 31, 2024

Maturity Date June 30, 2025 December 31, 2024

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

5 unchanged sentences

2029 unsecured senior notes 4.90 % February 15, 2029 400,000 400,000

2030 unsecured senior notes 4.95 % June 15, 2030 650,000 —

2031 unsecured senior notes (4)

14 unchanged sentences

Total debt per balance sheet $ 5,158,609 $ 5,010,762

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

(1) Interest rates are rounded and as of June 30, 2025.

Unless otherwise stated, interest rates are fixed percentages.

1 unchanged sentence

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

The Company has provided notice to the lender of its intent to pay off the AMH 2015-SFR2 securitization during the third quarter of 2025.

(3) The stated interest rate on the 2028 unsecured senior notes is 4.25 %, which was hedged to yield an interest rate of 4.08 %.

2 unchanged sentences

(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 $ 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.

The Company had approximately $ 1.6 million and $ 2.0 million committed to outstanding letters of credit that reduced our borrowing capacity as of June 30, 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 June 30, 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 $ 1.3 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.

Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $ 1.3 million and $ 1.6 million for the three months ended June 30, 2025 and 2024, respectively, and $ 2.6 million and $ 3.3 million for the six months ended June 30, 2025 and 2024, respectively, and is included in gross interest, prior to interest capitalization.

Early Extinguishment of Debt

1 unchanged sentence

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 second quarter of 2025, the Operating Partnership issued $ 650.0 million of 4.950 % unsecured senior notes with a maturity date of June 15, 2030 (the “2030 Notes”).

Interest on the 2030 Notes is payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2025.

The Operating Partnership received aggregate net proceeds of $ 642.5 million from this offering, after underwriting fees of $ 3.9 million and a $ 3.6 million discount, and before offering costs of $ 1.3 million.

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

The Operating Partnership may redeem the 2030 Notes in whole at any time or in part from time to time at the applicable redemption price specified in the indenture.

If the 2030 Notes are redeemed on or after May 15, 2030 (one month prior to the maturity date), the redemption price will be equal to 100 % of the principal amount of the 2030 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

The 2030 Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness.

The indenture requires that we maintain certain financial covenants.

Debt Maturities

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):

The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of June 30, 2025 (amounts in thousands):

Debt Maturities

3 unchanged sentences

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 months ended March 31, 2025 and 2024 (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 and six months ended June 30, 2025 and 2024 (amounts in thousands):

For the Three Months Ended

June 30, For the Six Months Ended

2025 2024 2025 2024

Gross interest cost $ 60,522 $ 51,809 $ 119,802 $ 104,608

2 unchanged sentences

Accounts Payable and Accrued Expenses

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

The following table summarizes accounts payable and accrued expenses as of June 30, 2025 and December 31, 2024 (amounts in thousands):

June 30, 2025 December 31, 2024

Accrued property taxes $ 145,276 $ 61,044

Resident security deposits 127,313 123,377

Accrued interest 72,990 65,824

Accrued construction and maintenance liabilities 69,168 80,710

Liability for consolidated land not owned 56,247 74,518

Accrued interest 40,515 65,824

Prepaid rent 34,037 30,153

9 unchanged sentences

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

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.

During the first quarter of 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.

During the six months ended June 30, 2025, no shares were issued under the At-the-Market Program.

As of June 30, 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 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.

During the six months ended June 30, 2025 and 2024, we did not repurchase and retire any of our Class A common shares or preferred shares.

As of June 30, 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

As of June 30, 2025 and December 31, 2024, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data):

June 30, 2025 December 31, 2024

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

6 unchanged sentences

For the Three Months Ended

Security March 31,

Security June 30,

2025 March 31,

2025 June 30,

2024 March 31,

Class A and Class B common shares $ 0.30 $ 0.30 $ 0.26 $ 0.26

5.875 % Series G perpetual preferred shares

0.37 0.37 0.37 0.37

6.250 % Series H perpetual preferred shares

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 12.1 %, 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.

Former AH LLC members owned 50,229,990 and 50,779,990 , or approximately 12.0 % and 12.1 %, of the total 421,724,635 and 421,000,048 Class A units in the Operating Partnership as of June 30, 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 421,537,176 and 421,000,048 Class A units in the Operating Partnership as of March 31, 2025 and December 31, 2024, respectively.

Non-affiliate Class A unitholders owned 596,990 , or approximately 0.1 %, of the total 421,724,635 and 421,000,048 Class A units in the Operating Partnership as of June 30, 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 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.

RSUs granted to employees during the six months ended June 30, 2025 and 2024 generally vest over a three-year service period.

RSUs granted to non-management trustees during the six months ended June 30, 2025 and 2024 vest over a one-year service period.

Performance-based restricted share units (“PSUs”) granted to certain senior employees during the six months ended June 30, 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 six months ended June 30, 2025 and from January 1, 2024 through December 31, 2026 for PSUs granted during the six months ended June 30, 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 three months ended March 31, 2025 and 2024:

For the Three Months Ended

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 six months ended June 30, 2025 and 2024:

For the Six Months Ended

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

3 unchanged sentences

Options exercisable at end of period 245,500 409,300

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

The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the six months ended June 30, 2025 and 2024:

For the Six Months Ended

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

3 unchanged sentences

RSUs outstanding at end of period 1,097,785 1,198,017

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

The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the six months ended June 30, 2025 and 2024:

For the Six Months Ended

PSUs outstanding at beginning of period (1)

5 unchanged sentences

Forfeited (1)

( 2,520 ) ( 1,227 )

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 periods ended December 31, 2024 and 2023, which was determined and vested during the three months ended March 31, 2025 and 2024, respectively.

(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 six months ended June 30, 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 Three Months Ended

For the Six Months Ended

Expected term (years) 3.0 3.0

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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.

2 unchanged sentences

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 costs.

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):

The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the three and six months ended June 30, 2025 and 2024 (amounts in thousands):

For the Three Months Ended

June 30, For the Six Months Ended

2025 2024 2025 2024

General and administrative expense $ 3,987 $ 7,559 $ 8,854 $ 14,398

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 months ended March 31, 2025 and 2024 (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 and six months ended June 30, 2025 and 2024 (amounts in thousands, except share and per share data):

For the Three Months Ended

June 30, For the Six Months Ended

2025 2024 2025 2024

Net income $ 123,624 $ 108,534 $ 252,337 $ 236,629

2 unchanged sentences

Allocation to participating securities (1)

343 314 689 682

Numerator for income per common share–basic and diluted $ 105,210 $ 91,828 $ 214,836 $ 200,749

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 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.

(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 six months ended June 30, 2025 and 2024 and the dilutive effect of a forward sale equity contract under the treasury stock method for the six months ended June 30, 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 months ended March 31, 2025 and 2024 (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 and six months ended June 30, 2025 and 2024 (amounts in thousands, except unit and per unit data):

For the Three Months Ended

June 30, For the Six Months Ended

2025 2024 2025 2024

Net income $ 123,624 $ 108,534 $ 252,337 $ 236,629

1 unchanged sentence

Allocation to participating securities (1)

343 314 689 682

Numerator for income per common unit–basic and diluted $ 119,795 $ 104,734 $ 244,676 $ 228,975

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 March 31, 2025 and December 31, 2024 (amounts in thousands):

March 31, 2025 December 31, 2024

The following table displays the carrying values and fair values of our debt instruments as of June 30, 2025 and December 31, 2024 (amounts in thousands):

June 30, 2025 December 31, 2024

Carrying Value Fair Value Carrying Value Fair Value

6 unchanged sentences

2031 unsecured senior notes, net 443,730 392,036 443,210 376,947

2032 unsecured senior notes, net 586,503 554,850 585,509 537,174

2034 unsecured senior notes I, net 594,935 610,626 594,640 597,504

7 unchanged sentences

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.

The treasury locks were designated as cash flow hedging instruments.

The Company settled the treasury locks during the second quarter of 2025 in connection with the pricing of the 2030 Notes (see Note 8.

Debt), which resulted in an immaterial gain.

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

Related Party Transactions

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.

As of June 30, 2025 and December 31, 2024, affiliates owned approximately 12.3 % 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 49,372,165 and 50,622,165 Class A units as of June 30, 2025 and December 31, 2024, respectively) an approximate 22.7 % and 23.0 % interest as of June 30, 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 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.

As of June 30, 2025, the Company had commitments to acquire six single-family properties through our traditional acquisition channel and National Builder Program for an aggregate purchase price of $ 1.5 million, as well as $ 114.2 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 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.

As of June 30, 2025, the Company had sales in escrow for 141 of our single-family properties and 464 of our land lots for an aggregate selling price of $ 97.5 million.

As of June 30, 2025, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $ 237.2 million.

Legal Matters

15 unchanged sentences

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:

In addition to the revenues and significant segment expenses included within the condensed consolidated statements of operations, the following table presents significant segment expenses regularly provided to the CODM within property operating expenses for the three and six months ended June 30, 2025 and 2024 (amounts in thousands):

For the Three Months Ended

June 30, For the Six Months Ended

2025 2024 2025 2024

Property operating expenses

4 unchanged sentences

Total property operating expenses $ 160,089 $ 149,470 $ 327,619 $ 305,397

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:

The table below summarizes the significant expense categories included in Core NOI and regularly provided to the CODM for the three and six months ended June 30, 2025 and 2024 (amounts in thousands):

For the Three Months Ended

(Amounts in thousands)

June 30, For the Six Months Ended

2025 2024 2025 2024

Core revenues $ 405,046 $ 376,123 $ 800,461 $ 742,341

24 unchanged sentences

Subsequent Acquisitions

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.

From July 1, 2025 through July 25, 2025, the Company added 191 single-family properties to its portfolio for a total cost of approximately $ 74.6 million, which included 185 newly constructed properties delivered through our AMH Development Program and six properties acquired through our National Builder Program and traditional acquisition channel.

Subsequent Dispositions

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.

From July 1, 2025 through July 25, 2025, the Company disposed of 109 single-family properties and 191 land lots for aggregate net proceeds of approximately $ 55.2 million.

Subsequent Joint Venture Activity

From July 1, 2025 through July 25, 2025, the Company contributed $ 46.1 million of land and in-process development projects to unconsolidated joint ventures.

AMH 2015-SFR2 Securitization Payoff Intent

In July 2025, the Company provided notice to the third-party lender of its intent to repay all amounts due under the AMH 2015-SFR2 securitization during the third quarter of 2025.

As of June 30, 2025, the AMH 2015-SFR2 securitization had an outstanding principal balance of $ 427.5 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