1 unchanged sentence
The following discussion of our financial condition and results of operations should be read in conjunction with the financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q.
−Removed: We are a Maryland REIT focused on acquiring, developing, renovating, leasing and managing single-family homes as rental properties.
+Added: 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.
We commenced operations in November 2012 and we have elected to be taxed as a REIT.
−Removed: As of September 30, 2025, we owned 61,692 single-family properties in select submarkets of metropolitan statistical areas in 24 states, including 1,028 properties held for sale, compared to 61,336 single-family properties in 24 states, including 805 properties held for sale, as of December 31, 2024 and 59,902 single-family properties in 21 states, including 1,003 properties held for sale, as of September 30, 2024.
−Removed: As of September 30, 2025, 57,061 of our total properties (excluding properties held for sale) were occupied, compared to 57,486 of our total properties (excluding properties held for sale) as of December 31, 2024 and 55,726 of our total properties (excluding properties held for sale) as of September 30, 2024.
−Removed: Also, as of September 30, 2025, the Company had an additional 3,721 properties held in unconsolidated joint ventures, compared to 3,376 properties held in unconsolidated joint ventures as of December 31, 2024 and 3,271 properties held in unconsolidated joint ventures as of September 30, 2024.
+Added: As of March 31, 2026, we owned 61,237 single-family properties in select submarkets of metropolitan statistical areas in 24 states, including 1,037 properties held for sale, compared to 61,479 single-family properties in 24 states, including 1,142 properties held for sale, as of December 31, 2025 and 61,361 single-family properties in 24 states, including 661 properties held for sale, as of March 31, 2025.
+Added: As of March 31, 2026, 57,112 of our total properties (excluding properties held for sale) were occupied, compared to 56,756 of our total properties (excluding properties held for sale) as of December 31, 2025 and 58,246 of our total properties (excluding properties held for sale) as of March 31, 2025.
+Added: Also, as of March 31, 2026, the Company had an additional 3,858 properties held in unconsolidated joint ventures, compared to 3,785 properties held in unconsolidated joint ventures as of December 31, 2025 and 3,487 properties held in unconsolidated joint ventures as of March 31, 2025.
Our portfolio of single-family properties, including those held in our unconsolidated joint ventures, is internally managed through our proprietary property management platform.
Key Single-Family Property and Leasing Metrics
−Removed: The following table summarizes certain key single-family properties metrics as of September 30, 2025:
+Added: The following table summarizes certain key single-family properties metrics as of March 31, 2026:
Total Single-Family Properties (1)
6 unchanged sentences
Dallas-Fort Worth, TX 3,595 6.0 % 646.5 4.5 % 179,822 2,080 21.6 2014
−Removed: Nashville, TN 3,401 5.6 % 900.8 6.3 % 264,864 2,123 16.8 2016
Jacksonville, FL 3,398 5.6 % 818.7 5.7 % 240,971 1,934 14.4 2017
+Added: Nashville, TN 3,372 5.6 % 890.2 6.1 % 264,014 2,125 17.2 2016
Phoenix, AZ 3,290 5.5 % 765.7 5.3 % 232,764 1,870 19.7 2016
−Removed: Indianapolis, IN 3,009 5.0 % 549.9 3.8 % 182,740 1,931 22.4 2015
Tampa, FL 3,081 5.1 % 805.2 5.6 % 261,387 1,964 14.4 2017
+Added: Indianapolis, IN 2,981 5.0 % 547.1 3.8 % 183,515 1,931 22.9 2015
Las Vegas, NV 2,764 4.6 % 900.3 6.2 % 325,740 1,976 10.6 2018
−Removed: Houston, TX 2,302 3.8 % 420.6 2.9 % 182,713 2,064 19.7 2015
−Removed: Raleigh, NC 2,160 3.6 % 444.5 3.1 % 205,805 1,899 19.0 2015
Columbus, OH 2,262 3.8 % 494.9 3.4 % 218,822 1,912 21.0 2016
+Added: Houston, TX 2,223 3.7 % 407.5 2.8 % 183,320 2,061 20.2 2015
Orlando, FL 2,216 3.7 % 581.5 4.0 % 262,428 1,950 15.8 2017
+Added: Raleigh, NC 2,124 3.5 % 439.2 3.0 % 206,798 1,899 19.4 2015
Cincinnati, OH 2,079 3.5 % 421.1 2.9 % 202,561 1,844 23.2 2014
2 unchanged sentences
Greater Chicago area, IL and IN 1,492 2.5 % 293.0 2.0 % 196,405 1,869 24.5 2013
−Removed: San Antonio, TX 1,156 1.9 % 237.6 1.7 % 205,575 1,910 16.2 2016
Boise, ID 1,112 1.8 % 359.5 2.5 % 323,342 1,886 11.1 2018
−Removed: Savannah/Hilton Head, SC 1,043 1.7 % 230.2 1.6 % 220,717 1,885 16.5 2017
+Added: Seattle, WA 1,096 1.8 % 393.3 2.7 % 358,886 2,006 14.3 2018
+Added: San Antonio, TX 1,079 1.8 % 223.1 1.5 % 206,836 1,901 16.5 2016
All Other (2)
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Total/Average 60,200 100.0 % $ 14,477.1 100.0 % $ 240,483 2,001 18.1 2016
−Removed: (1) Excludes 1,028 single-family properties held for sale as of September 30, 2025.
+Added: (1) Excludes 1,037 single-family properties held for sale as of March 31, 2026.
(2) Represents 16 markets in 15 states.
−Removed: The following table summarizes certain key leasing metrics as of September 30, 2025:
+Added: The following table summarizes certain key leasing metrics as of March 31, 2026:
Total Single-Family Properties (1)
8 unchanged sentences
Dallas-Fort Worth, TX 95.5 % 2,374 12.5 5.8 1.6 %
−Removed: Nashville, TN 95.8 % 2,422 12.3 6.4 3.1 %
Jacksonville, FL 94.1 % 2,245 12.8 6.7 1.8 %
+Added: Nashville, TN 94.5 % 2,449 12.6 6.1 1.7 %
Phoenix, AZ 94.1 % 2,200 12.0 5.6 1.3 %
−Removed: Indianapolis, IN 96.3 % 1,972 12.6 6.2 5.3 %
Tampa, FL 93.9 % 2,510 12.9 6.7 1.1 %
+Added: Indianapolis, IN 96.0 % 2,004 12.6 6.3 3.4 %
Las Vegas, NV 94.6 % 2,395 12.9 6.3 1.5 %
−Removed: Houston, TX 95.8 % 2,121 12.4 6.3 3.1 %
−Removed: Raleigh, NC 95.9 % 2,110 12.6 6.4 3.1 %
Columbus, OH 95.3 % 2,376 12.8 7.0 3.8 %
+Added: Houston, TX 96.1 % 2,134 12.5 5.8 2.8 %
Orlando, FL 94.2 % 2,466 12.6 6.2 2.1 %
+Added: Raleigh, NC 94.9 % 2,128 12.6 6.2 1.8 %
Cincinnati, OH 96.1 % 2,290 12.7 6.6 5.0 %
2 unchanged sentences
Greater Chicago area, IL and IN 96.1 % 2,668 12.6 6.8 6.1 %
−Removed: San Antonio, TX 93.7 % 1,947 12.5 6.5 0.6 %
Boise, ID 94.0 % 2,339 12.5 5.8 3.5 %
−Removed: Savannah/Hilton Head, SC 94.8 % 2,350 12.3 5.9 4.2 %
+Added: Seattle, WA 94.6 % 2,981 11.9 6.0 3.1 %
+Added: San Antonio, TX 95.0 % 1,955 12.6 5.7 (1.0) %
All Other (6)
1 unchanged sentence
Total/Average 94.7 % $ 2,331 12.6 6.2 2.3 %
−Removed: (1) Excludes 1,028 single-family properties held for sale as of September 30, 2025.
−Removed: (2) For the three months ended September 30, 2025, Average Occupied Days Percentage represents the number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service.
−Removed: (3) For the three months ended September 30, 2025, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months.
+Added: (1) Excludes 1,037 single-family properties held for sale as of March 31, 2026.
+Added: (2) For the three months ended March 31, 2026, Average Occupied Days Percentage represents the number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service.
+Added: (3) For the three months ended March 31, 2026, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months.
For properties partially owned during the period, this is adjusted to reflect the number of days of ownership.
(4) Average Original Lease Term and Average Remaining Lease Term are reflected as of period end.
−Removed: (5) Represents the percentage change in rent on all non-month-to-month lease renewals and re-leases during the three months ended September 30, 2025, compared to the annual rent of the previously expired non-month-to-month comparable long-term lease for each property.
+Added: (5) Represents the percentage change in rent on all non-month-to-month lease renewals and re-leases during the three months ended March 31, 2026, compared to the annual rent of the previously expired non-month-to-month comparable long-term lease for each property.
(6) Represents 16 markets in 15 states.
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Our results of operations and financial condition are affected by numerous factors, many of which are beyond our control.
−Removed: 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.
−Removed: 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 associated with acquired properties and our maintenance program.
−Removed: Property Acquisitions, Development and Dispositions
−Removed: Since our formation, we have rapidly but systematically grown our portfolio of single-family properties.
−Removed: 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.
−Removed: We are also focused on developing “built-for-rental” homes through our internal AMH
−Removed: Development Program.
−Removed: In addition, we acquire newly constructed homes from third-party developers through our National Builder Program.
+Added: 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.
+Added: 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.
+Added: 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.
+Added: Property Development, Acquisitions and Dispositions
+Added: Our growth strategy is primarily focused on developing “built-for-rental” homes through our internal AMH Development Program.
+Added: 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.
−Removed: Our level of investment activity has fluctuated based on the number of suitable opportunities and the level of capital available to invest.
+Added: Our level of investment activity has fluctuated
+Added: 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.
−Removed: 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.
−Removed: During the three months ended September 30, 2025, we developed or acquired 587 homes, including 539 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 48 homes acquired through our National Builder Program and traditional acquisition channel, partially offset by 519 homes identified for sale.
−Removed: During the three months ended September 30, 2025, we also developed an additional 112 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 651 total home deliveries through our AMH Development Program.
−Removed: During the nine months ended September 30, 2025, we developed or acquired 1,530 homes, including 1,464 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 66 homes acquired through our National Builder Program and traditional acquisition channel, partially offset by 1,397 homes identified for sale.
−Removed: During the nine months ended September 30, 2025, we also developed an additional 368 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 1,832 total home deliveries through our AMH Development Program.
+Added: 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.
+Added: During the three months ended March 31, 2026, we developed 457 newly constructed homes delivered to our operating portfolio through our AMH Development Program, offset by 594 homes identified for sale.
+Added: During the three months ended March 31, 2026, we also developed an additional 82 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 539 total home deliveries through our AMH Development Program.
Our properties and land held for sale were identified based on individual asset-level review, as well as submarket analysis.
−Removed: As of September 30, 2025 and December 31, 2024, there were 1,028 and 805 properties, respectively, as well as certain land lots, classified as held for sale.
−Removed: During the three and nine months ended September 30, 2025, we sold 395 and 1,181 properties, respectively.
+Added: As of March 31, 2026 and December 31, 2025, there were 1,037 and 1,142 properties, respectively, as well as certain land lots, classified as held for sale.
+Added: During the three months ended March 31, 2026 and 2025, we sold 710 and 416 properties, respectively.
We will continue to evaluate our properties and land for potential disposition going forward as a normal course of business.
3 unchanged sentences
This process is dependent upon the nature of each lot acquired and the timeline varies primarily due to land development requirements.
−Removed: Once land development requirements have been met, historically it has taken approximately five to seven months to complete the rental home vertical construction process.
+Added: 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.
3 unchanged sentences
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.
−Removed: 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 homeowner association (“HOA”) fees, when applicable.
−Removed: 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.
+Added: 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 homeowner association (“HOA”) fees, when applicable.
+Added: 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.
−Removed: 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.
+Added: 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.
9 unchanged sentences
Our ability to maintain and grow revenues from our existing portfolio of homes will be dependent on our ability to retain tenants and increase rental rates.
−Removed: Based on our Same-Home population of properties (defined below), the year-over-year increase in Average Monthly Realized Rent per property was 3.5% for the three months ended September 30, 2025, and we experienced turnover rates, which represents the number of tenant move-outs during the period divided by the total number of properties, of 7.3% and 7.9% during the three months ended September 30, 2025 and 2024, respectively.
−Removed: Based on our Same-Home population of properties, the year-over-year increase in Average Monthly Realized Rent per property was 3.9% for the nine months ended September 30, 2025, and we experienced turnover rates of 21.5% and 21.7% during the nine months ended September 30, 2025 and 2024, respectively.
+Added: Based on our Same-Home population of properties (defined below), the year-over-year increase in Average Monthly Realized Rent per property was 3.0% for the three months ended March 31, 2026, and we experienced turnover rates, which represents the number of tenant move-outs during the period divided by the total number of properties, of 7.4% and 6.9% during the three months ended March 31, 2026 and 2025, respectively.
We monitor the following categories of expenses that we believe most significantly affect our results of operations.
16 unchanged sentences
Results of Operations
−Removed: Net income totaled $116.8 million for the three months ended September 30, 2025, compared to $87.6 million for the three months ended September 30, 2024.
−Removed: The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses and higher net gains on property sales.
−Removed: Net income totaled $369.1 million for the nine months ended September 30, 2025, compared to $324.3 million for the nine months ended September 30, 2024.
+Added: Net income totaled $148.8 million for the three months ended March 31, 2026, compared to $128.7 million for the three months ended March 31, 2025.
The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses and higher net gains on property sales.
2 unchanged sentences
Single-family properties that we acquire individually (i.e., not through a bulk purchase) are classified as either stabilized or non-stabilized.
−Removed: 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.
+Added: A property is classified as stabilized once it has been
+Added: 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.
3 unchanged sentences
Core NOI is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and other single-family property revenues, excluding expenses reimbursed by tenant charge-backs, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense and expenses reimbursed by tenant charge-backs.
−Removed: Core NOI also excludes (1) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (2) gain or loss on early extinguishment of debt, (3) gains and losses from sales or impairments of single-family properties and other, (4) depreciation and amortization, (5) 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, (6) noncash share-based compensation expense, (7) interest expense, (8) general and administrative expense, and (9) other income and expense, net.
+Added: Core NOI also excludes (1) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (2) gain or loss on early extinguishment of debt, (3) gains and losses from sales or impairments of single-family properties and other, (4) depreciation and amortization, (5) acquisition, disposition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (6) noncash share-based compensation expense, (7) interest expense, (8) general and administrative expense, and (9) other income and expense, net.
We believe Core NOI provides useful information to investors about the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs.
1 unchanged sentence
Additionally, these metrics should not be used as substitutes for net income or loss or net cash flows from operating activities (as computed in accordance with accounting principles generally accepted in the United States of America (“GAAP”)).
−Removed: Comparison of the Three Months Ended September 30, 2025 to the Three Months Ended September 30, 2024
−Removed: The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the three months ended September 30, 2025 and 2024 (amounts in thousands):
+Added: Comparison of the Three Months Ended March 31, 2026 to the Three Months Ended March 31, 2025
+Added: The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the three months ended March 31, 2026 and 2025 (amounts in thousands):
For the Three Months Ended
−Removed: September 30,
Core revenues and Same-Home core revenues
14 unchanged sentences
Net income $ 148,844 $ 128,713
−Removed: Hurricane-related charges, net — 3,904
Loss on early extinguishment of debt — 216
1 unchanged sentence
Depreciation and amortization 127,344 124,928
−Removed: Acquisition and other transaction costs 3,661 2,605
−Removed: Noncash share-based compensation - property management 864 1,043
−Removed: Interest expense 48,199 43,611
−Removed: General and administrative expense 20,503 19,247
−Removed: Other income and expense, net (4,904) (8,256)
−Removed: Core NOI 264,340 242,094
−Removed: Non-Same-Home Core NOI (29,551) (17,536)
−Removed: Same-Home Core NOI $ 234,789 $ 224,558
−Removed: The following tables present a summary of Core NOI for our Same-Home properties, Non-Same-Home and Other properties and total properties for the three months ended September 30, 2025 and 2024 (amounts in thousands):
−Removed: For the Three Months Ended September 30, 2025
−Removed: Properties (1)
−Removed: Revenue Non-Same-
−Removed: Home and Other
−Removed: Properties % of Core
−Removed: Revenue Total
−Removed: Properties % of Core
−Removed: Rents from single-family properties $ 352,997 $ 47,497 $ 400,494
−Removed: Fees from single-family properties 8,179 1,277 9,456
−Removed: Bad debt (3,350) (979) (4,329)
−Removed: Core revenues 357,826 47,795 405,621
−Removed: Property tax expense 58,955 16.5 % 8,082 16.9 % 67,037 16.5 %
−Removed: HOA fees, net (2)
−Removed: 6,671 1.9 % 637 1.3 % 7,308 1.8 %
−Removed: R&M and turnover costs, net (2)
−Removed: 27,951 7.8 % 4,151 8.7 % 32,102 7.9 %
−Removed: Insurance 4,147 1.2 % 647 1.4 % 4,794 1.2 %
−Removed: Property management expenses, net (3)
−Removed: 25,313 7.0 % 4,727 9.9 % 30,040 7.4 %
−Removed: Core property operating expenses 123,037 34.4 % 18,244 38.2 % 141,281 34.8 %
−Removed: Core NOI $ 234,789 65.6 % $ 29,551 61.8 % $ 264,340 65.2 %
−Removed: For the Three Months Ended September 30, 2024
−Removed: Properties (1)
−Removed: Revenue Non-Same-
−Removed: Home and Other
−Removed: Properties % of Core
−Removed: Revenue Total
−Removed: Properties % of Core
−Removed: Rents from single-family properties $ 341,556 $ 32,943 $ 374,499
−Removed: Fees from single-family properties 7,264 820 8,084
−Removed: Bad debt (4,085) (1,058) (5,143)
−Removed: Core revenues 344,735 32,705 377,440
−Removed: Property tax expense 57,319 16.6 % 5,623 17.2 % 62,942 16.7 %
−Removed: HOA fees, net (2)
−Removed: 6,271 1.8 % 642 2.0 % 6,913 1.8 %
−Removed: R&M and turnover costs, net (2)
−Removed: 27,348 7.9 % 4,101 12.5 % 31,449 8.3 %
−Removed: Insurance 4,399 1.3 % 739 2.3 % 5,138 1.4 %
−Removed: Property management expenses, net (3)
−Removed: 24,840 7.3 % 4,064 12.4 % 28,904 7.7 %
−Removed: Core property operating expenses 120,177 34.9 % 15,169 46.4 % 135,346 35.9 %
−Removed: Core NOI $ 224,558 65.1 % $ 17,536 53.6 % $ 242,094 64.1 %
−Removed: (1) Includes 53,412 properties that have been stabilized longer than 90 days prior to January 1, 2024.
−Removed: (2) Presented net of tenant charge-backs.
−Removed: (3) Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.
−Removed: Rents and Other Single-Family Property Revenues
−Removed: Rents and other single-family property revenues increased 7.5% to $478.5 million for the three months ended September 30, 2025 from $445.1 million for the three months ended September 30, 2024.
−Removed: Revenue growth was driven by an increase in our average occupied portfolio which grew to 57,689 homes for the three months ended September 30, 2025, compared to 56,198 homes for the three months ended September 30, 2024, as well as higher rental rates.
−Removed: Property Operating Expenses
−Removed: Property operating expenses increased 5.6% to $181.6 million for the three months ended September 30, 2025 from $172.0 million for the three months ended September 30, 2024.
−Removed: 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.
−Removed: Property Management Expenses
−Removed: Property management expenses for the three months ended September 30, 2025 and 2024 were $33.4 million and $32.0 million, respectively, which included $0.9 million and $1.0 million, respectively, of noncash share-based compensation expense in each period related to centralized and field property management employees.
−Removed: The increase in property management expenses was primarily attributable to growth in our portfolio.
−Removed: Core Revenues from Same-Home Properties
−Removed: Core revenues from Same-Home properties increased 3.8% to $357.8 million for the three months ended September 30, 2025 from $344.7 million for the three months ended September 30, 2024.
−Removed: This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 3.5% to $2,296 per month for the three months ended September 30, 2025 compared to $2,218 per month for the three months ended September 30, 2024, 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 95.9% for the three months ended September 30, 2025 compared to 96.1% for the three months ended September 30, 2024.
−Removed: Core Property Operating Expenses from Same-Home Properties
−Removed: 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.
−Removed: Core property operating expenses from Same-Home properties increased 2.4% to $123.0 million for the three months ended September 30, 2025 from $120.2 million for the three months ended September 30, 2024 primarily driven by annual increases in property tax expense and partially offset by effective cost controls benefitted by the Company’s lease expiration management initiative, which was designed to shift lease expiration volume to the first half of the year to better align with the peak leasing season.
−Removed: General and Administrative Expense
−Removed: General and administrative expense primarily consists of corporate payroll and personnel costs, federal and state taxes, trustees’ and officers’ insurance expense, audit and tax fees, trustee fees and other expenses associated with our corporate and administrative functions.
−Removed: General and administrative expense for the three months ended September 30, 2025 and 2024 was $20.5 million and $19.2 million, respectively, which included $3.9 million and $3.6 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees.
−Removed: The increase in general and administrative expense was primarily due to an increase in information technology costs to support growth in our business as well as an increase in noncash share-based compensation expense.
−Removed: Interest Expense
−Removed: Interest expense increased 10.5% to $48.2 million for the three months ended September 30, 2025 from $43.6 million for the three months ended September 30, 2024.
−Removed: The increase was primarily due to additional interest from the issuances of unsecured senior notes in December 2024 and May 2025, partially offset by lower interest expense resulting from the payoffs of the AMH 2014-SFR3 securitization in August 2024 and the AMH 2015-SFR1 securitization in March 2025.
−Removed: Acquisition and Other Transaction Costs
−Removed: 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.
−Removed: Acquisition and other transaction costs for the three months ended September 30, 2025 and 2024 were $3.7 million and $2.6 million, respectively, which included $1.4 million and $1.1 million, respectively, of noncash share-based compensation expense in each period related to employees in these functions.
−Removed: The increase in acquisition and other transaction costs was primarily due to an increase in costs associated with land transactions that did not qualify for capitalization as well as an increase in noncash share-based compensation expense.
−Removed: Depreciation and Amortization
−Removed: Depreciation and amortization expense consists primarily of depreciation of buildings and improvements.
−Removed: Depreciation of our assets is calculated over their useful lives on a straight-line basis over three to 30 years.
−Removed: Our intangible assets are amortized on a straight-line basis over the asset’s estimated economic useful life.
−Removed: Depreciation and amortization expense increased 5.8% to $126.7 million for the
−Removed: three months ended September 30, 2025 from $119.7 million for the three months ended September 30, 2024 primarily due to growth in the average number and cost of depreciable properties as well as ongoing capital investments into existing properties.
−Removed: Hurricane-Related Charges, net
−Removed: Hurricanes Beryl, Debby and Helene impacted certain properties in our Texas, Florida, Georgia and Carolinas markets during the three months ended September 30, 2024.
−Removed: The Company recognized $3.9 million in hurricane-related charges primarily related to actual and estimated accruals for minor repair and remediation costs that were not subject to the Company’s property and casualty insurance policies during the three months ended September 30, 2024.
−Removed: Gain on Sale and Impairment of Single-Family Properties and Other, net
−Removed: Gain on sale and impairment of single-family properties and other, net for the three months ended September 30, 2025 and 2024 was $47.6 million and $32.7 million, respectively, which included $5.7 million and $3.2 million, respectively, of impairment charges related to homes and land classified as held for sale during each period.
−Removed: The increase was primarily related to higher net gains on property sales.
−Removed: Loss on Early Extinguishment of Debt
−Removed: Loss on early extinguishment of debt for the three months ended September 30, 2025 and 2024 was $0.2 million and $5.3 million, respectively.
−Removed: The decrease was primarily due to lower charges incurred related to the payoff of 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 payoff of the AMH 2014-SFR3 securitization in August 2024.
−Removed: Other Income and Expense, net
−Removed: Other income and expense, net for the three months ended September 30, 2025 and 2024 was $4.9 million and $8.3 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.
−Removed: The decrease was primarily due to lower interest income.
−Removed: Comparison of the Nine Months Ended September 30, 2025 to the Nine Months Ended September 30, 2024
−Removed: The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the nine months ended September 30, 2025 and 2024 (amounts in thousands):
−Removed: For the Nine Months Ended
−Removed: September 30,
−Removed: Core revenues and Same-Home core revenues
−Removed: Rents and other single-family property revenues $ 1,395,243 $ 1,292,104
−Removed: Tenant charge-backs (189,161) (172,323)
−Removed: Core revenues 1,206,082 1,119,781
−Removed: Non-Same-Home core revenues (138,545) (94,991)
−Removed: Same-Home core revenues $ 1,067,537 $ 1,024,790
−Removed: Core property operating expenses and Same-Home core property operating expenses
−Removed: Property operating expenses $ 509,223 $ 477,428
−Removed: Property management expenses 101,977 95,757
−Removed: Noncash share-based compensation - property management (3,247) (3,827)
−Removed: Expenses reimbursed by tenant charge-backs (189,161) (172,323)
−Removed: Core property operating expenses 418,792 397,035
−Removed: Non-Same-Home core property operating expenses (54,176) (43,918)
−Removed: Same-Home core property operating expenses $ 364,616 $ 353,117
−Removed: Core NOI and Same-Home Core NOI
−Removed: Net income $ 369,138 $ 324,269
−Removed: Hurricane-related charges, net — 3,904
−Removed: Loss on early extinguishment of debt 396 6,323
−Removed: Gain on sale and impairment of single-family properties and other, net (161,544) (145,490)
−Removed: Depreciation and amortization 378,523 353,020
−Removed: Acquisition and other transaction costs 9,377 8,866
+Added: Acquisition, disposition and other transaction costs 3,060 3,061
Noncash share-based compensation - property management 1,121 1,246
5 unchanged sentences
Same-Home Core NOI $ 245,850 $ 236,997
−Removed: The following tables present a summary of Core NOI for our Same-Home properties, Non-Same-Home and Other properties and total properties for the nine months ended September 30, 2025 and 2024 (amounts in thousands):
−Removed: For the Nine Months Ended September 30, 2025
+Added: The following tables present a summary of Core NOI for our Same-Home properties, Non-Same-Home and Other properties and total properties for the three months ended March 31, 2026 and 2025 (amounts in thousands):
+Added: For the Three Months Ended March 31, 2026
Properties (1)
18 unchanged sentences
Core NOI $ 245,850 67.2 % $ 25,302 62.8 % $ 271,152 66.8 %
−Removed: For the Nine Months Ended September 30, 2024
+Added: For the Three Months Ended March 31, 2025
Properties (1)
22 unchanged sentences
Rents and Other Single-Family Property Revenues
−Removed: Rents and other single-family property revenues increased 8.0% to $1.4 billion for the nine months ended September 30, 2025 from $1.3 billion for the nine months ended September 30, 2024.
−Removed: Revenue growth was driven by an increase in our average occupied portfolio which grew to 57,778 homes for the nine months ended September 30, 2025, compared to 56,131 homes for the nine months ended September 30, 2024, as well as higher rental rates.
+Added: Rents and other single-family property revenues increased 2.8% to $472.0 million for the three months ended March 31, 2026 from $459.3 million for the three months ended March 31, 2025.
+Added: Revenue growth was primarily driven by higher rental rates.
Property Operating Expenses
−Removed: Property operating expenses increased 6.7% to $509.2 million for the nine months ended September 30, 2025 from $477.4 million for the nine months ended September 30, 2024.
−Removed: 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.
+Added: Property operating expenses increased 0.7% to $168.7 million for the three months ended March 31, 2026 from $167.5 million for the three months ended March 31, 2025.
+Added: The increase was primarily driven by annual increases in property tax expense.
Property Management Expenses
−Removed: Property management expenses for the nine months ended September 30, 2025 and 2024 were $102.0 million and $95.8 million, respectively, which included $3.2 million and $3.8 million, respectively, of noncash share-based compensation expense in each period related to centralized and field property management employees.
−Removed: The increase in property management expenses was primarily attributable to an increase in personnel related expenses.
+Added: Property management expenses for the three months ended March 31, 2026 and 2025 were $33.3 million and $34.2 million, respectively, which included $1.1 million and $1.2 million, respectively, of noncash share-based compensation expense in each period
+Added: related to centralized and field property management employees.
+Added: The decrease in property management expenses was primarily attributable to a decrease in personnel related expenses.
Core Revenues from Same-Home Properties
−Removed: Core revenues from Same-Home properties increased 4.2% to $1.1 billion for the nine months ended September 30, 2025 from $1.0 billion for the nine months ended September 30, 2024.
−Removed: This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 3.9% to $2,274 per month for the nine months ended September 30, 2025 compared to $2,188 per month for the nine months ended September 30, 2024, 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 nine months ended September 30, 2025 compared to 96.3% for the nine months ended September 30, 2024.
+Added: Core revenues from Same-Home properties increased 2.4% to $365.8 million for the three months ended March 31, 2026 from $357.3 million for the three months ended March 31, 2025.
+Added: This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 3.0% to $2,329 per month for the three months ended March 31, 2026 compared to $2,261 per month for the three months ended March 31, 2025, as well as higher fees from single-family properties, partially offset by a decrease in Average Occupied Days Percentage, which was 95.1% for the three months ended March 31, 2026 compared to 95.9% for the three months ended March 31, 2025.
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.
−Removed: Core property operating expenses from Same-Home properties increased 3.3% to $364.6 million for the nine months ended September 30, 2025 from $353.1 million for the nine months ended September 30, 2024 primarily driven by annual increases in property tax expense.
+Added: Core property operating expenses from Same-Home properties decreased 0.2% to $120.0 million for the three months ended March 31, 2026 from $120.3 million for the three months ended March 31, 2025 primarily driven by the Company’s effective cost controls.
General and Administrative Expense
General and administrative expense primarily consists of corporate payroll and personnel costs, federal and state taxes, trustees’ and officers’ insurance expense, audit and tax fees, trustee fees and other expenses associated with our corporate and administrative functions.
−Removed: General and administrative expense for the nine months ended September 30, 2025 and 2024 was $60.2 million and $62.8 million, respectively, which included $12.8 million and $18.0 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees.
−Removed: 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 to support growth in our business.
+Added: General and administrative expense for the three months ended March 31, 2026 and 2025 was $21.3 million and $19.7 million, respectively, which included $4.4 million and $4.9 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees.
+Added: The increase in general and administrative expense was primarily due to increases in personnel related expenses and information technology costs, partially offset by a decrease in noncash share-based compensation expense.
Interest Expense
−Removed: Interest expense increased 15.8% to $139.9 million for the nine months ended September 30, 2025 from $120.9 million for the nine months ended September 30, 2024.
−Removed: 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 and the AMH 2015-SFR1 securitization in March 2025.
−Removed: Acquisition and Other Transaction Costs
−Removed: 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.
−Removed: Acquisition and other transaction costs for the nine months ended September 30, 2025 and 2024 were $9.4 million and $8.9 million, respectively, which included $4.3 million of noncash share-based compensation expense in each period related to employees in these functions.
−Removed: The increase in acquisition and other transaction costs was primarily due to an increase in costs associated with land transactions that did not qualify for capitalization.
+Added: Interest expense increased 6.2% to $48.2 million for the three months ended March 31, 2026 from $45.4 million for the three months ended March 31, 2025.
+Added: The increase was primarily due to additional interest from the issuance of unsecured senior notes in May 2025 as well as higher interest expense on our revolving credit facility as a result of a larger average balance, partially offset by lower interest expense resulting from the payoffs of the AMH 2015-SFR1 securitization in March 2025 and the AMH 2015-SFR2 securitization in September 2025.
+Added: Acquisition, Disposition and Other Transaction Costs
+Added: Acquisition, disposition 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.
+Added: Acquisition, disposition and other transaction costs were $3.1 million for both the three months ended March 31, 2026 and 2025, which included $1.2 million and $1.5 million, respectively, of noncash share-based compensation expense in each period related to employees in these functions.
Depreciation and Amortization
2 unchanged sentences
Our intangible assets are amortized on a straight-line basis over the asset’s estimated economic useful life.
−Removed: Depreciation and amortization expense increased 7.2% to $378.5 million for the nine months ended September 30, 2025 from $353.0 million for the nine months ended September 30, 2024 primarily due to growth in the average number and cost of depreciable properties as well as ongoing capital investments into existing properties.
−Removed: Hurricane-Related Charges, net
−Removed: Hurricanes Beryl, Debby and Helene impacted certain properties in our Texas, Florida, Georgia and Carolinas markets during the nine months ended September 30, 2024.
−Removed: The Company recognized $3.9 million in hurricane-related charges primarily related to actual and estimated accruals for minor repair and remediation costs that were not subject to the Company’s property and casualty insurance policies during the nine months ended September 30, 2024.
+Added: Depreciation and amortization expense increased 1.9% to $127.3 million for the three months ended March 31, 2026 from $124.9 million for the three months ended March 31, 2025 primarily due to growth in the average cost of depreciable properties as well as ongoing capital investments into existing properties.
Gain on Sale and Impairment of Single-Family Properties and Other, net
−Removed: Gain on sale and impairment of single-family properties and other, net for the nine months ended September 30, 2025 and 2024 was $161.5 million and $145.5 million, respectively, which included $16.0 million and $6.5 million, respectively, of impairment charges related to homes and land classified as held for sale during each period.
−Removed: The increase was primarily related to higher net gains on property sales.
+Added: Gain on sale and impairment of single-family properties and other, net for the three months ended March 31, 2026 and 2025 was $78.4 million and $62.0 million, respectively, which included $14.2 million and $4.5 million, respectively, of impairment charges related to
+Added: homes and land classified as held for sale during each period.
+Added: 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
−Removed: Loss on early extinguishment of debt for the nine months ended September 30, 2025 and 2024 was $0.4 million and $6.3 million, respectively.
−Removed: 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.
+Added: Loss on early extinguishment of debt for the three months ended March 31, 2026 and 2025 was zero and $0.2 million, respectively.
+Added: During the three months ended March 31, 2025, the AMH 2015-SFR1 securitization was paid off in March 2025.
Other Income and Expense, net
−Removed: Other income and expense, net for the nine months ended September 30, 2025 and 2024 was $12.0 million and $15.7 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.
+Added: Other income and expense, net for the three months ended March 31, 2026 and 2025 was $0.3 million and $2.4 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.
2 unchanged sentences
Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the 2025 Annual Report.
−Removed: There have been no material changes to these estimates during the nine months ended September 30, 2025.
+Added: There have been no material changes to these estimates during the three months ended March 31, 2026.
Recent Accounting Pronouncements
6 unchanged sentences
We expect to meet our operating liquidity requirements and our dividend distributions generally through cash on hand and cash provided by operations.
−Removed: For our acquisition and 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.
+Added: 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.
−Removed: Our liquidity and capital resources as of September 30, 2025 included $45.6 million of cash and cash equivalents.
−Removed: Additionally, as of September 30, 2025, we had $110.0 million of outstanding borrowings and $4.1 million committed to outstanding letters of credit
−Removed: under our $1.25 billion revolving credit facility, leaving $1.14 billion of remaining borrowing capacity.
−Removed: During the nine months ended September 30, 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.
−Removed: Under our At-the-Market Program discussed below, we also had $753.7 million remaining available for future share issuances as of September 30, 2025.
+Added: Our liquidity and capital resources as of March 31, 2026 included $63.3 million of cash and cash equivalents.
+Added: Additionally, as of March 31, 2026, we had $390.0 million of outstanding borrowings and $3.0 million committed to outstanding letters of credit under our $1.25 billion revolving credit facility, leaving $857.0 million of remaining borrowing capacity.
+Added: Under our At-the-Market Program discussed below, we also had $753.7 million remaining available for future share issuances as of March 31, 2026.
We maintain an investment grade credit rating which provides for greater availability of and lower cost of debt financing.
Uses of Capital
−Removed: 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 acquisition, development and renovation of our properties and repurchases of our securities.
−Removed: 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 single-family properties and land for our AMH Development Program.
−Removed: During the nine months ended September 30, 2025, we repaid all amounts due under the AMH 2015-SFR1 and AMH 2015-SFR2 securitizations.
+Added: 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.
+Added: 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
+Added: acquire land for our AMH Development Program.
Except as described in Note 8.
4 unchanged sentences
Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the 2025 Annual Report.
−Removed: The following table summarizes the Company’s and the Operating Partnership’s cash flows for the nine months ended September 30, 2025 and 2024 (amounts in thousands):
−Removed: For the Nine Months Ended
−Removed: September 30,
+Added: The following table summarizes the Company’s and the Operating Partnership’s cash flows for the three months ended March 31, 2026 and 2025 (amounts in thousands):
+Added: For the Three Months Ended
2026 2025 Change
Net cash provided by operating activities $ 203,060 $ 223,403 $ (20,343)
−Removed: Net cash used for investing activities (280,631) (293,048) 12,417
+Added: Net cash provided by (used for) investing activities 10,254 (107,689) 117,943
Net cash used for financing activities (235,840) (247,072) 11,232
−Removed: Net (decrease) increase in cash, cash equivalents and restricted cash $ (174,481) $ 95,988 $ (270,469)
+Added: Net decrease in cash, cash equivalents and restricted cash $ (22,526) $ (131,358) $ 108,832
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.
−Removed: Net cash provided by operating activities increased $9.2 million, or 1.3%, from $709.3 million for the nine months ended September 30, 2024 to $718.5 million for the nine months ended September 30, 2025, primarily due to increased cash inflows generated from a larger number of occupied properties and higher rental rates, partially offset by higher cash outflows for property related expenses as well as changes in working capital primarily related to the timing of payments for accounts payable and accrued expenses.
+Added: Net cash provided by operating activities decreased $20.3 million, or 9.1%, from $223.4 million for the three months ended March 31, 2025 to $203.1 million for the three months ended March 31, 2026, primarily due to changes in working capital primarily related to the timing of payments for prepaid expenses and other assets as well as higher cash outflows for property related expenses, partially offset by increased cash inflows generated from higher rental rates.
Investing Activities
−Removed: 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 acquisition of newly built properties through our National Builder Program and the development of “built-for-rental” homes through our AMH Development Program.
+Added: 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 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.
−Removed: 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.
−Removed: 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.
−Removed: Net cash used for investing activities decreased $12.4 million, or 4.2%, from $293.0 million for the nine months ended September 30, 2024 to $280.6 million for the nine months ended September 30, 2025.
−Removed: The decrease was primarily attributable to (i) a $59.6 million
−Removed: decrease in cash outflows for the addition of single-family properties to our portfolio, primarily for our AMH Development Program, as a result of the timing of development-related payments, (ii) a $39.3 million increase in net proceeds received from sales of single-family properties and other resulting from an increase in properties sold and (iii) $2.4 million in proceeds received from storm-related insurance claims during the nine months ended September 30, 2025.
−Removed: These changes were partially offset by (i) a $48.6 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 nine months ended September 30, 2024 for our AMH 2014-SFR2 Class F asset-backed securitization certificates, (iii) a $13.2 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 $2.0 million increase in cash outflows for other investing activities.
+Added: Net cash provided by investing activities was $10.3 million for the three months ended March 31, 2026 compared to net cash used for investing activities of $107.7 million for the three months ended March 31, 2025.
+Added: This change was primarily attributable to (i) a $56.3 million increase in net proceeds received from sales of single-family properties and other resulting from an increase in properties sold, (ii) a $54.5 million decrease in cash outflows for the addition of single-family properties to our portfolio, primarily for our AMH Development Program, as a result of a scale-back in capital investment given the current capital markets environment, and (iii) a $5.8 million decrease in cash outflows for recurring and other capital expenditures and renovations to single-family properties.
Financing Activities
−Removed: Net cash used for financing activities increased $292.1 million, or 91.2%, from $320.3 million for the nine months ended September 30, 2024 to $612.4 million for the nine months ended September 30, 2025.
−Removed: The increase was primarily attributable to (i) a $434.5 million decrease in proceeds from unsecured senior notes, net of discounts and deferred financing costs paid, from the issuance of the 2030 Notes (see below) during the nine months ended September 30, 2025 compared to two issuances of unsecured senior notes during the nine months ended September 30, 2024, (ii) a $54.3 million increase in distributions paid to common share and unit holders resulting from a 15% increase in distributions paid per common share and unit during the nine months ended September 30, 2025 and (iii) $33.2 million in nonrecurring proceeds from the issuance of Class A common shares, net of offering costs, during the nine months ended September 30, 2024.
−Removed: These changes were partially offset by (i) activity under our revolving credit facility, which resulted in $110.0 million of net cash inflows during the nine months ended September 30, 2025 compared to $90.0 million of net cash outflows during the nine months ended September 30, 2024, (ii) a $23.0 million decrease in payments on asset-backed securitizations resulting from the payoffs of the AMH 2015-SFR1 and AMH 2015-SFR2 securitizations during the nine months ended September 30, 2025 compared to the payoffs of the AMH 2014-SFR2 and AMH 2014-SFR3 securitizations during the nine months ended September 30, 2024 and (iii) a $9.7 million decrease in payments to a land banking entity related to liabilities to repurchase consolidated land not owned for our AMH Development Program.
−Removed: Early Extinguishment of Debt
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Unsecured Senior Notes
−Removed: During the second quarter of 2025, the Operating Partnership issued the 2030 Notes.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: The indenture requires that we maintain certain financial covenants.
+Added: Net cash used for financing activities decreased $11.2 million, or 4.5%, from $247.1 million for the three months ended March 31, 2025 to $235.8 million for the three months ended March 31, 2026.
+Added: The decrease in cash outflows was primarily attributable to (i) $496.6 million in nonrecurring asset-backed securitizations payments resulting from the payoff of the AMH 2015-SFR1 securitization during the three months ended March 31, 2025 and (ii) $18.9 million in nonrecurring payments to a land banking entity related to liabilities to repurchase consolidated land not owned for our AMH Development Program during the three months ended March 31, 2025.
+Added: These changes were partially offset by (i) a $380.0 million decrease in proceeds from our revolving credit facility, (ii) $115.1 million in cash outflows for the repurchases of Class A common shares during the three months ended March 31, 2026 and (iii) a $10.2 million increase in distributions paid to common share and unit holders resulting primarily from a 10% increase in distributions paid per common share and unit during the three months ended March 31, 2026.
At-the-Market Common Share Offering Program
The Company maintains an at-the-market common share offering program under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $1.0 billion (the “At-the-Market Program”).
−Removed: 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.
−Removed: 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, (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.
+Added: 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.
+Added: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: During the nine months ended September 30, 2025, no shares were issued under the At-the-Market Program.
−Removed: 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.
+Added: During the three months ended March 31, 2026 and 2025, no shares were issued under the At-the-Market Program.
+Added: 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.
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.
Share Repurchase Program
−Removed: 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.
−Removed: The program does not have an expiration date, but may be suspended or discontinued at any time without notice.
+Added: 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.
−Removed: 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.
−Removed: 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.
+Added: 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.
+Added: 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.
+Added: 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.
+Added: 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”).
+Added: The 2026 Share Repurchase Program does not have an expiration date, but may be suspended or discontinued at any time without notice.
+Added: All repurchased shares are constructively retired and returned to an authorized and unissued status.
+Added: The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units.
+Added: 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.
+Added: 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.
+Added: 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.
Distributions
1 unchanged sentence
The Operating Partnership funds the payment of distributions.
−Removed: During the nine months ended September 30, 2025 and 2024, the Company distributed an aggregate $391.9 million and $337.5 million, respectively, to common shareholders, preferred shareholders and noncontrolling interests on a cash basis.
−Removed: Tax Changes in One Big Beautiful Bill Act
−Removed: On July 4, 2025, the President signed into law H.R.
−Removed: 1, originally titled the “One Big Beautiful Bill Act” (the “Act”).
−Removed: The Act made several tax changes that impact us and our shareholders, the most significant of which are summarized as follows.
−Removed: First, the Act preserves the eligibility of REIT ordinary dividends for the qualified business income deduction in Section 199A of the Internal Revenue Code of 1986, as amended (the “Code”), and it makes that deduction permanent.
−Removed: 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%.
−Removed: 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.
+Added: During the three months ended March 31, 2026 and 2025, the Company distributed an aggregate $141.4 million and $131.2 million, respectively, to common shareholders, preferred shareholders and noncontrolling interests on a cash basis.
Additional Non-GAAP Measures
2 unchanged sentences
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.
−Removed: 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.
+Added: We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition, disposition, other transaction costs and other 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.
8 unchanged sentences
Because other REITs may not compute these measures in the same manner, they may not be comparable among REITs.
−Removed: The following is a reconciliation of the Company’s net income attributable to common shareholders, determined in accordance with GAAP, to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands):
+Added: The following is a reconciliation of the Company’s net income attributable to common shareholders, determined in accordance with GAAP, to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders for the three months ended March 31, 2026 and 2025 (amounts in thousands):
For the Three Months Ended
−Removed: September 30, For the Nine Months Ended
−Removed: September 30,
−Removed: 2025 2024 2025 2024
Net income attributable to common shareholders $ 127,768 $ 109,972
6 unchanged sentences
$ 190,508 $ 184,258
−Removed: Acquisition, other transaction costs and other 3,158 2,605 8,693 8,866
+Added: Acquisition, disposition, other transaction costs and other 4,002 4,090
Noncash share-based compensation - general and administrative 4,445 4,867
Noncash share-based compensation - property management 1,121 1,246
−Removed: Hurricane-related charges, net — 3,904 — 3,904
Loss on early extinguishment of debt — 216
11 unchanged sentences
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 real estate joint ventures on the same basis.
−Removed: 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.
+Added: Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting EBITDAre for (1) acquisition, disposition, other transaction costs and other 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.
1 unchanged sentence
We believe these metrics provide useful information to investors because they exclude the impact of various income and expense items that are not indicative of operating performance.
−Removed: The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre, Adjusted EBITDAre and Fully Adjusted EBITDAre for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands):
+Added: The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre, Adjusted EBITDAre and Fully Adjusted EBITDAre for the three months ended March 31, 2026 and 2025 (amounts in thousands):
For the Three Months Ended
−Removed: September 30, For the Nine Months Ended
−Removed: September 30,
−Removed: 2025 2024 2025 2024
Net income $ 148,844 $ 128,713
7 unchanged sentences
Noncash share-based compensation - property management 1,121 1,246
−Removed: Acquisition, other transaction costs and other 3,158 2,605 8,693 8,866
−Removed: Hurricane-related charges, net — 3,904 — 3,904
+Added: Acquisition, disposition, other transaction costs and other 4,002 4,090
Loss on early extinguishment of debt — 216
4 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.