American Homes 4 Rent 10-Q

Item 1. Financial Statements American Homes 4 Rent Condensed Consolidated Balance Sheets (Amounts in thousands, except share and per share data) March 31, 2026 December 31, 2025 (Unaudited) Assets Single-family properties: Land $ 2,418,410 $ 2,406,467 Buildings and improvements 12,058,732 11,971,961 Single-family properties in operation 14,477,142 14,378,428 Less: accumulated depreciation ( 3,443,333 ) ( 3,366,795 ) Single-family properties in operation, net 11,033,809 11,011,633 Single-family properties under development and development land 1,139,179 1,233,586 Single-family properties and land held for sale, net 235,549 225,861 Total real estate assets, net 12,408,537 12,471,080 Cash and cash equivalents 63,301 108,516 Restricted cash 144,863 122,174 Rent and other receivables 48,241 43,119 Escrow deposits, prepaid expenses and other assets 239,103 228,017 Investments in unconsolidated joint ventures 150,714 148,935 Goodwill 120,279 120,279 Total assets $ 13,175,038 $ 13,242,120 Liabilities Revolving credit facility $ 390,000 $ 360,000 Unsecured senior notes, net 4,737,926 4,735,735 Accounts payable and accrued expenses 447,118 436,879 Total liabilities 5,575,044 5,532,614 Commitments and contingencies (see Note 15) Equity Shareholders’ equity: 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) 3,632 3,660 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) 6 6 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) 92 92 Additional paid-in capital 7,297,948 7,411,003 Accumulated deficit ( 380,213 ) ( 387,643 ) Accumulated other comprehensive income 6,320 6,630 Total shareholders’ equity 6,927,785 7,033,748 Noncontrolling interest 672,209 675,758 Total equity 7,599,994 7,709,506 Total liabilities and equity $ 13,175,038 $ 13,242,120 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 American Homes 4 Rent Condensed Consolidated Statements of Operations (Amounts in thousands, except share and per share data) (Unaudited) For the Three Months Ended March 31, 2026 2025 Rents and other single-family property revenues $ 472,024 $ 459,276 Expenses: Property operating expenses 168,709 167,530 Property management expenses 33,284 34,181 General and administrative expense 21,332 19,671 Interest expense 48,222 45,426 Acquisition, disposition and other transaction costs 3,060 3,061 Depreciation and amortization 127,344 124,928 Total expenses 401,951 394,797 Gain on sale and impairment of single-family properties and other, net 78,444 62,016 Loss on early extinguishment of debt — ( 216 ) Other income and expense, net 327 2,434 Net income 148,844 128,713 Noncontrolling interest 17,590 15,255 Dividends on preferred shares 3,486 3,486 Net income attributable to common shareholders $ 127,768 $ 109,972 Weighted-average common shares outstanding: Basic 364,281,692 370,372,388 Diluted 364,498,367 370,761,741 Net income attributable to common shareholders per share: Basic $ 0.35 $ 0.30 Diluted $ 0.35 $ 0.30 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 American Homes 4 Rent Condensed Consolidated Statements of Comprehensive Income (Amounts in thousands) (Unaudited) For the Three Months Ended March 31, 2026 2025 Net income $ 148,844 $ 128,713 Other comprehensive loss: Cash flow hedging instruments: 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 ( 352 ) ( 1,900 ) Comprehensive income 148,492 126,813 Comprehensive income attributable to noncontrolling interests 17,554 15,021 Dividends on preferred shares 3,486 3,486 Comprehensive income attributable to common shareholders $ 127,452 $ 108,306 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 American Homes 4 Rent Condensed Consolidated Statements of Equity (Amounts in thousands, except share and per share data) (Unaudited) Class A common shares Class B common shares Preferred shares Number of shares Amount Number of shares Amount Number of shares Amount Additional paid-in capital Accumulated deficit Accumulated other comprehensive income Shareholders’ equity Noncontrolling interest Total equity Balances at December 31, 2024 368,987,993 $ 3,690 635,075 $ 6 9,200,000 $ 92 $ 7,529,008 $ ( 380,632 ) $ 7,852 $ 7,160,016 $ 688,614 $ 7,848,630 Share-based compensation — — — — — — 7,661 — — 7,661 — 7,661 Common stock issued under share-based compensation plans, net of shares withheld for employee taxes 537,128 5 — — — — ( 10,375 ) — — ( 10,370 ) — ( 10,370 ) Distributions to equity holders: Preferred shares (Note 10) — — — — — — — ( 3,486 ) — ( 3,486 ) — ( 3,486 ) Noncontrolling interests — — — — — — — — — — ( 15,413 ) ( 15,413 ) Common shares ($ 0.30 per share) — — — — — — — ( 111,724 ) — ( 111,724 ) — ( 111,724 ) Net income — — — — — — — 113,458 — 113,458 15,255 128,713 Total other comprehensive loss — — — — — — — — ( 1,666 ) ( 1,666 ) ( 234 ) ( 1,900 ) Balances at March 31, 2025 369,525,121 $ 3,695 635,075 $ 6 9,200,000 $ 92 $ 7,526,294 $ ( 382,384 ) $ 6,186 $ 7,153,889 $ 688,222 $ 7,842,111 4 American Homes 4 Rent Condensed Consolidated Statements of Equity (continued) (Amounts in thousands, except share and per share data) (Unaudited) Class A common shares Class B common shares Preferred shares Number of shares Amount Number of shares Amount Number of shares Amount Additional paid-in capital Accumulated deficit Accumulated other comprehensive income Shareholders’ equity Noncontrolling interest Total equity Balances at 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 Share-based compensation — — — — — — 6,760 — — 6,760 — 6,760 Common stock issued under share-based compensation plans, net of shares withheld for employee taxes 452,767 5 — — — — ( 9,256 ) — — ( 9,251 ) — ( 9,251 ) Redemptions of Class A units 340,000 3 — — — — 4,549 — 6 4,558 ( 4,558 ) — Repurchases of Class A common shares ( 3,653,721 ) ( 36 ) — — — — ( 115,108 ) — — ( 115,144 ) — ( 115,144 ) Distributions to equity holders: Preferred shares (Note 10) — — — — — — — ( 3,486 ) — ( 3,486 ) — ( 3,486 ) Noncontrolling interests — — — — — — — — — — ( 16,545 ) ( 16,545 ) Common shares ($ 0.33 per share) — — — — — — — ( 120,338 ) — ( 120,338 ) — ( 120,338 ) Net income — — — — — — — 131,254 — 131,254 17,590 148,844 Total other comprehensive loss — — — — — — — — ( 316 ) ( 316 ) ( 36 ) ( 352 ) 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. 5 American Homes 4 Rent Condensed Consolidated Statements of Cash Flows (Amounts in thousands) (Unaudited) For the Three Months Ended March 31, 2026 2025 Operating activities Net income $ 148,844 $ 128,713 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 127,344 124,928 Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments 2,408 2,485 Noncash share-based compensation 6,760 7,661 Loss on early extinguishment of debt — 216 Equity in net loss of unconsolidated entities 1,192 915 Return on investment from unconsolidated joint ventures — 1,659 Gain on sale and impairment of single-family properties and other, net ( 78,444 ) ( 62,016 ) Other changes in operating assets and liabilities: Rent and other receivables ( 5,334 ) ( 3,583 ) Prepaid expenses and other assets ( 5,926 ) 12,739 Deferred leasing costs ( 627 ) ( 1,239 ) Accounts payable and accrued expenses 9,961 9,906 Amounts due from related parties ( 3,118 ) 1,019 Net cash provided by operating activities 203,060 223,403 Investing activities Cash paid for single-family properties — ( 4,009 ) 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 Proceeds received from storm-related insurance claims 212 — Proceeds from notes receivable related to the sale of properties 59 19 Investment in unconsolidated joint ventures ( 4,771 ) ( 3,336 ) Distributions from unconsolidated entities 2,812 963 Renovations to single-family properties ( 9,409 ) ( 7,456 ) Recurring and other capital expenditures for single-family properties ( 23,218 ) ( 30,942 ) Cash paid for development activity ( 145,523 ) ( 193,696 ) Other investing activities ( 7,383 ) ( 8,119 ) Net cash provided by (used for) investing activities 10,254 ( 107,689 ) Financing activities Repurchases of Class A common shares ( 115,144 ) — Proceeds from issuances under share-based compensation plans 388 445 Payments related to tax withholding for share-based compensation ( 9,639 ) ( 10,815 ) Payments on asset-backed securitizations — ( 496,593 ) Proceeds from revolving credit facility 30,000 410,000 Payments related to liabilities to repurchase consolidated land not owned — ( 18,868 ) Distributions to noncontrolling interests ( 16,505 ) ( 15,383 ) Distributions to common shareholders ( 121,454 ) ( 112,372 ) Distributions to preferred shareholders ( 3,486 ) ( 3,486 ) Net cash used for financing activities ( 235,840 ) ( 247,072 ) 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 Cash, cash equivalents and restricted cash, end of period (see Note 3) $ 208,164 $ 218,858 6 American Homes 4 Rent Condensed Consolidated Statements of Cash Flows (continued) (Amounts in thousands) (Unaudited) For the Three Months Ended March 31, 2026 2025 Supplemental cash flow information Cash payments for interest, net of amounts capitalized $ ( 66,153 ) $ ( 68,249 ) Supplemental schedule of noncash investing and financing activities Accrued property renovations and development expenditures $ 43,839 $ 56,114 Transfers of completed homebuilding deliveries to single-family properties 198,585 175,892 Unrealized loss on cash flow hedging instruments — ( 1,549 ) Noncash right-of-use assets obtained in exchange for operating lease liabilities 1,277 842 Accrued distributions to affiliates 551 1,270 Accrued distributions to non-affiliates 178 179 The accompanying notes are an integral part of these condensed consolidated financial statements. 7 American Homes 4 Rent, L.P. Condensed Consolidated Balance Sheets (Amounts in thousands, except unit data) March 31, 2026 December 31, 2025 (Unaudited) Assets Single-family properties: Land $ 2,418,410 $ 2,406,467 Buildings and improvements 12,058,732 11,971,961 Single-family properties in operation 14,477,142 14,378,428 Less: accumulated depreciation ( 3,443,333 ) ( 3,366,795 ) Single-family properties in operation, net 11,033,809 11,011,633 Single-family properties under development and development land 1,139,179 1,233,586 Single-family properties and land held for sale, net 235,549 225,861 Total real estate assets, net 12,408,537 12,471,080 Cash and cash equivalents 63,301 108,516 Restricted cash 144,863 122,174 Rent and other receivables 48,241 43,119 Escrow deposits, prepaid expenses and other assets 239,103 228,017 Investments in unconsolidated joint ventures 150,714 148,935 Goodwill 120,279 120,279 Total assets $ 13,175,038 $ 13,242,120 Liabilities Revolving credit facility $ 390,000 $ 360,000 Unsecured senior notes, net 4,737,926 4,735,735 Accounts payable and accrued expenses 447,118 436,879 Total liabilities 5,575,044 5,532,614 Commitments and contingencies (see Note 15) Capital Partners' capital: General partner: 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 March 31, 2026 and December 31, 2025) 221,840 221,840 Limited partner: 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 Accumulated other comprehensive income 7,189 7,541 Total capital 7,599,994 7,709,506 Total liabilities and capital $ 13,175,038 $ 13,242,120 The accompanying notes are an integral part of these condensed consolidated financial statements. 8 American Homes 4 Rent, L.P. Condensed Consolidated Statements of Operations (Amounts in thousands, except unit and per unit data) (Unaudited) For the Three Months Ended March 31, 2026 2025 Rents and other single-family property revenues $ 472,024 $ 459,276 Expenses: Property operating expenses 168,709 167,530 Property management expenses 33,284 34,181 General and administrative expense 21,332 19,671 Interest expense 48,222 45,426 Acquisition, disposition and other transaction costs 3,060 3,061 Depreciation and amortization 127,344 124,928 Total expenses 401,951 394,797 Gain on sale and impairment of single-family properties and other, net 78,444 62,016 Loss on early extinguishment of debt — ( 216 ) Other income and expense, net 327 2,434 Net income 148,844 128,713 Preferred distributions 3,486 3,486 Net income attributable to common unitholders $ 145,358 $ 125,227 Weighted-average common units outstanding: Basic 414,434,005 421,749,368 Diluted 414,650,680 422,138,721 Net income attributable to common unitholders per unit: Basic $ 0.35 $ 0.30 Diluted $ 0.35 $ 0.30 The accompanying notes are an integral part of these condensed consolidated financial statements. 9 American Homes 4 Rent, L.P. Condensed Consolidated Statements of Comprehensive Income (Amounts in thousands) (Unaudited) For the Three Months Ended March 31, 2026 2025 Net income $ 148,844 $ 128,713 Other comprehensive loss: Cash flow hedging instruments: 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 ( 352 ) ( 1,900 ) Comprehensive income 148,492 126,813 Preferred distributions 3,486 3,486 Comprehensive income attributable to common unitholders $ 145,006 $ 123,327 The accompanying notes are an integral part of these condensed consolidated financial statements. 10 American Homes 4 Rent, L.P. Condensed Consolidated Statements of Capital (Amounts in thousands, except unit and per unit data) (Unaudited) General Partner Limited Partners Accumulated other comprehensive income Total capital Common capital Preferred capital amount Common capital Number of units Amount Number of units Amount Balances at December 31, 2024 369,623,068 $ 6,930,324 $ 221,840 51,376,980 $ 687,524 $ 8,942 $ 7,848,630 Share-based compensation — 7,661 — — — — 7,661 Common units issued under share-based compensation plans, net of units withheld for employee taxes 537,128 ( 10,370 ) — — — — ( 10,370 ) Distributions to capital holders: Preferred units (Note 10) — — ( 3,486 ) — — — ( 3,486 ) Common units ($ 0.30 per unit) — ( 111,724 ) — — ( 15,413 ) — ( 127,137 ) Net income — 109,972 3,486 — 15,255 — 128,713 Total other comprehensive loss — — — — — ( 1,900 ) ( 1,900 ) Balances at March 31, 2025 370,160,196 $ 6,925,863 $ 221,840 51,376,980 $ 687,366 $ 7,042 $ 7,842,111 11 American Homes 4 Rent, L.P. Condensed Consolidated Statements of Capital (continued) (Amounts in thousands, except unit and per unit data) (Unaudited) General Partner Limited Partners Accumulated other comprehensive income Total capital Common capital Preferred capital amount Common capital Number of units Amount Number of units Amount Balances at December 31, 2025 366,656,740 $ 6,805,278 $ 221,840 50,476,980 $ 674,847 $ 7,541 $ 7,709,506 Share-based compensation — 6,760 — — — — 6,760 Common units issued under share-based compensation plans, net of units withheld for employee taxes 452,767 ( 9,251 ) — — — — ( 9,251 ) Redemptions of Class A units 340,000 4,552 — ( 340,000 ) ( 4,552 ) — — Repurchases of Class A units ( 3,653,721 ) ( 115,144 ) — — — — ( 115,144 ) Distributions to capital holders: Preferred units (Note 10) — — ( 3,486 ) — — — ( 3,486 ) Common units ($ 0.33 per unit) — ( 120,338 ) — — ( 16,545 ) — ( 136,883 ) Net income — 127,768 3,486 — 17,590 — 148,844 Total other comprehensive loss — — — — — ( 352 ) ( 352 ) 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. 12 American Homes 4 Rent, L.P. Condensed Consolidated Statements of Cash Flows (Amounts in thousands) (Unaudited) For the Three Months Ended March 31, 2026 2025 Operating activities Net income $ 148,844 $ 128,713 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 127,344 124,928 Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments 2,408 2,485 Noncash share-based compensation 6,760 7,661 Loss on early extinguishment of debt — 216 Equity in net loss of unconsolidated entities 1,192 915 Return on investment from unconsolidated joint ventures — 1,659 Gain on sale and impairment of single-family properties and other, net ( 78,444 ) ( 62,016 ) Other changes in operating assets and liabilities: Rent and other receivables ( 5,334 ) ( 3,583 ) Prepaid expenses and other assets ( 5,926 ) 12,739 Deferred leasing costs ( 627 ) ( 1,239 ) Accounts payable and accrued expenses 9,961 9,906 Amounts due from related parties ( 3,118 ) 1,019 Net cash provided by operating activities 203,060 223,403 Investing activities Cash paid for single-family properties — ( 4,009 ) 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 Proceeds received from storm-related insurance claims 212 — Proceeds from notes receivable related to the sale of properties 59 19 Investment in unconsolidated joint ventures ( 4,771 ) ( 3,336 ) Distributions from unconsolidated entities 2,812 963 Renovations to single-family properties ( 9,409 ) ( 7,456 ) Recurring and other capital expenditures for single-family properties ( 23,218 ) ( 30,942 ) Cash paid for development activity ( 145,523 ) ( 193,696 ) Other investing activities ( 7,383 ) ( 8,119 ) Net cash provided by (used for) investing activities 10,254 ( 107,689 ) Financing activities Repurchases of Class A units ( 115,144 ) — Proceeds from issuances under share-based compensation plans 388 445 Payments related to tax withholding for share-based compensation ( 9,639 ) ( 10,815 ) Payments on asset-backed securitizations — ( 496,593 ) Proceeds from revolving credit facility 30,000 410,000 Payments related to liabilities to repurchase consolidated land not owned — ( 18,868 ) Distributions to common unitholders ( 137,959 ) ( 127,755 ) Distributions to preferred unitholders ( 3,486 ) ( 3,486 ) Net cash used for financing activities ( 235,840 ) ( 247,072 ) 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 Cash, cash equivalents and restricted cash, end of period (see Note 3) $ 208,164 $ 218,858 13 American Homes 4 Rent, L.P. Condensed Consolidated Statements of Cash Flows (continued) (Amounts in thousands) (Unaudited) For the Three Months Ended March 31, 2026 2025 Supplemental cash flow information Cash payments for interest, net of amounts capitalized $ ( 66,153 ) $ ( 68,249 ) Supplemental schedule of noncash investing and financing activities Accrued property renovations and development expenditures $ 43,839 $ 56,114 Transfers of completed homebuilding deliveries to single-family properties 198,585 175,892 Unrealized loss on cash flow hedging instruments — ( 1,549 ) Noncash right-of-use assets obtained in exchange for operating lease liabilities 1,277 842 Accrued distributions to affiliates 551 1,270 Accrued distributions to non-affiliates 178 179 The accompanying notes are an integral part of these condensed consolidated financial statements. 14 American Homes 4 Rent American Homes 4 Rent, L.P. Notes to Unaudited Condensed Consolidated Financial Statements Note 1. Organization and Operations American Homes 4 Rent (“AMH” or the “General Partner”) is an internally managed Maryland real estate investment trust (“REIT”) formed on October 19, 2012 for the purpose of 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 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. As the sole general partner of the Operating Partnership, AMH has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AMH and the Operating Partnership as one business, and the management of AMH consists of the same members as the management of the Operating Partnership. AMH’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AMH is its partnership interest in the Operating Partnership. As a result, AMH generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. AMH itself is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity. AMH contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AMH receives Operating Partnership units (“OP units”) equal to the number of shares it has issued in the equity offering. Based on the terms of the Agreement of Limited Partnership of the Operating Partnership, as amended, OP units can be exchanged for shares on a one -for-one basis. Except for net proceeds from equity issuances by AMH, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of OP units. Note 2. Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s review of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair statement of the condensed consolidated financial statements for the interim periods have been made. The operating results for interim periods are not necessarily indicative of results for other interim periods or the full year. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Principles of Consolidation The condensed consolidated financial statements present the accounts of both (i) the Company, which include AMH, the Operating Partnership and their consolidated subsidiaries, and (ii) the Operating Partnership, which include the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. 15 The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”) , when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. Entities that are not VIEs and for which the Company owns an interest and has the ability to exercise significant influence but does not control are accounted for under the equity method of accounting as an investment in an unconsolidated entity and are included in investments in unconsolidated joint ventures within the condensed consolidated balance sheets. The Company consolidates VIEs in accordance with ASC 810 if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. The Company has entered into real estate exchange transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), in order to defer taxable gains on the exchange of like-kind property (“1031 Exchange”). Our 1031 Exchange transactions are facilitated by a qualified intermediary (the “QI”), which holds the proceeds from the Company’s disposition of real properties until such transactions are complete. The QI established a special purpose entity, which was determined to be a VIE (the “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 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 In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures. The amendments in this ASU require public entities to disclose disaggregated information about certain income statement expense line items in the notes to the financial statements on an interim and annual basis. The guidance is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments in this ASU should be applied prospectively to reporting periods issued after the effective date or retrospectively to all periods presented. The Company is currently assessing the impact of the guidance on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software. The amendments in this ASU remove all references to prescriptive and sequential software development stages and clarifies when an entity should begin capitalizing software costs including consideration of significant development uncertainty. The guidance is effective for fiscal years beginning after December 15, 2027, and for interim periods within those fiscal years, with early adoption permitted. The amendments in this ASU should be applied prospectively as of the beginning of the period of adoption, retrospectively to all periods presented with a cumulative-effect adjustment to the opening balance of retained earnings, or on a modified transition approach. The Company is currently assessing the impact of the guidance on its consolidated financial statements. Note 3. Cash, Cash Equivalents and Restricted Cash Restricted cash primarily consists of funds held related to resident security deposits, 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 . 16 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): March 31, December 31, 2026 2025 2025 2024 Cash and cash equivalents $ 63,301 $ 69,698 $ 108,516 $ 199,413 Restricted cash 144,863 149,160 122,174 150,803 Total cash, cash equivalents and restricted cash $ 208,164 $ 218,858 $ 230,690 $ 350,216 Note 4. Real Estate Assets, Net 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 Single-family properties leased, not yet occupied 148,960 117,861 Single-family properties in turnover process 401,237 511,535 Single-family properties recently renovated or developed 73,160 74,940 Single-family properties newly acquired and under renovation — 1,533 Single-family properties in operation, net 11,033,809 11,011,633 Development land 481,416 559,174 Single-family properties under development 657,763 674,412 Single-family properties and land held for sale, net 235,549 225,861 Total real estate assets, net $ 12,408,537 $ 12,471,080 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 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. See Note 13. Fair Value for details on nonrecurring fair value measurements and impairment of single-family properties and land upon classification as held for sale. Note 5. Rent and Other Receivables Included in rents and other single-family property revenues are variable lease payments for tenant charge-backs, which primarily relate to cost recoveries on utilities, and variable lease payments for fees from single-family properties. Variable lease payments for tenant charge-backs were $ 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 March 31, 2026 (amounts in thousands): March 31, 2026 Remaining 2026 $ 766,698 2027 178,092 2028 8,088 Total $ 952,878 17 Note 6. Escrow Deposits, Prepaid Expenses and Other Assets The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of 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 Operating lease right-of-use assets 15,960 15,684 Deferred costs and other intangibles, net 8,740 9,482 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 $ 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 March 31, 2026 and December 31, 2025 (amounts in thousands): March 31, 2026 December 31, 2025 Deferred leasing costs $ 2,617 $ 3,213 Deferred financing costs 11,512 11,512 14,129 14,725 Less: accumulated amortization ( 5,389 ) ( 5,243 ) Total $ 8,740 $ 9,482 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. Debt). 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): Deferred Leasing Costs Deferred Financing Costs Total Remaining 2026 $ 1,107 $ 1,732 $ 2,839 2027 56 2,300 2,356 2028 — 2,309 2,309 2029 — 1,236 1,236 Total $ 1,163 $ 7,577 $ 8,740 Note 7. Investments in 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. Equity in net income (losses) of unconsolidated joint ventures is included in other income and expense, net within the condensed consolidated statements of operations. The Company entered into a joint venture with (i) the Alaska Permanent Fund Corporation (the “Alaska JV”) during the second quarter of 2014 to invest in homes acquired through traditional acquisition channels, (ii) another leading institutional investor (the “Institutional Investor JV”) during the third quarter of 2018 to invest in newly constructed single-family rental homes and (iii) institutional investors advised by J.P. Morgan Asset Management focused on constructing and operating newly built rental homes during the first quarter of 2020 (“J.P. Morgan JV I”) and third quarter of 2023 (“J.P. Morgan JV II”). 18 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 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 Institutional Investor JV 20 % 1,015 9,824 10,340 J.P. Morgan JV I 20 % 2,383 73,776 76,882 J.P. Morgan JV II 20 % 327 56,001 51,149 3,858 $ 150,714 $ 148,935 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 $ 3.9 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 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 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. Morgan JV I amended its existing loan agreement to increase borrowing capacity to $ 500.0 million. During the initial three-year term, the loan bears interest at SOFR plus a 1.50 % margin and matures on January 24, 2028. The loan agreement provides for one one-year extension option that includes additional fees and interest. As of March 31, 2026, J.P. Morgan JV I’s loan had a $ 492.4 million outstanding principal balance. The Company has provided customary non-recourse guarantees for the Institutional Investor JV and J.P. Morgan JV I loans that may become a liability for us upon a voluntary bankruptcy filing by the joint ventures or the occurrence of other actions such as fraud or a material misrepresentation by us or the joint ventures. To date, the guarantees have not been invoked, and we believe that the actions that would trigger a guarantee would generally be disadvantageous to the joint ventures and us and therefore are unlikely to occur. However, there can be no assurances that actions that could trigger the guarantee will not occur. 19 Note 8. Debt All of the Company’s indebtedness is debt of the Operating Partnership. AMH is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The following table presents the Company’s debt as of March 31, 2026 and December 31, 2025 (amounts in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date March 31, 2026 December 31, 2025 2028 unsecured senior notes (2) 4.08 % February 15, 2028 $ 500,000 $ 500,000 2029 unsecured senior notes 4.90 % February 15, 2029 400,000 400,000 2030 unsecured senior notes 4.95 % June 15, 2030 650,000 650,000 2031 unsecured senior notes (3) 2.46 % July 15, 2031 450,000 450,000 2032 unsecured senior notes 3.63 % April 15, 2032 600,000 600,000 2034 unsecured senior notes I 5.50 % February 1, 2034 600,000 600,000 2034 unsecured senior notes II 5.50 % July 15, 2034 500,000 500,000 2035 unsecured senior notes (4) 5.08 % March 15, 2035 500,000 500,000 2051 unsecured senior notes 3.38 % July 15, 2051 300,000 300,000 2052 unsecured senior notes 4.30 % April 15, 2052 300,000 300,000 Revolving credit facility (5) 4.63 % July 16, 2029 390,000 360,000 Total debt 5,190,000 5,160,000 Unamortized discounts on unsecured senior notes ( 33,952 ) ( 35,055 ) Deferred financing costs, net (6) ( 28,122 ) ( 29,210 ) Total debt per balance sheet $ 5,127,926 $ 5,095,735 (1) Interest rates are rounded and as of March 31, 2026. Unless otherwise stated, interest rates are fixed percentages. (2) The stated interest rate on the 2028 unsecured senior notes is 4.25 %, which was hedged to yield an interest rate of 4.08 %. (3) The stated interest rate on the 2031 unsecured senior notes is 2.38 %, which was hedged to yield an interest rate of 2.46 %. (4) The stated interest rate on the 2035 unsecured senior notes is 5.25 %, which was hedged to yield an interest rate of 5.08 %. (5) The revolving credit facility provides for a borrowing capacity of up to $ 1.25 billion and the maturity date includes two six-month extension periods. The Company had approximately $ 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 March 31, 2026 (amounts in thousands): Debt Maturities Remaining 2026 $ — 2027 — 2028 500,000 2029 790,000 2030 650,000 Thereafter 3,250,000 Total debt $ 5,190,000 Interest Expense The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three months ended March 31, 2026 and 2025 (amounts in thousands): For the Three Months Ended March 31, 2026 2025 Gross interest cost $ 61,209 $ 59,280 Capitalized interest ( 12,987 ) ( 13,854 ) Interest expense $ 48,222 $ 45,426 20 Note 9. Accounts Payable and Accrued Expenses 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 Prepaid rent 33,552 33,189 Operating lease liabilities 17,512 17,196 Accounts payable 374 322 Other accrued liabilities 64,249 73,394 Total $ 447,118 $ 436,879 Note 10. Shareholders’ Equity / Partners’ Capital When the Company issues common or preferred shares, the Operating Partnership issues an equivalent number of units of partnership interest of a corresponding class to AMH, with the Operating Partnership receiving the net proceeds from the share issuances. At-the-Market Common Share Offering Program The Company maintains an at-the-market common share offering program under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $ 1.0 billion (the “At-the-Market Program”). The At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers. The At-the-Market Program may be suspended or terminated by the Company at any time. During the 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 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 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. See Note 17. Subsequent Events for further details. 21 Perpetual Preferred Shares / Units 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 Series G perpetual preferred shares July 17, 2017 July 17, 2022 5.875 % 4,600,000 $ 115,000 4,600,000 $ 115,000 Series H perpetual preferred shares September 19, 2018 September 19, 2023 6.250 % 4,600,000 115,000 4,600,000 115,000 Total preferred shares 9,200,000 $ 230,000 9,200,000 $ 230,000 Distributions The Company’s board of trustees declared the following distributions during the respective quarters. The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding OP units. For the Three Months Ended Security March 31, 2026 March 31, 2025 Class A and Class B common shares $ 0.33 $ 0.30 5.875 % Series G perpetual preferred shares 0.37 0.37 6.250 % Series H perpetual preferred shares 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 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 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. Note 11. Share-Based Compensation 2021 Equity Incentive Plan The Company’s 2021 Equity Incentive Plan (the “2021 Plan”), which replaced the 2012 Equity Incentive Plan (the “2012 Plan”), provides for the issuance of Class A common shares through the grant of a variety of awards including stock options, stock appreciation rights, restricted share units (“RSUs”), unrestricted shares, dividend equivalent rights and performance-based awards. When the Company issues Class A common shares under the 2012 Plan and 2021 Plan, the Operating Partnership issues an equivalent number of Class A units to AMH. RSUs granted to employees during the 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”). The number of PSUs that may ultimately vest range from zero to 200 % of the number of PSUs granted based on the level of achievement of these performance conditions. For the TSR Awards, grant date fair value was determined using a multifactor Monte Carlo model and the resulting compensation cost is amortized over the service period regardless of whether the performance condition is achieved. For the Core FFO Awards, fair value is based on the market value on the 22 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 March 31, 2026 2025 Options outstanding at beginning of period 190,500 329,500 Granted — — Exercised ( 24,500 ) ( 25,500 ) Forfeited — — Options outstanding at end of period 166,000 304,000 Options exercisable at end of period 166,000 304,000 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 March 31, 2026 2025 RSUs outstanding at beginning of period 1,108,279 1,187,544 Granted 480,582 414,798 Vested ( 409,476 ) ( 445,857 ) Forfeited ( 23,879 ) ( 5,548 ) RSUs outstanding at end of period 1,155,506 1,150,937 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 March 31, 2026 2025 PSUs outstanding at beginning of period (1) 700,773 677,298 Granted (1) 313,175 227,616 Adjustment for performance achievement (2) 103,585 170,757 Vested ( 327,135 ) ( 370,854 ) Forfeited (1) ( 9,189 ) — PSUs outstanding at end of period (1) 781,209 704,817 (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, 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 Three Months Ended March 31, 2026 2025 Expected term (years) 3.0 3.0 Dividend yield 4.47 % 2.83 % Estimated volatility (1) 26.04 % 22.48 % Risk-free interest rate 3.61 % 4.49 % (1) Estimated volatility for the performance period is based on 50 % historical volatility and 50 % implied volatility. 2021 Employee Stock Purchase Plan The 2021 Employee Stock Purchase Plan (the “2021 ESPP”) provides for the issuance of up to 3,000,000 Class A common shares and allows employees to acquire the Company’s Class A common shares through payroll deductions, subject to maximum purchase limitations, during six-month purchase periods. The purchase price for Class A common shares may be set at a maximum discount equal to 85 % of the lower of the closing price of the Company’s Class A common shares on the first day or the last day of the applicable purchase period. The 2021 ESPP terminates in June 2031 or the date on which there are no longer any Class A common 23 shares available for issuance. When the Company issues Class A common shares under the 2021 ESPP, the Operating Partnership issues an equivalent number of Class A units to AMH. Share-Based Compensation Expense The Company’s noncash share-based compensation expense relating to corporate administrative employees is included in general and administrative expense and the noncash share-based compensation expense relating to centralized and field property management employees is included in property management expenses. Noncash share-based compensation expense relating to employees involved in the purchases of single-family properties, including newly constructed properties from third-party builders, the development of single-family properties, or the disposal of certain properties or portfolios of properties is included in acquisition, disposition and other transaction costs. 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 March 31, 2026 2025 General and administrative expense $ 4,445 $ 4,867 Property management expenses 1,121 1,246 Acquisition, disposition and other transaction costs 1,194 1,548 Total noncash share-based compensation expense $ 6,760 $ 7,661 Note 12. Earnings per Share / Unit American Homes 4 Rent The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three months ended March 31, 2026 and 2025 (amounts in thousands, except share and per share data): For the Three Months Ended March 31, 2026 2025 Numerator: Net income $ 148,844 $ 128,713 Less: Noncontrolling interest 17,590 15,255 Dividends on preferred shares 3,486 3,486 Allocation to participating securities (1) 393 346 Numerator for income per common share–basic and diluted $ 127,375 $ 109,626 Denominator: Weighted-average common shares outstanding–basic 364,281,692 370,372,388 Effect of dilutive securities: Share-based compensation plan (2) 216,675 389,353 Weighted-average common shares outstanding–diluted (3) 364,498,367 370,761,741 Net income per common share: Basic $ 0.35 $ 0.30 Diluted $ 0.35 $ 0.30 (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. (3) The effect of the potential conversion of OP units is not reflected in the computation of basic and diluted earnings per share as they are exchangeable for Class A common shares on a one -for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying condensed consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share. 24 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 months ended March 31, 2026 and 2025 (amounts in thousands, except unit and per unit data): For the Three Months Ended March 31, 2026 2025 Numerator: Net income $ 148,844 $ 128,713 Less: Preferred distributions 3,486 3,486 Allocation to participating securities (1) 393 346 Numerator for income per common unit–basic and diluted $ 144,965 $ 124,881 Denominator: Weighted-average common units outstanding–basic 414,434,005 421,749,368 Effect of dilutive securities: Share-based compensation plan (2) 216,675 389,353 Weighted-average common units outstanding–diluted 414,650,680 422,138,721 Net income per common unit: Basic $ 0.35 $ 0.30 Diluted $ 0.35 $ 0.30 (1) Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per unit using the two-class method. (2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and vesting of PSUs under the treasury stock method. Note 13. Fair Value The carrying amount of rents and other receivables, restricted cash, escrow deposits, prepaid expenses and other assets, and accounts payable and accrued expenses generally approximate fair value because of the short maturity of these amounts. Our 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. Debt), management believes that the carrying value (excluding deferred financing costs) of the revolving credit facility reasonably approximates fair value. Our unsecured senior notes are financial instruments classified as Level 2 in the fair value hierarchy as their fair values were estimated using observable inputs based on the market value of the last trade at the end of the period. 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 2028 unsecured senior notes, net $ 498,521 $ 497,425 $ 498,323 $ 501,385 2029 unsecured senior notes, net 398,370 402,324 398,229 406,716 2030 unsecured senior notes, net 642,683 652,373 642,250 663,436 2031 unsecured senior notes, net 444,509 395,960 444,249 402,764 2032 unsecured senior notes, net 587,994 553,998 587,497 567,708 2034 unsecured senior notes I, net 595,377 605,724 595,230 620,784 2034 unsecured senior notes II, net 494,205 500,840 494,031 517,225 2035 unsecured senior notes, net 494,030 492,140 493,863 508,475 2051 unsecured senior notes, net 292,193 196,602 292,115 203,439 2052 unsecured senior notes, net 290,044 229,521 289,948 238,782 Total unsecured senior notes, net 4,737,926 4,526,907 4,735,735 4,630,714 Revolving credit facility 390,000 390,000 360,000 360,000 Total debt $ 5,127,926 $ 4,916,907 $ 5,095,735 $ 4,990,714 25 Nonrecurring Fair Value Measurements Single-family properties and land lots classified as held for sale are reported at the lower of their carrying value or estimated fair value less costs to sell and are presented separately in single-family properties and land held for sale, net within the condensed consolidated balance sheets. The fair values were classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs based on the estimated sales prices derived from third-party automated valuation models upon classification as held for sale. Impairment charges are included in gain on sale and impairment of single-family properties and other, net within the condensed consolidated statements of operations. The following table summarizes single-family properties and land for which the Company has recorded impairments in the condensed consolidated financial statements for the three months ended March 31, 2026 and 2025 (amounts in thousands): For the Three Months Ended March 31, 2026 2025 Pre-impairment carrying value $ 72,986 $ 55,182 Total impairments ( 14,188 ) ( 4,462 ) Fair value $ 58,798 $ 50,720 Note 14. Related Party Transactions 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. See Note 7. Investments in Unconsolidated Joint Ventures for a description of related party transactions between the Company and its unconsolidated joint ventures. Note 15. Commitments and Contingencies As of 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 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 We are involved in various legal and administrative proceedings that are incidental to our business. We believe these matters will not have a materially adverse effect on our financial position or results of operations upon resolution. Note 16. Segment Reporting Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and assess performance. The Company is organized as a REIT with activities related to 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. The Company’s CODM is our Chief Executive Officer and Chief Operating Officer. The accounting policies of our one reportable segment are the same as those described in Note 2. Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Net income and its components, as 26 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 development of new properties. 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 months ended March 31, 2026 and 2025 (amounts in thousands): For the Three Months Ended March 31, 2026 2025 Property operating expenses Property tax expense $ 68,180 $ 66,940 HOA fees 6,833 6,814 Repairs and maintenance and turnover costs 89,145 88,845 Insurance 4,551 4,931 Total property operating expenses $ 168,709 $ 167,530 27 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 March 31, 2026 2025 Core revenues $ 406,124 $ 395,415 Core property operating expenses Property tax expense 68,180 66,940 HOA fees, net of tenant charge-backs 6,833 6,814 Repairs and maintenance and turnover costs, net of tenant charge-backs 25,589 27,281 Insurance 4,551 4,931 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 Core NOI $ 271,152 $ 258,811 Reconciliation of core revenues to rents and other single-family property revenues Core revenues $ 406,124 $ 395,415 Tenant charge-backs 65,900 63,861 Rents and other single-family property revenues $ 472,024 $ 459,276 Reconciliation of Core NOI to net income Core NOI $ 271,152 $ 258,811 Noncash share-based compensation - property management ( 1,121 ) ( 1,246 ) General and administrative expense ( 21,332 ) ( 19,671 ) Interest expense ( 48,222 ) ( 45,426 ) Acquisition, disposition and other transaction costs ( 3,060 ) ( 3,061 ) Depreciation and amortization ( 127,344 ) ( 124,928 ) Loss on early extinguishment of debt — ( 216 ) Gain on sale and impairment of single-family properties and other, net 78,444 62,016 Other income and expense, net 327 2,434 Net income $ 148,844 $ 128,713 Note 17. Subsequent Events 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 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. 28