What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-07-31 compared with 2026-05-07 · 206 added, 75 removed, 340 unchanged (45% of the section changed)

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We commenced operations in November 2012 and we have elected to be taxed as a REIT.

As of March 31, 2026, we owned 61,237 single-family properties in select submarkets of metropolitan statistical areas in 24 states, including 1,037 properties held for sale, compared to 61,479 single-family properties in 24 states, including 1,142 properties held for sale, as of December 31, 2025 and 61,361 single-family properties in 24 states, including 661 properties held for sale, as of March 31, 2025.

As of March 31, 2026, 57,112 of our total properties (excluding properties held for sale) were occupied, compared to 56,756 of our total properties (excluding properties held for sale) as of December 31, 2025 and 58,246 of our total properties (excluding properties held for sale) as of March 31, 2025.

Also, as of March 31, 2026, the Company had an additional 3,858 properties held in unconsolidated joint ventures, compared to 3,785 properties held in unconsolidated joint ventures as of December 31, 2025 and 3,487 properties held in unconsolidated joint ventures as of March 31, 2025.

As of June 30, 2026, we owned 61,183 single-family properties in select submarkets of metropolitan statistical areas in 24 states, including 701 properties held for sale, compared to 61,479 single-family properties in 24 states, including 1,142 properties held for sale, as of December 31, 2025 and 61,500 single-family properties in 24 states, including 904 properties held for sale, as of June 30, 2025.

As of June 30, 2026, 57,897 of our total properties (excluding properties held for sale) were occupied, compared to 56,756 of our total properties (excluding properties held for sale) as of December 31, 2025 and 58,317 of our total properties (excluding properties held for sale) as of June 30, 2025.

Also, as of June 30, 2026, the Company had an additional 3,961 properties held in unconsolidated joint ventures, compared to 3,785 properties held in unconsolidated joint ventures as of December 31, 2025 and 3,616 properties held in unconsolidated joint ventures as of June 30, 2025.

Our portfolio of single-family properties, including those held in our unconsolidated joint ventures, is internally managed through our proprietary property management platform.

New Federal Legislation

The “21st Century ROAD to Housing Act” (the “ROAD Act”) was enacted into federal law on July 11, 2026 and will take effect on January 7, 2027.

The ROAD Act generally imposes a federal restriction on our ability to purchase single-family homes, subject to various exemptions such as purchases of homes (i) pursuant to a build-to-rent program, (ii) from other large institutional investors, or (iii) with a requirement to substantially renovate the home, among others.

Although we have not been acquiring a significant number of homes through the MLS in recent years, we expect the ROAD Act will adversely impact our ability to do so in the future.

In addition, the ROAD Act and similar state and local initiatives could impose significant costs, restrict the locations where we can operate our business, or adversely impact our tax profile, including our status as a REIT.

Further, the ROAD Act and the prospect of other such laws or regulations has adversely impacted and may in the future continue to adversely impact our access to capital markets and the attractiveness of our securities to certain investors.

Refer to Part II, “Item 1A.

Risk Factors” for information about risks related to the ROAD Act and similar state and local legislative and regulatory initiatives.

Key Single-Family Property and Leasing Metrics

The following table summarizes certain key single-family properties metrics as of March 31, 2026:

The following table summarizes certain key single-family properties metrics as of June 30, 2026:

Total Single-Family Properties (1)

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Total/Average 60,482 100.0 % $ 14,668.4 100.0 % $ 242,525 2,002 18.1 2016

(1) Excludes 1,037 single-family properties held for sale as of March 31, 2026.

(1) Excludes 701 single-family properties held for sale as of June 30, 2026.

(2) Represents 16 markets in 15 states.

The following table summarizes certain key leasing metrics as of March 31, 2026:

The following table summarizes certain key leasing metrics as of June 30, 2026:

Total Single-Family Properties (1)

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Total/Average 95.6 % $ 2,353 12.7 7.4 2.7 %

(1) Excludes 1,037 single-family properties held for sale as of March 31, 2026.

(2) For the three months ended March 31, 2026, Average Occupied Days Percentage represents the number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service.

(3) For the three months ended March 31, 2026, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months.

(1) Excludes 701 single-family properties held for sale as of June 30, 2026.

(2) For the three months ended June 30, 2026, Average Occupied Days Percentage represents the number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service.

(3) For the three months ended June 30, 2026, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months.

For properties partially owned during the period, this is adjusted to reflect the number of days of ownership.

(4) Average Original Lease Term and Average Remaining Lease Term are reflected as of period end.

(5) Represents the percentage change in rent on all non-month-to-month lease renewals and re-leases during the three months ended March 31, 2026, compared to the annual rent of the previously expired non-month-to-month comparable long-term lease for each property.

(5) Represents the percentage change in rent on all non-month-to-month lease renewals and re-leases during the three months ended June 30, 2026, compared to the annual rent of the previously expired non-month-to-month comparable long-term lease for each property.

(6) Represents 16 markets in 15 states.

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

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

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

Refer to Part II, “Item 1A.

Risk Factors” for additional information.

Property Development, Acquisitions and Dispositions

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

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

Our level of investment activity has fluctuated

based on the number of suitable opportunities and the level of capital available to invest.

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

Opportunities from these new construction channels are impacted by the availability of vacant developed lots, development

land assets and inventory of homes currently under construction or newly developed.

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

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

During the three months ended March 31, 2026, we developed 457 newly constructed homes delivered to our operating portfolio through our AMH Development Program, offset by 594 homes identified for sale.

During the three months ended March 31, 2026, we also developed an additional 82 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 539 total home deliveries through our AMH Development Program.

During the three months ended June 30, 2026, we developed 542 newly constructed homes delivered to our operating portfolio through our AMH Development Program, partially offset by 260 homes identified for sale.

During the three months ended June 30, 2026, we also developed an additional 109 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 651 total home deliveries through our AMH Development Program.

During the six months ended June 30, 2026, we developed 999 newly constructed homes delivered to our operating portfolio through our AMH Development Program, partially offset by 854 homes identified for sale.

During the six months ended June 30, 2026, we also developed an additional 191 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 1,190 total home deliveries through our AMH Development Program.

Our properties and land held for sale were identified based on individual asset-level review, as well as submarket analysis.

As of March 31, 2026 and December 31, 2025, there were 1,037 and 1,142 properties, respectively, as well as certain land lots, classified as held for sale.

During the three months ended March 31, 2026 and 2025, we sold 710 and 416 properties, respectively.

As of June 30, 2026 and December 31, 2025, there were 701 and 1,142 properties, respectively, as well as certain land lots, classified as held for sale.

During the three months ended June 30, 2026 and 2025, we sold 608 and 370 properties, respectively.

During the six months ended June 30, 2026 and 2025, we sold 1,318 and 786 properties, respectively.

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

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

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

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

Typically, it takes approximately 10 to 50 days to lease a property after acquiring or developing a new property through our new construction channels and 20 to 40 days after completing the renovation process for a traditionally acquired property.

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Our ability to maintain and grow revenues from our existing portfolio of homes will be dependent on our ability to retain tenants and increase rental rates.

Based on our Same-Home population of properties (defined below), the year-over-year increase in Average Monthly Realized Rent per property was 3.0% for the three months ended March 31, 2026, and we experienced turnover rates, which represents the number of tenant move-outs during the period divided by the total number of properties, of 7.4% and 6.9% during the three months ended March 31, 2026 and 2025, respectively.

Based on our Same-Home population of properties (defined below), the year-over-year increase in Average Monthly Realized Rent per property was 2.6% for the three months ended June 30, 2026, and we experienced turnover rates, which represents the number of tenant move-outs during the period divided by the total number of properties, of 8.1% and 7.5% during the three months ended June 30, 2026 and 2025, respectively.

Based on our Same-Home population of properties, the year-over-year increase in Average Monthly Realized Rent per property was 2.8% for the six months ended June 30, 2026, and we experienced turnover rates of 15.4% and 14.4% during the six months ended June 30, 2026 and 2025, respectively.

We monitor the following categories of expenses that we believe most significantly affect our results of operations.

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Results of Operations

Net income totaled $148.8 million for the three months ended March 31, 2026, compared to $128.7 million for the three months ended March 31, 2025.

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

Net income totaled $132.9 million for the three months ended June 30, 2026, compared to $123.6 million for the three months ended June 30, 2025.

The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses and higher net gains on property sales, partially offset by lower other income and expense, net.

Net income totaled $281.8 million for the six months ended June 30, 2026, compared to $252.3 million for the six months ended June 30, 2025.

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

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

A property is classified as stabilized once it has been

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

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

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

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Additionally, these metrics should not be used as substitutes for net income or loss or net cash flows from operating activities (as computed in accordance with accounting principles generally accepted in the United States of America (“GAAP”)).

Comparison of the Three Months Ended March 31, 2026 to the Three Months Ended March 31, 2025

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the three months ended March 31, 2026 and 2025 (amounts in thousands):

Comparison of the Three Months Ended June 30, 2026 to the Three Months Ended June 30, 2025

For the Three Months Ended

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Net income $ 132,919 $ 123,624

Loss on early extinguishment of debt — 216

Gain on sale and impairment of single-family properties and other, net (59,432) (51,908)

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Same-Home Core NOI $ 245,781 $ 239,399

The following tables present a summary of Core NOI for our Same-Home properties, Non-Same-Home and Other properties and total properties for the three months ended March 31, 2026 and 2025 (amounts in thousands):

For the Three Months Ended March 31, 2026

The following tables present a summary of Core NOI for our Same-Home properties, Non-Same-Home and Other properties and total properties for the three months ended June 30, 2026 and 2025 (amounts in thousands):

For the Three Months Ended June 30, 2026

Properties (1)

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Core NOI $ 245,781 66.2 % $ 29,603 66.2 % $ 275,384 66.2 %

For the Three Months Ended March 31, 2025

For the Three Months Ended June 30, 2025

Properties (1)

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Rents and Other Single-Family Property Revenues

Rents and other single-family property revenues increased 2.8% to $472.0 million for the three months ended March 31, 2026 from $459.3 million for the three months ended March 31, 2025.

Rents and other single-family property revenues increased 2.8% to $470.1 million for the three months ended June 30, 2026 from $457.5 million for the three months ended June 30, 2025.

Revenue growth was primarily driven by higher rental rates.

Property Operating Expenses

Property operating expenses increased 0.7% to $168.7 million for the three months ended March 31, 2026 from $167.5 million for the three months ended March 31, 2025.

Property operating expenses increased 1.2% to $161.9 million for the three months ended June 30, 2026 from $160.1 million for the three months ended June 30, 2025.

The increase was primarily driven by annual increases in property tax expense.

Property Management Expenses

Property management expenses for the three months ended March 31, 2026 and 2025 were $33.3 million and $34.2 million, respectively, which included $1.1 million and $1.2 million, respectively, of noncash share-based compensation expense in each period

related to centralized and field property management employees.

Property management expenses for the three months ended June 30, 2026 and 2025 were $33.8 million and $34.4 million, respectively, which included $1.1 million of noncash share-based compensation expense in both periods related to centralized and

field property management employees.

The decrease in property management expenses was primarily attributable to a decrease in personnel related expenses.

Core Revenues from Same-Home Properties

Core revenues from Same-Home properties increased 2.4% to $365.8 million for the three months ended March 31, 2026 from $357.3 million for the three months ended March 31, 2025.

This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 3.0% to $2,329 per month for the three months ended March 31, 2026 compared to $2,261 per month for the three months ended March 31, 2025, as well as higher fees from single-family properties, partially offset by a decrease in Average Occupied Days Percentage, which was 95.1% for the three months ended March 31, 2026 compared to 95.9% for the three months ended March 31, 2025.

Core revenues from Same-Home properties increased 2.3% to $371.3 million for the three months ended June 30, 2026 from $362.8 million for the three months ended June 30, 2025.

This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 2.6% to $2,346 per month for the three months ended June 30, 2026 compared to $2,286 per month for the three months ended June 30, 2025, partially offset by a decrease in Average Occupied Days Percentage, which was 96.0% for the three months ended June 30, 2026 compared to 96.4% for the three months ended June 30, 2025.

Core Property Operating Expenses from Same-Home Properties

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

Core property operating expenses from Same-Home properties decreased 0.2% to $120.0 million for the three months ended March 31, 2026 from $120.3 million for the three months ended March 31, 2025 primarily driven by the Company’s effective cost controls.

Core property operating expenses from Same-Home properties increased 1.7% to $125.5 million for the three months ended June 30, 2026 from $123.4 million for the three months ended June 30, 2025 primarily driven by annual increases in property tax expense.

General and Administrative Expense

General and administrative expense primarily consists of corporate payroll and personnel costs, federal and state taxes, trustees’ and officers’ insurance expense, audit and tax fees, trustee fees and other expenses associated with our corporate and administrative functions.

General and administrative expense for the three months ended March 31, 2026 and 2025 was $21.3 million and $19.7 million, respectively, which included $4.4 million and $4.9 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees.

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

General and administrative expense for the three months ended June 30, 2026 and 2025 was $21.7 million and $20.0 million, respectively, which included $4.3 million and $4.0 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees.

The increase in general and administrative expense was primarily due to the timing of increases in personnel related expenses and information technology costs as well as an increase in noncash share-based compensation expense.

Interest Expense

Interest expense increased 6.2% to $48.2 million for the three months ended March 31, 2026 from $45.4 million for the three months ended March 31, 2025.

The increase was primarily due to additional interest from the issuance of unsecured senior notes in May 2025 as well as higher interest expense on our revolving credit facility as a result of a larger average balance, partially offset by lower interest expense resulting from the payoffs of the AMH 2015-SFR1 securitization in March 2025 and the AMH 2015-SFR2 securitization in September 2025.

Interest expense increased 7.0% to $49.5 million for the three months ended June 30, 2026 from $46.3 million for the three months ended June 30, 2025.

The increase was primarily due to additional interest from the issuance of unsecured senior notes in May 2025, higher interest expense on our revolving credit facility as a result of a larger average balance and lower capitalized interest, partially offset by lower interest expense resulting from the payoff of the AMH 2015-SFR2 securitization in September 2025.

Acquisition, Disposition and Other Transaction Costs

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

Acquisition, disposition and other transaction costs were $3.1 million for both the three months ended March 31, 2026 and 2025, which included $1.2 million and $1.5 million, respectively, of noncash share-based compensation expense in each period related to employees in these functions.

Acquisition, disposition and other transaction costs for the three months ended June 30, 2026 and 2025 were $3.2 million and $2.7 million, respectively, which included $1.3 million of noncash share-based compensation expense in both periods related to employees in these functions.

The increase in acquisition, disposition and other transaction costs was primarily due to an increase in costs associated with land transactions that did not qualify for capitalization.

Depreciation and Amortization

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Our intangible assets are amortized on a straight-line basis over the asset’s estimated economic useful life.

Depreciation and amortization expense increased 1.9% to $127.3 million for the three months ended March 31, 2026 from $124.9 million for the three months ended March 31, 2025 primarily due to growth in the average cost of depreciable properties as well as ongoing capital investments into existing properties.

Depreciation and amortization expense increased 0.5% to $127.6 million for the three months ended June 30, 2026 from $126.9 million for the three months ended June 30, 2025 primarily due to growth in the average cost of depreciable properties as well as ongoing capital investments into existing properties.

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

Gain on sale and impairment of single-family properties and other, net for the three months ended March 31, 2026 and 2025 was $78.4 million and $62.0 million, respectively, which included $14.2 million and $4.5 million, respectively, of impairment charges related to

Gain on sale and impairment of single-family properties and other, net for the three months ended June 30, 2026 and 2025 was $59.4 million and $51.9 million, respectively, which included $24.2 million and $5.8 million, respectively, of impairment charges related to

homes and land classified as held for sale during each period.

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

Other Income and Expense, net

Other income and expense, net for the three months ended June 30, 2026 and 2025 was $1.2 million and $4.6 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated entities, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses.

The decrease was primarily due to lower interest income.

Comparison of the Six Months Ended June 30, 2026 to the Six Months Ended June 30, 2025

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the six months ended June 30, 2026 and 2025 (amounts in thousands):

For the Six Months Ended

Core revenues and Same-Home core revenues

Rents and other single-family property revenues $ 942,128 $ 916,779

Tenant charge-backs (120,014) (116,318)

Core revenues 822,114 800,461

Non-Same-Home core revenues (86,340) (81,917)

Same-Home core revenues $ 735,774 $ 718,544

Core property operating expenses and Same-Home core property operating expenses

Property operating expenses $ 330,652 $ 327,619

Property management expenses 67,128 68,593

Noncash share-based compensation - property management (2,188) (2,383)

Expenses reimbursed by tenant charge-backs (120,014) (116,318)

Core property operating expenses 275,578 277,511

Non-Same-Home core property operating expenses (30,714) (34,354)

Same-Home core property operating expenses $ 244,864 $ 243,157

Core NOI and Same-Home Core NOI

Net income $ 281,763 $ 252,337

Loss on early extinguishment of debt — 216

Loss on early extinguishment of debt for the three months ended March 31, 2026 and 2025 was zero and $0.2 million, respectively.

During the three months ended March 31, 2025, the AMH 2015-SFR1 securitization was paid off in March 2025.

Gain on sale and impairment of single-family properties and other, net (137,876) (113,924)

Depreciation and amortization 254,950 251,867

Acquisition, disposition and other transaction costs 6,255 5,716

Noncash share-based compensation - property management 2,188 2,383

Interest expense 97,749 91,729

General and administrative expense 42,991 39,679

Other income and expense, net (1,484) (7,053)

Other income and expense, net for the three months ended March 31, 2026 and 2025 was $0.3 million and $2.4 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated entities, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses.

Core NOI 546,536 522,950

Non-Same-Home Core NOI (55,626) (47,563)

Same-Home Core NOI $ 490,910 $ 475,387

The following tables present a summary of Core NOI for our Same-Home properties, Non-Same-Home and Other properties and total properties for the six months ended June 30, 2026 and 2025 (amounts in thousands):

For the Six Months Ended June 30, 2026

Properties (1)

Revenue Non-Same-

Home and Other

Properties % of Core

Revenue Total

Properties % of Core

Rents from single-family properties $ 723,291 $ 85,395 $ 808,686

Fees from single-family properties 18,300 2,573 20,873

Bad debt (5,817) (1,628) (7,445)

Core revenues 735,774 86,340 822,114

Property tax expense 121,123 16.5 % 15,164 17.6 % 136,287 16.6 %

HOA fees, net (2)

13,021 1.8 % 1,057 1.2 % 14,078 1.7 %

R&M and turnover costs, net (2)

50,418 6.9 % 5,724 6.6 % 56,142 6.8 %

Insurance 7,761 1.1 % 1,062 1.2 % 8,823 1.1 %

Property management expenses, net (3)

52,541 7.0 % 7,707 9.0 % 60,248 7.3 %

Core property operating expenses 244,864 33.3 % 30,714 35.6 % 275,578 33.5 %

Core NOI $ 490,910 66.7 % $ 55,626 64.4 % $ 546,536 66.5 %

For the Six Months Ended June 30, 2025

Properties (1)

Revenue Non-Same-

Home and Other

Properties % of Core

Revenue Total

Properties % of Core

Rents from single-family properties $ 707,327 $ 81,542 $ 788,869

Fees from single-family properties 16,645 2,287 18,932

Bad debt (5,428) (1,912) (7,340)

Core revenues 718,544 81,917 800,461

Property tax expense 118,415 16.4 % 14,644 17.8 % 133,059 16.6 %

HOA fees, net (2)

12,621 1.8 % 1,542 1.9 % 14,163 1.8 %

R&M and turnover costs, net (2)

50,971 7.1 % 8,118 9.9 % 59,089 7.4 %

Insurance 8,415 1.2 % 1,130 1.4 % 9,545 1.2 %

Property management expenses, net (3)

52,735 7.3 % 8,920 10.9 % 61,655 7.7 %

Core property operating expenses 243,157 33.8 % 34,354 41.9 % 277,511 34.7 %

Core NOI $ 475,387 66.2 % $ 47,563 58.1 % $ 522,950 65.3 %

(1) Includes 53,935 properties that have been stabilized longer than 90 days prior to January 1, 2025.

(2) Presented net of tenant charge-backs.

(3) Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.

Rents and Other Single-Family Property Revenues

Rents and other single-family property revenues increased 2.8% to $942.1 million for the six months ended June 30, 2026 from $916.8 million for the six months ended June 30, 2025.

Revenue growth was primarily driven by higher rental rates.

Property Operating Expenses

Property operating expenses increased 0.9% to $330.7 million for the six months ended June 30, 2026 from $327.6 million for the six months ended June 30, 2025.

The increase was primarily driven by annual increases in property tax expense.

Property Management Expenses

Property management expenses for the six months ended June 30, 2026 and 2025 were $67.1 million and $68.6 million, respectively, which included $2.2 million and $2.4 million, respectively, of noncash share-based compensation expense in each period related to

centralized and field property management employees.

The decrease in property management expenses was primarily attributable to a decrease in personnel related expenses.

Core Revenues from Same-Home Properties

Core revenues from Same-Home properties increased 2.4% to $735.8 million for the six months ended June 30, 2026 from $718.5 million for the six months ended June 30, 2025.

This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 2.8% to $2,338 per month for the six months ended June 30, 2026 compared to $2,274 per month for the six months ended June 30, 2025, partially offset by a decrease in Average Occupied Days Percentage, which was 95.6% for the six months ended June 30, 2026 compared to 96.1% for the six months ended June 30, 2025.

Core Property Operating Expenses from Same-Home Properties

Core property operating expenses from Same-Home properties increased 0.7% to $244.9 million for the six months ended June 30, 2026 from $243.2 million for the six months ended June 30, 2025 primarily driven by annual increases in property tax expense.

General and Administrative Expense

General and administrative expense for the six months ended June 30, 2026 and 2025 was $43.0 million and $39.7 million, respectively, which included $8.8 million and $8.9 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees.

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

Interest Expense

Interest expense increased 6.6% to $97.7 million for the six months ended June 30, 2026 from $91.7 million for the six months ended June 30, 2025.

The increase was primarily due to additional interest from the issuance of unsecured senior notes in May 2025, higher interest expense on our revolving credit facility as a result of a larger average balance and lower capitalized interest, partially offset by lower interest expense resulting from the payoffs of the AMH 2015-SFR1 securitization in March 2025 and AMH 2015-SFR2 securitization in September 2025.

Acquisition, Disposition and Other Transaction Costs

Acquisition, disposition and other transaction costs for the six months ended June 30, 2026 and 2025 were $6.3 million and $5.7 million, respectively, which included $2.4 million and $2.9 million, respectively, of noncash share-based compensation expense in each period related to employees in these functions.

The increase in acquisition, disposition and other transaction costs was primarily due to an increase in costs associated with land transactions that did not qualify for capitalization, partially offset by a decrease in noncash share-based compensation expense.

Depreciation and Amortization

Depreciation and amortization expense consists primarily of depreciation of buildings and improvements.

Depreciation of our assets is calculated over their useful lives on a straight-line basis over three to 30 years.

Our intangible assets are amortized on a straight-line basis over the asset’s estimated economic useful life.

Depreciation and amortization expense increased 1.2% to $255.0 million for the six months ended June 30, 2026 from $251.9 million for the six months ended June 30, 2025 primarily due to growth in the average cost of depreciable properties as well as ongoing capital investments into existing properties.

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

Gain on sale and impairment of single-family properties and other, net for the six months ended June 30, 2026 and 2025 was $137.9 million and $113.9 million, respectively, which included $38.4 million and $10.3 million, respectively, of impairment charges related

to homes and land classified as held for sale during each period.

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

Loss on Early Extinguishment of Debt

Loss on early extinguishment of debt for the six months ended June 30, 2026 and 2025 was zero and $0.2 million, respectively.

The decrease was due to the payoff of the AMH 2015-SFR1 securitization in March 2025 compared to no payoffs during the six months ended June 30, 2026.

Other Income and Expense, net

Other income and expense, net for the six months ended June 30, 2026 and 2025 was $1.5 million and $7.1 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated entities, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses.

The decrease was primarily due to lower interest income.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the 2025 Annual Report.

There have been no material changes to these estimates during the three months ended March 31, 2026.

There have been no material changes to these estimates during the six months ended June 30, 2026.

Recent Accounting Pronouncements

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

Our liquidity and capital resources as of March 31, 2026 included $63.3 million of cash and cash equivalents.

Additionally, as of March 31, 2026, we had $390.0 million of outstanding borrowings and $3.0 million committed to outstanding letters of credit under our $1.25 billion revolving credit facility, leaving $857.0 million of remaining borrowing capacity.

Under our At-the-Market Program discussed below, we also had $753.7 million remaining available for future share issuances as of March 31, 2026.

Our liquidity and capital resources as of June 30, 2026 included $83.7 million of cash and cash equivalents.

Additionally, as of June 30, 2026, we had $390.0 million of outstanding borrowings and $3.7 million committed to outstanding letters of credit under our $1.25 billion revolving credit facility, leaving $856.3 million of remaining borrowing capacity.

Under our At-the-Market Program discussed below, we also had $1.00 billion remaining available for future share issuances as of June 30, 2026.

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

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

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

acquire land for our AMH Development Program.

Except as described in Note 8.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the 2025 Annual Report.

The following table summarizes the Company’s and the Operating Partnership’s cash flows for the three months ended March 31, 2026 and 2025 (amounts in thousands):

For the Three Months Ended

The following table summarizes the Company’s and the Operating Partnership’s cash flows for the six months ended June 30, 2026 and 2025 (amounts in thousands):

For the Six Months Ended

2026 2025 Change

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Net cash used for financing activities (495,804) (150,472) (345,332)

Net decrease in cash, cash equivalents and restricted cash $ (22,526) $ (131,358) $ 108,832

Net increase in cash, cash equivalents and restricted cash $ 27,009 $ 116,384 $ (89,375)

Operating Activities

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

Net cash provided by operating activities decreased $20.3 million, or 9.1%, from $223.4 million for the three months ended March 31, 2025 to $203.1 million for the three months ended March 31, 2026, primarily due to changes in working capital primarily related to the timing of payments for prepaid expenses and other assets as well as higher cash outflows for property related expenses, partially offset by increased cash inflows generated from higher rental rates.

Net cash provided by operating activities increased $0.4 million, or 0.1%, from $495.3 million for the six months ended June 30, 2025 to $495.7 million for the six months ended June 30, 2026, primarily due to increased cash inflows generated from higher rental rates, partially offset by changes in working capital primarily related to the timing of payments for accounts payable and accrued expenses as well as higher cash outflows for property related expenses.

Investing Activities

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

Net cash provided by investing activities was $10.3 million for the three months ended March 31, 2026 compared to net cash used for investing activities of $107.7 million for the three months ended March 31, 2025.

This change was primarily attributable to (i) a $56.3 million increase in net proceeds received from sales of single-family properties and other resulting from an increase in properties sold, (ii) a $54.5 million decrease in cash outflows for the addition of single-family properties to our portfolio, primarily for our AMH Development Program, as a result of a scale-back in capital investment given the current capital markets environment, and (iii) a $5.8 million decrease in cash outflows for recurring and other capital expenditures and renovations to single-family properties.

Net cash provided by investing activities was $27.1 million for the six months ended June 30, 2026 compared to net cash used for investing activities of $228.4 million for the six months ended June 30, 2025.

This change was primarily attributable to (i) a $131.7 million decrease in cash outflows for the addition of single-family properties to our portfolio, primarily for our AMH Development Program, as a result of a scale-back in capital investment given the current capital markets environment, (ii) a $122.8 million increase in net proceeds received from sales of single-family properties and other resulting from an increase in properties sold, (iii) an $8.9 million decrease in cash outflows for recurring and other capital expenditures and renovations to single-family properties and (iv) a $2.0 million decrease in cash outflows for other investing activities, partially offset by a $10.1 million decrease in distributions from joint ventures, net of contributions.

Financing Activities

Net cash used for financing activities decreased $11.2 million, or 4.5%, from $247.1 million for the three months ended March 31, 2025 to $235.8 million for the three months ended March 31, 2026.

The decrease in cash outflows was primarily attributable to (i) $496.6 million in nonrecurring asset-backed securitizations payments resulting from the payoff of the AMH 2015-SFR1 securitization during the three months ended March 31, 2025 and (ii) $18.9 million in nonrecurring payments to a land banking entity related to liabilities to repurchase consolidated land not owned for our AMH Development Program during the three months ended March 31, 2025.

These changes were partially offset by (i) a $380.0 million decrease in proceeds from our revolving credit facility, (ii) $115.1 million in cash outflows for the repurchases of Class A common shares during the three months ended March 31, 2026 and (iii) a $10.2 million increase in distributions paid to common share and unit holders resulting primarily from a 10% increase in distributions paid per common share and unit during the three months ended March 31, 2026.

Net cash used for financing activities increased $345.3 million, or 229.5%, from $150.5 million for the six months ended June 30, 2025 to $495.8 million for the six months ended June 30, 2026.

The increase was primarily attributable to (i) $641.3 million in nonrecurring proceeds from unsecured senior notes, net of discounts and deferred financing costs paid, from an issuance during the six months ended June 30, 2025, (ii) $238.2 million in cash outflows for the repurchases of Class A common shares during the six months ended June 30, 2026 and (iii) a $19.0 million increase in distributions paid to common share and unit holders resulting primarily from a 10% increase in distributions paid per common share and unit during the six months ended June 30, 2026.

These changes were partially offset by (i) $498.1 million in nonrecurring asset-backed securitizations payments resulting from the payoff of the AMH 2015-SFR1 securitization during the six months ended June 30, 2025, (ii) a $30.0 million increase in proceeds, net of repayments,

from our revolving credit facility and (iii) $24.6 million in nonrecurring payments to a land banking entity related to liabilities to repurchase consolidated land not owned for our AMH Development Program during the six months ended June 30, 2025.

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”).

At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers.

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

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 Company intends to use any net proceeds from the At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility, (ii) to execute on the Company’s growth strategies, including the development of new single-family properties and communities and the renovation of existing single-family properties and (iii) for working capital and general corporate purposes, including repurchases of the Company’s securities.

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.

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

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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.

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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.

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.

Distributions

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The Operating Partnership funds the payment of distributions.

During the three months ended March 31, 2026 and 2025, the Company distributed an aggregate $141.4 million and $131.2 million, respectively, to common shareholders, preferred shareholders and noncontrolling interests on a cash basis.

During the six months ended June 30, 2026 and 2025, the Company distributed an aggregate $280.6 million and $261.6 million, respectively, to common shareholders, preferred shareholders and noncontrolling interests on a cash basis.

Additional Non-GAAP Measures

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Because other REITs may not compute these measures in the same manner, they may not be comparable among REITs.

The following is a reconciliation of the Company’s net income attributable to common shareholders, determined in accordance with GAAP, to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders for the three months ended March 31, 2026 and 2025 (amounts in thousands):

The following is a reconciliation of the Company’s net income attributable to common shareholders, determined in accordance with GAAP, to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders for the three and 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

Net income attributable to common shareholders $ 113,626 $ 105,553 $ 241,394 $ 215,525

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We believe these metrics provide useful information to investors because they exclude the impact of various income and expense items that are not indicative of operating performance.

The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre, Adjusted EBITDAre and Fully Adjusted EBITDAre for the three months ended March 31, 2026 and 2025 (amounts in thousands):

The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre, Adjusted EBITDAre and Fully Adjusted EBITDAre for the three and 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

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

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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 2. Management’s Discussion and Analysis