What changed in this filing

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Item 1. Financial Statements

2026-07-31 compared with 2026-05-07 · 195 added, 116 removed, 717 unchanged (30% of the section changed)

3 unchanged sentences

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

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Single-family properties:

20 unchanged sentences

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)

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

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

Class A common shares ($ 0.01 par value per share, 450,000,000 shares authorized, 359,179,944 and 366,021,665 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively)

Class B common shares ($ 0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at June 30, 2026 and December 31, 2025)

Preferred shares ($ 0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at June 30, 2026 and December 31, 2025)

Additional paid-in capital 7,183,780 7,411,003

10 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

Rents and other single-family property revenues $ 470,104 $ 457,503 $ 942,128 $ 916,779

24 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

Net income $ 132,919 $ 123,624 $ 281,763 $ 252,337

Other comprehensive loss:

Other comprehensive (loss) income:

Cash flow hedging instruments:

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

Gain on settlement of cash flow hedging instruments — 1,580 — 31

Reclassification adjustment for amortization of interest expense included in net income ( 349 ) ( 382 ) ( 701 ) ( 733 )

( 352 ) ( 351 )

Other comprehensive loss ( 352 ) ( 1,900 )

Other comprehensive (loss) income ( 349 ) 1,198 ( 701 ) ( 702 )

Comprehensive income 132,570 124,822 281,062 251,635

27 unchanged sentences

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

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

Common stock issued under share-based compensation plans, net of shares withheld for employee taxes 187,459 2 — — — — 2,773 — — 2,775 — 2,775

Redemptions of Class A units 550,000 5 — — — — 7,352 — 9 7,366 ( 7,366 ) —

Distributions to equity holders:

Preferred shares (Note 10)

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

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

Common shares ($ 0.30 per share)

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

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

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

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

American Homes 4 Rent

23 unchanged sentences

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

Share-based compensation — — — — — — 6,645 — — 6,645 — 6,645

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

133,809 1 — — — — 2,181 — — 2,182 — 2,182

Repurchases of Class A common shares ( 4,114,576 ) ( 41 ) — — — — ( 122,994 ) — — ( 123,035 ) — ( 123,035 )

Distributions to equity holders:

Preferred shares (Note 10)

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

Noncontrolling interests — — — — — — — — — — ( 16,546 ) ( 16,546 )

Common shares ($ 0.33 per share)

— — — — — — — ( 119,309 ) — ( 119,309 ) — ( 119,309 )

Net income — — — — — — — 117,112 — 117,112 15,807 132,919

Total other comprehensive loss — — — — — — — ( 315 ) ( 315 ) ( 34 ) ( 349 )

Balances at June 30, 2026 359,179,944 $ 3,592 635,075 $ 6 9,200,000 $ 92 $ 7,183,780 $ ( 385,896 ) $ 6,005 $ 6,807,579 $ 671,436 $ 7,479,015

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

2 unchanged sentences

(Amounts in thousands)

For the Three Months Ended

For the Six Months Ended

Operating activities

5 unchanged sentences

Loss on early extinguishment of debt — 216

Equity in net loss of unconsolidated entities 1,192 915

Equity in net loss (income) of unconsolidated entities 1,681 ( 40 )

Return on investment from unconsolidated joint ventures 975 1,659

26 unchanged sentences

Proceeds from revolving credit facility 110,000 410,000

Payments on revolving credit facility ( 80,000 ) ( 410,000 )

Proceeds from unsecured senior notes, net of discount — 646,385

Settlement of cash flow hedging instruments — 31

Payments related to liabilities to repurchase consolidated land not owned — ( 24,614 )

2 unchanged sentences

Distributions to preferred shareholders ( 6,972 ) ( 6,972 )

Deferred financing costs paid — ( 5,038 )

Net cash used for financing activities ( 495,804 ) ( 150,472 )

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

Net increase in cash, cash equivalents and restricted cash 27,009 116,384

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

3 unchanged sentences

(Amounts in thousands)

For the Three Months Ended

For the Six Months Ended

Supplemental cash flow information

3 unchanged sentences

Transfers of completed homebuilding deliveries to single-family properties 424,013 382,117

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

Noncash right-of-use assets obtained in exchange for operating lease liabilities 3,676 1,617

5 unchanged sentences

(Amounts in thousands, except unit data)

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Single-family properties:

21 unchanged sentences

General partner:

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

Common units ( 359,815,019 and 366,656,740 units issued and outstanding at June 30, 2026 and December 31, 2025, respectively)

6,579,734 6,805,278

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

Preferred units ( 9,200,000 units issued and outstanding at June 30, 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)

Common units ( 50,136,980 and 50,476,980 units issued and outstanding at June 30, 2026 and December 31, 2025, respectively)

670,601 674,847

7 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

Rents and other single-family property revenues $ 470,104 $ 457,503 $ 942,128 $ 916,779

23 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

Net income $ 132,919 $ 123,624 $ 281,763 $ 252,337

Other comprehensive loss:

Other comprehensive (loss) income:

Cash flow hedging instruments:

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

Gain on settlement of cash flow hedging instruments — 1,580 — 31

Reclassification adjustment for amortization of interest expense included in net income

( 349 ) ( 382 ) ( 701 ) ( 733 )

Other comprehensive loss ( 352 ) ( 1,900 )

Other comprehensive (loss) income ( 349 ) 1,198 ( 701 ) ( 702 )

Comprehensive income 132,570 124,822 281,062 251,635

19 unchanged sentences

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

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

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

Redemptions of Class A units 550,000 7,357 — ( 550,000 ) ( 7,357 ) — —

Distributions to capital holders:

Preferred units (Note 10)

— — ( 3,486 ) — — — ( 3,486 )

Common units ($ 0.30 per unit)

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

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

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

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

American Homes 4 Rent, L.P.

17 unchanged sentences

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

Share-based compensation — 6,645 — — — — 6,645

Common units issued under share-based compensation plans, net of units withheld for employee taxes 133,809 2,182 — — — — 2,182

Repurchases of Class A units ( 4,114,576 ) ( 123,035 ) — — — — ( 123,035 )

Distributions to capital holders:

Preferred units (Note 10)

— — ( 3,486 ) — — — ( 3,486 )

Common units ($ 0.33 per unit)

— ( 119,309 ) — — ( 16,546 ) — ( 135,855 )

Net income — 113,626 3,486 — 15,807 — 132,919

Total other comprehensive loss — — — — — ( 349 ) ( 349 )

Balances at June 30, 2026 359,815,019 $ 6,579,734 $ 221,840 50,136,980 $ 670,601 $ 6,840 $ 7,479,015

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

2 unchanged sentences

(Amounts in thousands)

For the Three Months Ended

For the Six Months Ended

Operating activities

5 unchanged sentences

Loss on early extinguishment of debt — 216

Equity in net loss of unconsolidated entities 1,192 915

Equity in net loss (income) of unconsolidated entities 1,681 ( 40 )

Return on investment from unconsolidated joint ventures 975 1,659

26 unchanged sentences

Proceeds from revolving credit facility 110,000 410,000

Payments on revolving credit facility ( 80,000 ) ( 410,000 )

Proceeds from unsecured senior notes, net of discount — 646,385

Settlement of cash flow hedging instruments — 31

Payments related to liabilities to repurchase consolidated land not owned — ( 24,614 )

1 unchanged sentence

Distributions to preferred unitholders ( 6,972 ) ( 6,972 )

Deferred financing costs paid — ( 5,038 )

Net cash used for financing activities ( 495,804 ) ( 150,472 )

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

Net increase in cash, cash equivalents and restricted cash 27,009 116,384

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

3 unchanged sentences

(Amounts in thousands)

For the Three Months Ended

For the Six Months Ended

Supplemental cash flow information

3 unchanged sentences

Transfers of completed homebuilding deliveries to single-family properties 424,013 382,117

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

Noncash right-of-use assets obtained in exchange for operating lease liabilities 3,676 1,617

9 unchanged sentences

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.

As of June 30, 2026, the Company held 61,183 single-family properties in 24 states, including 701 properties classified as held for sale.

AMH is the general partner of, and as of June 30, 2026 owned approximately 87.8 % of the common partnership interest in, the Operating Partnership.

The remaining 12.2 % of the common partnership interest was owned by limited partners.

37 unchanged sentences

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.

As of June 30, 2026 and December 31, 2025, the carrying value of the investments in these venture capital funds was $ 12.8 million and $ 13.8 million, respectively, and the Company’s maximum exposure to loss was $ 13.8 million and $ 15.0 million, respectively, which includes all future capital funding requirements.

Recent Accounting Pronouncements Not Yet Effective

10 unchanged sentences

Cash, Cash Equivalents and Restricted Cash

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

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

regulations to remain in the captive insurance company.

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

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,

June 30, December 31,

2026 2025 2025 2024

3 unchanged sentences

Real Estate Assets, Net

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

March 31, 2026 December 31, 2025

The net book values of real estate assets consisted of the following as of June 30, 2026 and December 31, 2025 (amounts in thousands):

June 30, 2026 December 31, 2025

Occupied single-family properties $ 10,628,677 $ 10,305,764

8 unchanged sentences

Total real estate assets, net $ 12,326,054 $ 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.

Depreciation expense related to single-family properties was $ 121.1 million and $ 120.3 million for the three months ended June 30, 2026 and 2025, respectively, and $ 242.0 million and $ 238.8 million for the six months ended June 30, 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.

During the three months ended June 30, 2026 and 2025, the Company disposed of single-family properties and land for aggregate net proceeds of $ 204.7 million and $ 138.2 million, respectively, which resulted in an aggregate net gain on sale of $ 83.6 million and $ 57.7 million, respectively.

During the six months ended June 30, 2026 and 2025, the Company disposed of single-family properties and land for aggregate net proceeds of $ 403.1 million and $ 280.3 million, respectively, which resulted in an aggregate net gain on sale of $ 176.1 million and $ 123.7 million, respectively.

The Company did not identify any indicators of impairment related to single-family properties in operation or under development for the three and six months ended June 30, 2026 and 2025.

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

1 unchanged sentence

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.

Variable lease payments for tenant charge-backs were $ 52.9 million and $ 51.2 million for the three months ended June 30, 2026 and 2025, respectively, and $ 117.6 million and $ 113.8 million for the six months ended June 30, 2026 and 2025, respectively.

Variable lease payments for fees from single-family properties were $ 8.6 million and $ 8.3 million for the three months ended June 30, 2026 and 2025, respectively, and $ 17.1 million and $ 16.9 million for the six months ended June 30, 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

The following table summarizes future minimum rental revenues under existing leases on our properties as of June 30, 2026 (amounts in thousands):

June 30, 2026

Remaining 2026 $ 662,648

1 unchanged sentence

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

The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of June 30, 2026 and December 31, 2025 (amounts in thousands):

June 30, 2026 December 31, 2025

Commercial real estate, software, vehicles and FF&E, net $ 109,086 $ 108,497

3 unchanged sentences

Total $ 224,414 $ 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.

Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $ 5.7 million and $ 5.5 million for the three months ended June 30, 2026 and 2025, respectively, and $ 11.4 million and $ 10.9 million for the six months ended June 30, 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 costs and other intangibles, net consisted of the following as of June 30, 2026 and December 31, 2025 (amounts in thousands):

June 30, 2026 December 31, 2025

Deferred leasing costs $ 2,559 $ 3,213

3 unchanged sentences

Total $ 8,391 $ 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.

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):

Amortization expense related to deferred leasing costs was $ 0.7 million and $ 1.1 million for the three months ended June 30, 2026 and 2025, respectively, and $ 1.5 million and $ 2.2 million for the six months ended June 30, 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 $ 0.5 million for both the three months ended June 30, 2026 and 2025 and $ 1.1 million for both the six months ended June 30, 2026 and 2025 and is included in gross interest, prior to interest capitalization (see Note 8.

The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of June 30, 2026 for future periods (amounts in thousands):

Leasing Costs Deferred

6 unchanged sentences

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.

As of June 30, 2026, the Company held 20 % ownership interests in four unconsolidated joint ventures.

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.

3 unchanged sentences

Morgan JV II”).

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):

The following table summarizes our investments in unconsolidated joint ventures as of June 30, 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

June 30, 2026 Completed Homes at

June 30, 2026 Investments in Unconsolidated Joint Ventures

Joint Venture Description June 30, 2026 December 31, 2025

Alaska JV 20 % 127 $ 8,821 $ 10,564

4 unchanged sentences

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.

Management fee and development fee income from unconsolidated joint ventures was $ 4.1 million and $ 3.6 million for the three months ended June 30, 2026 and 2025, respectively, and $ 8.0 million and $ 7.2 million for the six months ended June 30, 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 three and six months ended June 30, 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.

As of June 30, 2026, the Institutional Investor JV’s loan had a $ 232.7 million outstanding principal balance.

During the first quarter of 2025, J.P.

2 unchanged sentences

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

As of March 31, 2026, J.P.

As of June 30, 2026, J.P.

Morgan JV I’s loan had a $ 498.9 million outstanding principal balance.

5 unchanged sentences

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):

The following table presents the Company’s debt as of June 30, 2026 and December 31, 2025 (amounts in thousands):

Outstanding Principal Balance

Interest Rate (1)

Maturity Date March 31, 2026 December 31, 2025

Maturity Date June 30, 2026 December 31, 2025

2028 unsecured senior notes (2)

18 unchanged sentences

Total debt per balance sheet $ 5,130,117 $ 5,095,735

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

(1) Interest rates are rounded and as of June 30, 2026.

Unless otherwise stated, interest rates are fixed percentages.

3 unchanged sentences

(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.

The Company had approximately $ 3.7 million and $ 3.2 million committed to outstanding letters of credit that reduced our borrowing capacity as of June 30, 2026 and December 31, 2025, respectively.

The revolving credit facility is reflected on a fully extended basis and bears interest at the SOFR plus a margin of 0.85 % as of June 30, 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 June 30, 2026 and 2025, respectively, and $ 2.2 million and $ 2.6 million for the six months ended June 30, 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):

The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of June 30, 2026 (amounts in thousands):

Debt Maturities

3 unchanged sentences

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):

The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three and six months ended June 30, 2026 and 2025 (amounts in thousands):

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

Gross interest cost $ 61,198 $ 60,522 $ 122,407 $ 119,802

2 unchanged sentences

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

The following table summarizes accounts payable and accrued expenses as of June 30, 2026 and December 31, 2025 (amounts in thousands):

June 30, 2026 December 31, 2025

Accrued property taxes $ 155,796 $ 65,328

Accrued construction and maintenance liabilities 54,830 57,662

Resident security deposits 118,807 121,025

Accrued interest 68,612 68,763

Accrued construction and maintenance liabilities 54,513 57,662

Prepaid rent 33,131 33,189

6 unchanged sentences

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”).

In June 2026, the Company entered into a new at-the-market common share offering program, replacing the previously expiring program, under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $ 1.0 billion (the “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.

During the six months ended June 30, 2026 and 2025, no shares were issued under the new At-the-Market Program nor the previous program and $ 1.0 billion remained available for future share issuances.

Share Repurchase Program

2 unchanged sentences

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 six months ended June 30, 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.

4 unchanged sentences

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

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

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

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

Subsequent Events for further details.

During the six months ended June 30, 2026, the Company repurchased and retired 4.1 million of its Class A common shares on a settlement date basis pursuant to the 2026 Share Repurchase Program at a weighted-average price of $ 29.88 per share and a total price of $ 123.0 million.

As of June 30, 2026, we had a remaining repurchase authorization of up to $ 377.0 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.

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

As of June 30, 2026 and December 31, 2025, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data):

June 30, 2026 December 31, 2025

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

6 unchanged sentences

For the Three Months Ended

Security March 31,

Security June 30,

2026 March 31,

2026 June 30,

2025 March 31,

Class A and Class B common shares $ 0.33 $ 0.33 $ 0.30 $ 0.30

5.875 % Series G perpetual preferred shares

0.37 0.37 0.37 0.37

6.250 % Series H perpetual preferred shares

0.39 0.39 0.39 0.39

Noncontrolling Interest

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

Former AH LLC members owned 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.

Former AH LLC members owned 49,579,990 and 49,879,990 , or approximately 12.1 % and 12.0 %, of the total 409,951,999 and 417,133,720 Class A units in the Operating Partnership as of June 30, 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.

Non-affiliate Class A unitholders owned 556,990 and 596,990 , or approximately 0.1 %, of the total 409,951,999 and 417,133,720 Class A units in the Operating Partnership as of June 30, 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.

3 unchanged sentences

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.

RSUs granted to employees during the six months ended June 30, 2026 and 2025 generally vest over a three-year service period.

RSUs granted to non-management trustees during the six months ended June 30, 2026 and 2025 vest over a one-year service period.

Performance-based restricted share units (“PSUs”) granted to certain senior employees during the six months ended June 30, 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 six months ended June 30, 2026 and from January 1, 2025 through December 31, 2027 for PSUs granted during the six months ended June 30, 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

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

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

the performance condition is achieved.

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

The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the six months ended June 30, 2026 and 2025:

For the Six Months Ended

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

3 unchanged sentences

Options exercisable at end of period 135,750 245,500

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

The following table summarizes RSU activity under the 2021 Plan for the six months ended June 30, 2026 and 2025:

For the Six Months Ended

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

3 unchanged sentences

RSUs outstanding at end of period 1,184,272 1,097,785

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

The following table summarizes PSU activity under the 2021 Plan for the six months ended June 30, 2026 and 2025:

For the Six Months Ended

PSUs outstanding at beginning of period (1)

5 unchanged sentences

Forfeited (1)

( 9,189 ) ( 2,520 )

PSUs outstanding at end of period (1)

1 unchanged sentence

(1) Represents target shares at grant date.

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

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

For the Six Months Ended

Expected term (years) 3.0 3.0

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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):

The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the three and six months ended June 30, 2026 and 2025 (amounts in thousands):

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

General and administrative expense $ 4,323 $ 3,987 $ 8,768 $ 8,854

4 unchanged sentences

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):

The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three and six months ended June 30, 2026 and 2025 (amounts in thousands, except share and per share data):

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

Net income $ 132,919 $ 123,624 $ 281,763 $ 252,337

2 unchanged sentences

Allocation to participating securities (1)

376 343 760 689

Numerator for income per common share–basic and diluted $ 113,250 $ 105,210 $ 240,634 $ 214,836

14 unchanged sentences

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):

The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three and six months ended June 30, 2026 and 2025 (amounts in thousands, except unit and per unit data):

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

Net income $ 132,919 $ 123,624 $ 281,763 $ 252,337

1 unchanged sentence

Allocation to participating securities (1)

376 343 760 689

Numerator for income per common unit–basic and diluted $ 129,057 $ 119,795 $ 274,031 $ 244,676

14 unchanged sentences

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

The following table displays the carrying values and fair values of our debt instruments as of June 30, 2026 and December 31, 2025 (amounts in thousands):

June 30, 2026 December 31, 2025

Carrying Value Fair Value Carrying Value Fair Value

16 unchanged sentences

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):

The following table summarizes single-family properties and land for which the Company has recorded impairments in the condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025 (amounts in thousands):

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

Pre-impairment carrying value $ 95,644 $ 59,221 $ 142,224 $ 79,784

Total impairments ( 14,188 ) ( 4,462 )

Previous impairments ( 10,973 ) ( 2,230 ) ( 5,380 ) ( 942 )

Current period impairments ( 24,171 ) ( 5,834 ) ( 38,359 ) ( 10,296 )

Fair value $ 60,500 $ 51,157 $ 98,485 $ 68,546

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.

As of June 30, 2026 and December 31, 2025, affiliates owned approximately 7.9 % 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 48,832,099 and 49,372,165 Class A units as of June 30, 2026 and December 31, 2025, respectively) an approximate 19.0 % and 19.3 % interest as of June 30, 2026 and December 31, 2025, respectively.

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

Commitments and Contingencies

As of 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.

As of June 30, 2026, the Company had $ 126.8 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.

As of June 30, 2026, the Company had sales in escrow for 131 of our single-family properties and 495 of our land lots for an aggregate selling price of $ 83.9 million.

As of June 30, 2026, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $ 162.0 million.

Legal Matters

16 unchanged sentences

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):

In addition to the revenues and significant segment expenses included within the condensed consolidated statements of operations, the following table presents significant segment expenses regularly provided to the CODM within property operating expenses for the three and six months ended June 30, 2026 and 2025 (amounts in thousands):

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

Property operating expenses

4 unchanged sentences

Total property operating expenses $ 161,943 $ 160,089 $ 330,652 $ 327,619

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):

The table below summarizes the components and significant expense categories included in Core NOI and regularly provided to the CODM for the three and six months ended June 30, 2026 and 2025 (amounts in thousands):

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

Core revenues $ 415,990 $ 405,046 $ 822,114 $ 800,461

24 unchanged sentences

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 .

From July 1, 2026 through July 24, 2026, the Company added 137 newly constructed properties delivered through its AMH Development Program to its operating portfolio for a total cost of approximately $ 55.0 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.

From July 1, 2026 through July 24, 2026, the Company disposed of 97 single-family properties for aggregate net proceeds of approximately $ 30.2 million.

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

What changed 10-Q

Item 1. Financial Statements