8-K - AMH - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 31, 2025

AMH_Master-Logo-v1.0_rgb.jpg

AMERICAN HOMES 4 RENT

AMERICAN HOMES 4 RENT, L.P.

(Exact name of registrant as specified in its charter)

American Homes 4 Rent	Maryland	001-36013	46-1229660
American Homes 4 Rent, L.P.	Delaware	333-221878-02	80-0860173
	(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

280 Pilot Road

Las Vegas, Nevada 89119

(Address of principal executive offices) (Zip Code)

(805) 413-5300

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbols	Name of each exchange on which registered
Class A common shares of beneficial interest, $.01 par value	AMH	New York Stock Exchange
Series G perpetual preferred shares of beneficial interest, $.01 par value	AMH-G	New York Stock Exchange
Series H perpetual preferred shares of beneficial interest, $.01 par value	AMH-H	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

The information in Item 2.02 of this Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 2.02 Results of Operations and Financial Condition

On July 31, 2025, American Homes 4 Rent (“AMH”) issued a press release announcing its financial results for the quarter ended June 30, 2025, together with a Second Quarter 2025 Earnings Release and Supplemental Information Package. A copy of the press release and the Second Quarter 2025 Earnings Release and Supplemental Information Package are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d)Exhibits

Exhibit 99.1—Press Release dated July 31, 2025 concerning financial results, including financial tables

Exhibit 99.2—Second Quarter 2025 Earnings Release and Supplemental Information Package

Exhibit 104—Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

Date: July 31, 2025

AMERICAN HOMES 4 RENT
By:	/s/ Sara Vogt-Lowell
	Sara Vogt-Lowell
	Chief Administrative Officer, Chief Legal Officer and Secretary
AMERICAN HOMES 4 RENT, L.P.
---	---
By:	American Homes 4 Rent, its General Partner
By:	/s/ Sara Vogt-Lowell
	Sara Vogt-Lowell
	Chief Administrative Officer, Chief Legal Officer and Secretary

Document

Exhibit 99.1

News Release

AMH Reports Second Quarter 2025 Financial and Operating Results

Raises Full Year 2025 Guidance

LAS VEGAS, July 31, 2025—AMH (NYSE: AMH) (the “Company”), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced its financial and operating results for the quarter ended June 30, 2025.

Highlights

•Rents and other single-family property revenues increased 8.0% year-over-year to $457.5 million for the second quarter of 2025.

•Net income attributable to common shareholders totaled $105.6 million, or $0.28 per diluted share, for the second quarter of 2025, compared to $92.1 million, or $0.25 per diluted share, for the second quarter of 2024.

•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 4.9% year-over-year to $0.47 per FFO share and unit for the second quarter of 2025 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 6.3% year-over-year to $0.42 per FFO share and unit for the second quarter of 2025.

•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 4.1% year-over-year for the second quarter of 2025.

•Achieved Same-Home Average Occupied Days Percentage of 96.3% in the second quarter of 2025, while generating 4.1% rate growth on new leases and 4.4% rate growth on renewals, resulting in 4.3% blended rate growth.

•Delivered a total of 636 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the second quarter of 2025.

•Issued $650.0 million of 4.95% unsecured senior notes due 2030 during the second quarter of 2025, raising net proceeds of $642.5 million.

•Raised Full Year 2025 Core FFO attributable to common share and unit holders guidance midpoint by $0.03 per share and unit to $1.86, representing anticipated full year growth of 5.1% over prior year.

“Our strong second quarter results reflect another successful spring leasing season. Superior performance across all areas of the AMH platform drove a three cent increase to our full year Core FFO per share guidance to $1.86 at the midpoint, representing 5.1% growth over the prior year,” stated Bryan Smith, AMH’s Chief Executive Officer. “Our industry-leading team has done an outstanding job of executing the AMH strategy. With our focus on operational excellence, portfolio optimization and disciplined balance sheet management, we will continue to differentiate ourselves and deliver long-term shareholder value.”

Second Quarter 2025 Financial Results

Net income attributable to common shareholders totaled $105.6 million, or $0.28 per diluted share, for the second quarter of 2025, compared to $92.1 million, or $0.25 per diluted share, for the second quarter of 2024. 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.

Rents and other single-family property revenues increased 8.0% to $457.5 million for the second quarter of 2025, compared to $423.5 million for the second quarter of 2024. Revenue growth was driven by an increase in our average occupied portfolio which grew to 58,282 homes for the second quarter of 2025, compared to 56,516 homes for the second quarter of 2024, as well as higher rental rates.

Core NOI from our total portfolio increased 8.7% to $264.1 million for the second quarter of 2025, compared to $243.0 million for the second quarter of 2024. This growth was driven by a 7.7% increase in core revenues resulting from a larger number of occupied properties and higher rental rates, partially offset by a 5.8% increase in core property operating expenses.

For the Company’s Same-Home portfolio, core revenues increased 3.9% to $361.3 million for the second quarter of 2025, compared to $347.6 million for the second quarter of 2024, which was driven by a 4.0% increase in Average Monthly Realized Rent per property as well as higher fees and lower uncollectible rents, partially offset by a 40 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 3.6% to $124.5 million for the second quarter of 2025, compared to $120.1 million for the second quarter of 2024, primarily driven by higher repairs and maintenance (“R&M”) and turnover costs, net. The increase was partially due to timing associated with incremental turnover costs related to the Company’s lease expiration management initiative, which is designed to shift lease expiration volume to the first half of the year to better align with the peak leasing season. As a result, Core NOI from Same-Home properties increased 4.1% to $236.8 million for the second quarter of 2025, compared to $227.5 million for the second quarter of 2024.

Core FFO attributable to common share and unit holders was $198.0 million, or $0.47 per FFO share and unit, for the second quarter of 2025, compared to $187.1 million, or $0.45 per FFO share and unit, for the second quarter of 2024. Adjusted FFO attributable to common share and unit holders was $176.4 million, or $0.42 per FFO share and unit, for the second quarter of 2025, compared to $164.6 million, or $0.39 per FFO share and unit, for the second quarter of 2024. These improvements were primarily attributable to growth in Core NOI from our total portfolio.

Year-to-Date 2025 Financial Results

Net income attributable to common shareholders totaled $215.5 million, or $0.58 per diluted share, for the six-month period ended June 30, 2025, compared to $201.4 million, or $0.55 per diluted share, for the six-month period ended June 30, 2024. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses.

Rents and other single-family property revenues increased 8.2% to $916.8 million for the six-month period ended June 30, 2025, compared to $847.0 million for the six-month period ended June 30, 2024. Revenue growth was driven by an increase in our average occupied portfolio which grew to 58,016 homes for the six-month period ended June 30, 2025, compared to 56,266 homes for the six-month period ended June 30, 2024, as well as higher rental rates.

Core NOI from our total portfolio increased 8.8% to $523.0 million for the six-month period ended June 30, 2025, compared to $480.7 million for the six-month period ended June 30, 2024. This growth was driven by a 7.8% increase in core revenues resulting from a larger number of occupied properties and higher rental rates, partially offset by a 6.0% increase in core property operating expenses.

For the Company’s Same-Home portfolio, core revenues increased 4.2% to $716.9 million for the six-month period ended June 30, 2025, compared to $687.9 million for the six-month period ended June 30, 2024, which was driven by a 4.2% increase in Average Monthly Realized Rent per property as well as higher fees, partially offset by a 20 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 3.8% to $244.9 million for the six-month period ended June 30, 2025, compared to $235.9 million for the six-month period ended June 30, 2024, primarily driven by higher R&M and turnover costs, net and property management expenses, net. The increase in R&M and turnover costs, net was partially due to timing associated with incremental turnover costs related to the Company’s lease expiration management initiative, which is designed to shift lease expiration volume to the first half of the year to better align

with the peak leasing season. As a result, Core NOI from Same-Home properties increased 4.4% to $472.0 million for the six-month period ended June 30, 2025, compared to $452.0 million for the six-month period ended June 30, 2024.

Core FFO attributable to common share and unit holders was $392.7 million, or $0.93 per FFO share and unit, for the six-month period ended June 30, 2025, compared to $368.0 million, or $0.88 per FFO share and unit, for the six-month period ended June 30, 2024. Adjusted FFO attributable to common share and unit holders was $353.0 million, or $0.84 per FFO share and unit, for the six-month period ended June 30, 2025, compared to $330.7 million, or $0.79 per FFO share and unit, for the six-month period ended June 30, 2024. These improvements were primarily attributable to growth in Core NOI from our total portfolio.

Investments

Average Occupied Days Percentage was 95.7% for the second quarter of 2025, compared to 94.8% for the first quarter of 2025.

As of June 30, 2025, the Company’s total single-family properties, excluding properties held for sale, consisted of 60,596 homes, compared to 60,700 homes as of March 31, 2025, a decrease of 104 homes during the second quarter of 2025, which included 501 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 5 homes acquired through our traditional acquisition channel, partially offset by 610 homes identified for sale. During the second quarter of 2025, we also developed an additional 135 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 636 total home deliveries through our AMH Development Program. As of June 30, 2025, the Company had 904 properties held for sale and 3,616 properties held in unconsolidated joint ventures.

Capital Activities, Balance Sheet and Liquidity

During the second quarter of 2025, American Homes 4 Rent, L.P. (the “Operating Partnership”), the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its assets, issued $650.0 million of 4.950% unsecured senior notes with a maturity date of June 15, 2030 (the “2030 Notes”). Interest on the 2030 Notes is payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2025. The Operating Partnership received aggregate net proceeds of $642.5 million from this offering, after underwriting fees of $3.9 million and a $3.6 million discount, and before offering costs of $1.3 million.

As of June 30, 2025, the Company had cash and cash equivalents of $323.3 million and total outstanding debt of $5.2 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of 4.5% and a weighted-average term to maturity of 9.9 years. The Company had no outstanding borrowings on its $1.25 billion revolving credit facility. During the second quarter of 2025, the Company generated $49.3 million of Retained Cash Flow and sold 370 properties, generating $120.6 million of net proceeds. In July 2025, the Company provided notice of its intent to pay off the AMH 2015-SFR2 securitization during the third quarter of 2025, which had a balance of $427.5 million as of June 30, 2025.

2025 Guidance

Set forth below are the Company’s current expectations with respect to full year 2025 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2025 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated real estate joint ventures, (ii) acquisition and other transaction costs and (iii) hurricane-related charges, net. The actual amounts for any and all of these items could significantly impact our 2025 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.

Guidance Summary

	Full Year 2025
	Previous Guidance	Current Guidance
Core FFO attributable to common share and unit holders	$1.80 - $1.86	$1.84 - $1.88
Core FFO attributable to common share and unit holders growth	1.7% - 5.1%	4.0% - 6.2%
Same-Home
Core revenues growth	2.50% - 4.50%	3.00% - 4.50%
Core property operating expenses growth	3.00% - 5.00%	3.00% - 4.50%
Core NOI growth	2.25% - 4.25%	2.75% - 4.75%	Full Year 2025<br>(Unchanged)
---	---	---
Investment Program	Properties	Investment
Wholly owned acquisitions	—	—
Wholly owned development deliveries	1,800 - 2,000	$700 - $800 million
Development pipeline, pro rata share of JV and Property Enhancing Capex	—	$100 - $200 million
Total capital investment (wholly owned and pro rata JV)	1,800 - 2,000	$0.8 - $1.0 billion
Total gross capital investment (JVs at 100%)	2,200 - 2,400	$1.0 - $1.2 billion

Changes to Full Year 2025 Guidance

•$0.03 incremental Core FFO per share:

◦Primarily driven by increased Core NOI growth from both the Same-Home and Non-Same-Home portfolios from:

▪Better core revenues growth driven by strong year-to-date leasing performance and lower bad debt expense outlook.

▪Lowered core property operating expenses growth primarily driven by recent favorable property tax information.

◦As well as modestly improved full year financing cost outlook driven by beneficial refinancing execution.

Additional Information

A copy of the Company’s Second Quarter 2025 Earnings Release and Supplemental Information Package and this press release are available on our website at www.amh.com, under “Investor relations.” This information has also been furnished to the SEC in a current report on Form 8-K.

Conference Call

A conference call is scheduled on Friday, August 1, 2025 at 12:00 p.m. Eastern Time to discuss the Company’s financial results for the quarter ended June 30, 2025 and to provide an update on its business. The domestic dial-in number is (877) 451-6152 (U.S. and Canada) and the international dial-in number is (201) 389-0879 (passcode not required). A simultaneous audio webcast may be accessed by using the link at www.amh.com, under “Investor relations.” A replay of the conference call may be accessed through Friday, August 15, 2025 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13753995#, or by using the link at www.amh.com, under “Investor relations.”

About AMH

AMH (NYSE: AMH) is a leading large-scale integrated owner, operator and developer of single-family rental homes. We’re an internally managed Maryland real estate investment trust (REIT) focused on acquiring, developing, renovating, leasing and managing homes as rental properties.

In recent years, we’ve been named a 2025 Great Place to Work®, a 2025 Top U.S. Homebuilder by Builder100, and one of the 2025 Most Trustworthy Companies in America by Newsweek and Statista Inc. As of June 30, 2025, we owned over 61,000 single-family properties in the Southeast, Midwest, Southwest and Mountain West regions of the United States. Additional information about AMH is available on our website at www.amh.com.

AMH refers to one or more of American Homes 4 Rent, American Homes 4 Rent, L.P. and their subsidiaries and joint ventures. In certain states, we operate under AMH Living or American Homes 4 Rent. Please see www.amh.com/dba to learn more.

Cautionary Note Regarding Forward-Looking Statements

This press release and the accompanying Supplemental Information Package contain “forward-looking statements.” These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal,” “outlook,” “guidance” or other words that convey the uncertainty of future events or outcomes. Examples of forward-looking statements contained in this press release and the Supplemental Information Package include, among others, our 2025 Guidance, our belief that our acquisition and homebuilding programs will result in continued growth and the estimated timing of our development deliveries set forth in the Supplemental Information Package. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company’s management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the “Risk Factors” disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in the Company’s subsequent filings with the SEC.

AMH

Condensed Consolidated Balance Sheets

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

	June 30, 2025		December 31, 2024
	(Unaudited)
Assets
Single-family properties:
Land	$	2,387,155	$	2,370,006
Buildings and improvements	11,778,460		11,559,461
Single-family properties in operation	14,165,615		13,929,467
Less: accumulated depreciation	(3,217,919)		(3,048,868)
Single-family properties in operation, net	10,947,696		10,880,599
Single-family properties under development and development land	1,309,824		1,272,284
Single-family properties and land held for sale, net	242,402		212,808
Total real estate assets, net	12,499,922		12,365,691
Cash and cash equivalents	323,258		199,413
Restricted cash	143,342		150,803
Rent and other receivables	50,444		48,452
Escrow deposits, prepaid expenses and other assets	307,238		337,379
Investments in unconsolidated joint ventures	147,835		159,134
Goodwill	120,279		120,279
Total assets	$	13,592,318	$	13,381,151
Liabilities
Revolving credit facility	$	—	$	—
Asset-backed securitizations, net	427,275		924,344
Unsecured senior notes, net	4,731,334		4,086,418
Accounts payable and accrued expenses	588,166		521,759
Total liabilities	5,746,775		5,532,521
Commitments and contingencies
Equity
Shareholders’ equity:
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 370,262,580 and 368,987,993 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively)	3,702		3,690
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at June 30, 2025 and December 31, 2024)	6		6
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at June 30, 2025 and December 31, 2024)	92		92
Additional paid-in capital	7,542,892		7,529,008
Accumulated deficit	(388,735)		(380,632)
Accumulated other comprehensive income	7,249		7,852
Total shareholders’ equity	7,165,206		7,160,016
Noncontrolling interest	680,337		688,614
Total equity	7,845,543		7,848,630
Total liabilities and equity	$	13,592,318	$	13,381,151

AMH

Condensed Consolidated Statements of Operations

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

(Unaudited)

	For the Three Months Ended<br>June 30,				For the Six Months Ended <br>June 30,
	2025		2024		2025		2024
Rents and other single-family property revenues	$	457,503	$	423,494	$	916,779	$	847,049
Expenses:
Property operating expenses	160,089		149,470		327,619		305,397
Property management expenses	34,412		32,382		68,593		63,784
General and administrative expense	20,008		21,693		39,679		43,578
Interest expense	46,303		38,678		91,729		77,255
Acquisition and other transaction costs	2,655		2,937		5,716		6,261
Depreciation and amortization	126,939		117,603		251,867		233,329
Total expenses	390,406		362,763		785,203		729,604
Gain on sale and impairment of single-family properties and other, net	51,908		43,892		113,924		112,793
Loss on early extinguishment of debt	—		(63)		(216)		(1,017)
Other income and expense, net	4,619		3,974		7,053		7,408
Net income	123,624		108,534		252,337		236,629
Noncontrolling interest	14,585		12,906		29,840		28,226
Dividends on preferred shares	3,486		3,486		6,972		6,972
Net income attributable to common shareholders	$	105,553	$	92,142	$	215,525	$	201,431
Weighted-average common shares outstanding:
Basic	370,692,250		366,778,333		370,538,451		366,645,796
Diluted	371,059,970		367,312,955		370,916,988		367,142,626
Net income attributable to common shareholders per share:
Basic	$	0.28	$	0.25	$	0.58	$	0.55
Diluted	$	0.28	$	0.25	$	0.58	$	0.55

Defined Terms

Average Monthly Realized Rent

For the related period, 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 calculation is adjusted to reflect the number of days of ownership.

Average Occupied Days Percentage

Occupied Property

A property is classified as occupied upon commencement (i.e., start date) of a lease agreement, which can occur contemporaneously with or subsequent to execution (i.e., signature).

Recurring Capital Expenditures

For our Same-Home portfolio, Recurring Capital Expenditures includes replacement costs and other capital expenditures recorded during the period that are necessary to help preserve the value and maintain functionality of our properties. For our total portfolio, we calculate Recurring Capital Expenditures by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.

Same-Home Property

A property is classified as Same-Home if it has been stabilized longer than 90 days prior to the beginning of the earliest period presented under comparison. A property is removed from Same-Home if it has been classified as held for sale or has experienced a casualty loss.

Stabilized Property

A property acquired individually (i.e., not through a bulk purchase) 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. After such time has passed, properties acquired through a bulk purchase are then evaluated on an individual property basis under our standard stabilization criteria.

Non-GAAP Financial Measures

This press release and the Second Quarter 2025 Earnings Release and Supplemental Information Package include Funds from Operations attributable to common share and unit holders (“FFO attributable to common share and unit holders”), Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders, Retained Cash Flow, Core NOI and Same-Home Core NOI, which are non-GAAP financial measures. We believe these measures are helpful in understanding our financial performance and are widely used in the REIT industry. Because other REITs may not compute these financial measures in the same manner, they may not be comparable among REITs. In addition, these metrics are not substitutes for net income or loss or net cash flows from operating activities, as defined by GAAP, as measures of our operating performance, liquidity or ability to pay dividends. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in the Second Quarter 2025 Earnings Release and Supplemental Information Package.

Funds from Operations attributable to common share and unit holders and Retained Cash Flow

FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts, which defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales or impairment of real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustments for unconsolidated real estate joint ventures to reflect FFO on the same basis.

Core FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations and adjustments for investments in proptech venture capital funds related to the pro rata equity pickup of realized and unrealized gains and losses from their portfolio investments, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (4) gain or loss on early extinguishment of debt and (5) the allocation of income to our perpetual preferred shares in connection with their redemption.

Adjusted FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting Core FFO attributable to common share and unit holders for (1) Recurring Capital Expenditures that are necessary to help preserve the value and maintain functionality of our properties and (2) capitalized leasing costs incurred during the period. As a portion of our homes are recently developed, acquired and/or renovated, we estimate Recurring Capital Expenditures for our entire portfolio by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home Property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.

We present FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, because we consider this metric to be an important measure of the performance of real estate companies, as do many investors and analysts in evaluating the Company. We believe that FFO attributable to common share and unit holders provides useful information to investors because this metric excludes depreciation, which is included in computing net income and assumes the value of real estate diminishes predictably over time. We believe that real estate values fluctuate due to market conditions and in response to inflation. We also believe that Core FFO and Adjusted FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, provide useful information to investors because they allow investors to compare our operating performance to prior reporting periods without the effect of certain items that, by nature, are not comparable from period to period.

FFO shares and units include weighted-average common shares and operating partnership units outstanding, as well as potentially dilutive securities.

Retained Cash Flow is a non-GAAP financial measure that we believe is helpful as a supplemental measure in assessing the Company’s liquidity. This metric is computed by reducing Adjusted FFO attributable to common share and unit holders by common distributions.

FFO, Core FFO and Adjusted FFO attributable to common share and unit holders and Retained Cash Flow are not substitutes for net income or net cash provided by operating activities, each as determined in accordance with GAAP, as a measure of our operating performance, liquidity or ability to pay dividends. These metrics also are not necessarily indicative of cash available to fund future cash needs. 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 net income or loss attributable to common shareholders to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders and Retained Cash Flow for the three and six months ended June 30, 2025 and 2024 (amounts in thousands, except share and per share data):

	For the Three Months Ended<br>June 30,				For the Six Months Ended <br>June 30,
	2025		2024		2025		2024
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Net income attributable to common shareholders	$	105,553	$	92,142	$	215,525	$	201,431
Adjustments:
Noncontrolling interests in the Operating Partnership	14,585		12,906		29,840		28,226
Gain on sale and impairment of single-family properties and other, net	(51,908)		(43,892)		(113,924)		(112,793)
Adjustments for unconsolidated real estate joint ventures	1,821		1,196		3,305		2,793
Depreciation and amortization	126,939		117,603		251,867		233,329
Less: depreciation and amortization of non-real estate assets	(5,511)		(4,769)		(10,876)		(9,424)
FFO attributable to common share and unit holders	$	191,479	$	175,186	$	375,737	$	343,562
Adjustments:
Acquisition, other transaction costs and other	1,445		2,937		5,535		6,261
Noncash share-based compensation - general and administrative	3,987		7,559		8,854		14,398
Noncash share-based compensation - property management	1,137		1,340		2,383		2,784
Loss on early extinguishment of debt	—		63		216		1,017
Core FFO attributable to common share and unit holders	$	198,048	$	187,085	$	392,725	$	368,022
Recurring Capital Expenditures	(20,515)		(21,403)		(37,344)		(35,527)
Leasing costs	(1,098)		(1,042)		(2,337)		(1,837)
Adjusted FFO attributable to common share and unit holders	$	176,435	$	164,640	$	353,044	$	330,658
Common distributions	(127,152)		(109,290)		(254,289)		(218,537)
Retained Cash Flow	$	49,283	$	55,350	$	98,755	$	112,121
Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.45	$	0.42	$	0.89	$	0.82
Core FFO attributable to common share and unit holders	$	0.47	$	0.45	$	0.93	$	0.88
Adjusted FFO attributable to common share and unit holders	$	0.42	$	0.39	$	0.84	$	0.79
Weighted-average FFO shares and units:
Common shares outstanding	370,692,250		366,778,333		370,538,451		366,645,796
Share-based compensation plan and forward sale equity contracts (1)	692,590		888,460		726,881		883,662
Operating partnership units	51,228,628		51,376,980		51,302,394		51,376,980
Total weighted-average FFO shares and units	422,613,468		419,043,773		422,567,726		418,906,438

(1)Reflects the effect of potentially dilutive securities issuable upon the assumed vesting/exercise of restricted stock units and stock options and the dilutive effect of forward sale equity contracts under the treasury stock method.

The following is a reconciliation of net income per common share–diluted 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 on a per share and unit basis for the three and six months ended June 30, 2025 and 2024:

	For the Three Months Ended<br>June 30,				For the Six Months Ended <br>June 30,
	2025		2024		2025		2024
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Net income per common share–diluted	$	0.28	$	0.25	$	0.58	$	0.55
Adjustments:
Conversion from GAAP share count	(0.03)		(0.03)		(0.07)		(0.07)
Noncontrolling interests in the Operating Partnership	0.03		0.03		0.07		0.07
Gain on sale and impairment of single-family properties and other, net	(0.12)		(0.10)		(0.27)		(0.27)
Adjustments for unconsolidated real estate joint ventures	—		—		0.01		0.01
Depreciation and amortization	0.30		0.28		0.60		0.55
Less: depreciation and amortization of non-real estate assets	(0.01)		(0.01)		(0.03)		(0.02)
FFO attributable to common share and unit holders	$	0.45	$	0.42	$	0.89	$	0.82
Adjustments:
Acquisition, other transaction costs and other	—		0.01		0.01		0.01
Noncash share-based compensation - general and administrative	0.01		0.02		0.02		0.04
Noncash share-based compensation - property management	0.01		—		0.01		0.01
Core FFO attributable to common share and unit holders	$	0.47	$	0.45	$	0.93	$	0.88
Recurring Capital Expenditures	(0.04)		(0.06)		(0.08)		(0.09)
Leasing costs	(0.01)		—		(0.01)		—
Adjusted FFO attributable to common share and unit holders	$	0.42	$	0.39	$	0.84	$	0.79

Core Net Operating Income

Core NOI, which we also present separately for our Same-Home portfolio, is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and other single-family property revenues, excluding expenses reimbursed by tenant charge-backs, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense and expenses reimbursed by tenant charge-backs.

Core NOI also excludes (1) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (2) gain or loss on early extinguishment of debt, (3) gains and losses from sales or impairments of single-family properties and other, (4) depreciation and amortization, (5) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (6) noncash share-based compensation expense, (7) interest expense, (8) general and administrative expense, and (9) other income and expense, net. We believe Core NOI provides useful information to investors about the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs.

Core NOI and Same-Home Core NOI should be considered only as supplements to net income or loss as a measure of our performance and should not be used as measures of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. 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 GAAP).

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 and six months ended June 30, 2025 and 2024 (amounts in thousands):

	For the Three Months Ended <br>June 30,				For the Six Months Ended <br>June 30,
	2025		2024		2025		2024
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Core revenues and Same-Home core revenues
Rents and other single-family property revenues	$	457,503	$	423,494	$	916,779	$	847,049
Tenant charge-backs	(52,457)		(47,371)		(116,318)		(104,708)
Core revenues	405,046		376,123		800,461		742,341
Less: Non-Same-Home core revenues	(43,721)		(28,494)		(83,549)		(54,486)
Same-Home core revenues	$	361,325	$	347,629	$	716,912	$	687,855
Core property operating expenses and Same-Home core property operating expenses
---	---	---	---	---	---	---	---	---
Property operating expenses	$	160,089	$	149,470	$	327,619	$	305,397
Property management expenses	34,412		32,382		68,593		63,784
Noncash share-based compensation - property management	(1,137)		(1,340)		(2,383)		(2,784)
Expenses reimbursed by tenant charge-backs	(52,457)		(47,371)		(116,318)		(104,708)
Core property operating expenses	140,907		133,141		277,511		261,689
Less: Non-Same-Home core property operating expenses	(16,380)		(12,999)		(32,562)		(25,810)
Same-Home core property operating expenses	$	124,527	$	120,142	$	244,949	$	235,879	Core NOI and Same-Home Core NOI
---	---	---	---	---	---	---	---	---
Net income	$	123,624	$	108,534	$	252,337	$	236,629
Loss on early extinguishment of debt	—		63		216		1,017
Gain on sale and impairment of single-family properties and other, net	(51,908)		(43,892)		(113,924)		(112,793)
Depreciation and amortization	126,939		117,603		251,867		233,329
Acquisition and other transaction costs	2,655		2,937		5,716		6,261
Noncash share-based compensation - property management	1,137		1,340		2,383		2,784
Interest expense	46,303		38,678		91,729		77,255
General and administrative expense	20,008		21,693		39,679		43,578
Other income and expense, net	(4,619)		(3,974)		(7,053)		(7,408)
Core NOI	264,139		242,982		522,950		480,652
Less: Non-Same-Home Core NOI	(27,341)		(15,495)		(50,987)		(28,676)
Same-Home Core NOI	$	236,798	$	227,487	$	471,963	$	451,976

Contact:

AMH Investor Relations

Phone: (855) 794-2447

Email: investors@amh.com

Document

AMH

Table of Contents

Summary
Earnings Press Release	3
Select Non-GAAP Reconciliations – Core Net Operating Income	8
Fact Sheet	10
Financial Information
CondensedConsolidated Statements of Operations	11
Funds from Operations	12
Core Net Operating Income – Total Portfolio	13
Same-Home Results	14
CondensedConsolidated Balance Sheets	17
Debt Summary	18
Capital Structure and Credit Metrics	19
Property and Other Information
Top 20 Markets Summary	20
Property Additions and Dispositions	21
AMH Development Pipeline Summary	22
Lease Expirations, Share Repurchase History and ATM Share History	23
2025 Guidance	24
Defined Terms and Non-GAAP Reconciliations	25
AMH
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Earnings Press Release

AMH Reports Second Quarter 2025 Financial and Operating Results

Raises Full Year 2025 Guidance

Highlights

•Rents and other single-family property revenues increased 8.0% year-over-year to $457.5 million for the second quarter of 2025.

•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 4.1% year-over-year for the second quarter of 2025.

•Issued $650.0 million of 4.95% unsecured senior notes due 2030 during the second quarter of 2025, raising net proceeds of $642.5 million.

Second Quarter 2025 Financial Results

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	3
AMH
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Earnings Press Release (continued)

Year-to-Date 2025 Financial Results

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	4
AMH
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Earnings Press Release (continued)

$472.0 million for the six-month period ended June 30, 2025, compared to $452.0 million for the six-month period ended June 30, 2024.

Investments

Average Occupied Days Percentage was 95.7% for the second quarter of 2025, compared to 94.8% for the first quarter of 2025.

Capital Activities, Balance Sheet and Liquidity

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	5
AMH
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Earnings Press Release (continued)

2025 Guidance

Guidance Summary

	Full Year 2025
	Previous Guidance	Current Guidance
Core FFO attributable to common share and unit holders	$1.80 - $1.86	$1.84 - $1.88
Core FFO attributable to common share and unit holders growth	1.7% - 5.1%	4.0% - 6.2%
Same-Home
Core revenues growth	2.50% - 4.50%	3.00% - 4.50%
Core property operating expenses growth	3.00% - 5.00%	3.00% - 4.50%
Core NOI growth	2.25% - 4.25%	2.75% - 4.75%	Full Year 2025<br>(Unchanged)
---	---	---
Investment Program	Properties	Investment
Wholly owned acquisitions	—	—
Wholly owned development deliveries	1,800 - 2,000	$700 - $800 million
Development pipeline, pro rata share of JV and Property Enhancing Capex	—	$100 - $200 million
Total capital investment (wholly owned and pro rata JV)	1,800 - 2,000	$0.8 - $1.0 billion
Total gross capital investment (JVs at 100%)	2,200 - 2,400	$1.0 - $1.2 billion

Changes to Full Year 2025 Guidance

•$0.03 incremental Core FFO per share:

◦Primarily driven by increased Core NOI growth from both the Same-Home and Non-Same-Home portfolios from:

▪Better core revenues growth driven by strong year-to-date leasing performance and lower bad debt expense outlook.

▪Lowered core property operating expenses growth primarily driven by recent favorable property tax information.

◦As well as modestly improved full year financing cost outlook driven by beneficial refinancing execution.

Additional Information

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	6
AMH
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Earnings Press Release (continued)

Conference Call

About AMH

Cautionary Note Regarding Forward-Looking Statements

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	7
AMH
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Select Non-GAAP Reconciliations – Core Net Operating Income

(Amounts in thousands)

(Unaudited)

	For the Three Months Ended <br>Jun 30,				For the Six Months Ended <br>Jun 30,
	2025		2024		2025		2024
Core revenues and Same-Home core revenues
Rents and other single-family property revenues	$	457,503	$	423,494	$	916,779	$	847,049
Tenant charge-backs	(52,457)		(47,371)		(116,318)		(104,708)
Core revenues	405,046		376,123		800,461		742,341
Less: Non-Same-Home core revenues	(43,721)		(28,494)		(83,549)		(54,486)
Same-Home core revenues	$	361,325	$	347,629	$	716,912	$	687,855	Core property operating expenses and Same-Home core property operating expenses
---	---	---	---	---	---	---	---	---
Property operating expenses	$	160,089	$	149,470	$	327,619	$	305,397
Property management expenses	34,412		32,382		68,593		63,784
Noncash share-based compensation - property management	(1,137)		(1,340)		(2,383)		(2,784)
Expenses reimbursed by tenant charge-backs	(52,457)		(47,371)		(116,318)		(104,708)
Core property operating expenses	140,907		133,141		277,511		261,689
Less: Non-Same-Home core property operating expenses	(16,380)		(12,999)		(32,562)		(25,810)
Same-Home core property operating expenses	$	124,527	$	120,142	$	244,949	$	235,879	Core NOI and Same-Home Core NOI
---	---	---	---	---	---	---	---	---
Net income	$	123,624	$	108,534	$	252,337	$	236,629
Loss on early extinguishment of debt	—		63		216		1,017
Gain on sale and impairment of single-family properties and other, net	(51,908)		(43,892)		(113,924)		(112,793)
Depreciation and amortization	126,939		117,603		251,867		233,329
Acquisition and other transaction costs	2,655		2,937		5,716		6,261
Noncash share-based compensation - property management	1,137		1,340		2,383		2,784
Interest expense	46,303		38,678		91,729		77,255
General and administrative expense	20,008		21,693		39,679		43,578
Other income and expense, net	(4,619)		(3,974)		(7,053)		(7,408)
Core NOI	264,139		242,982		522,950		480,652
Less: Non-Same-Home Core NOI	(27,341)		(15,495)		(50,987)		(28,676)
Same-Home Core NOI	$	236,798	$	227,487	$	471,963	$	451,976
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	8
---	---
AMH
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Select Non-GAAP Reconciliations – Core Net Operating Income (continued)

(Amounts in thousands)

(Unaudited)

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI, Same-Home Core NOI, Unencumbered Core NOI and Encumbered Core NOI to their respective GAAP metrics for the trailing five quarters:

	For the Three Months Ended
	Jun 30, <br>2025		Mar 31,<br>2025		Dec 31,<br>2024		Sep 30,<br>2024		Jun 30,<br>2024
Core revenues and Same-Home core revenues
Rents and other single-family property revenues	$	457,503	$	459,276	$	436,593	$	445,055	$	423,494
Tenant charge-backs	(52,457)		(63,861)		(49,108)		(67,615)		(47,371)
Core revenues	405,046		395,415		387,485		377,440		376,123
Less: Non-Same-Home core revenues	(43,721)		(39,828)		(37,663)		(28,655)		(28,494)
Same-Home core revenues	$	361,325	$	355,587	$	349,822	$	348,785	$	347,629	Core property operating expenses and Same-Home core property operating expenses
---	---	---	---	---	---	---	---	---	---	---
Property operating expenses	$	160,089	$	167,530	$	148,455	$	172,031	$	149,470
Property management expenses	34,412		34,181		33,564		31,973		32,382
Noncash share-based compensation - property management	(1,137)		(1,246)		(987)		(1,043)		(1,340)
Expenses reimbursed by tenant charge-backs	(52,457)		(63,861)		(49,108)		(67,615)		(47,371)
Core property operating expenses	140,907		136,604		131,924		135,346		133,141
Less: Non-Same-Home core property operating expenses	(16,380)		(16,182)		(14,869)		(13,691)		(12,999)
Same-Home core property operating expenses	$	124,527	$	120,422	$	117,055	$	121,655	$	120,142	Core NOI and Same-Home Core NOI
---	---	---	---	---	---	---	---	---	---	---
Net income	$	123,624	$	128,713	$	143,873	$	87,640	$	108,534
Hurricane-related charges, net	—		—		4,980		3,904		—
Loss on early extinguishment of debt	—		216		—		5,306		63
Gain on sale and impairment of single-family properties and other, net	(51,908)		(62,016)		(80,266)		(32,697)		(43,892)
Depreciation and amortization	126,939		124,928		123,990		119,691		117,603
Acquisition and other transaction costs	2,655		3,061		3,326		2,605		2,937
Noncash share-based compensation - property management	1,137		1,246		987		1,043		1,340
Interest expense	46,303		45,426		44,485		43,611		38,678
General and administrative expense	20,008		19,671		20,765		19,247		21,693
Other income and expense, net	(4,619)		(2,434)		(6,579)		(8,256)		(3,974)
Core NOI	264,139		258,811		255,561		242,094		242,982
Less: Non-Same-Home Core NOI	(27,341)		(23,646)		(22,794)		(14,964)		(15,495)
Same-Home Core NOI	$	236,798	$	235,165	$	232,767	$	227,130	$	227,487	Unencumbered Core NOI and Encumbered Core NOI
---	---	---	---	---	---	---	---	---	---	---
Core NOI	$	264,139	$	258,811	$	255,561	$	242,094	$	242,982
Less: Encumbered Core NOI (1)	(16,640)		(16,553)		(16,090)		(15,765)		(15,874)
Unencumbered Core NOI (1)	$	247,499	$	242,258	$	239,471	$	226,329	$	227,108

(1)Encumbered Core NOI and Unencumbered Core NOI are recast for prior periods to reflect the encumbered and unencumbered portfolios as of the end of the quarter subsequent to securitization payoffs.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	9
AMH
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Fact Sheet

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

(Unaudited)

	For the Three Months Ended <br>Jun 30,						For the Six Months Ended <br>Jun 30,
	2025			2024			2025			2024
Operating Data
Net income attributable to common shareholders	$	105,553		$	92,142		$	215,525		$	201,431
Core revenues	$	405,046		$	376,123		$	800,461		$	742,341
Core NOI	$	264,139		$	242,982		$	522,950		$	480,652
Core NOI margin	65.2		%	64.6		%	65.3		%	64.7		%
Fully Adjusted EBITDAre	$	231,735		$	211,573		$	462,621		$	424,309
Fully Adjusted EBITDAre Margin	56.7		%	55.7		%	57.3		%	56.7		%
Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.45		$	0.42		$	0.89		$	0.82
Core FFO attributable to common share and unit holders	$	0.47		$	0.45		$	0.93		$	0.88
Adjusted FFO attributable to common share and unit holders	$	0.42		$	0.39		$	0.84		$	0.79				Jun 30, <br>2025		Mar 31,<br>2025	Dec 31,<br>2024	Sep 30,<br>2024	Jun 30,<br>2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Selected Balance Sheet Information - end of period
Single-family properties in operation, net	$	10,947,696		$	10,932,960		$	10,880,599		$	10,398,690		$	10,295,131
Total assets	$	13,592,318		$	13,289,223		$	13,381,151		$	12,844,285		$	13,303,940
Outstanding borrowings under revolving credit facility	$	—		$	410,000		$	—		$	—		$	—
Total Debt	$	5,227,529		$	4,989,015		$	5,075,391		$	4,578,772		$	5,055,355
Total Capitalization	$	20,669,137		$	21,157,336		$	21,059,213		$	20,851,847		$	20,813,612
Total Debt to Total Capitalization	25.3		%	23.6		%	24.1		%	22.0		%	24.3		%
Net Debt and Preferred Shares to Adjusted EBITDAre	5.2 x			5.3 x			5.4 x			5.0 x			5.1 x
NYSE AMH Class A common share closing price	$	36.07		$	37.81		$	37.42		$	38.39		$	37.16		Portfolio Data - end of period
---	---	---	---	---	---	---	---	---	---	---
Occupied single-family properties	58,317		58,246		57,486		55,726		56,669
Single-family properties leased, not yet occupied	406		567		378		347		407
Single-family properties in turnover process	1,753		1,619		2,098		2,271		1,543
Single-family properties recently renovated or developed	118		257		565		544		240
Single-family properties newly acquired and under renovation	2		11		4		11		1
Total single-family properties, excluding properties held for sale	60,596		60,700		60,531		58,899		58,860
Single-family properties held for sale	904		661		805		1,003		633
Total single-family properties wholly owned	61,500		61,361		61,336		59,902		59,493
Single-family properties managed under joint ventures	3,616		3,487		3,376		3,271		3,167
Total single-family properties wholly owned and managed	65,116		64,848		64,712		63,173		62,660
Total Average Occupied Days Percentage (1)	95.7	%	94.8	%	94.2	%	95.1	%	95.8	%
Same-Home Average Occupied Days Percentage (54,029 properties)	96.3	%	96.1	%	95.4	%	96.1	%	96.7	%		Other Data
---	---	---	---	---	---	---	---	---	---	---
Distributions declared per common share	$	0.30	$	0.30	$	0.26	$	0.26	$	0.26
Distributions declared per Series G perpetual preferred share	$	0.37	$	0.37	$	0.37	$	0.37	$	0.37
Distributions declared per Series H perpetual preferred share	$	0.39	$	0.39	$	0.39	$	0.39	$	0.39

(1)Calculated based on total single-family properties wholly owned, excluding properties held for sale.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	10
AMH
---

Condensed Consolidated Statements of Operations

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

(Unaudited)

	For the Three Months Ended <br>Jun 30,				For the Six Months Ended <br>Jun 30,
	2025		2024		2025		2024
Rents and other single-family property revenues	$	457,503	$	423,494	$	916,779	$	847,049
Expenses:
Property operating expenses	160,089		149,470		327,619		305,397
Property management expenses	34,412		32,382		68,593		63,784
General and administrative expense	20,008		21,693		39,679		43,578
Interest expense	46,303		38,678		91,729		77,255
Acquisition and other transaction costs	2,655		2,937		5,716		6,261
Depreciation and amortization	126,939		117,603		251,867		233,329
Total expenses	390,406		362,763		785,203		729,604
Gain on sale and impairment of single-family properties and other, net	51,908		43,892		113,924		112,793
Loss on early extinguishment of debt	—		(63)		(216)		(1,017)
Other income and expense, net	4,619		3,974		7,053		7,408
Net income	123,624		108,534		252,337		236,629
Noncontrolling interest	14,585		12,906		29,840		28,226
Dividends on preferred shares	3,486		3,486		6,972		6,972
Net income attributable to common shareholders	$	105,553	$	92,142	$	215,525	$	201,431
Weighted-average common shares outstanding:
Basic	370,692,250		366,778,333		370,538,451		366,645,796
Diluted	371,059,970		367,312,955		370,916,988		367,142,626
Net income attributable to common shareholders per share:
Basic	$	0.28	$	0.25	$	0.58	$	0.55
Diluted	$	0.28	$	0.25	$	0.58	$	0.55
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	11
---	---
AMH
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Funds from Operations

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

(Unaudited)

	For the Three Months Ended <br>Jun 30,				For the Six Months Ended <br>Jun 30,
	2025		2024		2025		2024
Net income attributable to common shareholders	$	105,553	$	92,142	$	215,525	$	201,431
Adjustments:
Noncontrolling interests in the Operating Partnership	14,585		12,906		29,840		28,226
Gain on sale and impairment of single-family properties and other, net	(51,908)		(43,892)		(113,924)		(112,793)
Adjustments for unconsolidated real estate joint ventures	1,821		1,196		3,305		2,793
Depreciation and amortization	126,939		117,603		251,867		233,329
Less: depreciation and amortization of non-real estate assets	(5,511)		(4,769)		(10,876)		(9,424)
FFO attributable to common share and unit holders	$	191,479	$	175,186	$	375,737	$	343,562
Adjustments:
Acquisition, other transaction costs and other	1,445		2,937		5,535		6,261
Noncash share-based compensation - general and administrative	3,987		7,559		8,854		14,398
Noncash share-based compensation - property management	1,137		1,340		2,383		2,784
Loss on early extinguishment of debt	—		63		216		1,017
Core FFO attributable to common share and unit holders	$	198,048	$	187,085	$	392,725	$	368,022
Recurring Capital Expenditures	(20,515)		(21,403)		(37,344)		(35,527)
Leasing costs	(1,098)		(1,042)		(2,337)		(1,837)
Adjusted FFO attributable to common share and unit holders	$	176,435	$	164,640	$	353,044	$	330,658
Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.45	$	0.42	$	0.89	$	0.82
Core FFO attributable to common share and unit holders	$	0.47	$	0.45	$	0.93	$	0.88
Adjusted FFO attributable to common share and unit holders	$	0.42	$	0.39	$	0.84	$	0.79
Weighted-average FFO shares and units:
Common shares outstanding	370,692,250		366,778,333		370,538,451		366,645,796
Share-based compensation plan and forward sale equity contracts (1)	692,590		888,460		726,881		883,662
Operating partnership units	51,228,628		51,376,980		51,302,394		51,376,980
Total weighted-average FFO shares and units	422,613,468		419,043,773		422,567,726		418,906,438

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	12
AMH
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Core Net Operating Income – Total Portfolio

(Amounts in thousands)

(Unaudited)

	For the Three Months Ended <br>Jun 30,						For the Six Months Ended <br>Jun 30,
	2025			2024			2025			2024
Rents from single-family properties	$	398,538		$	371,414		$	788,869		$	733,463
Fees from single-family properties	9,553			8,144			18,932			16,145
Bad debt	(3,045)			(3,435)			(7,340)			(7,267)
Core revenues	405,046			376,123			800,461			742,341
Property tax expense	66,119			64,026			133,059			128,614
HOA fees, net (1)	7,349			6,738			14,163			13,052
R&M and turnover costs, net (1)	31,808			28,263			59,089			53,109
Insurance	4,614			4,948			9,545			9,725
Property management expenses, net (2)	31,017			29,166			61,655			57,189
Core property operating expenses	140,907			133,141			277,511			261,689
Core NOI	$	264,139		$	242,982		$	522,950		$	480,652
Core NOI margin	65.2		%	64.6		%	65.3		%	64.7		%
	For the Three Months Ended <br>Jun 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Same-Home Properties			Stabilized Properties			Non-Stabilized Properties (3)			Held for Sale and Other Properties (4)			Total <br>Single-Family <br>Properties Wholly Owned
Property count	54,029			3,182			3,383			906			61,500
Average Occupied Days Percentage	96.3		%	95.1		%	85.2		%	55.0		%	95.1		%
Rents from single-family properties	$	355,364		$	22,710		$	17,238		$	3,226		$	398,538
Fees from single-family properties	8,320			609			500			124			9,553
Bad debt	(2,359)			(144)			(217)			(325)			(3,045)
Core revenues	361,325			23,175			17,521			3,025			405,046
Property tax expense	59,005			3,426			2,927			761			66,119
HOA fees, net (1)	6,575			371			314			89			7,349
R&M and turnover costs, net (1)	28,279			899			2,047			583			31,808
Insurance	4,165			315			80			54			4,614
Property management expenses, net (2)	26,503			1,691			2,440			383			31,017
Core property operating expenses	124,527			6,702			7,808			1,870			140,907
Core NOI	$	236,798		$	16,473		$	9,713		$	1,155		$	264,139
Core NOI margin	65.5		%	71.1		%	55.4		%	38.2		%	65.2		%

(1)Presented net of tenant charge-backs.

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

(3)Includes 1,303 recently renovated or developed properties that do not meet the definition of Stabilized Property at the start of the quarter and 2,080 legacy-tenant properties which have not experienced tenant turnover under our ownership (the majority of which were acquired through bulk acquisitions) or properties currently out of service due to a casualty loss.

(4)Includes 904 properties held for sale and 2 properties newly acquired and under renovation that are not yet placed into service. Average Occupied Days Percentage is calculated based only on properties held for sale.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	13
AMH
---

Same-Home Results – Quarterly and Year-to-Date Comparisons

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

(Unaudited)

	For the Three Months Ended <br>Jun 30,								For the Six Months Ended <br>Jun 30,
	2025			2024			Change		2025			2024			Change
Number of Same-Home properties	54,029			54,029					54,029			54,029
Average Occupied Days Percentage	96.3		%	96.7		%	(0.4)	%	96.2		%	96.4		%	(0.2)	%
Average Monthly Realized Rent per Property	$	2,276		$	2,188		4.0	%	$	2,264		$	2,172		4.2	%
Turnover Rate	7.9		%	7.5		%	0.4	%	14.6		%	13.8		%	0.8	%
Turnover Rate - TTM	28.4		%	N/A					28.4		%	N/A
Core NOI:
Rents from single-family properties	$	355,364		$	342,982		3.6	%	$	705,967		$	678,864		4.0	%
Fees from single-family properties	8,320			7,311			13.8	%	16,601			14,587			13.8	%
Bad debt	(2,359)			(2,664)			(11.4)	%	(5,656)			(5,596)			1.1	%
Core revenues	361,325			347,629			3.9	%	716,912			687,855			4.2	%
Property tax expense	59,005			58,712			0.5	%	118,811			117,645			1.0	%
HOA fees, net (1)	6,575			6,248			5.2	%	12,749			12,077			5.6	%
R&M and turnover costs, net (1)	28,279			25,092			12.7	%	52,038			46,984			10.8	%
Insurance	4,165			4,414			(5.6)	%	8,444			8,742			(3.4)	%
Property management expenses, net (2)	26,503			25,676			3.2	%	52,907			50,431			4.9	%
Core property operating expenses	124,527			120,142			3.6	%	244,949			235,879			3.8	%
Core NOI	$	236,798		$	227,487		4.1	%	$	471,963		$	451,976		4.4	%
Core NOI margin	65.5		%	65.4		%			65.8		%	65.7		%
Selected Property Expenditure Details:
Recurring Capital Expenditures	$	18,685		$	18,862		(0.9)	%	$	33,719		$	31,584		6.8	%
Per property:
Average Recurring Capital Expenditures	$	346		$	349		(0.9)	%	$	624		$	585		6.8	%
Average R&M and turnover costs, net, plus Recurring Capital Expenditures	$	869		$	814		6.8	%	$	1,587		$	1,454		9.1	%
Property Enhancing Capex	$	8,496		$	8,268				$	17,242		$	16,340

(1)Presented net of tenant charge-backs.

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

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	14
AMH
---

Same-Home Results – Sequential Quarterly Results

(Amounts in thousands, except per property data)

(Unaudited)

	For the Three Months Ended
	Jun 30, <br>2025			Mar 31,<br>2025			Dec 31,<br>2024			Sep 30,<br>2024			Jun 30,<br>2024
Average Occupied Days Percentage	96.3		%	96.1		%	95.4		%	96.1		%	96.7		%
Average Monthly Realized Rent per Property	$	2,276		$	2,252		$	2,238		$	2,219		$	2,188
Average Change in Rent for Renewals	4.4		%	4.5		%	5.0		%	5.2		%	5.2		%
Average Change in Rent for Re-Leases	4.1		%	1.4		%	0.3		%	5.3		%	5.7		%
Average Blended Change in Rent	4.3		%	3.6		%	3.4		%	5.2		%	5.3		%
Core NOI:
Rents from single-family properties	$	355,364		$	350,603		$	345,967		$	345,549		$	342,982
Fees from single-family properties	8,320			8,281			8,007			7,351			7,311
Bad debt	(2,359)			(3,297)			(4,152)			(4,115)			(2,664)
Core revenues	361,325			355,587			349,822			348,785			347,629
Property tax expense	59,005			59,806			55,302			58,078			58,712
HOA fees, net (1)	6,575			6,174			6,350			6,336			6,248
R&M and turnover costs, net (1)	28,279			23,759			24,697			27,652			25,092
Insurance	4,165			4,279			4,466			4,461			4,414
Property management expenses, net (2)	26,503			26,404			26,240			25,128			25,676
Core property operating expenses	124,527			120,422			117,055			121,655			120,142
Core NOI	$	236,798		$	235,165		$	232,767		$	227,130		$	227,487
Core NOI margin	65.5		%	66.1		%	66.5		%	65.1		%	65.4		%
Selected Property Expenditure Details:
Recurring Capital Expenditures	$	18,685		$	15,034		$	15,286		$	20,503		$	18,862
Per property:
Average Recurring Capital Expenditures	$	346		$	278		$	283		$	379		$	349
Average R&M and turnover costs, net, plus Recurring Capital Expenditures	$	869		$	718		$	740		$	891		$	814
Property Enhancing Capex	$	8,496		$	8,746		$	7,128		$	9,403		$	8,268

(1)Presented net of tenant charge-backs.

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

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	15
AMH
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Same-Home Results – Operating Metrics by Market

Market	Number of Properties	Gross Book Value per Property		% of <br>2Q25 NOI		Avg. Change in Rent for Renewals (1)		Avg. Change in Rent for Re-Leases (1)		Avg. Blended Change in<br><br>Rent (1)
Atlanta, GA	5,319	$	227,550	9.7	%	3.7	%	3.1	%	3.5	%
Charlotte, NC	3,879	222,618		7.5	%	4.1	%	5.5	%	4.5	%
Dallas-Fort Worth, TX	3,591	176,328		5.7	%	3.8	%	1.9	%	3.3	%
Nashville, TN	3,105	251,188		7.0	%	3.8	%	2.5	%	3.4	%
Jacksonville, FL	2,963	217,815		4.8	%	3.4	%	1.3	%	2.8	%
Phoenix, AZ	2,939	219,637		5.9	%	4.9	%	1.1	%	3.8	%
Indianapolis, IN	2,765	176,304		3.7	%	5.3	%	9.2	%	6.3	%
Tampa, FL	2,651	232,833		4.7	%	3.9	%	2.3	%	3.5	%
Houston, TX	2,155	180,404		3.0	%	4.2	%	2.4	%	3.8	%
Columbus, OH	2,088	198,293		3.9	%	5.6	%	7.7	%	6.0	%
Raleigh, NC	2,059	202,495		3.6	%	4.1	%	3.8	%	4.0	%
Cincinnati, OH	2,066	199,359		3.8	%	5.3	%	9.5	%	6.5	%
Las Vegas, NV	1,996	285,123		4.1	%	3.9	%	1.8	%	3.4	%
Salt Lake City, UT	1,864	304,659		4.6	%	4.7	%	6.9	%	5.3	%
Orlando, FL	1,770	222,186		3.2	%	3.6	%	2.5	%	3.3	%
Greater Chicago area, IL and IN	1,483	194,577		2.7	%	6.8	%	12.9	%	7.9	%
Charleston, SC	1,401	231,350		2.7	%	4.0	%	4.0	%	4.0	%
San Antonio, TX	1,097	200,578		1.5	%	3.4	%	(3.8)	%	1.8	%
Savannah/Hilton Head, SC	990	210,719		2.0	%	5.0	%	5.0	%	5.0	%
Seattle, WA	935	330,437		2.4	%	8.3	%	7.4	%	8.0	%
All Other (2)	6,913	233,447		13.5	%	4.1	%	4.5	%	4.2	%
Total/Average	54,029	$	222,262	100.0	%	4.4	%	4.1	%	4.3	%
	Average Occupied Days Percentage						Average Monthly Realized Rent per Property
---	---	---	---	---	---	---	---	---	---	---	---	---
Market	2Q25 QTD		2Q24 QTD		Change		2Q25 QTD		2Q24 QTD		Change
Atlanta, GA	95.8	%	96.4	%	(0.6)	%	$	2,306	$	2,220	3.9	%
Charlotte, NC	96.9	%	97.6	%	(0.7)	%	2,231		2,124		5.0	%
Dallas-Fort Worth, TX	95.7	%	96.0	%	(0.3)	%	2,330		2,252		3.5	%
Nashville, TN	96.4	%	96.5	%	(0.1)	%	2,395		2,312		3.6	%
Jacksonville, FL	96.3	%	96.6	%	(0.3)	%	2,194		2,141		2.5	%
Phoenix, AZ	95.1	%	95.8	%	(0.7)	%	2,174		2,119		2.6	%
Indianapolis, IN	96.6	%	98.0	%	(1.4)	%	1,940		1,837		5.6	%
Tampa, FL	95.8	%	96.4	%	(0.6)	%	2,446		2,371		3.2	%
Houston, TX	96.4	%	96.4	%	—	%	2,111		2,034		3.8	%
Columbus, OH	97.5	%	97.4	%	0.1	%	2,261		2,142		5.6	%
Raleigh, NC	97.0	%	96.8	%	0.2	%	2,082		2,011		3.5	%
Cincinnati, OH	97.7	%	97.8	%	(0.1)	%	2,218		2,092		6.0	%
Las Vegas, NV	95.3	%	96.1	%	(0.8)	%	2,323		2,255		3.0	%
Salt Lake City, UT	97.1	%	97.4	%	(0.3)	%	2,515		2,404		4.6	%
Orlando, FL	96.3	%	95.8	%	0.5	%	2,405		2,333		3.1	%
Greater Chicago area, IL and IN	97.9	%	98.4	%	(0.5)	%	2,560		2,387		7.2	%
Charleston, SC	95.5	%	96.7	%	(1.2)	%	2,348		2,251		4.3	%
San Antonio, TX	95.1	%	95.5	%	(0.4)	%	1,953		1,930		1.2	%
Savannah/Hilton Head, SC	96.5	%	97.5	%	(1.0)	%	2,311		2,184		5.8	%
Seattle, WA	97.0	%	96.0	%	1.0	%	2,865		2,729		5.0	%
All Other (2)	96.4	%	96.7	%	(0.3)	%	2,254		2,169		3.9	%
Total/Average	96.3	%	96.7	%	(0.4)	%	$	2,276	$	2,188	4.0	%

(1)Reflected for the three months ended June 30, 2025.

(2)Represents 14 markets in 12 states.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	16
AMH
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Condensed Consolidated Balance Sheets

(Amounts in thousands)

	Jun 30, 2025		Dec 31, 2024
	(Unaudited)
Assets
Single-family properties:
Land	$	2,387,155	$	2,370,006
Buildings and improvements	11,778,460		11,559,461
Single-family properties in operation	14,165,615		13,929,467
Less: accumulated depreciation	(3,217,919)		(3,048,868)
Single-family properties in operation, net	10,947,696		10,880,599
Single-family properties under development and development land	1,309,824		1,272,284
Single-family properties and land held for sale, net	242,402		212,808
Total real estate assets, net	12,499,922		12,365,691
Cash and cash equivalents	323,258		199,413
Restricted cash	143,342		150,803
Rent and other receivables	50,444		48,452
Escrow deposits, prepaid expenses and other assets	307,238		337,379
Investments in unconsolidated joint ventures	147,835		159,134
Goodwill	120,279		120,279
Total assets	$	13,592,318	$	13,381,151
Liabilities
Revolving credit facility	$	—	$	—
Asset-backed securitizations, net	427,275		924,344
Unsecured senior notes, net	4,731,334		4,086,418
Accounts payable and accrued expenses	588,166		521,759
Total liabilities	5,746,775		5,532,521
Commitments and contingencies
Equity
Shareholders’ equity:
Class A common shares	3,702		3,690
Class B common shares	6		6
Preferred shares	92		92
Additional paid-in capital	7,542,892		7,529,008
Accumulated deficit	(388,735)		(380,632)
Accumulated other comprehensive income	7,249		7,852
Total shareholders’ equity	7,165,206		7,160,016
Noncontrolling interest	680,337		688,614
Total equity	7,845,543		7,848,630
Total liabilities and equity	$	13,592,318	$	13,381,151
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	17
---	---
AMH
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Debt Summary as of June 30, 2025

(Amounts in thousands)

(Unaudited)

	Secured		Unsecured		Total Balance		% of Total		Interest Rate (1)		Years to Maturity (2)
Floating rate debt:
Revolving credit facility (3)	$	—	$	—	$	—	—	%	5.40	%	4.0
Total floating rate debt	—		—		—		—	%	5.40	%	4.0
Fixed rate debt:
AMH 2015-SFR2 securitization (4)	427,529		—		427,529		8.2	%	4.36	%	20.3
2028 unsecured senior notes	—		500,000		500,000		9.6	%	4.08	%	2.6
2029 unsecured senior notes	—		400,000		400,000		7.7	%	4.90	%	3.6
2030 unsecured senior notes	—		650,000		650,000		12.3	%	4.95	%	5.0
2031 unsecured senior notes	—		450,000		450,000		8.6	%	2.46	%	6.0
2032 unsecured senior notes	—		600,000		600,000		11.5	%	3.63	%	6.8
2034 unsecured senior notes I	—		600,000		600,000		11.5	%	5.50	%	8.6
2034 unsecured senior notes II	—		500,000		500,000		9.6	%	5.50	%	9.0
2035 unsecured senior notes	—		500,000		500,000		9.6	%	5.08	%	9.7
2051 unsecured senior notes	—		300,000		300,000		5.7	%	3.38	%	26.1
2052 unsecured senior notes	—		300,000		300,000		5.7	%	4.30	%	26.8
Total fixed rate debt	427,529		4,800,000		5,227,529		100.0	%	4.45	%	9.9
Total Debt	$	427,529	$	4,800,000	5,227,529		100.0	%	4.45	%	9.9
Unamortized discounts and loan costs					(68,920)
Total debt per balance sheet					$	5,158,609						Maturity Schedule by Year (2)	Total Debt	% of Total
---	---	---	---	---
Remaining 2025	$	2,388	—	%
2026	4,776		0.1	%
2027	4,776		0.1	%
2028	504,776		9.7	%
2029	404,776		7.7	%
Thereafter	4,306,037		82.4	%
Total	$	5,227,529	100.0	%

(1)Interest rates are as of June 30, 2025 and reflect the effect of any hedging instruments, as applicable.

(2)Years to maturity and maturity schedule reflect all debt on a fully extended basis. The AMH 2015-SFR2 securitization has an anticipated repayment date of October 9, 2025. If the securitization is not repaid by this date, the duration-adjusted weighted-average interest rate will increase by a minimum of 3.00%.

(3)The revolving credit facility bears interest at the Secured Overnight Financing Rate plus a 0.10% spread adjustment and a margin of 0.85% as of period end.

(4)The Company has provided notice to the lender of its intent to pay off the AMH 2015-SFR2 securitization during the third quarter of 2025.

Interest Expense Reconciliation

	For the Three Months Ended <br>Jun 30,				For the Six Months Ended <br>Jun 30,
(Amounts in thousands)	2025		2024		2025		2024
Interest expense per income statement and included in Core FFO attributable to common share and unit holders	$	46,303	$	38,678	$	91,729	$	77,255
Less: amortization of discounts, loan costs and cash flow hedges	(2,463)		(2,904)		(4,948)		(5,960)
Add: capitalized interest	14,219		13,131		28,073		27,353
Cash interest	$	58,059	$	48,905	$	114,854	$	98,648
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	18
---	---
AMH
---

Capital Structure and Credit Metrics as of June 30, 2025

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

(Unaudited)

Total Capitalization
Total Debt			$	5,227,529	25.3	%
Total preferred shares			230,000		1.1	%
Common equity at market value:
Common shares outstanding	370,897,655
Operating partnership units	50,826,980
Total shares and units	421,724,635
NYSE AMH Class A common share closing price at June 30, 2025	$	36.07
Market value of common shares and operating partnership units			15,211,608		73.6	%
Total Capitalization			$	20,669,137	100.0	%		Preferred Shares	Earliest Redemption Date	Outstanding Shares				Annual Dividend<br>Per Share	Annual Dividend<br>Amount
---	---	---	---	---	---	---	---	---	---	---	---	---
Series			Per Share			Total
5.875% Series G Perpetual Preferred Shares	7/17/2022	4,600,000		$	25.00		$	115,000	$	1.469	$	6,756
6.250% Series H Perpetual Preferred Shares	9/19/2023	4,600,000		$	25.00		115,000		$	1.563	7,188
Total preferred shares		9,200,000					$	230,000			$	13,944	Credit Ratios	Credit Ratings
---	---	---	---	---	---
Net Debt and Preferred Shares to Adjusted EBITDAre	5.2 x		Rating Agency	Rating	Outlook
Fixed Charge Coverage	4.1 x		Moody's Investor Service	Baa2	Stable
Unencumbered Core NOI percentage	93.6	%	S&P Global Ratings	BBB	Positive		Unsecured Senior Notes Covenant Ratios	Requirement			Actual
---	---	---	---	---	---
Ratio of Indebtedness to Total Assets	<	60.0	%	31.5	%
Ratio of Secured Debt to Total Assets	<	40.0	%	2.6	%
Ratio of Unencumbered Assets to Unsecured Debt	>	150.0	%	329.6	%
Ratio of Consolidated Income Available for Debt Service to Interest Expense	>	1.50 x		4.35 x			Unsecured Credit Facility Covenant Ratios	Requirement			Actual
---	---	---	---	---	---
Ratio of Total Indebtedness to Total Asset Value	<	60.0	%	28.4	%
Ratio of Secured Indebtedness to Total Asset Value	<	40.0	%	2.8	%
Ratio of Unsecured Indebtedness to Unencumbered Asset Value	<	60.0	%	29.5	%
Ratio of EBITDA to Fixed Charges	>	1.50 x		3.83 x
Ratio of Unencumbered NOI to Unsecured Interest Expense	>	1.75 x		5.27 x
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	19
---	---
AMH
---

Top 20 Markets Summary as of June 30, 2025

Property Information (1)

Market	Number of <br>Properties	Percentage <br>of Total <br>Properties		Gross Book<br>Value per<br>Property		Avg.<br>Sq. Ft.	Avg. Age<br>(years)
Atlanta, GA	6,028	9.9	%	$	238,325	2,196	17.4
Charlotte, NC	4,244	7.0	%	231,632		2,119	18.7
Dallas-Fort Worth, TX	3,787	6.2	%	178,940		2,084	20.9
Nashville, TN	3,383	5.6	%	262,866		2,122	16.7
Jacksonville, FL	3,365	5.6	%	233,417		1,926	14.4
Phoenix, AZ	3,300	5.4	%	224,957		1,854	19.8
Indianapolis, IN	3,030	5.0	%	182,341		1,934	22.2
Tampa, FL	3,052	5.0	%	249,730		1,956	14.8
Las Vegas, NV	2,660	4.4	%	315,290		1,965	10.7
Houston, TX	2,335	3.9	%	182,305		2,066	19.5
Raleigh, NC	2,167	3.6	%	205,329		1,899	18.7
Columbus, OH	2,201	3.6	%	209,502		1,895	21.6
Orlando, FL	2,180	3.6	%	246,105		1,938	16.6
Cincinnati, OH	2,103	3.5	%	200,947		1,843	22.4
Salt Lake City, UT	1,937	3.2	%	309,157		2,243	18.2
Charleston, SC	1,644	2.7	%	244,368		1,962	13.3
Greater Chicago area, IL and IN	1,512	2.5	%	194,807		1,869	23.8
San Antonio, TX	1,190	2.0	%	204,149		1,911	16.1
Boise, ID	1,086	1.8	%	318,390		1,880	10.8
Savannah/Hilton Head, SC	1,056	1.7	%	218,812		1,884	16.4
All Other (3)	8,336	13.8	%	251,032		1,942	18.2
Total/Average	60,596	100.0	%	$	233,771	1,998	17.9

Leasing Information (1)

Market	Avg. Occupied Days<br><br>Percentage (2)		Avg. Monthly Realized Rent<br><br>per Property (2)		Avg. Change in Rent for<br><br>Renewals (2)		Avg. Change in Rent for<br><br>Re-Leases (2)		Avg. Blended Change<br><br>in Rent (2)
Atlanta, GA	95.1	%	$	2,317	4.1	%	3.5	%	3.9	%
Charlotte, NC	96.5	%	2,245		4.3	%	5.7	%	4.7	%
Dallas-Fort Worth, TX	95.4	%	2,328		3.9	%	1.8	%	3.3	%
Nashville, TN	96.2	%	2,407		3.8	%	2.5	%	3.4	%
Jacksonville, FL	95.6	%	2,207		3.3	%	1.5	%	2.8	%
Phoenix, AZ	94.9	%	2,169		5.1	%	1.3	%	4.1	%
Indianapolis, IN	96.2	%	1,942		5.3	%	9.2	%	6.3	%
Tampa, FL	94.9	%	2,475		4.1	%	2.4	%	3.7	%
Las Vegas, NV	94.0	%	2,358		4.0	%	1.8	%	3.5	%
Houston, TX	96.0	%	2,099		4.1	%	2.2	%	3.7	%
Raleigh, NC	96.9	%	2,087		3.9	%	3.8	%	3.9	%
Columbus, OH	97.1	%	2,272		5.6	%	7.9	%	6.1	%
Orlando, FL	95.4	%	2,416		3.4	%	2.0	%	3.0	%
Cincinnati, OH	97.7	%	2,217		5.3	%	9.6	%	6.5	%
Salt Lake City, UT	96.4	%	2,510		4.7	%	6.9	%	5.3	%
Charleston, SC	94.0	%	2,359		4.0	%	3.8	%	3.9	%
Greater Chicago area, IL and IN	97.8	%	2,560		6.8	%	13.3	%	7.9	%
San Antonio, TX	94.3	%	1,951		2.6	%	(3.5)	%	1.3	%
Boise, ID	94.9	%	2,294		3.6	%	3.3	%	3.5	%
Savannah/Hilton Head, SC	96.1	%	2,316		5.0	%	4.9	%	5.0	%
All Other (3)	95.4	%	2,318		4.2	%	5.2	%	4.4	%
Total/Average	95.7	%	$	2,282	4.3	%	4.1	%	4.2	%

(1)Property and leasing information based on total single-family properties wholly owned, excluding properties held for sale.

(2)Reflected for the three months ended June 30, 2025.

(3)Represents 16 markets in 15 states.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	20
AMH
---

Property Additions

	2Q25 Additions			YTD 2Q25 Additions
Market	Number of Properties	Average<br>Total Investment Cost		Number of Properties	Average<br>Total Investment Cost
Tampa, FL	69	$	385,437	124	$	385,632
Atlanta, GA	57	361,446		104	363,143
Las Vegas, NV	56	425,612		133	423,474
Jacksonville, FL	51	378,788		98	373,888
Tucson, AZ	48	378,182		96	375,625
Orlando, FL	47	425,875		89	412,547
Columbus, OH	33	379,166		34	378,314
Phoenix, AZ	30	387,727		48	395,244
Nashville, TN	29	449,303		45	457,484
Charlotte, NC	20	372,442		28	371,791
Charleston, SC	18	377,788		40	388,935
Boise, ID	15	412,999		31	442,216
Seattle, WA	14	562,109		27	556,819
Denver, CO	14	483,716		29	477,382
Savannah/Hilton Head, SC	4	345,835		15	343,837
Cincinnati, OH	1	339,370		2	339,069
Total/Average	506	$	400,200	943	$	400,993

Property Dispositions

	Jun 30, 2025 Single-Family Properties <br>Held for Sale		2Q25 Dispositions					YTD 2Q25 Dispositions
Market		Number of Properties		Average<br>Net Proceeds per Property			Number of Properties		Average<br>Net Proceeds per Property
Houston, TX	93		28		$	261,927		55		$	253,510
Atlanta, GA	91		32		299,880			78		308,533
Dallas-Fort Worth, TX	74		35		302,546			90		301,282
Greater Chicago area, IL and IN	72		5		306,518			9		280,453
Raleigh, NC	54		8		338,752			17		339,364
Charlotte, NC	51		13		351,417			28		376,221
Phoenix, AZ	45		29		353,342			63		363,881
Tampa, FL	34		17		341,020			52		340,205
Austin, TX	32		17		265,391			43		271,321
Inland Empire, CA	30		37		443,040			41		438,921
Indianapolis, IN	29		6		307,422			17		273,840
San Antonio, TX	28		17		199,330			30		212,295
Orlando, FL	25		20		333,000			50		325,243
Memphis, TN	25		6		235,723			12		249,980
Tucson, AZ	24		6		269,045			10		267,948
Nashville, TN	24		15		358,119			34		348,151
Jacksonville, FL	20		11		258,996			22		294,477
Las Vegas, NV	18		5		359,743			18		410,326
Oklahoma City, OK	15		6		225,775			6		225,775
Denver, CO	14		6		426,179			11		444,134
All Other (1)	106		51		362,389			100		359,712
Total/Average	904		370		$	325,982		786		$	324,564

(1)Represents 19 markets in 14 states.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	21
AMH
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AMH Development Pipeline Summary as of June 30, 2025 (1)

	YTD 2Q25 Deliveries					Jun 30, 2025 <br>Lots for <br>Future Delivery
Market	Number of Properties	Average Total Investment Cost		Average<br>Monthly Rent
Las Vegas, NV	199	$	404,000	$	2,450	680
Phoenix, AZ	177	363,000		2,180		1,446
Tampa, FL	124	386,000		2,710		427
Atlanta, GA	121	370,000		2,490		947
Jacksonville, FL	98	374,000		2,350		356
Orlando, FL	89	413,000		2,610		568
Nashville, TN	88	468,000		2,780		147
Denver, CO	57	520,000		3,210		492
Seattle, WA	57	470,000		3,180		608
Charleston, SC	40	389,000		2,520		851
Charlotte, NC	36	358,000		2,470		327
Columbus, OH	33	379,000		2,670		642
Boise, ID	31	442,000		2,450		245
Salt Lake City, UT	31	473,000		2,940		276
Raleigh, NC	—	—		—		66
Total/Average	1,181	$	404,000	$	2,560	8,078
Lots optioned						887
Total lots owned and optioned						8,965

Estimated Delivery Timing

	Dec 31, 2024<br>Lots for<br>Future Delivery	YTD 2Q25<br><br>Net Additions/(Reductions) (3)	YTD 2Q25<br>Deliveries	Full Year Estimated 2025 Deliveries (1)	Deliveries Thereafter (1)
Wholly-owned development pipeline (2)	9,458	(218)	925	1,800 - 2,000	7,340
Joint venture development pipeline (2)(4)	765	141	256	~400	506
Total development pipeline	10,223	(77)	1,181	2,200 - 2,400	7,846

(1)Reflects the Company’s latest development program results and estimates as of July 31, 2025.

(2)Reflects land pipeline and delivery timeline for projects that are intended either for the Company’s wholly-owned or joint venture portfolios.

(3)Represents the net of lots acquired and optioned and lots transferred to held for sale or disposed during the period.

(4)Represents two unconsolidated joint ventures for each of which the Company holds a 20% interest.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	22
AMH
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Lease Expirations

	MTM	3Q25	4Q25	1Q26	2Q26	Thereafter
Lease expirations	2,320	11,957	6,997	17,314	16,396	3,739

Share Repurchase History

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

	Share Repurchases
Period	Common Shares Repurchased	Purchase Price		Avg. Price Paid Per Share
2023	—	$	—	$	—
2024	—	—		—
1Q25	—	—		—
2Q25	—	—		—
Total	—	—		$	—
	Remaining authorization:	$	265,067

ATM Share History

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

	ATM Shares Sold Directly					ATM Shares Sold Forward
Period	Common Shares Sold Directly	Gross Proceeds		Avg. Issuance Price Per Share		Common Shares Sold Forward	Future Gross Proceeds		Avg. Price Per Share		Period Settled	Total ATM Gross Proceeds
2023	2,799,683	$	101,958	$	36.42	—	$	—	$	—		$	101,958
2024	932,746	33,756		36.19		2,987,024	110,616		37.03		4Q24	144,372
1Q25	—	—		—		—	—		—			—
2Q25	—	—		—		—	—		—			—
												246,330
											Remaining authorization:	$	753,670
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	23
---	---
AMH
---

2025 Guidance

Guidance Summary

	Full Year 2025
	Previous Guidance	Current Guidance
Core FFO attributable to common share and unit holders	$1.80 - $1.86	$1.84 - $1.88
Core FFO attributable to common share and unit holders growth	1.7% - 5.1%	4.0% - 6.2%
Same-Home
Core revenues growth	2.50% - 4.50%	3.00% - 4.50%
Core property operating expenses growth	3.00% - 5.00%	3.00% - 4.50%
Core NOI growth	2.25% - 4.25%	2.75% - 4.75%	Full Year 2025<br>(Unchanged)
---	---	---
Investment Program	Properties	Investment
Wholly owned acquisitions	—	—
Wholly owned development deliveries	1,800 - 2,000	$700 - $800 million
Development pipeline, pro rata share of JV and Property Enhancing Capex	—	$100 - $200 million
Total capital investment (wholly owned and pro rata JV)	1,800 - 2,000	$0.8 - $1.0 billion
Total gross capital investment (JVs at 100%)	2,200 - 2,400	$1.0 - $1.2 billion

Changes to Full Year 2025 Guidance

•$0.03 incremental Core FFO per share:

◦Primarily driven by increased Core NOI growth from both the Same-Home and Non-Same-Home portfolios from:

▪Better core revenues growth driven by strong year-to-date leasing performance and lower bad debt expense outlook.

▪Lowered core property operating expenses growth primarily driven by recent favorable property tax information.

◦As well as modestly improved full year financing cost outlook driven by beneficial refinancing execution.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	24
AMH
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Defined Terms and Non-GAAP Reconciliations

(Unaudited)

Average Blended Change in Rent

The percentage change in rent on all non-month-to-month lease renewals and re-leases during the period, compared to the annual rent of the previous expired non-month-to-month comparable long-term lease for each individual property.

Average Change in Rent for Re-Leases

The percentage change in annual rent on properties re-leased during the period, compared to the annual rent of the comparable long-term previous expired lease for each individual property.

Average Change in Rent for Renewals

The percentage change in rent on non-month-to-month comparable long-term lease renewals during the period.

Average Monthly Realized Rent

Average Occupied Days Percentage

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. This calculation excludes properties classified as held for sale except where presented for Total Single-Family Properties Wholly Owned in Core Net Operating Income – Total Portfolio.

Average Total Investment Cost

Reflects on a per property basis, depending on the property addition channel, (i) Estimated Total Investment Cost of traditional channel acquisitions, (ii) purchase price, including closing costs, or total internal development costs of newly constructed homes, or (iii) total purchase price, including historic pro rata investment cost of properties acquired through bulk or joint venture portfolio acquisitions.

Core Net Operating Income (“Core NOI”) and Same-Home Core NOI

Core NOI, which we also present separately for our Same-Home, unencumbered and encumbered portfolios, is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and other single-family property revenues, excluding expenses reimbursed by tenant charge-backs, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense and expenses reimbursed by tenant charge-backs.

AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Refer to Select Non-GAAP Reconciliations – Core Net Operating Income for reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI, Same-Home Core NOI, Unencumbered Core NOI and Encumbered Core NOI to their respective GAAP metrics.

Credit Ratios

We present the following selected metrics because we believe they are helpful as supplemental measures in assessing the Company’s ability to service its financing obligations and in evaluating balance sheet leverage against that of other real estate companies. The tables below reconcile these metrics, which are calculated in part based on several non-GAAP financial measures.

Net Debt and Preferred Shares to Adjusted EBITDAre

(Amounts in thousands)	Jun 30, <br>2025		Mar 31,<br>2025		Dec 31,<br>2024		Sep 30,<br>2024		Jun 30,<br>2024
Total Debt	$	5,227,529	$	4,989,015	$	5,075,391	$	4,578,772	$	5,055,355
Less: cash and cash equivalents	(323,258)		(69,698)		(199,413)		(162,477)		(718,380)
Less: restricted cash related to securitizations	(13,188)		(19,122)		(26,588)		(26,273)		(37,112)
Net debt	$	4,891,083	$	4,900,195	$	4,849,390	$	4,390,022	$	4,299,863
Preferred shares at liquidation value	230,000		230,000		230,000		230,000		230,000
Net debt and preferred shares	$	5,121,083	$	5,130,195	$	5,079,390	$	4,620,022	$	4,529,863
Adjusted EBITDAre - TTM	$	982,928	$	963,598	$	942,299	$	919,174	$	896,679
Net Debt and Preferred Shares to Adjusted EBITDAre	5.2 x		5.3 x		5.4 x		5.0 x		5.1 x

Fixed Charge Coverage

(Amounts in thousands)	For the Trailing Twelve Months Ended<br>Jun 30, 2025
Interest expense per income statement	$	179,825
Less: amortization of discounts, loan costs and cash flow hedges	(10,477)
Add: capitalized interest	53,863
Cash interest	223,211
Dividends on preferred shares	13,944
Fixed charges	$	237,155
Adjusted EBITDAre - TTM	$	982,928
Fixed Charge Coverage	4.1 x

Unencumbered Core NOI Percentage

	For the Three Months Ended								For the Trailing Twelve Months Ended<br>Jun 30, 2025
(Amounts in thousands)	Sep 30,<br>2024		Dec 31,<br>2024		Mar 31,<br>2025		Jun 30, <br>2025
Unencumbered Core NOI (1)	$	226,329	$	239,471	$	242,258	$	247,499	$	955,557
Core NOI	242,094		255,561		258,811		264,139		1,020,605
Unencumbered Core NOI Percentage									93.6		%

(1)Unencumbered Core NOI is recast for prior periods to reflect the unencumbered portfolio as of the end of the quarter subsequent to securitization payoffs.

AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

EBITDA / EBITDAre / Adjusted EBITDAre / Fully Adjusted EBITDAre / Adjusted EBITDAre Margin / Fully Adjusted EBITDAre Margin

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP financial measure and is used by us and others as a supplemental measure of performance. EBITDAre is a supplemental non-GAAP financial measure, which we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts (“NAREIT”) by adjusting EBITDA for gains and losses from sales or impairments of single-family properties and adjusting for unconsolidated real estate joint ventures on the same basis. Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting EBITDAre for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations and adjustments for investments in proptech venture capital funds related to the pro rata equity pickup of realized and unrealized gains and losses from their portfolio investments, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio and (4) gain or loss on early extinguishment of debt. Fully Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting Adjusted EBITDAre for (1) Recurring Capital Expenditures and (2) leasing costs. Adjusted EBITDAre Margin is a supplemental non-GAAP financial measure calculated as Adjusted EBITDAre divided by rents and other single-family property revenues, net of tenant charge-backs and adjusted for income from unconsolidated joint ventures. Fully Adjusted EBITDAre Margin is a supplemental non-GAAP financial measure calculated as Fully Adjusted EBITDAre divided by rents and other single-family property revenues, net of tenant charge-backs and adjusted for income from unconsolidated joint ventures. 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.

AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre, Adjusted EBITDAre, Fully Adjusted EBITDAre, Adjusted EBITDAre Margin and Fully Adjusted EBITDAre Margin for the three and six months ended June 30, 2025 and 2024 (amounts in thousands):

	For the Three Months Ended <br>Jun 30,						For the Six Months Ended <br>Jun 30,
	2025			2024			2025			2024
Net income	$	123,624		$	108,534		$	252,337		$	236,629
Interest expense	46,303			38,678			91,729			77,255
Depreciation and amortization	126,939			117,603			251,867			233,329
EBITDA	$	296,866		$	264,815		$	595,933		$	547,213
Gain on sale and impairment of single-family properties and other, net	(51,908)			(43,892)			(113,924)			(112,793)
Adjustments for unconsolidated real estate joint ventures	1,821			1,196			3,305			2,793
EBITDAre	$	246,779		$	222,119		$	485,314		$	437,213
Noncash share-based compensation - general and administrative	3,987			7,559			8,854			14,398
Noncash share-based compensation - property management	1,137			1,340			2,383			2,784
Acquisition, other transaction costs and other	1,445			2,937			5,535			6,261
Loss on early extinguishment of debt	—			63			216			1,017
Adjusted EBITDAre	$	253,348		$	234,018		$	502,302		$	461,673
Recurring Capital Expenditures	(20,515)			(21,403)			(37,344)			(35,527)
Leasing costs	(1,098)			(1,042)			(2,337)			(1,837)
Fully Adjusted EBITDAre	$	231,735		$	211,573		$	462,621		$	424,309
Rents and other single-family property revenues	$	457,503		$	423,494		$	916,779		$	847,049
Less: tenant charge-backs	(52,457)			(47,371)			(116,318)			(104,708)
Adjustments for unconsolidated joint ventures - income	3,576			3,642			7,164			6,640
Rents and other single-family property revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures	$	408,622		$	379,765		$	807,625		$	748,981
Adjusted EBITDAre Margin	62.0		%	61.6		%	62.2		%	61.6		%
Fully Adjusted EBITDAre Margin	56.7		%	55.7		%	57.3		%	56.7		%
AMH
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Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre and Adjusted EBITDAre for the following trailing twelve month periods (amounts in thousands):

	For the Trailing Twelve Months Ended
	Jun 30, <br>2025		Mar 31,<br>2025		Dec 31,<br>2024		Sep 30,<br>2024		Jun 30,<br>2024
Net income	$	483,850	$	468,760	$	468,142	$	415,206	$	415,658
Interest expense	179,825		172,200		165,351		155,957		146,727
Depreciation and amortization	495,548		486,212		477,010		468,791		463,963
EBITDA	$	1,159,223	$	1,127,172	$	1,110,503	$	1,039,954	$	1,026,348
Gain on sale and impairment of single-family properties and other, net	(226,887)		(218,871)		(225,756)		(174,572)		(175,210)
Adjustments for unconsolidated real estate joint ventures	5,234		4,609		4,722		5,240		4,936
EBITDAre	$	937,570	$	912,910	$	889,469	$	870,622	$	856,074
Noncash share-based compensation - general and administrative	15,073		18,645		20,617		20,493		21,052
Noncash share-based compensation - property management	4,413		4,616		4,814		4,706		4,616
Acquisition, other transaction costs and other	11,466		12,958		12,192		13,126		13,920
Hurricane-related charges, net	8,884		8,884		8,884		3,904		—
Loss on early extinguishment of debt	5,522		5,585		6,323		6,323		1,017
Adjusted EBITDAre	$	982,928	$	963,598	$	942,299	$	919,174	$	896,679

Estimated Total Investment Cost

Represents the sum of purchase price, closing costs and if applicable, estimated initial renovation costs for homes purchased through traditional broker and trustee channels.

FFO / Core FFO / Adjusted FFO attributable to common share and unit holders

FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by NAREIT, which defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales or impairment of real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustments for unconsolidated real estate joint ventures to reflect FFO on the same basis.

AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

FFO, Core FFO and Adjusted FFO attributable to common share and unit holders are not a substitute for net income or net cash provided by operating activities, each as determined in accordance with GAAP, as a measure of our operating performance, liquidity or ability to pay dividends. These metrics also are not necessarily indicative of cash available to fund future cash needs. Because other REITs may not compute these measures in the same manner, they may not be comparable among REITs.

Refer to Funds from Operations for a reconciliation of these metrics to net income attributable to common shareholders, determined in accordance with GAAP.

The following are reconciliations of property management expenses and general administrative expense, as determined in accordance with GAAP, to property management expenses, net of tenant charge-backs and excluding noncash share-based compensation expense, and general and administrative expense, excluding noncash share-based compensation expense, as included in Core FFO attributable to common share and unit holders (amounts in thousands):

	For the Three Months Ended <br>Jun 30,				For the Six Months Ended <br>Jun 30,
	2025		2024		2025		2024
Property management expenses	$	34,412	$	32,382	$	68,593	$	63,784
Less: tenant charge-backs	(2,258)		(1,876)		(4,555)		(3,811)
Less: noncash share-based compensation - property management	(1,137)		(1,340)		(2,383)		(2,784)
Property management expenses, net	$	31,017	$	29,166	$	61,655	$	57,189
General and administrative expense	$	20,008	$	21,693	$	39,679	$	43,578
Less: noncash share-based compensation - general and administrative	(3,987)		(7,559)		(8,854)		(14,398)
General and administrative expense, net	$	16,021	$	14,134	$	30,825	$	29,180
AMH
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Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

	For the Three Months Ended <br>Jun 30,				For the Six Months Ended <br>Jun 30,
	2025		2024		2025		2024
Net income per common share–diluted	$	0.28	$	0.25	$	0.58	$	0.55
Adjustments:
Conversion from GAAP share count	(0.03)		(0.03)		(0.07)		(0.07)
Noncontrolling interests in the Operating Partnership	0.03		0.03		0.07		0.07
Gain on sale and impairment of single-family properties and other, net	(0.12)		(0.10)		(0.27)		(0.27)
Adjustments for unconsolidated real estate joint ventures	—		—		0.01		0.01
Depreciation and amortization	0.30		0.28		0.60		0.55
Less: depreciation and amortization of non-real estate assets	(0.01)		(0.01)		(0.03)		(0.02)
FFO attributable to common share and unit holders	$	0.45	$	0.42	$	0.89	$	0.82
Adjustments:
Acquisition, other transaction costs and other	—		0.01		0.01		0.01
Noncash share-based compensation - general and administrative	0.01		0.02		0.02		0.04
Noncash share-based compensation - property management	0.01		—		0.01		0.01
Core FFO attributable to common share and unit holders	$	0.47	$	0.45	$	0.93	$	0.88
Recurring Capital Expenditures	(0.04)		(0.06)		(0.08)		(0.09)
Leasing costs	(0.01)		—		(0.01)		—
Adjusted FFO attributable to common share and unit holders	$	0.42	$	0.39	$	0.84	$	0.79

FFO Shares and Units

Includes weighted-average common shares and operating partnership units outstanding, as well as potentially dilutive securities.

Occupied Property

A property is classified as occupied upon commencement (i.e., start date) of a lease agreement, which can occur contemporaneously with or subsequent to execution (i.e., signature).

Property Enhancing Capex

Includes elective capital expenditures to enhance the operating profile of a property, such as investments to increase future revenues or reduce maintenance expenditures.

Recurring Capital Expenditures

AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Retained Cash Flow

Refer to Funds from Operations for a reconciliation of Adjusted FFO attributable to common share and unit holders to net income attributable to common shareholders, determined in accordance with GAAP. The following is a reconciliation of Adjusted FFO attributable to common share and unit holders to Retained Cash Flow (amounts in thousands):

	For the Three Months Ended <br>Jun 30, 2025
Adjusted FFO attributable to common share and unit holders	$	176,435
Common distributions	(127,152)
Retained Cash Flow	$	49,283

Same-Home Property

Stabilized Property

Total Capitalization

Includes the market value of all outstanding common shares and operating partnership units (based on the NYSE AMH Class A common share closing price as of period end), the current liquidation value of preferred shares as of period end and Total Debt.

Total Debt

Includes principal balances on asset-backed securitizations, unsecured senior notes and borrowings outstanding under our revolving credit facility as of period end, and excludes unamortized discounts and unamortized deferred financing costs.

Turnover Rate

The number of tenant move-outs during the period divided by the total number of properties.

AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Unsecured Senior Notes Covenant Ratios and Unsecured Credit Facility Covenant Ratios

Debt covenant compliance ratios for the unsecured senior notes show the Company’s compliance with selected covenants provided in the Indenture dated as of February 7, 2018, as supplemented by the First Supplemental Indenture dated as of February 7, 2018 for the 2028 Unsecured Senior Notes, the Second Supplemental Indenture dated as of January 23, 2019 for the 2029 Unsecured Senior Notes, the Third Supplemental Indenture dated as of July 8, 2021 for the 2031 Unsecured Senior Notes, the Fourth Supplemental Indenture dated as of July 8, 2021 for the 2051 Unsecured Senior Notes, the Fifth Supplemental Indenture dated as of April 7, 2022 for the 2032 Unsecured Senior Notes, the Sixth Supplemental Indenture dated as of April 7, 2022 for the 2052 Unsecured Senior Notes, the Seventh Supplemental Indenture dated as of January 30, 2024 for the 2034 Unsecured Senior Notes I, the Eighth Supplemental Indenture dated as of June 26, 2024 for the 2034 Unsecured Senior Notes II, the Ninth Supplemental Indenture dated as of December 9, 2024 for the 2035 Unsecured Senior Notes, and the Tenth Supplemental Indenture dated as of May 13, 2025 for the 2030 Unsecured Senior Notes, which have been filed as exhibits to the Company’s SEC reports. The ratios for the Unsecured Credit Facility covenants show the Company’s compliance with selected covenants provided in the Credit Agreement dated as of July 16, 2024, as amended by Amendment No. 1 to Credit Agreement dated as of May 6, 2025, which have been filed as exhibits to the Company’s SEC reports.

The debt covenant compliance ratios are provided only to show the Company’s compliance with certain covenants contained in the Indenture governing its unsecured debt securities and in the Credit Agreement, as of the date reported. These ratios should not be used for any other purpose, including without limitation to evaluate the Company’s financial condition or results of operations, nor do they indicate the Company’s covenant compliance as of any other date or for any other period. The capitalized terms in the disclosure are defined in the Indenture or the Credit Agreement, and may differ materially from similar terms used elsewhere in this document and used by other companies that present information about their covenant compliance. For risks related to failure to comply with these covenants, see “Risk Factors – Risks Related to Our Business” and other risks discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and in the Company’s subsequent filings with the SEC.

Executive Management
Bryan Smith	Sara Vogt-Lowell
Chief Executive Officer	Chief Administrative Officer, Chief Legal Officer and Secretary
Chris Lau
Chief Financial Officer and Senior Executive Vice President
AMH Diversified Portfolio
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