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Item 7. Management’s Discussion and Analysis

2026-02-20 compared with 2025-02-21 · 126 added, 122 removed, 390 unchanged (39% of the section changed)

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Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024.

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

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

The Operating Partnership is the entity through which we conduct substantially all of our business and own, directly or through subsidiaries, substantially all of our assets.

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Dallas-Fort Worth, TX 3,663 6.1 % 657.2 4.6 % 179,413 2,080 21.4 2014

Phoenix, AZ 3,311 5.5 % 731.5 5.3 % 220,968 1,848 19.6 2016

Nashville, TN 3,392 5.6 % 893.4 6.2 % 263,393 2,125 17.0 2016

Jacksonville, FL 3,382 5.6 % 806.5 5.6 % 238,489 1,933 14.4 2017

Tampa, FL 2,964 4.9 % 720.8 5.2 % 243,244 1,949 15.1 2016

Phoenix, AZ 3,282 5.4 % 754.5 5.2 % 229,918 1,865 19.7 2016

Indianapolis, IN 2,993 5.0 % 547.8 3.8 % 183,011 1,931 22.6 2015

Houston, TX 2,421 4.0 % 442.2 3.2 % 182,667 2,068 19.0 2015

Tampa, FL 3,057 5.1 % 785.1 5.5 % 256,851 1,961 14.6 2017

Las Vegas, NV 2,733 4.5 % 881.9 6.1 % 322,690 1,974 10.6 2018

Houston, TX 2,250 3.7 % 411.5 2.9 % 182,903 2,061 19.9 2015

Raleigh, NC 2,147 3.6 % 443.0 3.1 % 206,345 1,900 19.2 2015

Columbus, OH 2,251 3.7 % 483.3 3.4 % 214,733 1,907 21.2 2016

Cincinnati, OH 2,107 3.5 % 421.0 3.0 % 199,826 1,843 21.9 2014

Orlando, FL 2,227 3.7 % 573.8 4.0 % 257,690 1,950 16.1 2017

Cincinnati, OH 2,092 3.5 % 422.7 2.9 % 202,032 1,843 22.9 2014

Salt Lake City, UT 1,931 3.2 % 596.5 4.1 % 308,906 2,243 18.8 2016

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San Antonio, TX 1,105 1.8 % 227.8 1.6 % 206,196 1,901 16.4 2016

Boise, ID 1,107 1.8 % 356.6 2.5 % 322,219 1,884 10.9 2018

Savannah/Hilton Head, SC 1,024 1.7 % 227.0 1.6 % 221,680 1,884 16.7 2017

Seattle, WA 1,014 1.7 % 344.6 2.5 % 339,864 2,010 14.4 2017

All Other (2)

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Dallas-Fort Worth, TX 95.4 % 2,344 12.7 5.6 1.4 %

Phoenix, AZ 94.7 % 2,136 12.0 5.6 0.6 %

Nashville, TN 94.5 % 2,438 12.8 5.8 2.3 %

Jacksonville, FL 93.8 % 2,232 12.8 5.9 0.9 %

Tampa, FL 92.9 % 2,428 12.3 6.4 3.4 %

Phoenix, AZ 94.5 % 2,184 12.0 5.4 1.5 %

Indianapolis, IN 95.5 % 1,988 12.9 5.8 4.1 %

Houston, TX 95.4 % 2,063 13.0 6.1 3.0 %

Tampa, FL 92.8 % 2,510 13.0 6.4 0.7 %

Las Vegas, NV 94.0 % 2,397 13.0 5.7 1.0 %

Houston, TX 96.4 % 2,121 12.7 5.6 1.9 %

Raleigh, NC 94.6 % 2,114 12.9 5.7 1.7 %

Columbus, OH 94.1 % 2,349 13.0 6.2 5.9 %

Cincinnati, OH 95.4 % 2,154 12.4 6.8 5.4 %

Orlando, FL 93.7 % 2,459 12.6 5.7 1.5 %

Cincinnati, OH 95.5 % 2,275 13.0 6.2 6.1 %

Salt Lake City, UT 94.6 % 2,562 12.7 5.9 3.6 %

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San Antonio, TX 94.7 % 1,943 12.7 5.4 (0.4) %

Boise, ID 94.7 % 2,355 12.5 5.3 2.6 %

Savannah/Hilton Head, SC 93.5 % 2,355 12.6 5.6 3.0 %

Seattle, WA 94.2 % 2,840 11.6 5.9 4.6 %

All Other (6)

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Our results of operations and financial condition are affected by numerous factors, many of which are beyond our control.

Key factors that impact our results of operations and financial condition include the pace at which we identify and acquire suitable land and properties, the time and cost required to renovate the acquired properties, the pace and cost of our property developments, the time to lease newly acquired or developed properties at acceptable rental rates, occupancy levels, rates of tenant turnover, the length of vacancy in properties between tenant leases, our expense ratios, property taxes including changes in rates and valuation assessments of our properties, our ability to raise capital and our capital structure.

Additionally, further supply chain disruptions, inflationary increases in labor and material costs and labor shortages may have the potential to impact certain aspects of our business, including our AMH Development Program, our renovation program associated with acquired properties and our maintenance program.

Property Acquisitions, Development and Dispositions

Key factors that impact our results of operations and financial condition include the pace at which we identify and acquire suitable land, the pace and cost of our property developments, the time it takes to lease our properties at acceptable rental rates, occupancy levels, rates of tenant turnover, the length of vacancy in properties between tenant leases, our expense ratios, property taxes including changes in rates and valuation assessments of our properties, our ability to raise capital and our capital structure.

Additionally, labor shortages, supply chain disruptions and inflationary pressures, including as a result of tariffs, have impacted and may in the future impact certain aspects of our business, including our AMH Development Program, our renovation program and our maintenance program.

We may also face challenges from new laws and regulations that attempt to restrict institutional ownership of single-family homes, such as by imposing limits on acquisitions or ownership, tax or other financial disincentives, or adverse zoning restrictions.

Property Development, Acquisitions and Dispositions

Since our formation, we have rapidly but systematically grown our portfolio of single-family properties.

Our ability to identify and acquire homes that meet our investment criteria is impacted by home prices in our target markets, the inventory of properties available-for-sale through traditional acquisition channels, the availability of bulk portfolio acquisition opportunities, competition for our target assets and our available capital.

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

In addition, we acquire newly constructed homes from third-party developers through our National Builder

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

In addition, we evaluate opportunities to acquire newly constructed homes from third-party developers through our National Builder Program.

Opportunities from these new construction channels are impacted by the availability of vacant developed lots, development land assets and inventory of homes currently under construction or newly developed.

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

We have strategically scaled back acquisitions of single-family properties through our National Builder Program and traditional acquisition channels as the housing market adjusts to the current macroeconomic environment.

We will continue to evaluate all of our growth channels and grow accordingly, if and when, acquisition opportunities are attractive relative to the condition of capital markets.

During the year ended December 31, 2024, we developed or acquired 3,724 homes, including (i) 2,000 newly constructed homes delivered to our operating portfolio through our AMH Development Program, (ii) 1,673 homes acquired through a bulk portfolio acquisition and (iii) 51 homes acquired through our National Builder Program and traditional acquisition channels, partially offset by 1,663 homes identified for sale or contributed to unconsolidated joint ventures.

Our level of investment activity has fluctuated based on the number of suitable

opportunities and the level of capital available to invest.

We have strategically scaled back acquisitions of single-family properties through broker sales via the MLS and our National Builder Program as the housing market adjusts to the current macroeconomic environment.

In the past, our ability to identify and acquire homes through traditional channels that met our investment criteria was impacted by home prices in our target markets, the inventory of properties available, the availability of bulk portfolio acquisition opportunities, competition for our target assets and our available capital.

During the year ended December 31, 2025, we developed or acquired 1,962 homes, including 1,879 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 83 homes acquired through our National Builder Program and traditional acquisition channel, partially offset by 2,156 homes identified for sale.

During the year ended December 31, 2025, we also developed an additional 443 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 2,322 total home deliveries through our AMH Development Program.

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As of December 31, 2025 and 2024, there were 1,142 and 805 properties, respectively, as well as certain land lots, classified as held for sale.

During the years ended December 31, 2025 and 2024, we sold 1,827 and 1,705 properties, respectively.

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

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This process is dependent upon the nature of each lot acquired and the timeline varies primarily due to land development requirements.

Once land development requirements have been met, historically it has taken approximately five to seven months to complete the rental home vertical construction process.

Once land development requirements have been met, historically it has taken 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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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.

Homes added to our portfolio through traditional acquisition channels require expenditures in addition to payment of the purchase price, including property inspections, closing costs, liens, title insurance, transfer taxes, recording fees, broker commissions, property taxes and HOA fees, when applicable.

In addition, we typically incur costs between $20,000 and $40,000 to renovate a home acquired through traditional acquisition channels to prepare it for rental.

Historically, homes added to our portfolio through traditional acquisition channels required expenditures in addition to payment of the purchase price, including property inspections, closing costs, liens, title insurance, transfer taxes, recording fees, broker commissions, property taxes and HOA fees, when applicable.

In addition, we typically incurred costs between $30,000 and $50,000 to renovate these homes to prepare it for rental.

Renovation work varies, but may include paint, flooring, cabinetry, appliances, plumbing hardware and other items required to prepare the home for rental.

The time and cost involved to prepare our homes for rental can impact our financial performance and varies among properties based on several factors, including the source of acquisition channel and age and condition of the property.

Historically, it has taken approximately 20 to 90 days to complete the renovation process, which will fluctuate based on our overall acquisition volume as well as availability of construction labor and materials.

Historically, it has taken approximately 20 to 90 days to complete the renovation process, which fluctuated based on our overall acquisition volume as well as availability of construction labor and materials.

Our operating results are also impacted by the amount of time it takes to market and lease a property, which can vary greatly among properties, and is impacted by local demand, our marketing techniques and the size of our available inventory.

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Our rental rates and occupancy levels are affected by macroeconomic factors and local and property-level factors, including market conditions, seasonality and tenant defaults, and the amount of time it takes to turn properties when tenants vacate.

Additionally, our ability to collect revenues and related operating results are impacted by the credit worthiness and

quality of our tenants.

Additionally, our ability to collect revenues and related operating results are impacted by the credit worthiness and quality of our tenants.

Typically, our incoming residents have household incomes ranging from $80,000 to $150,000 and primarily consist of families with approximately two adults and one or more children.

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Once a property is available for lease for the first time, which we refer to as “rent-ready,” we incur ongoing property-related expenses which may not be subject to our control.

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

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

Property Management Expenses

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Net income totaled $513.4 million for the year ended December 31, 2025, compared to $468.1 million for the year ended December 31, 2024.

The increase was primarily due to growth in rents and other single-family property revenues exceeding increases in total expenses excluding hurricane-related charges, net, higher net gains on property sales and an increase in other income and expense, net, partially offset by $8.9 million of hurricane-related charges, net and a $6.3 million loss on early extinguishment of debt for the year ended December 31, 2024.

As we continue to grow our portfolio with a portion of our homes still recently developed, acquired and/or renovated, we distinguish our portfolio of homes between Same-Home properties and Non-Same-Home and Other properties in evaluating our operating

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

We classify a property as Same-Home if it has been stabilized longer than 90 days prior to the beginning of the earliest period presented under comparison and if it has not been classified as held for sale or experienced a casualty loss, which allows the performance of these properties to be compared between periods.

Single-family properties that we acquire individually (i.e., not through a bulk purchase) are classified as either stabilized or non-stabilized.

A property is classified as stabilized once it has been renovated by the Company or newly constructed and then initially leased or available for rent for a period greater than 90 days.

A property is classified as stabilized once it has been

renovated by the Company or newly constructed and then initially leased or available for rent for a period greater than 90 days.

Properties acquired through a bulk purchase are first considered non-stabilized, as an entire group, until (1) we have owned them for an adequate period of time to allow for complete on-boarding to our operating platform, and (2) a substantial portion of the properties have experienced tenant turnover at least once under our ownership, providing the opportunity for renovations and improvements to meet our property standards.

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Rents and other single-family property revenues increased 7.0% to $1.85 billion for the year ended December 31, 2025 from $1.73 billion for the year ended December 31, 2024.

Revenue growth was primarily driven by higher rental rates.

Revenue growth was primarily driven by an increase in our average occupied portfolio which grew to 57,573 homes for the year ended December 31, 2025, compared to 56,402 homes for the year ended December 31, 2024, as well as higher rental rates.

Property Operating Expenses

Property operating expenses increased 6.1% to $664.0 million for the year ended December 31, 2025 from $625.9 million for the year ended December 31, 2024.

This increase was primarily attributable to an annual increase in property tax expense and higher R&M and turnover costs.

The increase was primarily driven by (i) growth in our portfolio which resulted in increases in R&M and turnover costs and (ii) annual increases in property tax expense.

Property Management Expenses

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related to centralized and field property management employees.

The increase in property management expenses was primarily attributable to an increase in personnel related expenses and noncash share-based compensation expense.

The increase in property management expenses was primarily attributable to an increase in personnel related expenses.

Core Revenues from Same-Home Properties

Core revenues from Same-Home properties increased 4.0% to $1.41 billion for the year ended December 31, 2025 from $1.35 billion for the year ended December 31, 2024.

This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 5.3% to $2,189 per month for the year ended December 31, 2024 compared to $2,078 per month for the year ended December 31, 2023, as well as higher fees from single-family properties and lower uncollectible rents, partially offset by a decrease in Average Occupied Days Percentage, which was 96.2% for the year ended December 31, 2024 compared to 96.7% for the year ended December 31, 2023.

This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 3.7% to $2,282 per month for the year ended December 31, 2025 compared to $2,200 per month for the year ended December 31, 2024, as well as higher fees from single-family properties and lower uncollectible rents.

Core Property Operating Expenses from Same-Home Properties

Core property operating expenses from Same-Home properties consist of direct property operating expenses, net of tenant charge-backs, and property management costs, net of tenant charge-backs, and excludes noncash share-based compensation expense.

Core property operating expenses from Same-Home properties increased 4.3% to $457.9 million for the year ended December 31, 2024 from $438.9 million for the year ended December 31, 2023 primarily driven by an annual increase in property tax expense.

Core property operating expenses from Same-Home properties increased 2.8% to $475.8 million for the year ended December 31, 2025 from $462.9 million for the year ended December 31, 2024 primarily driven by annual increases in property tax expense.

General and Administrative Expense

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General and administrative expense for the years ended December 31, 2025 and 2024 was $83.0 million and $83.6 million, respectively, which included $16.1 million and $20.6 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees.

The increase in general and administrative expense was primarily related to an increase in noncash share-based compensation expense as well as an increase in personnel related expenses.

The decrease in general and administrative expense was primarily due to a decrease in noncash share-based compensation expense, partially offset by increases in information technology costs and personnel related expenses.

Interest Expense

Interest expense increased 12.0% to $185.2 million for the year ended December 31, 2025 from $165.4 million for the year ended December 31, 2024.

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

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

Acquisition and Other Transaction Costs

Acquisition and other transaction costs consist primarily of personnel and platform costs associated with purchases of single-family properties, including newly constructed properties from third-party builders, or the disposal of certain properties or portfolios of properties which do not qualify for capitalization.

Acquisition and other transaction costs for the years ended December 31, 2024 and 2023 were $12.2 million and $16.9 million, respectively, which included $5.6 million and $5.0 million, respectively, of noncash share-based compensation expense in each period related to employees in these functions.

The decrease in acquisition and other transaction costs was primarily due to a decrease in personnel costs.

Acquisition and other transaction costs consist primarily of personnel and platform costs associated with purchases of single-family properties, including newly constructed properties from third-party builders, the disposal of certain properties or portfolios of properties, or costs associated with land transactions, which do not qualify for capitalization.

Acquisition and other transaction costs for the years ended December 31, 2025 and 2024 were $12.3 million and $12.2 million, respectively, which included $5.6 million of noncash share-based compensation expense in each period related to employees in these functions.

Depreciation and Amortization

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During the year ended December 31, 2024, the Company recognized $12.8 million in gross charges primarily

related to actual and estimated accruals for minor repair and remediation costs, partially offset by an estimated $3.9 million of related insurance claims that the Company believes is probable it will recover, resulting in a net charge of $8.9 million.

related to actual and estimated accruals for minor repair and remediation costs, partially offset by $3.9 million of related insurance claims, resulting in a net charge of $8.9 million.

Gain on Sale and Impairment of Single-Family Properties and Other, net

Gain on sale and impairment of single-family properties and other, net for the years ended December 31, 2025 and 2024 was $231.5 million and $225.8 million, respectively, which included $34.4 million and $9.2 million, respectively, of impairment charges related to homes and land classified as held for sale during each period.

The increase was primarily related to higher net gains on property sales resulting from an increase in properties sold.

The increase was primarily related to higher net gains on property sales resulting from a higher volume of properties sold, partially offset by higher impairment charges.

Loss on Early Extinguishment of Debt

Loss on early extinguishment of debt was $6.3 million for the year ended December 31, 2024, compared to zero for the year ended December 31, 2023, as a result of the termination of our previous revolving credit facility in July 2024 and the payoffs of the AMH 2014-SFR2 securitization in February 2024 and the AMH 2014-SFR3 securitization in August 2024.

Loss on early extinguishment of debt for the years ended December 31, 2025 and 2024 was $0.4 million and $6.3 million, respectively.

The decrease was primarily due to lower charges incurred related to the payoffs of the AMH 2015-SFR1 securitization in March 2025 and the AMH 2015-SFR2 securitization in September 2025 compared to charges incurred related to the termination of our previous revolving credit facility in July 2024 and the payoffs of the AMH 2014-SFR2 securitization in February 2024 and the AMH 2014-SFR3 securitization in August 2024.

Other Income and Expense, net

Other income and expense, net for the years ended December 31, 2024 and 2023 was $22.2 million and $9.8 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated joint ventures, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses.

The increase was primarily due to higher interest income.

Other income and expense, net for the years ended December 31, 2025 and 2024 was $15.7 million and $22.2 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated entities, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses.

The decrease was primarily due to lower interest income.

Critical Accounting Estimates

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If an impairment indicator exists, we compare the expected future undiscounted cash flows against the net carrying amount.

The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding anticipated hold periods, future occupancy, rental rates and capital requirements that could differ materially from actual results in future periods.

If the sum of the estimated undiscounted cash flows is less than the net carrying amount, we record an impairment loss for the difference between the estimated fair value of the individual

property and the carrying amount of the property at that date.

The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding anticipated hold periods, future occupancy, rental rates and capital

requirements that could differ materially from actual results in future periods.

If the sum of the estimated undiscounted cash flows is less than the net carrying amount, we record an impairment loss for the difference between the estimated fair value of the individual property and the carrying amount of the property at that date.

Because cash flows on properties considered to be long-lived assets to be held and used are considered on an undiscounted basis to determine whether an asset has been impaired, our established strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss.

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Significant Accounting Policies to our consolidated financial statements included as a separate section in Part IV, “Item 15.

Exhibit and Financial Statement Schedules” of this Annual Report on Form 10-K for a discussion of the adoption and potential impact of recently issued accounting standards, if any.

Exhibits and Financial Statement Schedules” of this Annual Report on Form 10-K for a discussion of the adoption and potential impact of recently issued accounting standards, if any.

Liquidity and Capital Resources

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We expect to meet our operating liquidity requirements and our dividend distributions generally through cash on hand and cash provided by operations.

For our acquisition and development expenditures, we expect to supplement these sources through the issuance of equity securities, including under our 2023 At-the-Market Program described below, borrowings under our $1.25 billion credit facility, issuances of unsecured senior notes and proceeds from sales of single-family properties.

For our development expenditures, we expect to supplement these sources through the issuance of equity securities, including under our At-the-Market Program described below, borrowings under our $1.25 billion credit facility, issuances of unsecured senior notes and proceeds from sales of single-family properties.

However, our real estate assets are illiquid in nature.

A timely liquidation of assets might not be a viable source of short-term liquidity should a cash flow shortfall arise, and we may need to source liquidity from other financing alternatives, including drawing on our revolving credit facility.

Our liquidity and capital resources as of December 31, 2024 included cash and cash equivalents of $199.4 million.

Additionally, as of December 31, 2024, we had no outstanding borrowings and $2.0 million committed to outstanding letters of credit under our $1.25 billion revolving credit facility, leaving $1.25 billion of remaining borrowing capacity.

Under our 2023 At-the-Market Program described below, we also had $753.7 million remaining available for future share issuances as of December 31, 2024.

The Company’s debt issuances during the year ended December 31, 2024 included (i) $600.0 million of 5.500% unsecured senior notes with a maturity date of February 1, 2034 (the “2034 Notes I”), raising net proceeds of $595.5 million, (ii) $500.0 million of 5.500% unsecured senior notes with a maturity date of July 15, 2034 (the “2034 Notes II”), raising net proceeds of $494.0 million, and (iii) $500.0 million of 5.250% unsecured senior notes with a maturity date of March 15, 2035 (the “2035 Notes”), which were hedged to yield an interest rate of 5.08%, raising net proceeds of $494.2 million.

The Company’s equity issuances during the year ended December 31, 2024 included (i) 932,746 Class A common shares issued directly under our 2023 At-the-Market Program, raising net proceeds of $33.2 million, and (ii) 2,987,024 Class A common shares issued and physically settled as part of a forward sale agreement under its 2023 At-the-Market Program, receiving net proceeds of $109.8 million.

Our liquidity and capital resources as of December 31, 2025 included $108.5 million of cash and cash equivalents.

Additionally, as of December 31, 2025, we had $360.0 million of outstanding borrowings and $3.2 million committed to outstanding letters of credit under our $1.25 billion revolving credit facility, leaving $886.8 million of remaining borrowing capacity.

During the year ended December 31, 2025, the Company issued $650.0 million of 4.950% unsecured senior notes with a maturity date of June 15, 2030 (the “2030 Notes”), raising net proceeds of $642.5 million before offering costs of $1.3 million.

Under our At-the-Market Program discussed below, we also had $753.7 million remaining available for future share issuances as of December 31, 2025.

We maintain an investment grade credit rating which provides for greater availability of and lower cost of debt financing.

Uses of Capital

Our expected material cash requirements over the next twelve months consist of (i) contractually obligated expenditures, including payments of principal and interest, (ii) other essential expenditures, including property operating expenses, HOA fees (as applicable), real estate taxes, maintenance capital expenditures, general and administrative expenses and dividends on our equity securities including those paid in accordance with REIT distribution requirements, and (iii) opportunistic expenditures, including to pay for the acquisition, development and renovation of our properties and repurchases of our securities.

Additionally, in February 2025, the Company provided notice to the third-party lender of its intent to repay all amounts due under the AMH 2015-SFR1 securitization during the second quarter of 2025 and we also expect to repay all amounts due under the AMH 2015-SFR2 securitization in 2025.

With respect to our contractually obligated expenditures, our cash requirements within the next twelve months include accounts payable and accrued expenses, interest payments on debt obligations, principal amortization on our asset-backed securitizations, operating lease obligations and purchase commitments to acquire single-family properties and land for our AMH Development Program.

During the year ended December 31, 2024, the Company repaid all amounts due under the AMH 2014-SFR2 and AMH 2014-SFR3 securitizations.

Our expected material cash requirements over the next twelve months consist of (i) contractually obligated expenditures, including interest payments, (ii) other essential expenditures, including property operating expenses, HOA fees (as applicable), real estate taxes, maintenance capital expenditures, general and administrative expenses and dividends on our equity securities including those paid in accordance with REIT distribution requirements, and (iii) opportunistic expenditures, including to pay for the development and renovation of our properties and repurchases of our securities.

With respect to our contractually obligated expenditures, our cash requirements within the next twelve months include accounts payable and accrued expenses, interest payments on debt obligations, operating lease obligations and purchase commitments to acquire land for our AMH Development Program.

During the year ended December 31, 2025, we repaid all amounts due under the AMH 2015-SFR1 and AMH 2015-SFR2 securitizations.

Debt, Note 8.

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Commitments and Contingencies and Note 16.

Subsequent Events to our consolidated financial statements included as a separate section in Part IV,

Exhibit and Financial Statement Schedules” of this Annual Report on Form 10-K for a discussion of our material short-term and long-term cash requirements.

Subsequent Events to our consolidated financial statements included as a separate section in Part IV, “Item 15.

Exhibits and Financial Statement Schedules” of this Annual Report on Form 10-K for a discussion of our material short-term and long-term cash requirements.

A summary of our contractual obligations as of December 31, 2025 is presented below (amounts in thousands):

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(1) Amounts represent principal amounts due and exclude unamortized discounts and deferred financing costs.

(2) Represents estimated future interest payments on our debt instruments based on applicable interest rates as of December 31, 2024 and assumes the repayment of the AMH 2015-SFR1 and AMH 2015-SFR2 securitizations on their anticipated repayment dates in 2025.

The fully extended maturity dates for the AMH 2015-SFR1 and AMH 2015-SFR2 securitizations are in 2045 and the interest rates increase on the anticipated repayment dates in 2025.

If the AMH 2015-SFR1 and AMH 2015-SF2 securitizations are not repaid on the anticipated repayment dates in 2025, our interest on debt obligations above would increase.

Future interest payments on debt obligations will also be impacted by the level of borrowing on our revolving credit facility in the future.

(3) Represents commitments to acquire one single-family property for a purchase price of $0.3 million and land relating to our AMH Development Program for an aggregate purchase price of $81.1 million.

(2) Represents estimated future interest payments on our debt instruments based on applicable interest rates as of December 31, 2025.

For our revolving credit facility, represents estimated future interest payments based on an outstanding balance of $360.0 million as of December 31, 2025 through the fully extended maturity date of July 16, 2029 and these amounts will be impacted by the level of borrowing on our revolving credit facility in the future.

(3) Represents commitments to acquire land relating to our AMH Development Program for an aggregate purchase price of $86.5 million.

The timing of these obligations due within one year may be extended beyond December 31, 2026.

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Net cash used for investing activities (328,167) (825,876) 497,709

Net cash provided by (used for) financing activities 142,696 (42,210) 184,906

Net increase in cash, cash equivalents and restricted cash $ 128,355 $ 3,901 $ 124,454

Net cash (used for) provided by financing activities (655,686) 142,696 (798,382)

Net (decrease) increase in cash, cash equivalents and restricted cash $ (119,526) $ 128,355 $ (247,881)

Operating Activities

Our cash flows provided by operating activities, which is our principal source of cash flows, depend on numerous factors, including the occupancy level of our properties, the rental rates achieved on our leases, the collection of rent from our tenants and the level of property operating expenses, property management expenses, general and administrative expense and interest expense.

Net cash provided by operating activities increased $72.8 million, or 9.9%, from $738.7 million during the year ended December 31, 2023 to $811.5 million during the year ended December 31, 2024, primarily due to increased cash inflows generated from higher rental rates and changes in working capital primarily related to the timing of payments for prepaid expenses and other assets and accounts payable and accrued expenses, partially offset by higher cash outflows for property related expenses.

Net cash provided by operating activities increased $52.8 million, or 6.5%, from $811.5 million during the year ended December 31, 2024 to $864.3 million during the year ended December 31, 2025 primarily due to increased cash inflows generated from growth in our portfolio and higher rental rates, partially offset by higher cash outflows for property related expenses.

Investing Activities

3 unchanged sentences

Net proceeds received from sales of single-family properties and other $ 630,352 $ 573,182 $ 57,170

Distributions from joint ventures 116,311 47,736 68,575

Proceeds from asset-backed securitization certificates 25,666 — 25,666

Change in escrow deposits for purchase of single-family properties 5,482 4,928 554

Proceeds from notes receivable related to the sale of properties 540 698 (158)

Distributions from unconsolidated entities 78,702 116,311 (37,609)

Proceeds received from storm-related insurance claims 4,020 — 4,020

Proceeds from notes receivable related to the sale of properties 215 540 (325)

Proceeds from asset-backed securitization certificates — 25,666 (25,666)

$ 713,289 $ 715,699 $ (2,410)

1 unchanged sentence

Cash paid for development activity $ (810,507) $ (845,851) $ 35,344

Cash paid for single-family properties (495,912) (12,784) (483,128)

Recurring and other capital expenditures for single-family properties (118,211) (121,751) 3,540

Renovations to single-family properties (40,645) (34,052) (6,593)

Cash paid for single-family properties (23,587) (495,912) 472,325

Investment in unconsolidated joint ventures (15,078) (19,680) 4,602

Change in escrow deposits for purchase of single-family properties (2,495) 5,482 (7,977)

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

2 unchanged sentences

Net cash used for investing activities $ (328,167) $ (825,876) $ 497,709

Net cash used for investing activities increased $133.3 million, or 19.2%, from $692.6 million during the year ended December 31, 2023 to $825.9 million during the year ended December 31, 2024.

Our investing activities are most significantly impacted by the level of investment activity through traditional acquisition channels, including the availability of bulk portfolio acquisition opportunities, the development of “built-for-rental” homes through our AMH Development Program and the acquisition of newly built properties through our National Builder Program.

Our investing activities are most significantly impacted by the level of investment activity through the development of “built-for-rental” homes through our AMH Development Program, the acquisition of newly built properties through our National Builder Program, and the acquisition of properties through traditional channels, including the availability of bulk portfolio acquisition opportunities.

We will continue to evaluate all of our growth channels and grow accordingly, if and when, acquisition opportunities are attractive relative to the condition of capital markets.

We use cash generated from operating and financing activities and by recycling capital through the sale of single-family properties to invest in the strategic expansion of our single-family property portfolio.

Cash outflows for the addition of single-family properties to our portfolio increased $348.6 million during the year ended December 31, 2024, which includes cash paid for development activity and single-family properties and related changes in escrow deposits, primarily due to 1,673 homes acquired through a bulk portfolio acquisition during the year ended December 31, 2024.

The development of “built-for-rental” homes and our property-enhancing capital expenditures may reduce recurring and other capital expenditures on an average per-home basis in the future.

This increase in net cash used for investing activities was partially offset by an $18.5 million decrease in cash outflows for recurring and other capital expenditures for single-family properties and renovations to single-family properties resulting from a reduction in spend on property-enhancing capital expenditures.

Additional drivers partially offsetting the increase in net cash used for investing activities include (i) a $103.7 million increase in net proceeds received from sales of single-family properties and other resulting from an increase in properties sold during the year ended December 31, 2024, (ii) a $61.5 million increase in distributions from joint ventures, net of contributions, primarily due to additional cash distributions received with respect to our property and land contributions during the year ended December 31, 2024, (iii) $25.7 million of cash proceeds received during the year ended December 31, 2024 for our AMH 2014-SFR2 Class F asset-backed securitization certificates and (iv) a $9.6 million decrease in cash outflows for other investing activities primarily due to a nonrecurring investment in a residential-focused proptech company during the year ended December 31, 2023.

Net cash used for investing activities decreased $497.7 million, or 60.3%, from $825.9 million during the year ended December 31, 2024 to $328.2 million during the year ended December 31, 2025.

The decrease was primarily attributable to (i) a $499.7 million decrease in cash outflows for the addition of single-family properties to our portfolio primarily due to a nonrecurring bulk portfolio acquisition for $481.7 million during the year ended December 31, 2024 as well as timing of development-related payments, (ii) a $57.2 million increase in net proceeds received from sales of single family properties and other resulting from an increase in properties sold and (iii) $4.0 million in proceeds received from storm-related insurance claims during the year ended December 31, 2025.

These changes were partially offset by (i) a $33.0 million decrease in distributions from joint ventures, net of contributions, primarily due to lower cash distributions received with respect to our property and land contributions, (ii) $25.7 million of nonrecurring cash proceeds received during the year ended December 31, 2024 for our AMH 2014-SFR2 Class F asset-backed securitization certificates, (iii) a $3.1 million increase in cash outflows for recurring and other capital expenditures and renovations to single-family properties due to growth in our portfolio and (iv) a $1.8 million increase in cash outflows for other investing activities.

Financing Activities

Net cash provided by financing activities was $142.7 million for the year ended December 31, 2024 compared to net cash used for financing activities of $42.2 million during the year ended December 31, 2023.

This change was primarily due to the debt and equity activity described below as well as $82.0 million in payments to a land banking entity related to liabilities to repurchase consolidated land not owned for our AMH Development Program during the year ended December 31, 2024.

Net cash used for financing activities was $655.7 million during the year ended December 31, 2025 compared to net cash provided by financing activities of $142.7 million during the year ended December 31, 2024.

This change was primarily due to the debt and equity activity described below as well as a $28.0 million decrease in payments to a land banking entity related to liabilities to repurchase consolidated land not owned for our AMH Development Program.

See Land Option Contracts in Note 2.

Significant Accounting Policies to our consolidated financial statements included as a separate section in Part IV, “Item 15.

Exhibit and Financial Statement Schedules” of this Annual Report on Form 10-K.

As of December 31, 2024, the Company had outstanding asset-backed securitizations maturing in 2045 with an aggregate principal amount of $925.4 million and outstanding unsecured senior notes with varying maturities starting in 2028 with an aggregate principal amount of $4.15 billion.

The Company has provided notice to the third-party lender of its intent to repay all amounts due under the AMH 2015-SFR1 securitization during the second quarter of 2025 and we also expect to repay all amounts due under the AMH 2015-SFR2 securitization in 2025.

The Company’s revolving credit facility has a maximum borrowing capacity of $1.25 billion and matures in 2028 with two six-month extension options at the Company’s election if certain conditions are met.

As of December 31, 2024, the Company had no outstanding borrowings under its revolving credit facility

During the year ended December 31, 2024, the Company paid off the $460.6 million outstanding principal on the AMH 2014-SFR2 securitization and the $471.8 million outstanding principal on the AMH 2014-SFR3 securitization, which resulted in $1.0 million and $0.5 million, respectively, of charges related to legal fees and write-offs of unamortized deferred financing costs.

Exhibits and Financial Statement Schedules” of this Annual Report on Form 10-K.

As of December 31, 2025, the Company had outstanding unsecured senior notes with varying maturities starting in 2028 with an aggregate principal amount of $4.8 billion.

The Company’s revolving credit facility has a maximum borrowing capacity of

$1.25 billion and matures in 2028 with two six-month extension options at the Company’s election if certain conditions are met.

During the year ended December 31, 2025, the Company borrowed $770.0 million and paid down $410.0 million on its revolving credit facility, resulting in $360.0 million of outstanding borrowings as of December 31, 2025.

During the year ended December 31, 2025, the Company paid off the $493.2 million outstanding principal on the AMH 2015-SFR1 securitization and the $426.1 million outstanding principal on the AMH 2015-SFR2 securitization, which resulted in $0.4 million of aggregated charges related to legal and bank fees that were included in loss on early extinguishment of debt within the consolidated statements of operations included in a separate section in Part IV, “Item 15.

Exhibits and Financial Statement Schedules” of this Annual Report on Form 10-K.

During the year ended December 31, 2025, the Company also repaid an additional $6.5 million on its asset-backed securitizations.

During the year ended December 31, 2025, the Company also issued the 2030 Notes, receiving $646.4 million in proceeds, net of discount, and paid $5.2 million in related deferred financing costs.

During the year ended December 31, 2024, the Company paid off the $460.6 million outstanding principal on the AMH 2014-SFR2 securitization and the $471.8 million outstanding principal on the AMH 2014-SFR3 securitization, which resulted in $1.5 million of aggregated charges related to legal fees and write-offs of unamortized deferred financing costs.

The Company also terminated its previous revolving credit facility during the third quarter of 2024, which resulted in $4.8 million of charges related to the write-off of unamortized deferred financing costs.

These charges aggregated to $6.3 million for the year ended December 31, 2024 and were included in loss on early extinguishment of debt within the consolidated statements of operations included in a separate section in Part IV, “Item 15.

Exhibit and Financial Statement Schedules” of this Annual Report on Form 10-K

During the year ended December 31, 2024, the Company also issued the 2034 Notes I, the 2034 Notes II and the 2035 Notes, receiving $1.59 billion in proceeds, net of discount, and paid $13.7 million in related deferred financing costs as well as received $8.6 million for the settlement of two treasury locks in connection with the pricing of the 2035 Notes.

The Company also entered into a new credit agreement with a $1.25 billion sustainability-linked revolving credit facility and paid $11.5 million in related deferred financing costs.

Exhibits and Financial Statement Schedules” of this Annual Report on Form 10-K.

During the year ended December 31, 2024, the Company also issued unsecured senior notes in January, June and December, receiving $1.59 billion in proceeds, net of discount, and paid $13.7 million in related deferred financing costs as well as received $8.6 million for the settlement of two treasury locks in connection with the pricing of the 2035 Notes.

The Company also entered into a credit agreement with a $1.25 billion sustainability-linked revolving credit facility and paid $11.5 million in related deferred financing costs.

During the year ended December 31, 2024, the Company borrowed $400.0 million and paid down $490.0 million on its revolving credit facility as well as repaid an additional $19.8 million on its asset-backed securitizations.

During the year ended December 31, 2023, the Company borrowed $200.0 million and paid down $240.0 million on its revolving credit facility, and the Company repaid $24.5 million on its asset-backed securitizations.

For additional information regarding the Company’s debt issuances, see Note 7.

Debt to our consolidated financial statements included as a separate section in Part IV, “Item 15.

Exhibit and Financial Statement Schedules” of this Annual Report on Form 10-K.

Class A Common Share Offering

The Company entered into forward sale agreements with the forward purchasers (the “2022 Forward Sale Agreements”) during the first quarter of 2022 as part of an underwritten public offering.

During the first quarter of 2023, the Company issued and physically settled the remaining 8,000,000 Class A common shares under the 2022 Forward Sale Agreements, receiving net proceeds of $298.4 million.

Shareholders’ Equity / Partners’ Capital to our consolidated financial statements included as a separate section in Part IV, “Item 15.

Exhibit and Financial Statement Schedules” of this Annual Report on Form 10-K.

When the Company issues common shares, the Operating Partnership issues an equivalent number of units of partnership interest of a corresponding class to AMH, with the Operating Partnership receiving the net proceeds from the share issuances.

Exhibits and Financial Statement Schedules” of this Annual Report on Form 10-K.

At-the-Market Common Share Offering Program

During the second quarter of 2023, the Company entered into a new at-the-market common share offering program, replacing the previously expiring 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 “2023 At-the-Market 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 Company intends to use any net proceeds from the 2023 At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility or other debt obligations under its securitizations, (ii) to develop new single-family properties and communities, (iii) to acquire and renovate single-family properties and for related activities in accordance with the Company’s business strategy and (iv) for working capital and general corporate purposes, including repurchases of the Company’s securities, acquisitions of additional properties, capital expenditures and the expansion, redevelopment and/or improvement of properties in the Company’s portfolio.

The Company intends to use any net proceeds from the At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility, (ii) to develop new single-family properties and communities, and (iii) for working capital and general corporate purposes, including repurchases of the Company’s securities, capital expenditures and the expansion, redevelopment and/or improvement of properties in the Company’s portfolio.

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

During the years ended December 31, 2024 and 2023, the Company directly issued 932,746 and 2,799,683 Class A common shares under its 2023 At-the-Market Program, respectively, raising $33.7 million and $102.0 million in gross proceeds before commissions and other expenses of approximately $0.5 million and $1.7 million, respectively.

Additionally, the Company entered into a forward sale agreement with the forward purchaser during the first quarter of 2024 (the “March 2024 Forward Sale Agreement”) to offer 2,987,024 Class A common shares on a forward basis under its 2023 At-the-Market Program at the request of the Company by

the forward seller.

During the year ended December 31, 2024, the Company directly issued 932,746 Class A common shares under its At-the-Market Program, raising $33.7 million in gross proceeds before commissions and other expenses of approximately $0.5 million.

Additionally, the Company entered into a forward sale agreement with the forward purchaser during the first quarter of 2024 (the “March 2024 Forward Sale Agreement”) to offer 2,987,024 Class A common shares on a forward basis under its At-the-Market Program at the request of the Company by the forward seller.

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.

As of December 31, 2024, 6,719,453 shares have been issued under the 2023 At-the-Market Program and $753.7 million remained available for future issuances.

During the year ended December 31, 2025, no shares were issued under the At-the-Market Program.

As of December 31, 2025, 6,719,453 shares have been issued under the At-the-Market Program and $753.7 million remained available for future share issuances.

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.

In 2018, the Company’s board of trustees authorized the establishment of a 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 “2018 Share Repurchase Program”).

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 years ended December 31, 2024 and 2023, we did not repurchase and retire any of our Class A common shares or preferred shares.

As of December 31, 2024, we had a remaining repurchase authorization of up to $265.1 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares under the program.

During the year ended December 31, 2025, the Company repurchased and retired 4.7 million of its Class A common shares on a settlement date basis pursuant to the 2018 Share Repurchase Program at a weighted-average price of $31.77 per share and a total price of $150.0 million.

During the year ended December 31, 2024, the Company did not repurchase and retire any of its Class A common shares or preferred shares.

As of December 31, 2025, the Company had a remaining repurchase authorization under the 2018 Share Repurchase Program of up to $115.1 million of its outstanding Class A common shares and up to $250.0 million of its outstanding preferred shares.

In January 2026, the Company fully utilized the remaining authorization for the repurchase of Class A common shares under the 2018 Share Repurchase Program and repurchased and retired 3.7 million of its outstanding Class A common shares on a settlement date basis pursuant to the program, at a weighted-average price of $31.49 per share and a total price of $115.1 million.

In February 2026, the Company’s board of trustees authorized the establishment of a new share repurchase program (the “2026 Share Repurchase Program”) to repurchase up to $500.0 million of outstanding Class A common shares and up to $250.0 million of outstanding preferred shares from time to time in the open market or in privately negotiated transactions.

The 2026 Share Repurchase 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.

Distributions

1 unchanged sentence

The Operating Partnership funds the payment of distributions.

We historically used our net operating loss (“NOL”) for U.S.

federal income tax purposes to reduce our REIT taxable income and have substantially utilized our NOL as of December 31, 2023.

During the years ended December 31, 2025 and 2024, the Company distributed an aggregate $521.2 million and $450.8 million, respectively, to common shareholders, preferred shareholders and noncontrolling interests on a cash basis.

Tax Changes in One Big Beautiful Bill Act

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

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

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

First, the Act preserves the eligibility of REIT ordinary dividends for the qualified business income deduction in Section 199A of the Code, and it makes that deduction permanent.

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

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

Additional Non-GAAP Measures

Funds from Operations (“FFO”) / Core FFO / Adjusted FFO attributable to common share and unit holders

FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales or impairment of real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis.

FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales or impairment of real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustments for unconsolidated real estate joint ventures to reflect FFO on the same basis.

Core FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance.

We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (4) gain or loss on early extinguishment of debt and (5) the allocation of income to our perpetual preferred shares in connection with their redemption.

We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations and adjustments for investments in proptech venture capital funds related to the pro rata equity pickup of realized and unrealized gains and losses from their portfolio investments, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (4) gain or loss on early extinguishment of debt and (5) the allocation of income to our perpetual preferred shares in connection with their redemption.

Adjusted FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance.

4 unchanged sentences

We believe that real estate values fluctuate due to market conditions and in response to inflation.

We also believe that Core FFO and Adjusted FFO attributable to

common share and unit holders provide useful information to investors because they allow investors to compare our operating performance to prior reporting periods without the effect of certain items that, by nature, are not comparable from period to period.

We also believe that Core FFO and Adjusted FFO attributable to common share and unit holders provide useful information to investors because they allow investors to compare our operating performance to prior reporting periods without the effect of certain items that, by nature, are not comparable from period to period.

FFO, Core FFO and Adjusted FFO attributable to common share and unit holders are not a substitute for net income or net cash provided by operating activities, each as determined in accordance with GAAP, as a measure of our operating performance, liquidity or ability to pay dividends.

6 unchanged sentences

Gain on sale and impairment of single-family properties and other, net (231,460) (225,756)

Adjustments for unconsolidated joint ventures 4,722 3,711

Adjustments for unconsolidated real estate joint ventures 6,940 4,722

Depreciation and amortization 504,341 477,010

15 unchanged sentences

Shareholders’ Equity / Partners’ Capital to our consolidated financial statements included as a separate section in Part IV, “Item 15.

Exhibit and Financial Statement Schedules” of this Annual Report on Form 10-K.

Exhibits and Financial Statement Schedules” of this Annual Report on Form 10-K.

EBITDA / EBITDAre / Adjusted EBITDAre / Fully Adjusted EBITDAre

1 unchanged sentence

EBITDA is a non-GAAP financial measure and is used by us and others as a supplemental measure of performance.

EBITDAre is a supplemental non-GAAP financial measure, which we calculate in accordance with the definition approved by NAREIT by adjusting EBITDA for gains and losses from sales or impairments of single-family properties and adjusting for unconsolidated partnerships and joint ventures on the same basis.

Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting EBITDAre for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, and (4) gain or loss on early extinguishment of debt.

Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting EBITDAre for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations and adjustments for investments in proptech venture capital funds related to the pro rata equity pickup of realized and unrealized gains and losses from their portfolio investments, (2) noncash share-based compensation expense, (3) hurricane-related

charges, net, which result in material charges to our single-family property portfolio and (4) gain or loss on early extinguishment of debt.

Fully Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting Adjusted EBITDAre for (1) Recurring Capital Expenditures and (2) leasing costs.

8 unchanged sentences

Gain on sale and impairment of single-family properties and other, net (231,460) (225,756)

Adjustments for unconsolidated joint ventures 4,722 3,711

Adjustments for unconsolidated real estate joint ventures 6,940 4,722

EBITDAre $ 978,411 $ 889,469

9 unchanged sentences

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 7. Management’s Discussion and Analysis