What changed in this filing

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Item 1. Business

2026-02-20 compared with 2025-02-21 · 62 added, 75 removed, 178 unchanged (43% of the section changed)

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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.

We are focused on acquiring, developing, renovating, leasing and managing single-family homes as rental properties.

We are focused on developing, renovating, leasing and managing single-family homes as rental properties.

We commenced operations in November 2012.

Our geographically diversified portfolio of single-family homes has evolved into a nationally recognized brand that is well-known for quality, value and resident satisfaction and is well respected in our communities.

Our goal is to simplify the experience of leasing a home and provide an accessible housing option to the one in three households who choose to rent in the country.

Since launching our internal “AMH Development Program” in 2017, we have contributed to addressing the national housing shortage by developing thousands of built-for-rental homes per year to meet growing demands.

At a time when housing affordability remains constrained across the country, AMH is focused on being part of the solution by expanding the housing supply, elevating the resident experience and creating value for all our stakeholders.

AMH is the general partner of, and as of December 31, 2025 owned approximately 87.9% of the common partnership interest in, the Operating Partnership.

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The Company also held an additional 3,785 properties in unconsolidated joint ventures as of December 31, 2025.

We have an integrated operating platform that consists of 1,730 personnel dedicated to property management, acquisitions, development, marketing, leasing, financial and administrative functions.

We believe we have become a leader in the single-family home rental industry by aggregating a geographically diversified portfolio of high-quality single-family homes and developing into a nationally recognized brand that is well-known for quality, value and resident satisfaction and is well respected in our communities.

Our goal is to simplify the experience of leasing a home and deliver peace of mind to households across the country.

Our investments may be made directly or through investment vehicles with third-party investors.

We began adding newly constructed “built-for-rental” single-family properties to our portfolio in 2017 through our internal “AMH Development Program” and through acquisitions from third-party developers via our “National Builder Program.” Our objective is to generate attractive, risk-adjusted returns for our shareholders through dividends and capital appreciation.

We have an integrated operating platform that consists of 1,598 personnel dedicated to property management, development, marketing, leasing, financial and administrative functions.

We believe that we have been organized and operate in conformity with the requirements for qualification and taxation as a REIT under U.S.

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Our Business and Growth Strategies

Our primary objective is to generate attractive risk-adjusted returns for our shareholders through dividends and capital appreciation by acquiring, developing, renovating, leasing and managing single-family homes as rental properties.

Our primary objective is to generate attractive risk-adjusted returns for our shareholders through dividends and capital appreciation by developing, renovating, leasing and managing single-family homes as rental properties.

We believe we can achieve this objective by pursuing the following strategies:

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We have created a fully integrated internal development program, known as AMH Development, that constructs “built-for-rental” homes, which we believe represents one of the best available investments on a risk-adjusted return basis.

Our “built-for-rental” homes leverage our existing property management platform and are built with the long-term renter in mind, including maintenance resilient features, as well as floor plans, finishes and other features known to be desirable to our residents.

Our experienced land acquisition team and our proprietary data analytics enables us to strategically identify ideal land opportunities that are within our existing footprint in our high-growth markets.

• Employ a disciplined property acquisition process.

We have an established acquisition and renovation platform to source properties through a variety of traditional acquisition channels, including broker sales via the multiple listing service (“MLS”) and bulk portfolio sales.

We focus on homes with a number of key property characteristics, including:

(i) construction after the year 2000;

(ii) three or more bedrooms;

(iii) two or more bathrooms;

(iv) a range of $250,000 estimated minimum valuation to $600,000 maximum bid price;

and (v) estimated renovation costs in line with our targeted program parameters.

Our target areas have above average median household incomes, well-regarded school districts and access to desirable lifestyle amenities.

We believe that homes in these areas will attract tenants with strong credit profiles, produce high occupancy and rental rates and generate long-term property appreciation.

Not all of the homes we acquire through traditional channels meet all of these criteria, especially if acquired as part of a bulk purchase.

In addition to our traditional MLS acquisition channel, we continue to acquire newly constructed homes from third-party developers through our National Builder Program.

• Maintain a geographically diversified portfolio.

Since launching the AMH Development Program in 2017, we have developed over 14,000 “built-for-rental” homes.

Our “built-for-rental” homes leverage our existing property management platform and are built with the long-term renter in mind, including maintenance resilient features, finishes, as well as floor plans that typically include three or more bedrooms and two or more bathrooms and other features known to be desirable to our residents.

Our experienced land acquisition team and our proprietary data analytics enable us to strategically identify ideal land opportunities that are within our existing footprint in our high-growth markets.

• Evaluate additional opportunities for growth to our portfolio.

Although we have not acquired a significant number of homes through broker sales in recent years, our ability to evaluate potential acquisitions in the future relies on our established platform to source properties within our program parameters.

From time to time, we also evaluate acquisition opportunities for portfolio (or bulk) sales as well as opportunities to acquire newly constructed homes from third-party developers through our National Builder Program.

• Maintain a geographically diversified portfolio in high-growth markets.

We monitor and manage the diversification of our portfolio in order to reduce the risks associated with adverse developments affecting a particular market.

We currently are focusing on developing and acquiring single-family homes in select submarkets of MSAs.

We currently are focusing on developing single-family homes in select submarkets of MSAs.

We continually evaluate potential new markets where we may invest and establish operations as opportunities emerge.

We select our markets based on steady population growth and strong rental demand, providing for attractive potential yields and capital appreciation.

Our markets generally have above average median household incomes, well-regarded school districts and access to desirable lifestyle amenities.

We believe that homes in these areas will attract tenants with strong credit profiles, produce high occupancy and rental rates and generate long-term property appreciation.

• Efficiently manage and operate properties.

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• Establish a nationally recognized brand.

Our corporate brand identity, which was updated to the simplified name of “AMH” with a reimagined look and feel in January 2023, represents a commitment to continued innovation, as well as to the company’s original purpose and leadership in powering a better future for American housing.

This branding leverages the company’s rich heritage, people-first employer culture and an industry leading sustainability program.

We continue to strive toward establishing “AMH” as a nationally recognized brand because we believe that establishing a brand well-known for quality, value and resident satisfaction will help attract and retain residents and qualified personnel, as well as support higher rental rates.

We believe that creating brand awareness will facilitate the growth and success of our company.

Our corporate brand identity leverages the Company’s rich heritage and people-first employer culture and represents a commitment to continued innovation, as well as to the Company’s original purpose and leadership in powering a better future for American housing.

We have established a toll-free number serviced by our call center and a website to provide a direct portal to reach potential residents and to drive our brand presence.

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We may use leverage to increase potential returns to our shareholders, but we will seek to maintain a conservative and flexible balance sheet.

We have obtained capital through the issuance of equity securities,

the use of unsecured credit facilities, the issuance of unsecured senior notes, preferred shares, and through asset-backed securitization transactions completed during 2014 and 2015.

We have obtained capital through the issuance of equity securities and preferred shares, the use of unsecured credit facilities and the issuance of unsecured senior notes.

We also participate in investment vehicles with third-party investors as an alternative source of equity to grow our business.

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• Property Development.

We are focused on developing “built-for-rental” homes through our internal AMH Development Program and acquiring newly constructed homes from third-party developers through our National Builder Program in target markets in select submarkets of MSAs.

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

Rental homes developed through our AMH Development Program involve substantial up-front costs, time to acquire and develop land, time to build the rental home, and time to lease the rental home before the home generates income.

This process is dependent upon the availability of suitable land assets and the nature of each lot acquired.

We also evaluate opportunities to source newly constructed homes from third-party developers through our National Builder Program in target markets in select submarkets of MSAs, although acquisitions have been minimal in recent years.

Rental homes acquired from third-party developers through our National Builder Program are dependent on the inventory of newly constructed homes and homes currently under construction.

For our AMH Development Program, the development timeline varies primarily due to land development requirements.

Once land development requirements have been met, on average it takes approximately five to seven months to complete the rental home vertical construction process.

Once land development requirements have been met, on average it takes approximately four to seven months to complete the rental home vertical construction process.

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

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On average, it takes approximately 10 to 50 days to lease a property after its development.

We also utilize land banking arrangements as a method of acquiring land to help us manage the financial and market risk associated with land holdings.

We have in the past and may in the future utilize land banking arrangements as a method of acquiring land to help us manage the financial and market risk associated with land holdings.

These land banking arrangements generally require us to pay non-refundable deposits, which can vary by transaction, and provide us the option to acquire the land or finished lots, typically at pre-determined prices.

In certain arrangements, we make improvements to the underlying land during the option period.

• Property Acquisition.

We have a disciplined acquisition platform that is capable of deploying large amounts of capital across all acquisition channels and in multiple markets simultaneously.

Our acquisition process begins with an analysis of housing markets.

Target markets are selected based on steady population growth and strong rental demand, providing for attractive potential yields and potential capital appreciation.

Our target markets currently include select submarkets of MSAs.

Within our target markets, our system allows us to screen broadly and rapidly for potential acquisitions and is designed to identify highly targeted submarkets at the neighborhood and street levels.

We have and will continue to source property acquisition opportunities through traditional channels, including broker sales (including traditional MLS sales) and portfolio (or bulk) sales.

In particular, we have an extensive network of real estate brokers that facilitate a large volume of acquisitions through broker sales.

Our team of dedicated personnel identifies opportunities for homes sold in bulk by institutions or competitors and perform underwriting to determine the expected rents, expenses and renovation costs and obtain title insurance and review local covenant conditions and restrictions for acquisitions through traditional channels.

• Property Renovation.

We have a team of dedicated personnel to oversee the renovation process for homes added through traditional acquisition channels.

This team focuses on maximizing the benefit of our investment in property renovation.

Once a home is acquired, if it is not occupied, we promptly begin the renovation process, during which the property is thoroughly evaluated.

• Property Acquisition and Renovation.

In the past, we have sourced property acquisition opportunities through traditional channels including broker sales.

Our acquisition process began with an analysis of housing markets.

Target markets were selected based on steady population growth and strong rental demand, providing for attractive potential yields and potential capital appreciation.

Our team of dedicated personnel is also capable of identifying opportunities for homes sold in bulk by institutions or competitors, performing underwriting to determine the expected rents, expenses and renovation costs, obtaining title insurance and reviewing local covenant conditions and restrictions.

When a home is acquired through our traditional acquisition channel, if it is not occupied, we promptly begin the renovation process, during which the property is thoroughly evaluated.

Any resulting work is presented for bid to approved contractors, which we maintain in each of our markets.

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By establishing and enforcing best practices and quality consistency, we believe that we are able to reduce the costs of both materials and labor.

If a home that is acquired remains occupied, the renovation process may be postponed.

However, an assessment is made of potential renovation work that must be addressed once the property can be accessed.

We have found that a rapid response to renovating our homes improves our relationship with the local communities and homeowners’ associations (“HOAs”), enhancing the “AMH” brand recognition and loyalty.

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Properties are typically leased approximately 20 to 40 days after completing the renovation process.

If a home that is acquired remains occupied, the renovation process may

be postponed.

However, an assessment is made of potential renovation work that must be addressed once the property can be accessed.

• Property Management.

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We establish rental rates centrally, using data-driven pricing models, supported by analysis from the local property management teams in each market.

Factors considered in establishing the rental rates include a competitive analysis of rents, the size and age of the house, and many qualitative factors, such as neighborhood characteristics and access to quality schools, transportation and services.

Factors considered in establishing the rental rates include a competitive analysis of rents, the size and age of the house, and many qualitative

factors, such as neighborhood characteristics and access to quality schools, transportation and services.

We advertise the available properties through multiple channels, including our website, online marketplaces, MLS, yard signs and local brokers.

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We have a wholly owned captive insurance company, American Dream Insurance, LLC, which provides general liability insurance coverage for losses below the deductible under our third-party liability insurance policy.

American Dream Insurance, LLC as part of our overall risk management program and to stabilize our insurance costs, manage exposure and recoup expenses through the functions of the captive program.

See “Risk Factors—Risks Related to Our Business—We are self-insured against many potential losses, and uninsured or underinsured losses relating to properties may adversely affect our financial condition, operating results, cash flows and ability to make distributions” and “Risk Factors—Risks Related to the Real Estate Industry—Environmentally hazardous conditions may adversely affect our financial condition, cash flows and operating results.”

We created American Dream Insurance, LLC as part of our overall risk management program and to stabilize our insurance costs, manage exposure and recoup expenses through the functions of the captive program.

See Part I, “Item 1A.

Risk Factors—Risks Related to Our Business—We are self-insured against many potential losses, and uninsured or underinsured losses relating to properties may adversely affect our financial condition, operating results, cash flows and ability to make distributions” and Part I, “Item 1A.

Risk Factors—Risks Related to the Real Estate Industry—Environmentally hazardous conditions may adversely affect our financial condition, cash flows and operating results.”

Competition and Trends in Market Demand

We face competition from different sources in each of our two primary activities:

developing/acquiring properties and renting our properties.

We believe our primary competitors in acquiring our target properties through individual acquisitions are private home buyers, individual investors, small private investment partnerships looking for one-off acquisitions of investment properties that can either be rented or restored and sold, and larger investors, including private equity funds and other REITs, that are seeking to capitalize on the same market opportunity that we have identified.

Our primary competitors in acquiring portfolios of properties or land assets include large and small private equity investors, public and private REITs, other sizeable private institutional investors and other homebuilders.

These same competitors may also compete with us for tenants.

Competition may increase the prices for properties and land that we would like to purchase, reduce the amount of rent we may charge at our properties, reduce the occupancy of our portfolio and adversely impact our ability to achieve attractive yields.

However, we believe that our acquisition platform, our extensive in-house property management infrastructure and market knowledge in markets that meet our selection criteria provide us with competitive advantages.

Further, we have benefited from increases in long-term demand due to population growth in households desiring detached single-family homes, the surge in demand for larger living spaces driven by the proliferation of work-from-home arrangements, and increases in mortgage rates which have made home ownership more expensive.

developing properties and renting our properties.

Our primary competitors in acquiring land assets for our AMH Development Program are public and private homebuilders and developers and our primary competitors for tenants are other residential rental landlords.

Competition may increase the prices for land that we would like to purchase, reduce the amount of rent we may charge at our properties, reduce the occupancy of our portfolio and adversely impact our ability to achieve attractive yields.

However, we believe that our AMH Development Program, our extensive in-

house property management infrastructure and market knowledge provide us with competitive advantages.

Further, we have benefited from increases in long-term demand due to population growth in households desiring detached single-family homes, the surge in demand for larger living spaces, and increases in mortgage rates which have made home ownership more expensive.

We expect these trends to continue into 2026.

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We believe that we are in material compliance with such covenants, laws, ordinances and rules, and we also require that our tenants agree to comply with such covenants, laws, ordinances and rules in their leases with us.

Various legislative and regulatory bodies, including at the federal, state and local level, have been focused on the shortage of residential housing in the U.S.

and significant increases in the cost of housing.

Some states and local jurisdictions continue to propose and pass regulations (i) restricting landlords’ ability to screen applicants, raise rents, process evictions and terminate tenancies, (ii) imposing prohibitions or limitations on corporate entities purchasing and renting single-family homes, (iii) restricting developers from selling single-family homes to corporate entities intending to rent such homes, (iv) imposing tax and financial disincentives on corporate ownership of single-family homes for rent, or (v) imposing adverse zoning restrictions on corporate ownership of single-family homes for rent.

Similar restrictions are being considered at the federal level.

There has been vigorous and continuing political debate and discussion, which we participate in, with respect to residential housing laws and regulations.

We are currently monitoring these types of laws and regulations, including proposed laws and regulations.

We cannot be certain if or when any specific proposal or policy might be announced or adopted by governmental authorities, and, if so, what the effects on us may be.

Fair Housing Act

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As a current or prior owner of real estate, we are subject to various federal, state and local environmental laws, regulations and ordinances, and we could be liable to third parties as a result of environmental contamination or noncompliance at our properties, even if we no longer own such properties.

See “Risk Factors—Risks Related to Our Business—Contingent or unknown liabilities associated with our property acquisitions could adversely affect our financial condition, cash flows and operating results” and “Risk Factors—Risks Related to the Real Estate Industry—Environmentally hazardous conditions may adversely affect our financial condition, cash flows and operating results.”

Residential Housing Legislation and Regulations

Various legislative and regulatory bodies have been focused on the shortage of residential housing in the U.S.

and significant increases in the cost of housing.

Some states and local jurisdictions continue to propose and pass regulations restricting landlords’ ability to screen applicants, raise rents, process evictions and terminate tenancies.

There has been vigorous and continuing political debate and discussion, which we participate in, with respect to residential housing laws and regulations.

We are currently monitoring proposals on

property tax relief, rent pricing methods and fee disclosures.

We cannot be certain if or when any specific proposal or policy might be announced or adopted by governmental authorities, and, if so, what the effects on us may be.

See Part I, “Item 1A.

Risk Factors—Risks Related to Our Business—Contingent or unknown liabilities associated with our property acquisitions could adversely affect our financial condition, cash flows and operating results” and Part I, “Item 1A.

Risk Factors—Risks Related to the Real Estate Industry—Environmentally hazardous conditions may adversely affect our financial condition, cash flows and operating results.”

REIT Qualification

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If AMH fails to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, our income would be subject to U.S.

federal income tax, and we would likely be precluded from qualifying for treatment as a REIT until the fifth calendar year following the year in which we fail to qualify.

federal income tax, and we would likely be

precluded from qualifying for treatment as a REIT until the fifth calendar year following the year in which we fail to qualify.

Even if AMH qualifies as a REIT, we may still be subject to certain U.S.

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Human Capital Management

Our success depends on our ability to attract, retain and grow a skilled and diverse workforce to care for our residents and our portfolio of high-quality homes.

Our success depends on our ability to attract, retain and grow a skilled and engaged workforce to care for our residents and our portfolio of high-quality homes.

We are committed to creating and maintaining a great place to work with an inclusive culture, competitive benefits and opportunities for training and growth.

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To ensure ongoing monitoring of trends, we regularly conduct pulse surveys of all employees.

During the year ended December 31, 2024, we maintained a healthy 72% participation rate, with nearly 11,000 comments received.

During the year ended December 31, 2025, we maintained a healthy 80% participation rate, with over 10,000 comments received.

Results are then aggregated via a secure third-party platform for analysis, and a summary dashboard is presented quarterly to the board’s Human Capital and Compensation Committee to maintain awareness of employee sentiment.

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Inclusion and Belonging

We believe that teams comprised of individuals with diverse identities, backgrounds, experiences, perspectives and viewpoints improve dialogue and decision-making in both the workplace and the boardroom, contributing to overall organizational effectiveness.

We believe that teams comprised of individuals with a broad range of identities, backgrounds, experiences, perspectives and viewpoints improve dialogue and decision-making in both the workplace and the boardroom, contributing to overall organizational effectiveness.

We try to foster inclusion and belonging through three principles – embrace individual differences, treat people fairly and create a sense of community and belonging.

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The program helps employees develop tools for effective communication to strengthen working relationships.

The program also helps employees learn about the policies and

initiatives developed by AMH to promote a fair and inclusive workplace and actionable ways to translate these insights into tools to become more effective leaders.

We also have an Employee Resource Group program that is designed to enhance social and professional networking among employees, raise cultural awareness, and assist AMH in connecting with the communities in which we operate—all ultimately to strengthen our business, promote innovation, develop talent, and build a great workplace.

The program also helps employees learn about the policies and initiatives developed by AMH to promote a fair and inclusive workplace and actionable ways to translate these insights into tools to become more effective leaders.

Training and Development

We provide training designed to meet the business and technical skills necessary for our employees to succeed in their roles and advance their careers at the Company.

We provide training designed to enhance the business and technical skills necessary for our employees to succeed in their roles and advance their careers at the Company.

From their first day with us, we aim to provide our team members with the tools and training necessary to succeed.

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We provide annual safety training for all employees, and every employee in a safety-sensitive position is required to complete additional relevant training.

Our OSHA Recordable Incident Rate for 2024 was 1.4, which is below both the historical national average rate and our historical average rate and demonstrates our commitment to maintaining a safe and healthy environment.

Our OSHA Recordable Incident Rate

for 2025 was 2.1, which is below the national average rate and demonstrates our commitment to maintaining a safe and healthy environment.

We believe that our business and related operating results will be impacted by seasonal factors throughout the year.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business