What changed in this filing

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Item 1. Financial Statements

2025-10-30 compared with 2025-08-01 · 244 added, 132 removed, 805 unchanged (32% of the section changed)

3 unchanged sentences

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

June 30, 2025 December 31, 2024

September 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, 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)

Class A common shares ($ 0.01 par value per share, 450,000,000 shares authorized, 370,468,321 and 368,987,993 shares issued and outstanding at September 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 September 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 September 30, 2025 and December 31, 2024)

Additional paid-in capital 7,550,962 7,529,008

10 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

6 unchanged sentences

Depreciation and amortization 126,656 119,691 378,523 353,020

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

Total expenses 414,007 393,062 1,199,210 1,122,666

17 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

Net income $ 116,801 $ 87,640 $ 369,138 $ 324,269

Other comprehensive gain (loss):

Other comprehensive (loss) income:

Cash flow hedging instruments:

Gain on settlement of cash flow hedging instruments — — 31 —

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

Reclassification adjustment for amortization of interest expense included in net income

( 349 ) ( 141 ) ( 1,082 ) ( 423 )

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

Other comprehensive (loss) income ( 349 ) 2,462 ( 1,051 ) 2,180

Comprehensive income 116,452 90,102 368,087 326,449

50 unchanged sentences

interest Total

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

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

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

Distributions to equity holders:

Preferred shares (Note 10)

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

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

Common shares ($ 0.26 per share)

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

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

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

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

American Homes 4 Rent

Condensed Consolidated Statements of Equity (continued)

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

Class A common shares Class B common shares Preferred shares

of shares Amount Number

of shares Amount Additional

capital Accumulated

deficit Accumulated other comprehensive income Shareholders’

equity Noncontrolling

interest Total

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

24 unchanged sentences

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

American Homes 4 Rent

Condensed Consolidated Statements of Equity (continued)

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

Class A common shares Class B common shares Preferred shares

of shares Amount Number

of shares Amount Additional

capital Accumulated

deficit Accumulated other comprehensive income Shareholders’

equity Noncontrolling

interest Total

Balances at June 30, 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

Share-based compensation — — — — — — 6,225 — — 6,225 — 6,225

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

55,741 1 — — — — ( 158 ) — — ( 157 ) — ( 157 )

Redemptions of Class A units 150,000 2 — — — — 2,003 — 3 2,008 ( 2,008 ) —

Distributions to equity holders:

Preferred shares (Note 10)

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

Noncontrolling interests — — — — — — — — — ( 15,203 ) ( 15,203 )

Common shares ($ 0.30 per share)

— — — — — — — ( 111,407 ) — ( 111,407 ) — ( 111,407 )

Net income — — — — — — — 103,183 — 103,183 13,618 116,801

Total other comprehensive loss — — — — — — — — ( 308 ) ( 308 ) ( 41 ) ( 349 )

Balances at September 30, 2025 370,468,321 $ 3,705 635,075 $ 6 9,200,000 $ 92 $ 7,550,962 $ ( 400,445 ) $ 6,944 $ 7,161,264 $ 676,703 $ 7,837,967

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

2 unchanged sentences

(Amounts in thousands)

For the Six Months Ended

For the Nine Months Ended

September 30,

Operating activities

19 unchanged sentences

Net proceeds received from sales of single-family properties and other 422,238 382,921

Proceeds received from storm-related insurance claims 2,432 —

Proceeds from notes receivable related to the sale of properties 215 370

4 unchanged sentences

Cash paid for development activity ( 587,856 ) ( 651,768 )

Cash paid for deposits on land option contracts — ( 653 )

Proceeds from asset-backed securitization certificates — 25,666

16 unchanged sentences

Deferred financing costs paid ( 5,193 ) ( 20,969 )

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

Net cash used for financing activities ( 612,365 ) ( 320,312 )

Net (decrease) increase in cash, cash equivalents and restricted cash ( 174,481 ) 95,988

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

3 unchanged sentences

(Amounts in thousands)

For the Six Months Ended

For the Nine Months Ended

September 30,

Supplemental cash flow information

2 unchanged sentences

Accrued property renovations and development expenditures $ 48,328 $ 58,723

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

Transfers of completed homebuilding deliveries to single-family properties 609,647 695,969

Property and land contributions to unconsolidated joint ventures ( 66,047 ) ( 156,934 )

Unrealized gain on cash flow hedging instruments — 2,603

Noncash right-of-use assets obtained in exchange for operating lease liabilities 3,704 440

5 unchanged sentences

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

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Single-family properties:

22 unchanged sentences

General partner:

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

Common units ( 371,103,396 and 369,623,068 units issued and outstanding at September 30, 2025 and December 31, 2024, respectively)

6,932,480 6,930,324

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

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

221,840 221,840

Limited partner:

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

Common units ( 50,676,980 and 51,376,980 units issued and outstanding at September 30, 2025 and December 31, 2024, respectively)

675,756 687,524

7 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

6 unchanged sentences

Depreciation and amortization 126,656 119,691 378,523 353,020

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

Total expenses 414,007 393,062 1,199,210 1,122,666

16 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

Net income $ 116,801 $ 87,640 $ 369,138 $ 324,269

Other comprehensive gain (loss):

Other comprehensive (loss) income:

Cash flow hedging instruments:

Gain on settlement of cash flow hedging instruments — — 31 —

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

Reclassification adjustment for amortization of interest expense included in net income

( 349 ) ( 141 ) ( 1,082 ) ( 423 )

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

Other comprehensive (loss) income ( 349 ) 2,462 ( 1,051 ) 2,180

Comprehensive income 116,452 90,102 368,087 326,449

31 unchanged sentences

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

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

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

Distributions to capital holders:

Preferred units (Note 10)

— — ( 3,486 ) — — — ( 3,486 )

Common units ($ 0.26 per unit)

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

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

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

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

American Homes 4 Rent, L.P.

26 unchanged sentences

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

Share-based compensation — 6,225 — — — — 6,225

Common units issued under share-based compensation plans, net of units withheld for employee taxes 55,741 ( 157 ) — — — — ( 157 )

Redemption of Class A units 150,000 2,005 — ( 150,000 ) ( 2,005 ) — —

Distributions to capital holders:

Preferred units (Note 10)

— — ( 3,486 ) — — — ( 3,486 )

Common units ($ 0.30 per unit)

— ( 111,407 ) — — ( 15,203 ) — ( 126,610 )

Net income — 99,697 3,486 — 13,618 — 116,801

Total other comprehensive loss — — — — — ( 349 ) ( 349 )

Balances at September 30, 2025 371,103,396 $ 6,932,480 $ 221,840 50,676,980 $ 675,756 $ 7,891 $ 7,837,967

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

2 unchanged sentences

(Amounts in thousands)

For the Six Months Ended

For the Nine Months Ended

September 30,

Operating activities

19 unchanged sentences

Net proceeds received from sales of single-family properties and other 422,238 382,921

Proceeds received from storm-related insurance claims 2,432 —

Proceeds from notes receivable related to the sale of properties 215 370

4 unchanged sentences

Cash paid for development activity ( 587,856 ) ( 651,768 )

Cash paid for deposits on land option contracts — ( 653 )

Proceeds from repayment of loan from affiliate — 25,666

15 unchanged sentences

Deferred financing costs paid ( 5,193 ) ( 20,969 )

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

Net cash used for financing activities ( 612,365 ) ( 320,312 )

Net (decrease) increase in cash, cash equivalents and restricted cash ( 174,481 ) 95,988

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

3 unchanged sentences

(Amounts in thousands)

For the Six Months Ended

For the Nine Months Ended

September 30,

Supplemental cash flow information

2 unchanged sentences

Accrued property renovations and development expenditures $ 48,328 $ 58,723

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

Transfers of completed homebuilding deliveries to single-family properties 609,647 695,969

Property and land contributions to unconsolidated joint ventures ( 66,047 ) ( 156,934 )

Unrealized gain on cash flow hedging instruments — 2,603

Noncash right-of-use assets obtained in exchange for operating lease liabilities 3,704 440

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 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.

As of September 30, 2025, the Company held 61,692 single-family properties in 24 states, including 1,028 properties classified as held for sale.

AMH is the general partner of, and as of September 30, 2025 owned approximately 88.0 % of the common partnership interest in, the Operating Partnership.

The remaining 12.0 % 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 and six months ended June 30, 2024 to conform with the current year presentation.

Principles of Consolidation

4 unchanged sentences

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

During the year ended December 31, 2024, the Company entered into real estate exchange transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), in order to defer taxable gains on the exchange of like-kind property (“1031 Exchange”).

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

Our 1031 Exchange transactions are facilitated by a qualified intermediary (the “QI”), which holds the proceeds from the Company’s disposition of real properties until such transactions are complete.

5 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 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.

As of September 30, 2025 and December 31, 2024, the carrying value of the investments in these venture capital funds was $ 13.3 million and $ 13.2 million, respectively, and the Company’s maximum exposure to loss was $ 14.7 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 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.

As of September 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 $ 0.6 million and $ 6.9 million, respectively.

Recent Accounting Pronouncements Not Yet Effective

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

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures.

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

1 unchanged sentence

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

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

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

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software.

The amendments in this ASU remove all references to prescriptive and sequential software development stages and clarifies when an entity should begin capitalizing software costs including consideration of significant development uncertainty.

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

The amendments in this ASU should be applied prospectively as of the beginning of the period of adoption, retrospectively to all periods presented with a cumulative-effect adjustment to the opening balance of retained earnings, or on a modified transition approach.

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

Cash, Cash Equivalents and Restricted Cash

3 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):

June 30, December 31,

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

June 30, 2025 December 31, 2024

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

September 30, 2025 December 31, 2024

Occupied single-family properties $ 10,299,150 $ 10,174,136

8 unchanged sentences

Total real estate assets, net $ 12,470,853 $ 12,365,691

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.

Depreciation expense related to single-family properties was $ 119.9 million and $ 113.9 million for the three months ended September 30, 2025 and 2024, respectively, and $ 358.7 million and $ 336.2 million for the nine months ended September 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 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.

During the three months ended September 30, 2025 and 2024, the Company disposed of single-family properties and land for aggregate net proceeds of $ 141.9 million and $ 103.1 million, respectively, which resulted in an aggregate net gain on sale of $ 62.5 million and $ 35.8 million, respectively.

During the nine months ended September 30, 2025 and 2024, the Company disposed of single-family properties and land for aggregate net proceeds of $ 422.2 million and $ 382.9 million, respectively, which resulted in an aggregate net gain on sale of $ 186.2 million and $ 165.6 million, respectively.

The Company did not identify any indicators of impairment related to single-family properties in operation or under development for the three and nine months ended September 30, 2025 and 2024.

Fair Value for details on nonrecurring fair value measurements and impairment of single-family properties and land upon classification as held for sale.

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 $ 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.

Variable lease payments for tenant charge-backs were $ 71.6 million and $ 66.0 million for the three months ended September 30, 2025 and 2024, respectively, and $ 185.4 million and $ 168.1 million for the nine months ended September 30, 2025 and 2024, respectively.

Variable lease payments for fees from single-family properties were $ 7.9 million and $ 8.1 million for the three months ended September 30, 2025 and 2024, respectively, and $ 24.8 million and $ 24.2 million for the nine months ended September 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 June 30, 2025 (amounts in thousands):

June 30, 2025

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

September 30, 2025

Remaining 2025 $ 361,999

Total $ 949,231

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.

As of September 30, 2025 and December 31, 2024, rent and other receivables included $ 1.8 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 June 30, 2025 and December 31, 2024 (amounts in thousands):

June 30, 2025 December 31, 2024

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

September 30, 2025 December 31, 2024

Commercial real estate, software, vehicles and FF&E, net $ 109,182 $ 104,188

5 unchanged sentences

Total $ 268,120 $ 337,379

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.

Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $ 5.7 million and $ 4.9 million for the three months ended September 30, 2025 and 2024, respectively, and $ 16.6 million and $ 14.3 million for the nine months ended September 30, 2025 and 2024, respectively.

Deferred Costs and Other Intangibles, Net

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

September 30, 2025 December 31, 2024

Deferred leasing costs $ 3,911 $ 3,746

3 unchanged sentences

Total $ 10,506 $ 12,401

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):

Amortization expense related to deferred leasing costs was $ 1.1 million and $ 0.9 million for the three months ended September 30, 2025 and 2024, respectively, and $ 3.3 million and $ 2.5 million for the nine months ended September 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 $ 0.6 million and $ 0.7 million for the three months ended September 30, 2025 and 2024, respectively, and $ 1.7 million and $ 2.1 million for the nine months ended September 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 September 30, 2025 for future periods (amounts in thousands):

Leasing Costs Deferred

7 unchanged sentences

Investments in Unconsolidated Joint Ventures

As of June 30, 2025, the Company held 20 % ownership interests in four unconsolidated joint ventures.

As of September 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.

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

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

institutional investors advised by J.P.

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

1 unchanged sentence

Morgan JV II”).

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):

The following table summarizes our investments in unconsolidated joint ventures as of September 30, 2025 and December 31, 2024 (amounts in thousands, except percentages and property data):

% Ownership at

June 30, 2025 Completed Homes at

June 30, 2025 Investments in Unconsolidated Joint Ventures

Joint Venture Description June 30, 2025 December 31, 2024

September 30, 2025 Completed Homes at

September 30, 2025 Investments in Unconsolidated Joint Ventures

Joint Venture Description September 30, 2025 December 31, 2024

Alaska JV 20 % 153 $ 10,515 $ 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 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.

Management fee and development fee income from unconsolidated joint ventures was $ 3.6 million and $ 4.0 million for the three months ended September 30, 2025 and 2024, respectively, and $ 10.8 million and $ 10.6 million for the nine months ended September 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 June 30, 2025, the Institutional Investor JV’s loan had a $ 232.7 million outstanding principal balance.

As of September 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 June 30, 2025, J.P.

As of September 30, 2025, J.P.

Morgan JV I’s loan had a $ 458.1 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 June 30, 2025 and December 31, 2024 (amounts in thousands):

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

Outstanding Principal Balance

Interest Rate (1)

Maturity Date June 30, 2025 December 31, 2024

Maturity Date September 30, 2025 December 31, 2024

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

AMH 2015-SFR2 securitization (2)

4.36 % October 9, 2045 427,529 430,523

AMH 2015-SFR2 securitization 4.36 % N/A — 430,523

Total asset-backed securitizations — 925,391

19 unchanged sentences

Total debt per balance sheet $ 4,843,543 $ 5,010,762

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

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

Unless otherwise stated, interest rates are fixed percentages.

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

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

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

(2) 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

(5) 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 $ 1.6 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.

The Company had approximately $ 4.1 million and $ 2.0 million committed to outstanding letters of credit that reduced our borrowing capacity as of September 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 September 30, 2025.

(6) 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 $ 1.6 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.

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 September 30, 2025 and 2024, respectively, and $ 3.9 million and $ 4.9 million for the nine months ended September 30, 2025 and 2024, respectively, and is included in gross interest, prior to interest capitalization.

Early Extinguishment of Debt

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

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

The payoff of the AMH 2015-SFR1 securitization also resulted in the release of the 4,661 homes pledged as collateral and $ 10.7 million of cash restricted for lender requirements in the first quarter of 2025 and $ 5.3 million of cash restricted for lender requirements in the second quarter of 2025.

During the third quarter of 2025, the Operating Partnership paid off the $ 426.1 million outstanding principal on the AMH 2015-SFR2 securitization, which resulted in $ 0.2 million of charges related to legal and bank fees that are included in loss on early extinguishment of debt within the condensed consolidated statements of operations.

The payoff of the AMH 2015-SFR2 securitization also resulted in the release of the 4,147 homes pledged as collateral and $ 12.8 million of cash restricted for lender requirements.

4 unchanged sentences

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.

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.

2 unchanged sentences

Debt Maturities

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):

The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of September 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 and six months ended June 30, 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 nine months ended September 30, 2025 and 2024 (amounts in thousands):

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

3 unchanged sentences

Accounts Payable and Accrued Expenses

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

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

September 30, 2025 December 31, 2024

Accrued property taxes $ 188,498 $ 61,044

Resident security deposits 124,881 123,377

Accrued interest 72,990 65,824

Accrued construction and maintenance liabilities 55,829 80,710

Accrued interest 50,918 65,824

Liability for consolidated land not owned 34,038 74,518

10 unchanged sentences

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

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.

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 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.

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

As of September 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

3 unchanged sentences

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

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.

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

As of September 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 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

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

September 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 June 30,

Security September 30,

2025 June 30,

2025 March 31,

2025 September 30,

2024 June 30,

7 unchanged sentences

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 50,229,990 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.

Former AH LLC members owned 50,079,990 and 50,779,990 , or approximately 11.9 % and 12.1 %, of the total 421,780,376 and 421,000,048 Class A units in the Operating Partnership as of September 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 421,724,635 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.

Non-affiliate Class A unitholders owned 596,990 , or approximately 0.1 %, of the total 421,780,376 and 421,000,048 Class A units in the Operating Partnership as of September 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.

Share-Based Compensation

2 unchanged sentences

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 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.

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

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

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

2 unchanged sentences

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

The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2025 and 2024:

For the Nine Months Ended

September 30,

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

3 unchanged sentences

Options exercisable at end of period 203,000 390,000

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

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

For the Nine Months Ended

September 30,

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

3 unchanged sentences

RSUs outstanding at end of period 1,081,448 1,193,885

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

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

For the Nine Months Ended

September 30,

PSUs outstanding at beginning of period (1)

9 unchanged sentences

(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 six months ended June 30, 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 nine months ended September 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 Six Months Ended

For the Nine Months Ended

September 30,

Expected term (years) 3.0 3.0

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

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

5 unchanged sentences

American Homes 4 Rent

The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three and six months ended June 30, 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 nine months ended September 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

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

15 unchanged sentences

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

(2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and vesting of PSUs under the treasury stock method for the three and 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.

(2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and vesting of PSUs under the treasury stock method for the three and nine months ended September 30, 2025 and 2024 and the dilutive effect of a forward sale equity contract under the treasury stock method for the three and nine months ended September 30, 2024 (see Note 10.

Shareholders’ Equity / Partners’ Capital).

3 unchanged sentences

American Homes 4 Rent, L.P.

The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three and six months ended June 30, 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 nine months ended September 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

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

13 unchanged sentences

(2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and vesting of PSUs under the treasury stock method for the three and nine months ended September 30, 2025 and 2024 and the dilutive effect of a forward sale equity contract under the treasury stock method for the three and nine months ended September 30, 2024 (see Note 10.

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

June 30, 2025 December 31, 2024

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

September 30, 2025 December 31, 2024

Carrying Value Fair Value Carrying Value Fair Value

15 unchanged sentences

Total debt $ 4,843,543 $ 4,725,997 $ 5,010,762 $ 4,741,998

Recurring Fair Value Measurements

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.

3 unchanged sentences

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.

Nonrecurring Fair Value Measurements

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

The fair values were classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs based on the estimated sales prices derived from third-party automated valuation models upon classification as held for sale.

Impairment charges are included in gain on sale and impairment of single-family properties and other, net within the condensed consolidated statements of operations.

The following table summarizes single-family properties and land for which the Company has recorded impairments in the condensed consolidated financial statements for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands):

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

Pre-impairment carrying value $ 43,224 $ 40,215 $ 98,213 $ 49,545

Total impairments ( 5,663 ) ( 3,176 ) ( 15,974 ) ( 6,498 )

Fair value $ 37,561 $ 37,039 $ 82,239 $ 43,047

Related Party Transactions

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.

As of September 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 September 30, 2025 and December 31, 2024, respectively) an approximate 22.7 % and 23.0 % interest as of September 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 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.

As of September 30, 2025, the Company had commitments to acquire one single-family property through its traditional acquisition channel for a purchase price of $ 0.3 million, as well as $ 125.1 million in purchase commitments for land relating to our AMH Development Program, which includes certain land deals expected to close beyond twelve months when development is ready to commence.

Purchase commitments exclude option contracts where we have acquired the right to purchase land for our AMH Development Program or single-family properties because the contracts do not contain provisions requiring our specific performance.

As of 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.

As of September 30, 2025, the Company had sales in escrow for 222 of our single-family properties and 501 of our land lots for an aggregate selling price of $ 111.6 million.

As of September 30, 2025, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $ 183.9 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 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):

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 nine months ended September 30, 2025 and 2024 (amounts in thousands):

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

5 unchanged sentences

Total property operating expenses $ 181,604 $ 172,031 $ 509,223 $ 477,428

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):

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

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

19 unchanged sentences

Depreciation and amortization ( 126,656 ) ( 119,691 ) ( 378,523 ) ( 353,020 )

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

Loss on early extinguishment of debt ( 180 ) ( 5,306 ) ( 396 ) ( 6,323 )

4 unchanged sentences

Subsequent Acquisitions

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.

From October 1, 2025 through October 23, 2025, the Company added 131 single-family properties to its portfolio for a total cost of approximately $ 53.8 million, which included 130 newly constructed properties delivered through our AMH Development Program and one property acquired through our traditional acquisition channel.

Subsequent Dispositions

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.

From October 1, 2025 through October 23, 2025, the Company disposed of 159 single-family properties for aggregate net proceeds of approximately $ 49.4 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