What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-05-07 compared with 2025-10-30 · 157 added, 373 removed, 676 unchanged (44% of the section changed)

3 unchanged sentences

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Single-family properties:

15 unchanged sentences

Revolving credit facility $ 390,000 $ 360,000

Asset-backed securitizations, net — 924,344

Unsecured senior notes, net 4,737,926 4,735,735

3 unchanged sentences

Shareholders’ equity:

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

Class B common shares ($ 0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at September 30, 2025 and December 31, 2024)

Preferred shares ($ 0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at September 30, 2025 and December 31, 2024)

Class A common shares ($ 0.01 par value per share, 450,000,000 shares authorized, 363,160,711 and 366,021,665 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively)

Class B common shares ($ 0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at March 31, 2026 and December 31, 2025)

Preferred shares ($ 0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at March 31, 2026 and December 31, 2025)

Additional paid-in capital 7,297,948 7,411,003

10 unchanged sentences

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

Rents and other single-family property revenues $ 472,024 $ 459,276

3 unchanged sentences

Interest expense 48,222 45,426

Acquisition and other transaction costs 3,661 2,605 9,377 8,866

Acquisition, disposition and other transaction costs 3,060 3,061

Depreciation and amortization 127,344 124,928

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

Total expenses 401,951 394,797

17 unchanged sentences

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

Net income $ 148,844 $ 128,713

Other comprehensive (loss) income:

Other comprehensive loss:

Cash flow hedging instruments:

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

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

Unrealized loss on cash flow hedging instruments — ( 1,549 )

Reclassification adjustment for amortization of interest expense included in net income

( 352 ) ( 351 )

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

Other comprehensive loss ( 352 ) ( 1,900 )

Comprehensive income 148,492 126,813

17 unchanged sentences

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

Issuance of Class A common shares, net of offering costs of $ 34

537,128 5 — — — — ( 10,375 ) — — ( 10,370 ) — ( 10,370 )

8 unchanged sentences

Balances at March 31, 2025 369,525,121 $ 3,695 635,075 $ 6 9,200,000 $ 92 $ 7,526,294 $ ( 382,384 ) $ 6,186 $ 7,153,889 $ 688,222 $ 7,842,111

Share-based compensation — — — — — — 10,484 — — 10,484 — 10,484

Common stock issued under share-based compensation plans, net of shares withheld for employee taxes 176,574 2 — — — — 1,153 — — 1,155 — 1,155

Distributions to equity holders:

Preferred shares (Note 10)

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

Noncontrolling interests — — — — — — — — — — ( 13,358 ) ( 13,358 )

Common shares ($ 0.26 per share)

— — — — — — — ( 95,932 ) — ( 95,932 ) — ( 95,932 )

Net income — — — — — — — 95,628 — 95,628 12,906 108,534

Total other comprehensive loss — — — — — — — — ( 124 ) ( 124 ) ( 17 ) ( 141 )

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

American Homes 4 Rent

9 unchanged sentences

interest Total

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

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

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

Distributions to equity holders:

Preferred shares (Note 10)

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

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

Common shares ($ 0.26 per share)

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

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

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

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

American Homes 4 Rent

Condensed Consolidated Statements of Equity (continued)

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

Class A common shares Class B common shares Preferred shares

of shares Amount Number

of shares Amount Additional

capital Accumulated

deficit Accumulated other comprehensive income Shareholders’

equity Noncontrolling

interest Total

Balances at December 31, 2025 366,021,665 $ 3,660 635,075 $ 6 9,200,000 $ 92 $ 7,411,003 $ ( 387,643 ) $ 6,630 $ 7,033,748 $ 675,758 $ 7,709,506

1 unchanged sentence

Common stock issued under share-based compensation plans, net of shares withheld for employee taxes 452,767 5 — — — — ( 9,256 ) — — ( 9,251 ) — ( 9,251 )

537,128 5 — — — — ( 10,375 ) — — ( 10,370 ) — ( 10,370 )

Distributions to equity holders:

Preferred shares (Note 10)

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

Noncontrolling interests — — — — — — — — — — ( 15,413 ) ( 15,413 )

Common shares ($ 0.30 per share)

— — — — — — — ( 111,724 ) — ( 111,724 ) — ( 111,724 )

Net income — — — — — — — 113,458 — 113,458 15,255 128,713

Total other comprehensive loss — — — — — — — — ( 1,666 ) ( 1,666 ) ( 234 ) ( 1,900 )

Balances at March 31, 2025 369,525,121 $ 3,695 635,075 $ 6 9,200,000 $ 92 $ 7,526,294 $ ( 382,384 ) $ 6,186 $ 7,153,889 $ 688,222 $ 7,842,111

Share-based compensation — — — — — — 6,473 — — 6,473 — 6,473

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

187,459 2 — — — — 2,773 — — 2,775 — 2,775

Redemptions of Class A units 340,000 3 — — — — 4,549 — 6 4,558 ( 4,558 ) —

Distributions to equity holders:

Preferred shares (Note 10)

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

Noncontrolling interests — — — — — — — — — — ( 15,248 ) ( 15,248 )

Common shares ($ 0.30 per share)

— — — — — — — ( 111,904 ) — ( 111,904 ) — ( 111,904 )

Net income — — — — — — — 109,039 — 109,039 14,585 123,624

Total other comprehensive income — — — — — — — 1,054 1,054 144 1,198

Balances at June 30, 2025 370,262,580 $ 3,702 635,075 $ 6 9,200,000 $ 92 $ 7,542,892 $ ( 388,735 ) $ 7,249 $ 7,165,206 $ 680,337 $ 7,845,543

American Homes 4 Rent

Condensed Consolidated Statements of Equity (continued)

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

Class A common shares Class B common shares Preferred shares

of shares Amount Number

of shares Amount Additional

capital Accumulated

deficit Accumulated other comprehensive income Shareholders’

equity Noncontrolling

interest Total

Balances at June 30, 2025 370,262,580 $ 3,702 635,075 $ 6 9,200,000 $ 92 $ 7,542,892 $ ( 388,735 ) $ 7,249 $ 7,165,206 $ 680,337 $ 7,845,543

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

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

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

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

Repurchases of Class A common shares ( 3,653,721 ) ( 36 ) — — — — ( 115,108 ) — — ( 115,144 ) — ( 115,144 )

Distributions to equity holders:

6 unchanged sentences

Total other comprehensive loss — — — — — — — — ( 316 ) ( 316 ) ( 36 ) ( 352 )

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

Balances at March 31, 2026 363,160,711 $ 3,632 635,075 $ 6 9,200,000 $ 92 $ 7,297,948 $ ( 380,213 ) $ 6,320 $ 6,927,785 $ 672,209 $ 7,599,994

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

2 unchanged sentences

(Amounts in thousands)

For the Nine Months Ended

September 30,

For the Three Months Ended

Operating activities

5 unchanged sentences

Loss on early extinguishment of debt — 216

Equity in net (income) loss of unconsolidated entities ( 30 ) 454

Equity in net loss of unconsolidated entities 1,192 915

Return on investment from unconsolidated joint ventures — 1,659

9 unchanged sentences

Cash paid for single-family properties — ( 4,009 )

Change in escrow deposits for purchase of single-family properties ( 3,139 ) ( 5,870 )

Change in escrow deposits for purchase of single-family properties and land ( 968 ) ( 3,241 )

Net proceeds received from sales of single-family properties and other 198,443 142,128

6 unchanged sentences

Cash paid for development activity ( 145,523 ) ( 193,696 )

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

Proceeds from asset-backed securitization certificates — 25,666

Other investing activities ( 7,383 ) ( 8,119 )

Net cash used for investing activities ( 280,631 ) ( 293,048 )

Net cash provided by (used for) investing activities 10,254 ( 107,689 )

Financing activities

Proceeds from issuance of Class A common shares — 33,249

Payments of Class A common share issuance costs — ( 34 )

Repurchases of Class A common shares ( 115,144 ) —

Proceeds from issuances under share-based compensation plans 388 445

2 unchanged sentences

Proceeds from revolving credit facility 30,000 410,000

Payments on revolving credit facility ( 410,000 ) ( 90,000 )

Proceeds from unsecured senior notes, net of discount 646,385 1,096,633

Settlement of cash flow hedging instruments 31 —

Payments related to liabilities to repurchase consolidated land not owned — ( 18,868 )

2 unchanged sentences

Distributions to preferred shareholders ( 3,486 ) ( 3,486 )

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

Net cash used for financing activities ( 235,840 ) ( 247,072 )

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

Net decrease in cash, cash equivalents and restricted cash ( 22,526 ) ( 131,358 )

Cash, cash equivalents and restricted cash, beginning of period (see Note 3) 230,690 350,216

3 unchanged sentences

(Amounts in thousands)

For the Nine Months Ended

September 30,

For the Three Months Ended

Supplemental cash flow information

3 unchanged sentences

Transfers of completed homebuilding deliveries to single-family properties 198,585 175,892

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

Unrealized gain on cash flow hedging instruments — 2,603

Unrealized loss on cash flow hedging instruments — ( 1,549 )

Noncash right-of-use assets obtained in exchange for operating lease liabilities 1,277 842

4 unchanged sentences

Condensed Consolidated Balance Sheets

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

September 30, 2025 December 31, 2024

(Amounts in thousands, except unit data)

March 31, 2026 December 31, 2025

Single-family properties:

15 unchanged sentences

Revolving credit facility $ 390,000 $ 360,000

Asset-backed securitizations, net — 924,344

Unsecured senior notes, net 4,737,926 4,735,735

4 unchanged sentences

General partner:

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

Common units ( 363,795,786 and 366,656,740 units issued and outstanding at March 31, 2026 and December 31, 2025, respectively)

6,699,625 6,805,278

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

Preferred units ( 9,200,000 units issued and outstanding at March 31, 2026 and December 31, 2025)

221,840 221,840

Limited partner:

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

Common units ( 50,136,980 and 50,476,980 units issued and outstanding at March 31, 2026 and December 31, 2025, respectively)

671,340 674,847

7 unchanged sentences

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

Rents and other single-family property revenues $ 472,024 $ 459,276

3 unchanged sentences

Interest expense 48,222 45,426

Acquisition and other transaction costs 3,661 2,605 9,377 8,866

Acquisition, disposition and other transaction costs 3,060 3,061

Depreciation and amortization 127,344 124,928

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

Total expenses 401,951 394,797

16 unchanged sentences

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

Net income $ 148,844 $ 128,713

Other comprehensive (loss) income:

Other comprehensive loss:

Cash flow hedging instruments:

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

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

Unrealized loss on cash flow hedging instruments — ( 1,549 )

Reclassification adjustment for amortization of interest expense included in net income

( 352 ) ( 351 )

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

Other comprehensive loss ( 352 ) ( 1,900 )

Comprehensive income 148,492 126,813

11 unchanged sentences

Common units issued under share-based compensation plans, net of units withheld for employee taxes 537,128 ( 10,370 ) — — — — ( 10,370 )

Issuance of Class A common units, net of offering costs of $ 34

932,746 33,215 — — — — 33,215

Distributions to capital holders:

6 unchanged sentences

Balances at March 31, 2025 370,160,196 $ 6,925,863 $ 221,840 51,376,980 $ 687,366 $ 7,042 $ 7,842,111

Share-based compensation — 10,484 — — — — 10,484

Common units issued under share-based compensation plans, net of units withheld for employee taxes 176,574 1,155 — — — — 1,155

Distributions to capital holders:

Preferred units (Note 10)

— — ( 3,486 ) — — — ( 3,486 )

Common units ($ 0.26 per unit)

— ( 95,932 ) — — ( 13,358 ) — ( 109,290 )

Net income — 92,142 3,486 — 12,906 — 108,534

Total other comprehensive loss — — — — — ( 141 ) ( 141 )

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

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

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

Distributions to capital holders:

Preferred units (Note 10)

— — ( 3,486 ) — — — ( 3,486 )

Common units ($ 0.26 per unit)

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

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

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

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

American Homes 4 Rent, L.P.

7 unchanged sentences

Common units issued under share-based compensation plans, net of units withheld for employee taxes 452,767 ( 9,251 ) — — — — ( 9,251 )

Distributions to capital holders:

Preferred units (Note 10)

— — ( 3,486 ) — — — ( 3,486 )

Common units ($ 0.30 per unit)

— ( 111,724 ) — — ( 15,413 ) — ( 127,137 )

Net income — 109,972 3,486 — 15,255 — 128,713

Total other comprehensive loss — — — — — ( 1,900 ) ( 1,900 )

Balances at March 31, 2025 370,160,196 $ 6,925,863 $ 221,840 51,376,980 $ 687,366 $ 7,042 $ 7,842,111

Share-based compensation — 6,473 — — — — 6,473

Common units issued under share-based compensation plans, net of units withheld for employee taxes 187,459 2,775 — — — — 2,775

Redemptions of Class A units 340,000 4,552 — ( 340,000 ) ( 4,552 ) — —

Distributions to capital holders:

Preferred units (Note 10)

— — ( 3,486 ) — — — ( 3,486 )

Common units ($ 0.30 per unit)

— ( 111,904 ) — — ( 15,248 ) — ( 127,152 )

Net income — 105,553 3,486 — 14,585 — 123,624

Total other comprehensive income — — — — — 1,198 1,198

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

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

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

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

Repurchases of Class A units ( 3,653,721 ) ( 115,144 ) — — — — ( 115,144 )

Distributions to capital holders:

5 unchanged sentences

Total other comprehensive loss — — — — — ( 352 ) ( 352 )

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

Balances at March 31, 2026 363,795,786 $ 6,699,625 $ 221,840 50,136,980 $ 671,340 $ 7,189 $ 7,599,994

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

2 unchanged sentences

(Amounts in thousands)

For the Nine Months Ended

September 30,

For the Three Months Ended

Operating activities

5 unchanged sentences

Loss on early extinguishment of debt — 216

Equity in net (income) loss of unconsolidated entities ( 30 ) 454

Equity in net loss of unconsolidated entities 1,192 915

Return on investment from unconsolidated joint ventures — 1,659

9 unchanged sentences

Cash paid for single-family properties — ( 4,009 )

Change in escrow deposits for purchase of single-family properties ( 3,139 ) ( 5,870 )

Change in escrow deposits for purchase of single-family properties and land ( 968 ) ( 3,241 )

Net proceeds received from sales of single-family properties and other 198,443 142,128

6 unchanged sentences

Cash paid for development activity ( 145,523 ) ( 193,696 )

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

Proceeds from repayment of loan from affiliate — 25,666

Other investing activities ( 7,383 ) ( 8,119 )

Net cash used for investing activities ( 280,631 ) ( 293,048 )

Net cash provided by (used for) investing activities 10,254 ( 107,689 )

Financing activities

Proceeds from issuance of Class A common units — 33,249

Payments of Class A common unit issuance costs — ( 34 )

Repurchases of Class A units ( 115,144 ) —

Proceeds from issuances under share-based compensation plans 388 445

2 unchanged sentences

Proceeds from revolving credit facility 30,000 410,000

Payments on revolving credit facility ( 410,000 ) ( 90,000 )

Proceeds from unsecured senior notes, net of discount 646,385 1,096,633

Settlement of cash flow hedging instruments 31 —

Payments related to liabilities to repurchase consolidated land not owned — ( 18,868 )

1 unchanged sentence

Distributions to preferred unitholders ( 3,486 ) ( 3,486 )

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

Net cash used for financing activities ( 235,840 ) ( 247,072 )

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

Net decrease in cash, cash equivalents and restricted cash ( 22,526 ) ( 131,358 )

Cash, cash equivalents and restricted cash, beginning of period (see Note 3) 230,690 350,216

3 unchanged sentences

(Amounts in thousands)

For the Nine Months Ended

September 30,

For the Three Months Ended

Supplemental cash flow information

3 unchanged sentences

Transfers of completed homebuilding deliveries to single-family properties 198,585 175,892

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

Unrealized gain on cash flow hedging instruments — 2,603

Unrealized loss on cash flow hedging instruments — ( 1,549 )

Noncash right-of-use assets obtained in exchange for operating lease liabilities 1,277 842

6 unchanged sentences

Organization and Operations

American Homes 4 Rent (“AMH” or the “General Partner”) is an internally managed Maryland real estate investment trust (“REIT”) formed on October 19, 2012 for the purpose of acquiring, developing, renovating, leasing and managing single-family homes as rental properties.

American Homes 4 Rent (“AMH” or the “General Partner”) is an internally managed Maryland real estate investment trust (“REIT”) formed on October 19, 2012 for the purpose of developing, renovating, leasing and managing single-family homes as rental properties.

American Homes 4 Rent, L.P., a Delaware limited partnership formed on October 22, 2012, and its consolidated subsidiaries (collectively, the “Operating Partnership” or the “OP”) is the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its assets.

References to the “Company,” “we,” “our” and “us” mean collectively AMH, the Operating Partnership and those entities/subsidiaries owned or controlled by AMH and/or the Operating Partnership.

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

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

As of March 31, 2026, the Company held 61,237 single-family properties in 24 states, including 1,037 properties classified as held for sale.

AMH is the general partner of, and as of March 31, 2026 owned approximately 87.9 % of the common partnership interest in, the Operating Partnership.

The remaining 12.1 % of the common partnership interest was owned by limited partners.

28 unchanged sentences

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

The QI established a special purpose entity, which was determined to be a VIE (the “1031 VIE”), to hold the disposition proceeds in an escrow account and the 1031 VIE must use the proceeds to acquire replacement real property for the Company in a manner consistent with the requirements of Section 1031 of the Code.

To the extent the proceeds are not used to acquire replacement real property, the 1031 VIE pays the proceeds to the Company.

The Company is the primary beneficiary of the 1031 VIE as it retains essentially all economic benefits related to the 1031 VIE and directs the activities that most significantly impact the 1031 VIE’s economic performance and therefore the 1031 VIE and the related disposition proceeds are consolidated within the condensed consolidated financial statements.

The Company also holds investments in proptech venture capital funds and deposits with land banking entities that we determined are VIEs.

The QI established a special purpose entity, which was determined to be a VIE (the “QI VIE”), to hold the disposition proceeds in an escrow account and the QI VIE must use the proceeds to acquire replacement real property for the Company in a manner consistent with the requirements of Section 1031 of the Code.

To the extent the proceeds are not used to acquire replacement real property, the QI VIE pays the proceeds to the Company.

The Company is the primary beneficiary of the QI VIE as it retains essentially all economic benefits related to the QI VIE and directs the activities that most significantly impact the QI VIE’s economic performance and therefore the QI VIE and the related disposition proceeds are consolidated within the condensed consolidated financial statements.

Our 1031 Exchange transactions also are facilitated by an exchange accommodation titleholder (the “EAT”), which holds the replacement property for the 1031 Exchange until such transactions are complete.

The EAT established a special purpose entity, which was determined to be a VIE (the “EAT VIE”), to hold the replacement property and the EAT VIE must transfer the replacement property to the Company in a manner consistent with the requirements of Section 1031 of the Code.

The Company is the primary beneficiary of the EAT VIE as it retains essentially all economic benefits related to the EAT VIE and directs the activities that most significantly impact the EAT VIE’s economic performance and therefore the EAT VIE and the related replacement property is consolidated within the condensed consolidated financial statements.

The Company also holds investments in proptech venture capital funds that we determined are VIEs.

As the Company does not control the activities that most significantly impact the economic performance of these entities, the Company was deemed not to be the primary beneficiary and therefore did not consolidate the entities.

The investments in the unconsolidated venture capital funds are accounted for under the equity method of accounting and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets.

As of September 30, 2025 and December 31, 2024, the carrying value of the investments in these venture capital funds was $ 13.3 million and $ 13.2 million, respectively, and the Company’s maximum exposure to loss was $ 14.7 million and $ 14.9 million, respectively, which includes all future capital funding requirements.

The deposits with land banking entities are held at cost and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets.

As of September 30, 2025 and December 31, 2024, the carrying value of these deposits with land banking entities and the Company’s maximum exposure to loss was $ 0.6 million and $ 6.9 million, respectively.

As of March 31, 2026 and December 31, 2025, the carrying value of the investments in these venture capital funds was $ 12.9 million and $ 13.8 million, respectively, and the Company’s maximum exposure to loss was $ 14.0 million and $ 15.0 million, respectively, which includes all future capital funding requirements.

Recent Accounting Pronouncements Not Yet Effective

10 unchanged sentences

Cash, Cash Equivalents and Restricted Cash

Restricted cash primarily consists of funds held related to resident security deposits, cash reserves in accordance with certain loan agreements, funds held in the custody of our transfer agent for the payment of distributions and certain funds held for the purpose of facilitating 1031 Exchange transactions when proceeds are held prior to the completion of transactions.

Restricted cash primarily consists of funds held related to resident security deposits, funds held in the custody of our transfer agent for the payment of distributions and certain funds held for the purpose of facilitating 1031 Exchange transactions when proceeds are held prior to the completion of transactions.

Funds held related to resident security deposits are restricted during the term of the related lease agreement, which is generally one year .

Cash reserved in connection with lender requirements is restricted during the term of the related debt instrument.

The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets (amounts in thousands):

September 30, December 31,

March 31, December 31,

2026 2025 2025 2024

3 unchanged sentences

Real Estate Assets, Net

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

September 30, 2025 December 31, 2024

The net book values of real estate assets consisted of the following as of March 31, 2026 and December 31, 2025 (amounts in thousands):

March 31, 2026 December 31, 2025

Occupied single-family properties $ 10,410,452 $ 10,305,764

8 unchanged sentences

Total real estate assets, net $ 12,408,537 $ 12,471,080

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

Depreciation expense related to single-family properties was $ 120.9 million and $ 118.5 million for the three months ended March 31, 2026 and 2025, respectively.

Our properties and land are identified for disposition primarily based on individual asset-level review, as well as submarket analysis.

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

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

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

During the three months ended March 31, 2026 and 2025, the Company disposed of single-family properties and land for aggregate net proceeds of $ 198.4 million and $ 142.1 million, respectively, which resulted in an aggregate net gain on sale of $ 92.5 million and $ 66.0 million, respectively.

The Company did not identify any indicators of impairment related to single-family properties in operation or under development for the three months ended March 31, 2026 and 2025.

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

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Included in rents and other single-family property revenues are variable lease payments for tenant charge-backs, which primarily relate to cost recoveries on utilities, and variable lease payments for fees from single-family properties.

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

Variable lease payments for fees from single-family properties were $ 7.9 million and $ 8.1 million for the three months ended September 30, 2025 and 2024, respectively, and $ 24.8 million and $ 24.2 million for the nine months ended September 30, 2025 and 2024, respectively.

Variable lease payments for tenant charge-backs were $ 64.7 million and $ 62.6 million for the three months ended March 31, 2026 and 2025, respectively.

Variable lease payments for fees from single-family properties were $ 8.5 million and $ 8.6 million for the three months ended March 31, 2026 and 2025, respectively.

The Company generally rents its single-family properties under non-cancelable lease agreements with a term of one year .

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

September 30, 2025

The following table summarizes future minimum rental revenues under existing leases on our properties as of March 31, 2026 (amounts in thousands):

March 31, 2026

Remaining 2026 $ 766,698

Total $ 952,878

As of September 30, 2025 and December 31, 2024, rent and other receivables included $ 1.8 million and $ 3.9 million, respectively, of insurance claims receivables related to Hurricanes Milton and Helene.

Escrow Deposits, Prepaid Expenses and Other Assets

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

September 30, 2025 December 31, 2024

The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of March 31, 2026 and December 31, 2025 (amounts in thousands):

March 31, 2026 December 31, 2025

Commercial real estate, software, vehicles and FF&E, net $ 109,539 $ 108,497

Escrow deposits, prepaid expenses and other 104,864 94,354

Consolidated land not owned 37,010 89,745

Operating lease right-of-use assets 15,960 15,684

Deferred costs and other intangibles, net 8,740 9,482

Notes receivable, net 299 515

Total $ 239,103 $ 228,017

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

Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $ 5.7 million and $ 5.4 million for the three months ended March 31, 2026 and 2025, respectively.

Deferred Costs and Other Intangibles, Net

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

September 30, 2025 December 31, 2024

Deferred costs and other intangibles, net consisted of the following as of March 31, 2026 and December 31, 2025 (amounts in thousands):

March 31, 2026 December 31, 2025

Deferred leasing costs $ 2,617 $ 3,213

3 unchanged sentences

Total $ 8,740 $ 9,482

Amortization expense related to deferred leasing costs was $ 1.1 million and $ 0.9 million for the three months ended September 30, 2025 and 2024, respectively, and $ 3.3 million and $ 2.5 million for the nine months ended September 30, 2025 and 2024, respectively, and is included in depreciation and amortization within the condensed consolidated statements of operations.

Amortization of deferred financing costs related to our revolving credit facility was $ 0.6 million and $ 0.7 million for the three months ended September 30, 2025 and 2024, respectively, and $ 1.7 million and $ 2.1 million for the nine months ended September 30, 2025 and 2024, respectively, and is included in gross interest, prior to interest capitalization (see Note 8.

The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of September 30, 2025 for future periods (amounts in thousands):

Amortization expense related to deferred leasing costs was $ 0.8 million and $ 1.1 million for the three months ended March 31, 2026 and 2025, respectively, and is included in depreciation and amortization within the condensed consolidated statements of operations.

Amortization of deferred financing costs related to our revolving credit facility was $ 0.6 million for both the three months ended March 31, 2026 and 2025 and is included in gross interest, prior to interest capitalization (see Note 8.

The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of March 31, 2026 for future periods (amounts in thousands):

Leasing Costs Deferred

4 unchanged sentences

2029 — 1,236 1,236

Total $ 1,163 $ 7,577 $ 8,740

Investments in Unconsolidated Joint Ventures

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

As of March 31, 2026, the Company held 20 % ownership interests in four unconsolidated joint ventures.

In evaluating the Company’s 20 % ownership interests in these joint ventures, we concluded that the joint ventures are not VIEs after applying the variable interest model and, therefore, we account for our interests in the joint ventures as investments in unconsolidated subsidiaries after applying the voting interest model using the equity method of accounting.

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Morgan JV II”).

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

The following table summarizes our investments in unconsolidated joint ventures as of March 31, 2026 and December 31, 2025 (amounts in thousands, except percentages and property data):

% Ownership at

September 30, 2025 Completed Homes at

September 30, 2025 Investments in Unconsolidated Joint Ventures

Joint Venture Description September 30, 2025 December 31, 2024

March 31, 2026 Completed Homes at

March 31, 2026 Investments in Unconsolidated Joint Ventures

Joint Venture Description March 31, 2026 December 31, 2025

Alaska JV 20 % 133 $ 11,113 $ 10,564

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The Company provides various services to these joint ventures, which are considered to be related parties, including property management and development services and has opportunities to earn promoted interests.

Management fee and development fee income from unconsolidated joint ventures was $ 3.6 million and $ 4.0 million for the three months ended September 30, 2025 and 2024, respectively, and $ 10.8 million and $ 10.6 million for the nine months ended September 30, 2025 and 2024, respectively, and is included in other income and expense, net within the condensed consolidated statements of operations.

Management fee and development fee income from unconsolidated joint ventures was $ 3.9 million and $ 3.6 million for the three months ended March 31, 2026 and 2025, respectively, and is included in other income and expense, net within the condensed consolidated statements of operations.

As a result of the Company’s management of these joint ventures, certain related party receivables and payables arise in the ordinary course of business and are included in escrow deposits, prepaid expenses and other assets or accounts payable and accrued expenses in the condensed consolidated balance sheets.

The Company also transfers single-family properties or land to the joint ventures in the ordinary course of business and any gains or losses on transfers are included in gain on sale and impairment of single-family properties and other, net in the condensed consolidated statements of operations.

The Company also transfers single-family properties or land to the joint ventures and any gains or losses on transfers are included in gain on sale and impairment of single-family properties and other, net in the condensed consolidated statements of operations.

During the three months ended March 31, 2026 and 2025, there were no gains or losses on transfers of single-family properties or land to the joint ventures.

During the second quarter of 2024, the Institutional Investor JV amended its existing loan agreement.

During the three-year term, the loan, which has an aggregate commitment of $ 232.7 million, bears interest at the Secured Overnight Financing Rate (“SOFR”) plus a 1.90 % margin and matures on July 1, 2027.

As of September 30, 2025, the Institutional Investor JV’s loan had a $ 232.7 million outstanding principal balance.

As of March 31, 2026, the Institutional Investor JV’s loan had a $ 232.7 million outstanding principal balance.

During the first quarter of 2025, J.P.

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The loan agreement provides for one one-year extension option that includes additional fees and interest.

As of September 30, 2025, J.P.

As of March 31, 2026, J.P.

Morgan JV I’s loan had a $ 492.4 million outstanding principal balance.

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AMH is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership.

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

The following table presents the Company’s debt as of March 31, 2026 and December 31, 2025 (amounts in thousands):

Outstanding Principal Balance

Interest Rate (1)

Maturity Date September 30, 2025 December 31, 2024

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

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

Total asset-backed securitizations — 925,391

Maturity Date March 31, 2026 December 31, 2025

2028 unsecured senior notes (2)

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Total debt per balance sheet $ 5,127,926 $ 5,095,735

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

(1) Interest rates are rounded and as of March 31, 2026.

Unless otherwise stated, interest rates are fixed percentages.

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(5) The revolving credit facility provides for a borrowing capacity of up to $ 1.25 billion and the maturity date includes two six-month extension periods.

The Company had approximately $ 4.1 million and $ 2.0 million committed to outstanding letters of credit that reduced our borrowing capacity as of September 30, 2025 and December 31, 2024, respectively.

The revolving credit facility bears interest at SOFR plus a 0.10 % spread adjustment and a margin of 0.85 % as of September 30, 2025.

(6) Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes.

Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $ 1.3 million and $ 1.6 million for the three months ended September 30, 2025 and 2024, respectively, and $ 3.9 million and $ 4.9 million for the nine months ended September 30, 2025 and 2024, respectively, and is included in gross interest, prior to interest capitalization.

Early Extinguishment of Debt

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

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

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

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

Unsecured Senior Notes

During the second quarter of 2025, the Operating Partnership issued $ 650.0 million of 4.950 % unsecured senior notes with a maturity date of June 15, 2030 (the “2030 Notes”).

Interest on the 2030 Notes is payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2025.

The Operating Partnership received aggregate net proceeds of $ 642.5 million from this offering, after underwriting fees of $ 3.9 million and a $ 3.6 million discount, and before offering costs of $ 1.3 million.

The Operating Partnership used the net proceeds primarily to repay outstanding indebtedness, including repayment of amounts outstanding on its revolving credit facility, as well as general corporate purposes.

The Operating Partnership may redeem the 2030 Notes in whole

at any time or in part from time to time at the applicable redemption price specified in the indenture.

If the 2030 Notes are redeemed on or after May 15, 2030 (one month prior to the maturity date), the redemption price will be equal to 100 % of the principal amount of the 2030 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

The 2030 Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness.

The indenture requires that we maintain certain financial covenants.

The Company had approximately $ 3.0 million and $ 3.2 million committed to outstanding letters of credit that reduced our borrowing capacity as of March 31, 2026 and December 31, 2025, respectively.

The revolving credit facility bears interest at SOFR plus a 0.10 % spread adjustment and a margin of 0.85 % as of March 31, 2026.

(6) Deferred financing costs relate to our unsecured senior notes and amortization of these deferred financing costs was $ 1.1 million and $ 1.3 million for the three months ended March 31, 2026 and 2025, respectively, and is included in gross interest, prior to interest capitalization.

Debt Maturities

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

The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of March 31, 2026 (amounts in thousands):

Debt Maturities

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Interest Expense

The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands):

The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three months ended March 31, 2026 and 2025 (amounts in thousands):

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

Gross interest cost $ 61,209 $ 59,280

2 unchanged sentences

Accounts Payable and Accrued Expenses

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

September 30, 2025 December 31, 2024

Accrued property taxes $ 188,498 $ 61,044

The following table summarizes accounts payable and accrued expenses as of March 31, 2026 and December 31, 2025 (amounts in thousands):

March 31, 2026 December 31, 2025

Resident security deposits $ 119,155 $ 121,025

Accrued property taxes 109,022 65,328

Accrued construction and maintenance liabilities 54,830 57,662

Accrued interest 48,424 68,763

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

Prepaid rent 33,552 33,189

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

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

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

The Company issued and physically settled the 2,987,024 Class A common shares during the fourth quarter of 2024, receiving gross proceeds of $ 110.6 million before commissions and other expenses of approximately $ 0.8 million and before offering costs of approximately $ 0.2 million.

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

As of September 30, 2025, 6,719,453 shares have been issued under the At-the-Market Program and $ 753.7 million remained available for future share issuances.

During the three months ended March 31, 2026 and 2025, no shares were issued under the At-the-Market Program.

As of March 31, 2026, 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 nine months ended September 30, 2025 and 2024, we did not repurchase and retire any of our Class A common shares or preferred shares.

As of September 30, 2025, we had a remaining repurchase authorization of up to $ 265.1 million of our outstanding Class A common shares and up to $ 250.0 million of our outstanding preferred shares under the program.

During the three months ended March 31, 2025, we did not repurchase and retire any of our Class A common shares or preferred shares under the 2018 Share Repurchase Program.

During the fourth quarter of 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.

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 for the repurchase of up to $ 500.0 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 “2026 Share Repurchase Program”).

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.

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

During the three months ended March 31, 2026, we did not repurchase and retire any of our Class A common shares or preferred shares under the 2026 Share Repurchase Program.

As of March 31, 2026, we had a remaining repurchase authorization of up to $ 500.0 million of our outstanding Class A common shares and up to $ 250.0 million of our outstanding preferred shares under the 2026 Share Repurchase Program.

In April 2026, the Company repurchased and retired 3.2 million of its outstanding Class A common shares on a settlement date basis pursuant to the 2026 Share Repurchase Program at a weighted-average price of $ 29.37 per share and a total price of $ 94.0 million, leaving $ 406.0 million of remaining authorization.

Subsequent Events for further details.

Perpetual Preferred Shares / Units

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

September 30, 2025 December 31, 2024

As of March 31, 2026 and December 31, 2025, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data):

March 31, 2026 December 31, 2025

Series Issuance Date Earliest Redemption Date Dividend Rate Outstanding Shares Current Liquidation Value Outstanding Shares Current Liquidation Value

6 unchanged sentences

For the Three Months Ended

Security September 30,

2025 June 30,

2025 March 31,

2025 September 30,

2024 June 30,

Security March 31,

2026 March 31,

1 unchanged sentence

5.875 % Series G perpetual preferred shares

0.37 0.37 0.37 0.37 0.37 0.37

6.250 % Series H perpetual preferred shares

0.39 0.39 0.39 0.39 0.39 0.39

Noncontrolling Interest

Noncontrolling interest as reflected in the Company’s condensed consolidated balance sheets primarily consists of the interests held by former American Homes 4 Rent, LLC (“AH LLC”) members in units in the Operating Partnership.

Former AH LLC members owned 50,079,990 and 50,779,990 , or approximately 11.9 % and 12.1 %, of the total 421,780,376 and 421,000,048 Class A units in the Operating Partnership as of September 30, 2025 and December 31, 2024, respectively.

Former AH LLC members owned 49,579,990 and 49,879,990 , or approximately 12.0 %, of the total 413,932,766 and 417,133,720 Class A units in the Operating Partnership as of March 31, 2026 and December 31, 2025, respectively.

Noncontrolling interest also includes interests held by non-affiliates in Class A units in the Operating Partnership.

Non-affiliate Class A unitholders owned 596,990 , or approximately 0.1 %, of the total 421,780,376 and 421,000,048 Class A units in the Operating Partnership as of September 30, 2025 and December 31, 2024, respectively.

The OP units owned by former AH LLC members and non-affiliates are reflected as

noncontrolling interest in the Company’s condensed consolidated balance sheets and limited partner capital in the Operating Partnership’s condensed consolidated balance sheets.

Non-affiliate Class A unitholders owned 556,990 and 596,990 , or approximately 0.1 %, of the total 413,932,766 and 417,133,720 Class A units in the Operating Partnership as of March 31, 2026 and December 31, 2025, respectively.

The OP units owned by former AH LLC members and non-affiliates are reflected as noncontrolling interest in the Company’s condensed consolidated balance sheets and limited partner capital in the Operating Partnership’s condensed consolidated balance sheets.

Share-Based Compensation

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When the Company issues Class A common shares under the 2012 Plan and 2021 Plan, the Operating Partnership issues an equivalent number of Class A units to AMH.

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

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

Performance-based restricted share units (“PSUs”) granted to certain senior employees during the nine months ended September 30, 2025 and 2024 cliff vest at the end of a three-year service period based on satisfaction of performance conditions.

The performance conditions of the PSUs are measured over the three-year performance period from January 1, 2025 through December 31, 2027 for PSUs granted during the nine months ended September 30, 2025 and from January 1, 2024 through December 31, 2026 for PSUs granted during the nine months ended September 30, 2024.

RSUs granted to employees during the three months ended March 31, 2026 and 2025 generally vest over a three-year service period.

Performance-based restricted share units (“PSUs”) granted to certain senior employees during the three months ended March 31, 2026 and 2025 cliff vest at the end of a three-year service period based on satisfaction of performance conditions.

The performance conditions of the PSUs are measured over the three-year performance period from January 1, 2026 through December 31, 2028 for PSUs granted during the three months ended March 31, 2026 and from January 1, 2025 through December 31, 2027 for PSUs granted during the three months ended March 31, 2025.

A portion of the PSUs are based on (i) the achievement of relative total shareholder return compared to a specified peer group (the “TSR Awards”), and a portion are based on (ii) average annual growth in core funds from operations per share (the “Core FFO Awards”).

1 unchanged sentence

For the TSR Awards, grant date fair value was determined using a multifactor Monte Carlo model and the resulting compensation cost is amortized over the service period regardless of whether the performance condition is achieved.

For the Core FFO Awards, fair value is based on the market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period.

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

For the Nine Months Ended

September 30,

For the Core FFO Awards, fair value is based on the market value on the

date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period.

The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2026 and 2025:

For the Three Months Ended

Options outstanding at beginning of period 190,500 329,500

3 unchanged sentences

Options exercisable at end of period 166,000 304,000

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

For the Nine Months Ended

September 30,

The following table summarizes RSU activity under the 2021 Plan for the three months ended March 31, 2026 and 2025:

For the Three Months Ended

RSUs outstanding at beginning of period 1,108,279 1,187,544

3 unchanged sentences

RSUs outstanding at end of period 1,155,506 1,150,937

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

For the Nine Months Ended

September 30,

The following table summarizes PSU activity under the 2021 Plan for the three months ended March 31, 2026 and 2025:

For the Three Months Ended

PSUs outstanding at beginning of period (1)

5 unchanged sentences

Forfeited (1)

( 4,044 ) ( 4,759 )

PSUs outstanding at end of period (1)

1 unchanged sentence

(1) Represents target shares at grant date.

(2) Represents the difference between the number of target shares at grant date and the number of actual shares earned for the three-year performance periods ended December 31, 2024 and 2023, which was determined and vested during the nine months ended September 30, 2025 and 2024, respectively.

(2) Represents the difference between the number of target shares at grant date and the number of actual shares earned for the three-year performance periods ended December 31, 2025 and 2024, which was determined and vested during the three months ended March 31, 2026 and 2025, respectively.

For the TSR Awards, the following assumptions were used in the calculation of fair value using the Monte Carlo simulation model:

For the Nine Months Ended

September 30,

For the Three Months Ended

Expected term (years) 3.0 3.0

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The purchase price for Class A common shares may be set at a maximum discount equal to 85 % of the lower of the closing price of the Company’s Class A common shares on the first day or the last day of the applicable purchase period.

The 2021 ESPP terminates in June 2031 or the date on which there are no longer any Class A common shares available for issuance.

The 2021 ESPP terminates in June 2031 or the date on which there are no longer any Class A common

shares available for issuance.

When the Company issues Class A common shares under the 2021 ESPP, the Operating Partnership issues an equivalent number of Class A units to AMH.

1 unchanged sentence

The Company’s noncash share-based compensation expense relating to corporate administrative employees is included in general and administrative expense and the noncash share-based compensation expense relating to centralized and field property management employees is included in property management expenses.

Noncash share-based compensation expense relating to employees involved in the purchases of single-family properties, including newly constructed properties from third-party builders, the development of single-family properties, or the disposal of certain properties or portfolios of properties is included in acquisition and other transaction costs.

The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands):

The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the three months ended March 31, 2026 and 2025 (amounts in thousands):

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

General and administrative expense $ 4,445 $ 4,867

Property management expenses 1,121 1,246

Acquisition and other transaction costs 1,444 1,099 4,341 4,326

Acquisition, disposition and other transaction costs 1,194 1,548

Total noncash share-based compensation expense $ 6,760 $ 7,661

1 unchanged sentence

American Homes 4 Rent

The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands, except share and per share data):

The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three months ended March 31, 2026 and 2025 (amounts in thousands, except share and per share data):

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

Net income $ 148,844 $ 128,713

2 unchanged sentences

Allocation to participating securities (1)

320 313 1,009 963

Numerator for income per common share–basic and diluted $ 127,375 $ 109,626

1 unchanged sentence

Effect of dilutive securities:

Share-based compensation plan and forward sale equity contract (2)

Share-based compensation plan (2)

216,675 389,353

5 unchanged sentences

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

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

Shareholders’ Equity / Partners’ Capital).

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

(3) The effect of the potential conversion of OP units is not reflected in the computation of basic and diluted earnings per share as they are exchangeable for Class A common shares on a one -for-one basis.

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American Homes 4 Rent, L.P.

The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands, except unit and per unit data):

The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three months ended March 31, 2026 and 2025 (amounts in thousands, except unit and per unit data):

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

Net income $ 148,844 $ 128,713

1 unchanged sentence

Allocation to participating securities (1)

320 313 1,009 963

Numerator for income per common unit–basic and diluted $ 144,965 $ 124,881

1 unchanged sentence

Effect of dilutive securities:

Share-based compensation plan and forward sale equity contract (2)

Share-based compensation plan (2)

216,675 389,353

4 unchanged sentences

Shareholders’ Equity / Partners’ Capital).

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

The carrying amount of rents and other receivables, restricted cash, escrow deposits, prepaid expenses and other assets, and accounts payable and accrued expenses generally approximate fair value because of the short maturity of these amounts.

Our notes receivable are financial instruments classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs.

We estimated the fair values of the notes receivable by modeling the expected contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates.

As the estimated current market rates were not substantially different from the discount rates originally applied, the carrying amount of notes receivable, net approximates fair value.

Our asset-backed securitizations and revolving credit facility are financial instruments classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs.

We estimated the fair values of the asset-backed securitizations by modeling the contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates.

Our revolving credit facility is a financial instrument classified as Level 3 in the fair value hierarchy as its fair value was estimated using unobservable inputs.

As our revolving credit facility bears interest at a floating rate based on an index plus a spread (see Note 8.

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Our unsecured senior notes are financial instruments classified as Level 2 in the fair value hierarchy as their fair values were estimated using observable inputs based on the market value of the last trade at the end of the period.

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

September 30, 2025 December 31, 2024

The following table displays the carrying values and fair values of our debt instruments as of March 31, 2026 and December 31, 2025 (amounts in thousands):

March 31, 2026 December 31, 2025

Carrying Value Fair Value Carrying Value Fair Value

AMH 2015-SFR1 securitization, net $ — $ — $ 494,635 $ 496,776

AMH 2015-SFR2 securitization, net — — 429,709 432,316

Total asset-backed securitizations, net — — 924,344 929,092

2028 unsecured senior notes, net $ 498,521 $ 497,425 $ 498,323 $ 501,385

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Total debt $ 5,127,926 $ 4,916,907 $ 5,095,735 $ 4,990,714

Recurring Fair Value Measurements

During the first quarter of 2025, in anticipation of a potential debt issuance and in order to hedge interest rate risk, the Company entered into two treasury lock agreements with an aggregate notional amount of $ 200.0 million based on the 10-year treasury note rates at the time.

The treasury locks were designated as cash flow hedging instruments.

The Company settled the treasury locks during the second quarter of 2025 in connection with the pricing of the 2030 Notes (see Note 8.

Debt), which resulted in an immaterial gain.

The treasury locks were the only financial instruments recorded at fair value on a recurring basis in the condensed consolidated financial statements and were classified as Level 2 within the fair value hierarchy as their fair values were estimated using observable inputs based on the 10-year treasury note rates.

Nonrecurring Fair Value Measurements

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

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

The following table summarizes single-family properties and land for which the Company has recorded impairments in the condensed consolidated financial statements for the three months ended March 31, 2026 and 2025 (amounts in thousands):

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

Pre-impairment carrying value $ 72,986 $ 55,182

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Related Party Transactions

As of September 30, 2025 and December 31, 2024, affiliates owned approximately 12.3 % and 12.4 %, respectively, of the Company’s outstanding Class A common shares.

On a fully-diluted basis, affiliates held (including consideration of 635,075 Class B common shares and 49,372,165 and 50,622,165 Class A units as of September 30, 2025 and December 31, 2024, respectively) an approximate 22.7 % and 23.0 % interest as of September 30, 2025 and December 31, 2024, respectively.

As of March 31, 2026 and December 31, 2025, affiliates owned approximately 7.8 % and 8.3 %, respectively, of the Company’s outstanding Class A common shares.

On a fully-diluted basis, affiliates held (including consideration of 635,075 Class B common shares and 49,372,165 Class A units as of March 31, 2026 and December 31, 2025) an approximate 18.9 % and 19.3 % interest as of March 31, 2026 and December 31, 2025, respectively.

Investments in Unconsolidated Joint Ventures for a description of related party transactions between the Company and its unconsolidated joint ventures.

Commitments and Contingencies

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

As of March 31, 2026, the Company had $ 134.3 million in purchase commitments for land relating to our AMH Development Program, which includes certain land deals expected to close beyond twelve months when development is ready to commence.

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

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

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

As of March 31, 2026, the Company had sales in escrow for 282 of our single-family properties and 499 of our land lots for an aggregate selling price of $ 129.9 million.

As of March 31, 2026, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $ 164.5 million.

Legal Matters

3 unchanged sentences

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and assess performance.

The Company is organized as a REIT with activities related to acquiring, renovating, developing, leasing and managing single-family homes as rental properties in one geographically diversified portfolio, which represents our one operating and reportable segment.

The Company is organized as a REIT with activities related to developing, renovating, leasing and managing single-family homes as rental properties in one geographically diversified portfolio, which represents our one operating and reportable segment.

Our one reportable segment derives its revenues from leasing single-family homes to tenants under non-cancelable lease agreements generally with a term of one year as well as certain fees charged to tenants.

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Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Net income and its components, as presented on the consolidated statements of operations, are metrics utilized by the CODM to assess the reporting segment’s performance and allocate resources.

Net income and its components, as

presented on the consolidated statements of operations, are metrics utilized by the CODM to assess the reporting segment’s performance and allocate resources.

The measure of segment assets is reported on the consolidated balance sheets as total assets.

The CODM also reviews core net operating income (“Core NOI”) at the total portfolio level as an additional segment profitability measure.

The CODM uses the segment profitability measures to evaluate income generated from total portfolio assets in deciding whether to reinvest profits into enhancing the existing portfolio or for acquisitions or development of new properties.

Property acquisition and disposition decisions are made at the individual property level and development decisions are made at the community level.

Property disposition decisions are made at the individual property level and development decisions are made at the community level.

Core NOI for the total portfolio is also used to monitor budget versus actual results and in competitive analysis to benchmark against the Company’s competitors.

The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation.

In addition to the revenues and significant segment expenses included within the condensed consolidated statements of operations, the following table presents significant segment expenses regularly provided to the CODM within property operating expenses for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands):

In addition to the revenues and significant segment expenses included within the condensed consolidated statements of operations, the following table presents significant segment expenses regularly provided to the CODM within property operating expenses for the three months ended March 31, 2026 and 2025 (amounts in thousands):

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

Property operating expenses

4 unchanged sentences

Total property operating expenses $ 168,709 $ 167,530

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

The table below summarizes the components and significant expense categories included in Core NOI and regularly provided to the CODM for the three months ended March 31, 2026 and 2025 (amounts in thousands):

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

Core revenues $ 406,124 $ 395,415

4 unchanged sentences

Insurance 4,551 4,931

Property management expenses, net of tenant charge-backs and excluding share-based compensation 30,040 28,904 91,695 86,093

Property management expenses, net of tenant charge-backs and excluding noncash share-based compensation 29,819 30,638

Total core property operating expenses 134,972 136,604

9 unchanged sentences

Interest expense ( 48,222 ) ( 45,426 )

Acquisition and other transaction costs ( 3,661 ) ( 2,605 ) ( 9,377 ) ( 8,866 )

Acquisition, disposition and other transaction costs ( 3,060 ) ( 3,061 )

Depreciation and amortization ( 127,344 ) ( 124,928 )

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

Loss on early extinguishment of debt — ( 216 )

3 unchanged sentences

Subsequent Events

Subsequent Acquisitions

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

Subsequent Portfolio Additions

From April 1, 2026 through April 30, 2026, the Company added 187 newly constructed properties delivered through its AMH Development Program to its operating portfolio for a total cost of approximately $ 77.6 million .

Subsequent Dispositions

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

From April 1, 2026 through April 30, 2026, the Company disposed of 247 single-family properties for aggregate net proceeds of approximately $ 69.8 million.

Share Repurchase Program

From April 1, 2026 through April 30, 2026, the Company repurchased and retired 3.2 million of its outstanding Class A common shares on a settlement date basis pursuant to the 2026 Share Repurchase Program at a weighted-average price of $ 29.37 per share and a total price of $ 94.0 million, leaving $ 406.0 million of remaining authorization.

Revolving Credit Facility

From April 1, 2026 through May 7, 2026, the Company borrowed an additional $ 30.0 million and paid down $ 80.0 million under its revolving credit facility, resulting in $ 340.0 million of outstanding borrowings under its revolving credit facility as of May 7, 2026.

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

What changed 10-Q

Item 1. Financial Statements