What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-08-01 compared with 2025-05-02 · 215 added, 72 removed, 347 unchanged (45% 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 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.

As of June 30, 2025, we owned 61,500 single-family properties in select submarkets of metropolitan statistical areas in 24 states, including 904 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 59,493 single-family properties in 21 states, including 633 properties held for sale, as of June 30, 2024.

As of June 30, 2025, 58,317 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 56,669 of our total properties (excluding properties held for sale) as of June 30, 2024.

Also, as of June 30, 2025, the Company had an additional 3,616 properties held in unconsolidated joint ventures, compared to 3,376 properties held in unconsolidated joint ventures as of December 31, 2024 and 3,167 properties held in unconsolidated joint ventures as of June 30, 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 March 31, 2025:

The following table summarizes certain key single-family properties metrics as of June 30, 2025:

Total Single-Family Properties (1)

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Total/Average 60,596 100.0 % $ 14,165.6 100.0 % $ 233,771 1,998 17.9 2016

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

(1) Excludes 904 single-family properties held for sale as of June 30, 2025.

(2) Represents 16 markets in 15 states.

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

The following table summarizes certain key leasing metrics as of June 30, 2025:

Total Single-Family Properties (1)

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Total/Average 95.7 % $ 2,282 12.3 6.8 4.2 %

(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.

(1) Excludes 904 single-family properties held for sale as of June 30, 2025.

(2) For the three months ended June 30, 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 June 30, 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 March 31, 2025, 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 June 30, 2025, compared to the annual rent of the previously expired non-month-to-month comparable long-term lease for each property.

(6) Represents 16 markets in 15 states.

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Our level of investment activity has fluctuated based on the number of suitable opportunities and the level of capital available to invest.

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 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.

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.

During the three months ended June 30, 2025, we developed or acquired 506 homes, including 501 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 5 homes acquired through our traditional acquisition channel, partially offset by 610 homes identified for sale.

During the three months ended June 30, 2025, we also developed an additional 135 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 636 total home deliveries through our AMH Development Program.

During the six months ended June 30, 2025, we developed or acquired 943 homes, including 925 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 18 homes acquired through our traditional acquisition channel, partially offset by 878 homes identified for sale.

During the six months ended June 30, 2025, we also developed an additional 256 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 1,181 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 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.

As of June 30, 2025 and December 31, 2024, there were 904 and 805 properties, respectively, as well as certain land lots, classified as held for sale.

During the three and six months ended June 30, 2025, we sold 370 and 786 properties, respectively.

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

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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 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.

Based on our Same-Home population of properties (defined below), the year-over-year increase in Average Monthly Realized Rent per property was 4.0% for the three months ended June 30, 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 7.9% and 7.5% during the three months ended June 30, 2025 and 2024, respectively.

Based on our Same-Home population of properties, the year-over-year increase in Average Monthly Realized Rent per property was 4.2% for the six months ended June 30, 2025, and we experienced turnover rates of 14.6% and 13.8% during the six months ended June 30, 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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Once a property is available for lease for the first time, which we refer to as “rent-ready,” we incur ongoing property-related expenses which may not be subject to our control.

These include primarily property taxes, repairs and maintenance (“R&M”), turnover costs, HOA fees (when applicable) and insurance.

These include primarily property taxes, repairs and maintenance (“R&M”), turnover costs, utility expenses that are generally recovered as “tenant charge-backs” (included in rents and other single-family property revenues), HOA fees (when applicable) and insurance.

Property Management Expenses

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Results of Operations

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.

Net income totaled $123.6 million for the three months ended June 30, 2025, compared to $108.5 million for the three months ended June 30, 2024.

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

Net income totaled $252.3 million for the six months ended June 30, 2025, compared to $236.6 million for the six months ended June 30, 2024.

The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses.

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.

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

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

Comparison of the Three Months Ended June 30, 2025 to the Three Months Ended June 30, 2024

For the Three Months Ended

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Same-Home Core NOI $ 236,798 $ 227,487

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

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

For the Three Months Ended June 30, 2025

Properties (1)

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Core NOI $ 236,798 65.5 % $ 27,341 62.5 % $ 264,139 65.2 %

For the Three Months Ended March 31, 2024

For the Three Months Ended June 30, 2024

Properties (1)

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Rents and Other Single-Family Property Revenues

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.

Rents and other single-family property revenues increased 8.0% to $457.5 million for the three months ended June 30, 2025 from $423.5 million for the three months ended June 30, 2024.

Revenue growth was driven by an increase in our average occupied portfolio which grew to 58,282 homes for the three months ended June 30, 2025, compared to 56,516 homes for the three months ended June 30, 2024, as well as higher rental rates.

Property Operating Expenses

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.

Property operating expenses increased 7.1% to $160.1 million for the three months ended June 30, 2025 from $149.5 million for the three months ended June 30, 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 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.

Property management expenses for the three months ended June 30, 2025 and 2024 were $34.4 million and $32.4 million, respectively, which included $1.1 million and $1.3 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 4.3% 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 revenues from Same-Home properties increased 3.9% to $361.3 million for the three months ended June 30, 2025 from $347.6 million for the three months ended June 30, 2024.

This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 4.0% to $2,276 per month for the three months ended June 30, 2025 compared to $2,188 per month for the three months ended June 30, 2024, 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 three months ended June 30, 2025 compared to 96.7% for the three months ended June 30, 2024.

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 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.

Core property operating expenses from Same-Home properties increased 3.6% to $124.5 million for the three months ended June 30, 2025 from $120.1 million for the three months ended June 30, 2024 primarily driven by higher R&M and turnover costs, 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.

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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 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.

General and administrative expense for the three months ended June 30, 2025 and 2024 was $20.0 million and $21.7 million, respectively, which included $4.0 million and $7.6 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, partially offset by an increase in personnel related expenses.

Interest Expense

Interest expense increased 19.7% to $46.3 million for the three months ended June 30, 2025 from $38.7 million for the three months ended June 30, 2024.

The increase was primarily due to additional interest from the issuances of unsecured senior notes in June 2024, December 2024 and May 2025, partially offset by lower interest expense resulting from the payoffs of the AMH 2014-SFR3 securitization in August 2024 and the AMH 2015-SFR1 securitization in March 2025.

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 June 30, 2025 and 2024 were $2.7 million and $2.9 million, respectively, which included $1.3 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

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 7.9% to $126.9 million for the three months ended June 30, 2025 from $117.6 million for the three months ended June 30, 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 three months ended June 30, 2025 and 2024 was $51.9 million and $43.9 million, respectively, which included $5.8 million and $2.4 million, respectively, of impairment charges related to homes and land classified as held for sale during each period.

The increase was primarily related to higher net gains on property sales.

Loss on Early Extinguishment of Debt

Loss on early extinguishment of debt was zero for three months ended June 30, 2025, compared to $0.1 million for the three months ended June 30, 2024, which related to legal and administrative fees associated with the payoff of the AMH 2014-SFR2 securitization in February 2024.

Other Income and Expense, net

Other income and expense, net for the three months ended June 30, 2025 and 2024 was $4.6 million and $4.0 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.

Comparison of the Six Months Ended June 30, 2025 to the Six Months Ended June 30, 2024

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

For the Six Months Ended

Core revenues and Same-Home core revenues

Rents and other single-family property revenues $ 916,779 $ 847,049

Tenant charge-backs (116,318) (104,708)

Core revenues 800,461 742,341

Non-Same-Home core revenues (83,549) (54,486)

Same-Home core revenues $ 716,912 $ 687,855

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

Property operating expenses $ 327,619 $ 305,397

Property management expenses 68,593 63,784

Noncash share-based compensation - property management (2,383) (2,784)

Expenses reimbursed by tenant charge-backs (116,318) (104,708)

Core property operating expenses 277,511 261,689

Non-Same-Home core property operating expenses (32,562) (25,810)

Same-Home core property operating expenses $ 244,949 $ 235,879

Core NOI and Same-Home Core NOI

Net income $ 252,337 $ 236,629

Loss on early extinguishment of debt 216 1,017

Gain on sale and impairment of single-family properties and other, net (113,924) (112,793)

Depreciation and amortization 251,867 233,329

Acquisition and other transaction costs 5,716 6,261

Noncash share-based compensation - property management 2,383 2,784

Interest expense 91,729 77,255

General and administrative expense 39,679 43,578

Other income and expense, net (7,053) (7,408)

Core NOI 522,950 480,652

Non-Same-Home Core NOI (50,987) (28,676)

Same-Home Core NOI $ 471,963 $ 451,976

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

For the Six Months Ended June 30, 2025

Properties (1)

Revenue Non-Same-

Home and Other

Properties % of Core

Revenue Total

Properties % of Core

Rents from single-family properties $ 705,967 $ 82,902 $ 788,869

Fees from single-family properties 16,601 2,331 18,932

Bad debt (5,656) (1,684) (7,340)

Core revenues 716,912 83,549 800,461

Property tax expense 118,811 16.6 % 14,248 17.1 % 133,059 16.6 %

HOA fees, net (2)

12,749 1.8 % 1,414 1.7 % 14,163 1.8 %

R&M and turnover costs, net (2)

52,038 7.3 % 7,051 8.4 % 59,089 7.4 %

Insurance 8,444 1.2 % 1,101 1.3 % 9,545 1.2 %

Property management expenses, net (3)

52,907 7.3 % 8,748 10.5 % 61,655 7.7 %

Core property operating expenses 244,949 34.2 % 32,562 39.0 % 277,511 34.7 %

Core NOI $ 471,963 65.8 % $ 50,987 61.0 % $ 522,950 65.3 %

For the Six Months Ended June 30, 2024

Properties (1)

Revenue Non-Same-

Home and Other

Properties % of Core

Revenue Total

Properties % of Core

Rents from single-family properties $ 678,864 $ 54,599 $ 733,463

Fees from single-family properties 14,587 1,558 16,145

Bad debt (5,596) (1,671) (7,267)

Core revenues 687,855 54,486 742,341

Property tax expense 117,645 17.1 % 10,969 20.2 % 128,614 17.3 %

HOA fees, net (2)

12,077 1.8 % 975 1.8 % 13,052 1.8 %

R&M and turnover costs, net (2)

46,984 6.8 % 6,125 11.2 % 53,109 7.2 %

Insurance 8,742 1.3 % 983 1.8 % 9,725 1.3 %

Property management expenses, net (3)

50,431 7.3 % 6,758 12.4 % 57,189 7.7 %

Core property operating expenses 235,879 34.3 % 25,810 47.4 % 261,689 35.3 %

Core NOI $ 451,976 65.7 % $ 28,676 52.6 % $ 480,652 64.7 %

(1) Includes 54,029 properties that have been stabilized longer than 90 days prior to January 1, 2024.

(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 8.2% to $916.8 million for the six months ended June 30, 2025 from $847.0 million for the six months ended June 30, 2024.

Revenue growth was driven by an increase in our average occupied portfolio which grew to 58,016 homes for the six months ended June 30, 2025, compared to 56,266 homes for the six months ended June 30, 2024, as well as higher rental rates.

Property Operating Expenses

Property operating expenses increased 7.3% to $327.6 million for the six months ended June 30, 2025 from $305.4 million for the six months ended June 30, 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 six months ended June 30, 2025 and 2024 were $68.6 million and $63.8 million, respectively, which included $2.4 million and $2.8 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 4.2% to $716.9 million for the six months ended June 30, 2025 from $687.9 million for the six months ended June 30, 2024.

This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 4.2% to $2,264 per month for the six months ended June 30, 2025 compared to $2,172 per month for the six months ended June 30, 2024, as well as higher fees from single-family properties, partially offset by a decrease in Average Occupied Days Percentage, which was 96.2% for the six months ended June 30, 2025 compared to 96.4% for the six months ended June 30, 2024.

Core Property Operating Expenses from Same-Home Properties

Core property operating expenses from Same-Home properties increased 3.8% to $244.9 million for the six months ended June 30, 2025 from $235.9 million for the six months ended June 30, 2024 primarily driven by higher R&M and turnover costs, net and property management expenses, net.

The increase in R&M and turnover costs, net 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 six months ended June 30, 2025 and 2024 was $39.7 million and $43.6 million, respectively, which included $8.9 million and $14.4 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 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.

Interest expense increased 18.7% to $91.7 million for the six months ended June 30, 2025 from $77.3 million for the six months ended June 30, 2024.

The increase was primarily due to additional interest from the issuances of unsecured senior notes in January 2024, June 2024, December 2024 and May 2025, partially offset by lower interest expense resulting from the payoffs of the AMH 2014-SFR2 securitization in February 2024, the AMH 2014-SFR3 securitization in August 2024 and the AMH 2015-SFR1 securitization in March 2025.

Acquisition and Other Transaction Costs

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.

Acquisition and other transaction costs for the six months ended June 30, 2025 and 2024 were $5.7 million and $6.3 million, respectively, which included $2.9 million and $3.2 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.

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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 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.

Depreciation and amortization expense increased 7.9% to $251.9 million for the

six months ended June 30, 2025 from $233.3 million for the six months ended June 30, 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 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.

Gain on sale and impairment of single-family properties and other, net for the six months ended June 30, 2025 and 2024 was $113.9 million and $112.8 million, respectively, which included $10.3 million and $3.3 million, respectively, of impairment charges related to homes and land classified as held for sale during each period.

The increase was primarily related to higher net gains on property sales.

Loss on Early Extinguishment of Debt

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

Loss on early extinguishment of debt for the six months ended June 30, 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 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.

Other income and expense, net for the six months ended June 30, 2025 and 2024 was $7.1 million and $7.4 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 three months ended March 31, 2025.

There have been no material changes to these estimates during the six months ended June 30, 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 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.

Our liquidity and capital resources as of June 30, 2025 included $323.3 million of cash and cash equivalents.

Additionally, as of June 30, 2025, we had no outstanding borrowings and $1.6 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 second quarter of 2025, the Company issued $650.0 million of 4.950% unsecured senior notes with a maturity date of June 15, 2030 (the “2030 Notes”), raising net proceeds of $642.5 million before offering costs of $1.3 million.

Under our At-the-Market Program discussed below, we also had $753.7 million remaining available for future share issuances as of June 30, 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.

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

Additionally, 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.

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

During the first quarter of 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 three months ended March 31, 2025 and 2024 (amounts in thousands):

For the Three Months Ended

The following table summarizes the Company’s and the Operating Partnership’s cash flows for the six months ended June 30, 2025 and 2024 (amounts in thousands):

For the Six Months Ended

2025 2024 Change

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Net cash used for investing activities (228,405) (108,312) (120,093)

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

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

Net cash (used for) provided by financing activities (150,472) 292,317 (442,789)

Net increase in cash, cash equivalents and restricted cash $ 116,384 $ 659,785 $ (543,401)

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 $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.

Net cash provided by operating activities increased $19.5 million, or 4.1%, from $475.8 million for the six months ended June 30, 2024 to $495.3 million for the six months ended June 30, 2025, primarily due to increased cash inflows generated from a larger number of occupied properties and higher rental rates, partially offset by higher cash outflows for property related expenses 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.

Investing Activities

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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.

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.

Net cash used for investing activities increased $120.1 million, or 110.9%, from $108.3 million for the six months ended June 30, 2024 to $228.4 million for the six months ended June 30, 2025.

The increase was primarily attributable to (i) a $94.9 million decrease 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 six months ended June 30, 2024, (ii) $25.7 million of nonrecurring cash proceeds received during the six months ended June 30, 2024 for our AMH 2014-SFR2 Class F asset-backed securitization certificates, (iii) an

$11.7 million increase in cash outflows for recurring and other capital expenditures and renovations to single-family properties due to growth in our portfolio and an increase in spend on property-enhancing capital expenditures and repairs for damages incurred from Hurricanes Milton and Helene and (iv) a $1.4 million increase in cash outflows for other investing activities.

These changes were partially offset by a $13.3 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 $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.

Net cash used for financing activities was $150.5 million for the six months ended June 30, 2025 compared to net cash provided by financing activities of $292.3 million for the six months ended June 30, 2024.

The change was primarily due to (i) a $446.7 million decrease in proceeds from unsecured senior notes, net of discounts and deferred financing costs paid, from the issuance of the 2030 Notes (see below) during the six months ended June 30, 2025 compared to two issuances during the six months ended June 30, 2024, (ii) a $36.4 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 six months ended June 30, 2025, (iii) $33.2 million in nonrecurring proceeds from the issuance of Class A common shares, net of offering costs, during the six months ended June 30, 2024 and (iv) a $26.0 million increase in payments on asset-backed securitizations resulting from the payoff of the AMH 2015-SFR1 securitization during the six months ended June 30, 2025 compared to the payoff of the AMH 2014-SFR2 securitization during the six months ended June 30, 2024.

These changes were partially offset by (i) $90.0 million of payments on our revolving credit facility during the six months ended June 30, 2024 and (ii) an $11.8 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

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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 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.

At-the-Market Common Share Offering Program

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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.

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.

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.

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.

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 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.

Distributions

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The Operating Partnership funds the payment of distributions.

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.

During the six months ended June 30, 2025 and 2024, the Company distributed an aggregate $261.6 million and $225.1 million, respectively, to common shareholders, preferred shareholders and noncontrolling interests on a cash basis.

Tax Changes in One Big Beautiful Bill Act

On July 4, 2025, the President signed into law H.R.

1, originally titled the “One Big Beautiful Bill Act” (the “Act”).

The Act made several tax changes that impact us and our shareholders, the most significant of which are summarized as follows.

First, the Act preserves the eligibility of REIT ordinary dividends for the qualified business income deduction in Section 199A of the Internal Revenue Code of 1986, as amended (the “Code”), and it makes that deduction permanent.

Second, effective for taxable years beginning after December 31, 2025, the Act increases the quarterly asset test limit on securities of taxable REIT subsidiaries from 20% to 25%.

Finally, for purposes of the limitation on business interest deductions in Section 163(j) of the Code, the Act applies the more favorable earnings before interest, taxes, depreciation and amortization (“EBITDA”) calculation for taxable years starting on or after January 1, 2025, and makes the more favorable EBITDA calculation permanent and, for taxable years beginning on or after January 1, 2026, the Act generally calculates the Section 163(j) limitation prior to the application of any interest capitalization provisions.

Additional Non-GAAP Measures

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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 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.

(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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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 months ended March 31, 2025 and 2024 (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 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

Net income attributable to common shareholders $ 105,553 $ 92,142 $ 215,525 $ 201,431

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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 real estate 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 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.

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 months ended March 31, 2025 and 2024 (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 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

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

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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