American Homes 4 Rent 10-Q

Item 1. Financial Statements American Homes 4 Rent Condensed Consolidated Balance Sheets (Amounts in thousands, except share and per share data) September 30, 2025 December 31, 2024 (Unaudited) Assets Single-family properties: Land $ 2,404,153 $ 2,370,006 Buildings and improvements 11,930,388 11,559,461 Single-family properties in operation 14,334,541 13,929,467 Less: accumulated depreciation ( 3,298,648 ) ( 3,048,868 ) Single-family properties in operation, net 11,035,893 10,880,599 Single-family properties under development and development land 1,215,323 1,272,284 Single-family properties and land held for sale, net 219,637 212,808 Total real estate assets, net 12,470,853 12,365,691 Cash and cash equivalents 45,631 199,413 Restricted cash 130,104 150,803 Rent and other receivables 56,493 48,452 Escrow deposits, prepaid expenses and other assets 268,120 337,379 Investments in unconsolidated joint ventures 161,986 159,134 Goodwill 120,279 120,279 Total assets $ 13,253,466 $ 13,381,151 Liabilities Revolving credit facility $ 110,000 $ — Asset-backed securitizations, net — 924,344 Unsecured senior notes, net 4,733,543 4,086,418 Accounts payable and accrued expenses 571,956 521,759 Total liabilities 5,415,499 5,532,521 Commitments and contingencies (see Note 15) Equity Shareholders’ equity: 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) 3,705 3,690 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) 6 6 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) 92 92 Additional paid-in capital 7,550,962 7,529,008 Accumulated deficit ( 400,445 ) ( 380,632 ) Accumulated other comprehensive income 6,944 7,852 Total shareholders’ equity 7,161,264 7,160,016 Noncontrolling interest 676,703 688,614 Total equity 7,837,967 7,848,630 Total liabilities and equity $ 13,253,466 $ 13,381,151 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 American Homes 4 Rent Condensed Consolidated Statements of Operations (Amounts in thousands, except share and per share data) (Unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Rents and other single-family property revenues $ 478,464 $ 445,055 $ 1,395,243 $ 1,292,104 Expenses: Property operating expenses 181,604 172,031 509,223 477,428 Property management expenses 33,384 31,973 101,977 95,757 General and administrative expense 20,503 19,247 60,182 62,825 Interest expense 48,199 43,611 139,928 120,866 Acquisition and other transaction costs 3,661 2,605 9,377 8,866 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 Gain on sale and impairment of single-family properties and other, net 47,620 32,697 161,544 145,490 Loss on early extinguishment of debt ( 180 ) ( 5,306 ) ( 396 ) ( 6,323 ) Other income and expense, net 4,904 8,256 11,957 15,664 Net income 116,801 87,640 369,138 324,269 Noncontrolling interest 13,618 10,333 43,458 38,559 Dividends on preferred shares 3,486 3,486 10,458 10,458 Net income attributable to common shareholders $ 99,697 $ 73,821 $ 315,222 $ 275,252 Weighted-average common shares outstanding: Basic 371,248,842 366,981,466 370,721,279 366,757,369 Diluted 371,580,911 367,600,636 371,084,326 367,294,979 Net income attributable to common shareholders per share: Basic $ 0.27 $ 0.20 $ 0.85 $ 0.75 Diluted $ 0.27 $ 0.20 $ 0.85 $ 0.75 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 American Homes 4 Rent Condensed Consolidated Statements of Comprehensive Income (Amounts in thousands) (Unaudited) For the Three 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 (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 (loss) income ( 349 ) 2,462 ( 1,051 ) 2,180 Comprehensive income 116,452 90,102 368,087 326,449 Comprehensive income attributable to noncontrolling interests 13,577 10,636 43,327 38,826 Dividends on preferred shares 3,486 3,486 10,458 10,458 Comprehensive income attributable to common shareholders $ 99,389 $ 75,980 $ 314,302 $ 277,165 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 American Homes 4 Rent Condensed Consolidated Statements of Equity (Amounts in thousands, except share and per share data) (Unaudited) Class A common shares Class B common shares Preferred shares Number of shares Amount Number of shares Amount Number of shares Amount Additional paid-in capital Accumulated deficit Accumulated other comprehensive income Shareholders’ equity Noncontrolling interest Total equity Balances at December 31, 2023 364,296,431 $ 3,643 635,075 $ 6 9,200,000 $ 92 $ 7,357,848 $ ( 394,908 ) $ 843 $ 6,967,524 $ 685,359 $ 7,652,883 Share-based compensation — — — — — — 9,925 — — 9,925 — 9,925 Common stock issued under share-based compensation plans, net of shares withheld for employee taxes 457,794 5 — — — — ( 6,518 ) — — ( 6,513 ) — ( 6,513 ) Issuance of Class A common shares, net of offering costs of $ 34 932,746 9 — — — — 33,206 — — 33,215 — 33,215 Distributions to equity holders: Preferred shares (Note 10) — — — — — — — ( 3,486 ) — ( 3,486 ) — ( 3,486 ) Noncontrolling interests — — — — — — — — — — ( 13,358 ) ( 13,358 ) Common shares ($ 0.26 per share) — — — — — — — ( 95,889 ) — ( 95,889 ) — ( 95,889 ) Net income — — — — — — — 112,775 — 112,775 15,320 128,095 Total other comprehensive loss — — — — — — — — ( 122 ) ( 122 ) ( 19 ) ( 141 ) Balances at March 31, 2024 365,686,971 $ 3,657 635,075 $ 6 9,200,000 $ 92 $ 7,394,461 $ ( 381,508 ) $ 721 $ 7,017,429 $ 687,302 $ 7,704,731 Share-based compensation — — — — — — 10,484 — — 10,484 — 10,484 Common stock issued under share-based compensation plans, net of shares withheld for employee taxes 176,574 2 — — — — 1,153 — — 1,155 — 1,155 Distributions to equity holders: Preferred shares (Note 10) — — — — — — — ( 3,486 ) — ( 3,486 ) — ( 3,486 ) Noncontrolling interests — — — — — — — — — — ( 13,358 ) ( 13,358 ) Common shares ($ 0.26 per share) — — — — — — — ( 95,932 ) — ( 95,932 ) — ( 95,932 ) Net income — — — — — — — 95,628 — 95,628 12,906 108,534 Total other comprehensive loss — — — — — — — — ( 124 ) ( 124 ) ( 17 ) ( 141 ) Balances at June 30, 2024 365,863,545 $ 3,659 635,075 $ 6 9,200,000 $ 92 $ 7,406,098 $ ( 385,298 ) $ 597 $ 7,025,154 $ 686,833 $ 7,711,987 4 American Homes 4 Rent Condensed Consolidated Statements of Equity (continued) (Amounts in thousands, except share and per share data) (Unaudited) Class A common shares Class B common shares Preferred shares Number of shares Amount Number of shares Amount Number of shares Amount Additional paid-in capital Accumulated deficit Accumulated other comprehensive income Shareholders’ equity Noncontrolling interest Total equity 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 5 American Homes 4 Rent Condensed Consolidated Statements of Equity (continued) (Amounts in thousands, except share and per share data) (Unaudited) Class A common shares Class B common shares Preferred shares Number of shares Amount Number of shares Amount Number of shares Amount Additional paid-in capital Accumulated deficit Accumulated other comprehensive income Shareholders’ equity Noncontrolling interest Total equity 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 Share-based compensation — — — — — — 7,661 — — 7,661 — 7,661 Common stock issued under share-based compensation plans, net of shares withheld for employee taxes 537,128 5 — — — — ( 10,375 ) — — ( 10,370 ) — ( 10,370 ) Distributions to equity holders: Preferred shares (Note 10) — — — — — — — ( 3,486 ) — ( 3,486 ) — ( 3,486 ) Noncontrolling interests — — — — — — — — — — ( 15,413 ) ( 15,413 ) Common shares ($ 0.30 per share) — — — — — — — ( 111,724 ) — ( 111,724 ) — ( 111,724 ) Net income — — — — — — — 113,458 — 113,458 15,255 128,713 Total other comprehensive loss — — — — — — — — ( 1,666 ) ( 1,666 ) ( 234 ) ( 1,900 ) Balances at March 31, 2025 369,525,121 $ 3,695 635,075 $ 6 9,200,000 $ 92 $ 7,526,294 $ ( 382,384 ) $ 6,186 $ 7,153,889 $ 688,222 $ 7,842,111 Share-based compensation — — — — — — 6,473 — — 6,473 — 6,473 Common stock issued under share-based compensation plans, net of shares withheld for employee taxes 187,459 2 — — — — 2,773 — — 2,775 — 2,775 Redemptions of Class A units 550,000 5 — — — — 7,352 — 9 7,366 ( 7,366 ) — Distributions to equity holders: Preferred shares (Note 10) — — — — — — — ( 3,486 ) — ( 3,486 ) — ( 3,486 ) Noncontrolling interests — — — — — — — — — — ( 15,248 ) ( 15,248 ) Common shares ($ 0.30 per share) — — — — — — — ( 111,904 ) — ( 111,904 ) — ( 111,904 ) Net income — — — — — — — 109,039 — 109,039 14,585 123,624 Total other comprehensive income — — — — — — — 1,054 1,054 144 1,198 Balances at June 30, 2025 370,262,580 $ 3,702 635,075 $ 6 9,200,000 $ 92 $ 7,542,892 $ ( 388,735 ) $ 7,249 $ 7,165,206 $ 680,337 $ 7,845,543 6 American Homes 4 Rent Condensed Consolidated Statements of Equity (continued) (Amounts in thousands, except share and per share data) (Unaudited) Class A common shares Class B common shares Preferred shares Number of shares Amount Number of shares Amount Number of shares Amount Additional paid-in capital Accumulated deficit Accumulated other comprehensive income Shareholders’ equity Noncontrolling interest Total equity 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. 7 American Homes 4 Rent Condensed Consolidated Statements of Cash Flows (Amounts in thousands) (Unaudited) For the Nine Months Ended September 30, 2025 2024 Operating activities Net income $ 369,138 $ 324,269 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 378,523 353,020 Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments 7,618 8,966 Noncash share-based compensation 20,359 26,152 Loss on early extinguishment of debt 396 6,323 Equity in net (income) loss of unconsolidated entities ( 30 ) 454 Return on investment from unconsolidated joint ventures 2,959 1,946 Gain on sale and impairment of single-family properties and other, net ( 161,544 ) ( 145,490 ) Other changes in operating assets and liabilities: Rent and other receivables ( 10,473 ) ( 6,904 ) Prepaid expenses and other assets 19,603 17,922 Deferred leasing costs ( 3,102 ) ( 2,832 ) Accounts payable and accrued expenses 94,010 125,788 Amounts due from related parties 1,058 ( 266 ) Net cash provided by operating activities 718,515 709,348 Investing activities Cash paid for single-family properties ( 19,029 ) ( 12,013 ) Change in escrow deposits for purchase of single-family properties ( 3,139 ) ( 5,870 ) 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 Investment in unconsolidated joint ventures ( 12,578 ) ( 15,538 ) Distributions from unconsolidated entities 63,856 115,409 Renovations to single-family properties ( 30,298 ) ( 29,771 ) Recurring and other capital expenditures for single-family properties ( 93,834 ) ( 81,197 ) 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 Other investing activities ( 22,638 ) ( 20,604 ) Net cash used for investing activities ( 280,631 ) ( 293,048 ) Financing activities Proceeds from issuance of Class A common shares — 33,249 Payments of Class A common share issuance costs — ( 34 ) Proceeds from issuances under share-based compensation plans 4,078 3,875 Payments related to tax withholding for share-based compensation ( 11,830 ) ( 8,842 ) Payments on asset-backed securitizations ( 925,787 ) ( 948,812 ) Proceeds from revolving credit facility 520,000 — Payments on revolving credit facility ( 410,000 ) ( 90,000 ) Proceeds from unsecured senior notes, net of discount 646,385 1,096,633 Settlement of cash flow hedging instruments 31 — Payments related to liabilities to repurchase consolidated land not owned ( 38,174 ) ( 47,863 ) Distributions to noncontrolling interests ( 45,790 ) ( 39,965 ) Distributions to common shareholders ( 335,627 ) ( 287,126 ) Distributions to preferred shareholders ( 10,458 ) ( 10,458 ) Deferred financing costs paid ( 5,193 ) ( 20,969 ) 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 Cash, cash equivalents and restricted cash, end of period (see Note 3) $ 175,735 $ 317,849 8 American Homes 4 Rent Condensed Consolidated Statements of Cash Flows (continued) (Amounts in thousands) (Unaudited) For the Nine Months Ended September 30, 2025 2024 Supplemental cash flow information Cash payments for interest, net of amounts capitalized $ ( 147,216 ) $ ( 109,684 ) Supplemental schedule of noncash investing and financing activities Accrued property renovations and development expenditures $ 48,328 $ 58,723 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 Accrued distributions to affiliates 1,325 1,717 Accrued distributions to non-affiliates 175 162 The accompanying notes are an integral part of these condensed consolidated financial statements. 9 American Homes 4 Rent, L.P. Condensed Consolidated Balance Sheets (Amounts in thousands, except unit and per unit data) September 30, 2025 December 31, 2024 (Unaudited) Assets Single-family properties: Land $ 2,404,153 $ 2,370,006 Buildings and improvements 11,930,388 11,559,461 Single-family properties in operation 14,334,541 13,929,467 Less: accumulated depreciation ( 3,298,648 ) ( 3,048,868 ) Single-family properties in operation, net 11,035,893 10,880,599 Single-family properties under development and development land 1,215,323 1,272,284 Single-family properties and land held for sale, net 219,637 212,808 Total real estate assets, net 12,470,853 12,365,691 Cash and cash equivalents 45,631 199,413 Restricted cash 130,104 150,803 Rent and other receivables 56,493 48,452 Escrow deposits, prepaid expenses and other assets 268,120 337,379 Investments in unconsolidated joint ventures 161,986 159,134 Goodwill 120,279 120,279 Total assets $ 13,253,466 $ 13,381,151 Liabilities Revolving credit facility $ 110,000 $ — Asset-backed securitizations, net — 924,344 Unsecured senior notes, net 4,733,543 4,086,418 Accounts payable and accrued expenses 571,956 521,759 Total liabilities 5,415,499 5,532,521 Commitments and contingencies (see Note 15) Capital Partners’ capital: General partner: 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 September 30, 2025 and December 31, 2024) 221,840 221,840 Limited partner: 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 Accumulated other comprehensive income 7,891 8,942 Total capital 7,837,967 7,848,630 Total liabilities and capital $ 13,253,466 $ 13,381,151 The accompanying notes are an integral part of these condensed consolidated financial statements. 10 American Homes 4 Rent, L.P. Condensed Consolidated Statements of Operations (Amounts in thousands, except unit and per unit data) (Unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Rents and other single-family property revenues $ 478,464 $ 445,055 $ 1,395,243 $ 1,292,104 Expenses: Property operating expenses 181,604 172,031 509,223 477,428 Property management expenses 33,384 31,973 101,977 95,757 General and administrative expense 20,503 19,247 60,182 62,825 Interest expense 48,199 43,611 139,928 120,866 Acquisition and other transaction costs 3,661 2,605 9,377 8,866 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 Gain on sale and impairment of single-family properties and other, net 47,620 32,697 161,544 145,490 Loss on early extinguishment of debt ( 180 ) ( 5,306 ) ( 396 ) ( 6,323 ) Other income and expense, net 4,904 8,256 11,957 15,664 Net income 116,801 87,640 369,138 324,269 Preferred distributions 3,486 3,486 10,458 10,458 Net income attributable to common unitholders $ 113,315 $ 84,154 $ 358,680 $ 313,811 Weighted-average common units outstanding: Basic 421,981,257 418,358,446 421,831,592 418,134,349 Diluted 422,313,326 418,977,616 422,194,639 418,671,959 Net income attributable to common unitholders per unit: Basic $ 0.27 $ 0.20 $ 0.85 $ 0.75 Diluted $ 0.27 $ 0.20 $ 0.85 $ 0.75 The accompanying notes are an integral part of these condensed consolidated financial statements. 11 American Homes 4 Rent, L.P. Condensed Consolidated Statements of Comprehensive Income (Amounts in thousands) (Unaudited) For the Three 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 (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 (loss) income ( 349 ) 2,462 ( 1,051 ) 2,180 Comprehensive income 116,452 90,102 368,087 326,449 Preferred distributions 3,486 3,486 10,458 10,458 Comprehensive income attributable to common unitholders $ 112,966 $ 86,616 $ 357,629 $ 315,991 The accompanying notes are an integral part of these condensed consolidated financial statements. 12 American Homes 4 Rent, L.P. Condensed Consolidated Statements of Capital (Amounts in thousands, except unit and per unit data) (Unaudited) General Partner Limited Partners Accumulated other comprehensive income Total capital Common capital Preferred capital amount Common capital Number of units Amount Number of units Amount Balances at December 31, 2023 364,931,506 $ 6,744,841 $ 221,840 51,376,980 $ 685,240 $ 962 $ 7,652,883 Share-based compensation — 9,925 — — — — 9,925 Common units issued under share-based compensation plans, net of units withheld for employee taxes 457,794 ( 6,513 ) — — — — ( 6,513 ) Issuance of Class A common units, net of offering costs of $ 34 932,746 33,215 — — — — 33,215 Distributions to capital holders: Preferred units (Note 10) — — ( 3,486 ) — — — ( 3,486 ) Common units ($ 0.26 per unit) — ( 95,889 ) — — ( 13,358 ) — ( 109,247 ) Net income — 109,289 3,486 — 15,320 — 128,095 Total other comprehensive loss — — — — — ( 141 ) ( 141 ) Balances at March 31, 2024 366,322,046 $ 6,794,868 $ 221,840 51,376,980 $ 687,202 $ 821 $ 7,704,731 Share-based compensation — 10,484 — — — — 10,484 Common units issued under share-based compensation plans, net of units withheld for employee taxes 176,574 1,155 — — — — 1,155 Distributions to capital holders: Preferred units (Note 10) — — ( 3,486 ) — — — ( 3,486 ) Common units ($ 0.26 per unit) — ( 95,932 ) — — ( 13,358 ) — ( 109,290 ) Net income — 92,142 3,486 — 12,906 — 108,534 Total other comprehensive loss — — — — — ( 141 ) ( 141 ) Balances at June 30, 2024 366,498,620 $ 6,802,717 $ 221,840 51,376,980 $ 686,750 $ 680 $ 7,711,987 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 13 American Homes 4 Rent, L.P. Condensed Consolidated Statements of Capital (continued) (Amounts in thousands, except unit and per unit data) (Unaudited) General Partner Limited Partners Accumulated other comprehensive income Total capital Common capital Preferred capital amount Common capital Number of units Amount Number of units Amount Balances at December 31, 2024 369,623,068 $ 6,930,324 $ 221,840 51,376,980 $ 687,524 $ 8,942 $ 7,848,630 Share-based compensation — 7,661 — — — — 7,661 Common units issued under share-based compensation plans, net of units withheld for employee taxes 537,128 ( 10,370 ) — — — — ( 10,370 ) Distributions to capital holders: Preferred units (Note 10) — — ( 3,486 ) — — — ( 3,486 ) Common units ($ 0.30 per unit) — ( 111,724 ) — — ( 15,413 ) — ( 127,137 ) Net income — 109,972 3,486 — 15,255 — 128,713 Total other comprehensive loss — — — — — ( 1,900 ) ( 1,900 ) Balances at March 31, 2025 370,160,196 $ 6,925,863 $ 221,840 51,376,980 $ 687,366 $ 7,042 $ 7,842,111 Share-based compensation — 6,473 — — — — 6,473 Common units issued under share-based compensation plans, net of units withheld for employee taxes 187,459 2,775 — — — — 2,775 Redemptions of Class A units 550,000 7,357 — ( 550,000 ) ( 7,357 ) — — Distributions to capital holders: Preferred units (Note 10) — — ( 3,486 ) — — — ( 3,486 ) Common units ($ 0.30 per unit) — ( 111,904 ) — — ( 15,248 ) — ( 127,152 ) Net income — 105,553 3,486 — 14,585 — 123,624 Total other comprehensive income — — — — — 1,198 1,198 Balances at June 30, 2025 370,897,655 $ 6,936,117 $ 221,840 50,826,980 $ 679,346 $ 8,240 $ 7,845,543 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. 14 American Homes 4 Rent, L.P. Condensed Consolidated Statements of Cash Flows (Amounts in thousands) (Unaudited) For the Nine Months Ended September 30, 2025 2024 Operating activities Net income $ 369,138 $ 324,269 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 378,523 353,020 Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments 7,618 8,966 Noncash share-based compensation 20,359 26,152 Loss on early extinguishment of debt 396 6,323 Equity in net (income) loss of unconsolidated entities ( 30 ) 454 Return on investment from unconsolidated joint ventures 2,959 1,946 Gain on sale and impairment of single-family properties and other, net ( 161,544 ) ( 145,490 ) Other changes in operating assets and liabilities: Rent and other receivables ( 10,473 ) ( 6,904 ) Prepaid expenses and other assets 19,603 17,922 Deferred leasing costs ( 3,102 ) ( 2,832 ) Accounts payable and accrued expenses 94,010 125,788 Amounts due from related parties 1,058 ( 266 ) Net cash provided by operating activities 718,515 709,348 Investing activities Cash paid for single-family properties ( 19,029 ) ( 12,013 ) Change in escrow deposits for purchase of single-family properties ( 3,139 ) ( 5,870 ) 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 Investment in unconsolidated joint ventures ( 12,578 ) ( 15,538 ) Distributions from unconsolidated entities 63,856 115,409 Renovations to single-family properties ( 30,298 ) ( 29,771 ) Recurring and other capital expenditures for single-family properties ( 93,834 ) ( 81,197 ) 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 Other investing activities ( 22,638 ) ( 20,604 ) Net cash used for investing activities ( 280,631 ) ( 293,048 ) Financing activities Proceeds from issuance of Class A common units — 33,249 Payments of Class A common unit issuance costs — ( 34 ) Proceeds from issuances under share-based compensation plans 4,078 3,875 Payments related to tax withholding for share-based compensation ( 11,830 ) ( 8,842 ) Payments on asset-backed securitizations ( 925,787 ) ( 948,812 ) Proceeds from revolving credit facility 520,000 — Payments on revolving credit facility ( 410,000 ) ( 90,000 ) Proceeds from unsecured senior notes, net of discount 646,385 1,096,633 Settlement of cash flow hedging instruments 31 — Payments related to liabilities to repurchase consolidated land not owned ( 38,174 ) ( 47,863 ) Distributions to common unitholders ( 381,417 ) ( 327,091 ) Distributions to preferred unitholders ( 10,458 ) ( 10,458 ) Deferred financing costs paid ( 5,193 ) ( 20,969 ) 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 Cash, cash equivalents and restricted cash, end of period (see Note 3) $ 175,735 $ 317,849 15 American Homes 4 Rent, L.P. Condensed Consolidated Statements of Cash Flows (continued) (Amounts in thousands) (Unaudited) For the Nine Months Ended September 30, 2025 2024 Supplemental cash flow information Cash payments for interest, net of amounts capitalized $ ( 147,216 ) $ ( 109,684 ) Supplemental schedule of noncash investing and financing activities Accrued property renovations and development expenditures $ 48,328 $ 58,723 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 Accrued distributions to affiliates 1,325 1,717 Accrued distributions to non-affiliates 175 162 The accompanying notes are an integral part of these condensed consolidated financial statements. 16 American Homes 4 Rent American Homes 4 Rent, L.P. Notes to Unaudited Condensed Consolidated Financial Statements Note 1. Organization and Operations American Homes 4 Rent (“AMH” or the “General Partner”) is an internally managed Maryland real estate investment trust (“REIT”) formed on October 19, 2012 for the purpose of acquiring, developing, renovating, leasing and managing single-family homes as rental properties. American Homes 4 Rent, L.P., a Delaware limited partnership formed on October 22, 2012, and its consolidated subsidiaries (collectively, the “Operating Partnership” or the “OP”) is the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its assets. References to the “Company,” “we,” “our” and “us” mean collectively AMH, the Operating Partnership and those entities/subsidiaries owned or controlled by AMH and/or the Operating Partnership. As of September 30, 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. As the sole general partner of the Operating Partnership, AMH has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AMH and the Operating Partnership as one business, and the management of AMH consists of the same members as the management of the Operating Partnership. AMH’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AMH is its partnership interest in the Operating Partnership. As a result, AMH generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. AMH itself is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity. AMH contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AMH receives Operating Partnership units (“OP units”) equal to the number of shares it has issued in the equity offering. Based on the terms of the Agreement of Limited Partnership of the Operating Partnership, as amended, OP units can be exchanged for shares on a one -for-one basis. Except for net proceeds from equity issuances by AMH, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of OP units. Note 2. Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s review of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair statement of the condensed consolidated financial statements for the interim periods have been made. The operating results for interim periods are not necessarily indicative of results for other interim periods or the full year. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Principles of Consolidation The condensed consolidated financial statements present the accounts of both (i) the Company, which include AMH, the Operating Partnership and their consolidated subsidiaries, and (ii) the Operating Partnership, which include the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. 17 The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”) , when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. Entities that are not VIEs and for which the Company owns an interest and has the ability to exercise significant influence but does not control are accounted for under the equity method of accounting as an investment in an unconsolidated entity and are included in investments in unconsolidated joint ventures within the condensed consolidated balance sheets. 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. 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. The QI established a special purpose entity, which was determined to be a VIE (the “1031 VIE”), to hold the disposition proceeds in an escrow account and the 1031 VIE must use the proceeds to acquire replacement real property for the Company in a manner consistent with the requirements of Section 1031 of the Code. To the extent the proceeds are not used to acquire replacement real property, the 1031 VIE pays the proceeds to the Company. The Company is the primary beneficiary of the 1031 VIE as it retains essentially all economic benefits related to the 1031 VIE and directs the activities that most significantly impact the 1031 VIE’s economic performance and therefore the 1031 VIE and the related disposition proceeds are consolidated within the condensed consolidated financial statements. The Company also holds investments in proptech venture capital funds and deposits with land banking entities that we determined are VIEs. As the Company does not control the activities that most significantly impact the economic performance of these entities, the Company was deemed not to be the primary beneficiary and therefore did not consolidate the entities. The investments in the unconsolidated venture capital funds are accounted for under the equity method of accounting and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. As of September 30, 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 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 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. The guidance is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments in this ASU should be applied 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 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. Note 3. Cash, Cash Equivalents and Restricted Cash Restricted cash primarily consists of funds held related to resident security deposits, cash reserves in accordance with certain loan agreements, funds held in the custody of our transfer agent for the payment of distributions and certain funds held for the purpose of facilitating 1031 Exchange transactions when proceeds are held prior to the completion of transactions. Funds held related to resident security deposits are restricted during the term of the related lease agreement, which is generally one year . Cash reserved in connection with lender requirements is restricted during the term of the related debt instrument. 18 The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets (amounts in thousands): September 30, December 31, 2025 2024 2024 2023 Cash and cash equivalents $ 45,631 $ 162,477 $ 199,413 $ 59,385 Restricted cash 130,104 155,372 150,803 162,476 Total cash, cash equivalents and restricted cash $ 175,735 $ 317,849 $ 350,216 $ 221,861 Note 4. Real Estate Assets, Net 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 Single-family properties leased, not yet occupied 110,982 81,154 Single-family properties in turnover process 528,062 397,850 Single-family properties recently renovated or developed 93,755 226,199 Single-family properties newly acquired and under renovation 3,944 1,260 Single-family properties in operation, net 11,035,893 10,880,599 Development land 591,424 602,147 Single-family properties under development 623,899 670,137 Single-family properties and land held for sale, net 219,637 212,808 Total real estate assets, net $ 12,470,853 $ 12,365,691 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 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. See Note 13. Fair Value for details on nonrecurring fair value measurements and impairment of single-family properties and land upon classification as held for sale. Note 5. 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 $ 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 September 30, 2025 (amounts in thousands): September 30, 2025 Remaining 2025 $ 361,999 2026 559,902 2027 27,330 Total $ 949,231 19 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. Note 6. Escrow Deposits, Prepaid Expenses and Other Assets The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of September 30, 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 Escrow deposits, prepaid expenses and other 95,414 115,801 Consolidated land not owned 37,010 89,745 Operating lease right-of-use assets 15,709 14,729 Deferred costs and other intangibles, net 10,506 12,401 Notes receivable, net 299 515 Total $ 268,120 $ 337,379 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 September 30, 2025 and December 31, 2024 (amounts in thousands): September 30, 2025 December 31, 2024 Deferred leasing costs $ 3,911 $ 3,746 Deferred financing costs 11,512 11,512 15,423 15,258 Less: accumulated amortization ( 4,917 ) ( 2,857 ) Total $ 10,506 $ 12,401 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. Debt). 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): Deferred Leasing Costs Deferred Financing Costs Total Remaining 2025 $ 875 $ 579 $ 1,454 2026 907 2,300 3,207 2027 — 2,300 2,300 2028 — 2,309 2,309 2029 — 1,236 1,236 Total $ 1,782 $ 8,724 $ 10,506 Note 7. Investments in 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. 20 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. Morgan JV I”) and third quarter of 2023 (“J.P. Morgan JV II”). 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 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 Institutional Investor JV 20 % 1,015 10,812 12,349 J.P. Morgan JV I 20 % 2,334 81,338 104,232 J.P. Morgan JV II 20 % 219 59,321 26,955 3,721 $ 161,986 $ 159,134 The Company provides various services to these joint ventures, which are considered to be related parties, including property management and development services and has opportunities to earn promoted interests. Management fee and development fee income from unconsolidated joint ventures was $ 3.6 million and $ 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. The Company also transfers single-family properties or land to the joint ventures in the ordinary course of business and any gains or losses on transfers are included in gain on sale and impairment of single-family properties and other, net in the condensed consolidated statements of operations. During the second quarter of 2024, the Institutional Investor JV amended its existing loan agreement. During the three-year term, the loan, which has an aggregate commitment of $ 232.7 million, bears interest at the Secured Overnight Financing Rate (“SOFR”) plus a 1.90 % margin and matures on July 1, 2027. As of 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. Morgan JV I amended its existing loan agreement to increase borrowing capacity to $ 500.0 million. During the initial three-year term, the loan bears interest at SOFR plus a 1.50 % margin and matures on January 24, 2028. The loan agreement provides for one one-year extension option that includes additional fees and interest. As of September 30, 2025, J.P. Morgan JV I’s loan had a $ 458.1 million outstanding principal balance. The Company has provided customary non-recourse guarantees for the Institutional Investor JV and J.P. Morgan JV I loans that may become a liability for us upon a voluntary bankruptcy filing by the joint ventures or the occurrence of other actions such as fraud or a material misrepresentation by us or the joint ventures. To date, the guarantees have not been invoked, and we believe that the actions that would trigger a guarantee would generally be disadvantageous to the joint ventures and us and therefore are unlikely to occur. However, there can be no assurances that actions that could trigger the guarantee will not occur. 21 Note 8. Debt All of the Company’s indebtedness is debt of the Operating Partnership. AMH is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The following table presents the Company’s debt as of September 30, 2025 and December 31, 2024 (amounts in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 30, 2025 December 31, 2024 AMH 2015-SFR1 securitization 4.14 % N/A $ — $ 494,868 AMH 2015-SFR2 securitization 4.36 % N/A — 430,523 Total asset-backed securitizations — 925,391 2028 unsecured senior notes (2) 4.08 % February 15, 2028 500,000 500,000 2029 unsecured senior notes 4.90 % February 15, 2029 400,000 400,000 2030 unsecured senior notes 4.95 % June 15, 2030 650,000 — 2031 unsecured senior notes (3) 2.46 % July 15, 2031 450,000 450,000 2032 unsecured senior notes 3.63 % April 15, 2032 600,000 600,000 2034 unsecured senior notes I 5.50 % February 1, 2034 600,000 600,000 2034 unsecured senior notes II 5.50 % July 15, 2034 500,000 500,000 2035 unsecured senior notes (4) 5.08 % March 15, 2035 500,000 500,000 2051 unsecured senior notes 3.38 % July 15, 2051 300,000 300,000 2052 unsecured senior notes 4.30 % April 15, 2052 300,000 300,000 Revolving credit facility (5) 5.19 % July 16, 2029 110,000 — Total debt 4,910,000 5,075,391 Unamortized discounts on unsecured senior notes ( 36,160 ) ( 35,594 ) Deferred financing costs, net (6) ( 30,297 ) ( 29,035 ) Total debt per balance sheet $ 4,843,543 $ 5,010,762 (1) Interest rates are rounded and as of September 30, 2025. Unless otherwise stated, interest rates are fixed percentages. (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 %. (3) The stated interest rate on the 2031 unsecured senior notes is 2.38 %, which was hedged to yield an interest rate of 2.46 %. (4) The stated interest rate on the 2035 unsecured senior notes is 5.25 %, which was hedged to yield an interest rate of 5.08 %. (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 $ 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 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 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. Unsecured Senior Notes During the second quarter of 2025, the Operating Partnership issued $ 650.0 million of 4.950 % unsecured senior notes with a maturity date of June 15, 2030 (the “2030 Notes”). Interest on the 2030 Notes is payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2025. The Operating Partnership received aggregate net proceeds of $ 642.5 million from this offering, after underwriting fees of $ 3.9 million and a $ 3.6 million discount, and before offering costs of $ 1.3 million. The Operating Partnership used the net proceeds primarily to repay outstanding indebtedness, including repayment of amounts outstanding on its revolving credit facility, as well as general corporate purposes. The Operating Partnership may redeem the 2030 Notes in whole 22 at any time or in part from time to time at the applicable redemption price specified in the indenture. If the 2030 Notes are redeemed on or after May 15, 2030 (one month prior to the maturity date), the redemption price will be equal to 100 % of the principal amount of the 2030 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The 2030 Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness. The indenture requires that we maintain certain financial covenants. Debt Maturities The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of September 30, 2025 (amounts in thousands): Debt Maturities Remaining 2025 $ — 2026 — 2027 — 2028 500,000 2029 510,000 Thereafter 3,900,000 Total debt $ 4,910,000 Interest Expense The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Gross interest cost $ 61,913 $ 56,505 $ 181,715 $ 161,113 Capitalized interest ( 13,714 ) ( 12,894 ) ( 41,787 ) ( 40,247 ) Interest expense $ 48,199 $ 43,611 $ 139,928 $ 120,866 Note 9. Accounts Payable and Accrued Expenses 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 construction and maintenance liabilities 55,829 80,710 Accrued interest 50,918 65,824 Liability for consolidated land not owned 34,038 74,518 Prepaid rent 29,206 30,153 Operating lease liabilities 17,245 16,309 Accounts payable 405 96 Other accrued liabilities 70,936 69,728 Total $ 571,956 $ 521,759 Note 10. Shareholders’ Equity / Partners’ Capital When the Company issues common or preferred 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. 23 At-the-Market Common Share Offering Program The Company maintains an at-the-market common share offering program under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $ 1.0 billion (the “At-the-Market Program”). The At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers. The 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. 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 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 The Company’s board of trustees authorized the establishment of our share repurchase program for the repurchase of up to $ 300.0 million of our outstanding Class A common shares and up to $ 250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions. The program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. 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 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 Series G perpetual preferred shares July 17, 2017 July 17, 2022 5.875 % 4,600,000 $ 115,000 4,600,000 $ 115,000 Series H perpetual preferred shares September 19, 2018 September 19, 2023 6.250 % 4,600,000 115,000 4,600,000 115,000 Total preferred shares 9,200,000 $ 230,000 9,200,000 $ 230,000 Distributions The Company’s board of trustees declared the following distributions during the respective quarters. The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding OP units. For the Three Months Ended Security September 30, 2025 June 30, 2025 March 31, 2025 September 30, 2024 June 30, 2024 March 31, 2024 Class A and Class B common shares $ 0.30 $ 0.30 $ 0.30 $ 0.26 $ 0.26 $ 0.26 5.875 % Series G perpetual preferred shares 0.37 0.37 0.37 0.37 0.37 0.37 6.250 % Series H perpetual preferred shares 0.39 0.39 0.39 0.39 0.39 0.39 Noncontrolling Interest Noncontrolling interest as reflected in the Company’s condensed consolidated balance sheets primarily consists of the interests held by former American Homes 4 Rent, LLC (“AH LLC”) members in units in the Operating Partnership. Former AH LLC members owned 50,079,990 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 421,780,376 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 24 noncontrolling interest in the Company’s condensed consolidated balance sheets and limited partner capital in the Operating Partnership’s condensed consolidated balance sheets. Note 11. Share-Based Compensation 2021 Equity Incentive Plan The Company’s 2021 Equity Incentive Plan (the “2021 Plan”), which replaced the 2012 Equity Incentive Plan (the “2012 Plan”), provides for the issuance of Class A common shares through the grant of a variety of awards including stock options, stock appreciation rights, restricted share units (“RSUs”), unrestricted shares, dividend equivalent rights and performance-based awards. When the Company issues Class A common shares under the 2012 Plan and 2021 Plan, the Operating Partnership issues an equivalent number of Class A units to AMH. RSUs granted to employees during the nine months ended September 30, 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”). The number of PSUs that may ultimately vest range from zero to 200 % of the number of PSUs granted based on the level of achievement of these performance conditions. For the TSR Awards, grant date fair value was determined using a multifactor Monte Carlo model and the resulting compensation cost is amortized over the service period regardless of whether the performance condition is achieved. For the Core FFO Awards, fair value is based on the market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period. The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2025 and 2024: For the Nine Months Ended September 30, 2025 2024 Options outstanding at beginning of period 329,500 522,675 Granted — — Exercised ( 126,500 ) ( 132,675 ) Forfeited — — Options outstanding at end of period 203,000 390,000 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 nine months ended September 30, 2025 and 2024: For the Nine Months Ended September 30, 2025 2024 RSUs outstanding at beginning of period 1,187,544 1,090,522 Granted 480,892 694,324 Vested ( 558,380 ) ( 553,517 ) Forfeited ( 28,608 ) ( 37,444 ) RSUs outstanding at end of period 1,081,448 1,193,885 25 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, 2025 2024 PSUs outstanding at beginning of period (1) 677,298 520,219 Granted (1) 227,616 254,157 Adjustment for performance achievement (2) 170,757 75,109 Vested ( 370,854 ) ( 167,428 ) Forfeited (1) ( 4,044 ) ( 4,759 ) PSUs outstanding at end of period (1) 700,773 677,298 (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 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 Nine Months Ended September 30, 2025 2024 Expected term (years) 3.0 3.0 Dividend yield 2.83 % 2.44 % Estimated volatility (1) 22.48 % 23.83 % Risk-free interest rate 4.49 % 4.19 % (1) Estimated volatility for the performance period is based on 50 % historical volatility and 50 % implied volatility. 2021 Employee Stock Purchase Plan The 2021 Employee Stock Purchase Plan (the “2021 ESPP”) provides for the issuance of up to 3,000,000 Class A common shares and allows employees to acquire the Company’s Class A common shares through payroll deductions, subject to maximum purchase limitations, during six-month purchase periods. The purchase price for Class A common shares may be set at a maximum discount equal to 85 % of the lower of the closing price of the Company’s Class A common shares on the first day or the last day of the applicable purchase period. The 2021 ESPP terminates in June 2031 or the date on which there are no longer any Class A common shares available for issuance. When the Company issues Class A common shares under the 2021 ESPP, the Operating Partnership issues an equivalent number of Class A units to AMH. Share-Based Compensation Expense The Company’s noncash share-based compensation expense relating to corporate administrative employees is included in general and administrative expense and the noncash share-based compensation expense relating to centralized and field property management employees is included in property management expenses. Noncash share-based compensation expense relating to employees involved in the purchases of single-family properties, including newly constructed properties from third-party builders, the development of single-family properties, or the disposal of certain properties or portfolios of properties is included in acquisition and other transaction costs. 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 September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 General and administrative expense $ 3,917 $ 3,601 $ 12,771 $ 17,999 Property management expenses 864 1,043 3,247 3,827 Acquisition and other transaction costs 1,444 1,099 4,341 4,326 Total noncash share-based compensation expense $ 6,225 $ 5,743 $ 20,359 $ 26,152 26 Note 12. Earnings per Share / Unit American Homes 4 Rent The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands, except share and per share data): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Numerator: Net income $ 116,801 $ 87,640 $ 369,138 $ 324,269 Less: Noncontrolling interest 13,618 10,333 43,458 38,559 Dividends on preferred shares 3,486 3,486 10,458 10,458 Allocation to participating securities (1) 320 313 1,009 963 Numerator for income per common share–basic and diluted $ 99,377 $ 73,508 $ 314,213 $ 274,289 Denominator: Weighted-average common shares outstanding–basic 371,248,842 366,981,466 370,721,279 366,757,369 Effect of dilutive securities: Share-based compensation plan and forward sale equity contract (2) 332,069 619,170 363,047 537,610 Weighted-average common shares outstanding–diluted (3) 371,580,911 367,600,636 371,084,326 367,294,979 Net income per common share: Basic $ 0.27 $ 0.20 $ 0.85 $ 0.75 Diluted $ 0.27 $ 0.20 $ 0.85 $ 0.75 (1) Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per share using the two-class method. (2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and vesting of PSUs under the treasury stock method for the three and nine months ended September 30, 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) The effect of the potential conversion of OP units is not reflected in the computation of basic and diluted earnings per share as they are exchangeable for Class A common shares on a one -for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying condensed consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share. 27 American Homes 4 Rent, L.P. The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands, except unit and per unit data): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Numerator: Net income $ 116,801 $ 87,640 $ 369,138 $ 324,269 Less: Preferred distributions 3,486 3,486 10,458 10,458 Allocation to participating securities (1) 320 313 1,009 963 Numerator for income per common unit–basic and diluted $ 112,995 $ 83,841 $ 357,671 $ 312,848 Denominator: Weighted-average common units outstanding–basic 421,981,257 418,358,446 421,831,592 418,134,349 Effect of dilutive securities: Share-based compensation plan and forward sale equity contract (2) 332,069 619,170 363,047 537,610 Weighted-average common units outstanding–diluted 422,313,326 418,977,616 422,194,639 418,671,959 Net income per common unit: Basic $ 0.27 $ 0.20 $ 0.85 $ 0.75 Diluted $ 0.27 $ 0.20 $ 0.85 $ 0.75 (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 unit using the two-class method. (2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and vesting of PSUs under the treasury stock method for the three and nine months ended September 30, 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). Note 13. Fair Value The carrying amount of rents and other receivables, restricted cash, escrow deposits, prepaid expenses and other assets, and accounts payable and accrued expenses generally approximate fair value because of the short maturity of these amounts. Our notes receivable are financial instruments classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs. We estimated the fair values of the notes receivable by modeling the expected contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. As the estimated current market rates were not substantially different from the discount rates originally applied, the carrying amount of notes receivable, net approximates fair value. Our asset-backed securitizations and revolving credit facility are financial instruments classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs. We estimated the fair values of the asset-backed securitizations by modeling the contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. As our revolving credit facility bears interest at a floating rate based on an index plus a spread (see Note 8. Debt), management believes that the carrying value (excluding deferred financing costs) of the revolving credit facility reasonably approximates fair value. 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. 28 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 AMH 2015-SFR1 securitization, net $ — $ — $ 494,635 $ 496,776 AMH 2015-SFR2 securitization, net — — 429,709 432,316 Total asset-backed securitizations, net — — 924,344 929,092 2028 unsecured senior notes, net 498,126 499,365 497,534 488,265 2029 unsecured senior notes, net 398,088 407,052 397,665 397,064 2030 unsecured senior notes, net 641,813 662,032 — — 2031 unsecured senior notes, net 443,990 399,155 443,210 376,947 2032 unsecured senior notes, net 587,000 562,464 585,509 537,174 2034 unsecured senior notes I, net 595,082 620,250 594,640 597,504 2034 unsecured senior notes II, net 493,856 515,310 493,336 496,185 2035 unsecured senior notes, net 493,697 505,805 493,150 487,335 2051 unsecured senior notes, net 292,038 203,853 291,807 198,174 2052 unsecured senior notes, net 289,853 240,711 289,567 234,258 Total unsecured senior notes, net 4,733,543 4,615,997 4,086,418 3,812,906 Revolving credit facility 110,000 110,000 — — 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. The treasury locks were designated as cash flow hedging instruments. The Company settled the treasury locks during the second quarter of 2025 in connection with the pricing of the 2030 Notes (see Note 8. Debt), which resulted in an immaterial gain. The treasury locks were the only financial instruments recorded at fair value on a recurring basis in the condensed consolidated financial statements and were classified as Level 2 within the fair value hierarchy as their fair values were estimated using observable inputs based on the 10-year treasury note rates. 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 Note 14. Related Party Transactions 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. 29 See Note 7. Investments in Unconsolidated Joint Ventures for a description of related party transactions between the Company and its unconsolidated joint ventures. Note 15. Commitments and Contingencies 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 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 We are involved in various legal and administrative proceedings that are incidental to our business. We believe these matters will not have a materially adverse effect on our financial position or results of operations upon resolution. Note 16. Segment Reporting Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and assess performance. The Company is organized as a REIT with activities related to acquiring, renovating, developing, leasing and managing single-family homes as rental properties in one geographically diversified portfolio, which represents our one operating and reportable segment. Our one reportable segment derives its revenues from leasing single-family homes to tenants under non-cancelable lease agreements generally with a term of one year as well as certain fees charged to tenants. The Company’s CODM is our Chief Executive Officer and Chief Operating Officer. The accounting policies of our one reportable segment are the same as those described in Note 2. Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Net income and its components, as presented on the consolidated statements of operations, are metrics utilized by the CODM to assess the reporting segment’s performance and allocate resources. The measure of segment assets is reported on the consolidated balance sheets as total assets. The CODM also reviews core net operating income (“Core NOI”) at the total portfolio level as an additional segment profitability measure. The CODM uses the segment profitability measures to evaluate income generated from total portfolio assets in deciding whether to reinvest profits into enhancing the existing portfolio or for acquisitions or development of new properties. Property acquisition and disposition decisions are made at the individual property level and development decisions are made at the community level. Core NOI for the total portfolio is also used to monitor budget versus actual results and in competitive analysis to benchmark against the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation. In addition to the revenues and significant segment expenses included within the 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 September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Property operating expenses Property tax expense $ 67,037 $ 62,942 $ 200,096 $ 191,556 HOA fees 7,308 6,913 21,471 19,965 Repairs and maintenance and turnover costs 102,465 97,038 273,317 251,044 Insurance 4,794 5,138 14,339 14,863 Total property operating expenses $ 181,604 $ 172,031 $ 509,223 $ 477,428 30 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 September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Core revenues $ 405,621 $ 377,440 $ 1,206,082 $ 1,119,781 Core property operating expenses Property tax expense 67,037 62,942 200,096 191,556 HOA fees, net of tenant charge-backs 7,308 6,913 21,471 19,965 Repairs and maintenance and turnover costs, net of tenant charge-backs 32,102 31,449 91,191 84,558 Insurance 4,794 5,138 14,339 14,863 Property management expenses, net of tenant charge-backs and excluding share-based compensation 30,040 28,904 91,695 86,093 Total core property operating expenses 141,281 135,346 418,792 397,035 Core NOI $ 264,340 $ 242,094 $ 787,290 $ 722,746 Reconciliation of core revenues to rents and other single-family property revenues Core revenues $ 405,621 $ 377,440 $ 1,206,082 $ 1,119,781 Tenant charge-backs 72,843 67,615 189,161 172,323 Rents and other single-family property revenues $ 478,464 $ 445,055 $ 1,395,243 $ 1,292,104 Reconciliation of Core NOI to net income Core NOI $ 264,340 $ 242,094 $ 787,290 $ 722,746 Noncash share-based compensation - property management ( 864 ) ( 1,043 ) ( 3,247 ) ( 3,827 ) General and administrative expense ( 20,503 ) ( 19,247 ) ( 60,182 ) ( 62,825 ) Interest expense ( 48,199 ) ( 43,611 ) ( 139,928 ) ( 120,866 ) Acquisition and other transaction costs ( 3,661 ) ( 2,605 ) ( 9,377 ) ( 8,866 ) 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 ) Gain on sale and impairment of single-family properties and other, net 47,620 32,697 161,544 145,490 Other income and expense, net 4,904 8,256 11,957 15,664 Net income $ 116,801 $ 87,640 $ 369,138 $ 324,269 Note 17. Subsequent Events Subsequent Acquisitions 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 October 1, 2025 through October 23, 2025, the Company disposed of 159 single-family properties for aggregate net proceeds of approximately $ 49.4 million. 31