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): May 1, 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 May 1, 2025, American Homes 4 Rent (“AMH”) issued a press release announcing its financial results for the quarter ended March 31, 2025, together with a First Quarter 2025 Earnings Release and Supplemental Information Package. A copy of the press release and the First 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 May 1, 2025 concerning financial results, including financial tables

Exhibit 99.2—First 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: May 1, 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 First Quarter 2025 Financial and Operating Results

Delivered Strong First Quarter with Accelerating Monthly Occupancy and Rate Growth

LAS VEGAS, May 1, 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 March 31, 2025.

Highlights

•Rents and other single-family property revenues increased 8.4% year-over-year to $459.3 million for the first quarter of 2025.

•Net income attributable to common shareholders totaled $110.0 million, or $0.30 per diluted share, for the first quarter of 2025, compared to $109.3 million, or $0.30 per diluted share, for the first quarter of 2024.

•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 6.6% year-over-year to $0.46 per FFO share and unit for the first quarter of 2025 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 5.4% year-over-year to $0.42 per FFO share and unit for the first quarter of 2025.

•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 4.4% year-over-year for the first quarter of 2025.

•Achieved Same-Home Average Occupied Days Percentage of 95.9% in the first quarter of 2025, while generating 1.4% rate growth on new leases and 4.5% rate growth on renewals, resulting in 3.6% blended rate growth.

•Spring leasing season continues to further strengthen with preliminary April Same-Home Average Occupied Days Percentage of 96.3%, rate growth on new leases of 3.9% and rate growth on renewals of 4.4%.

•Delivered a total of 545 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the first quarter of 2025.

•In April 2025, S&P Global Ratings affirmed the Company’s ‘BBB’ issuer credit rating and revised its outlook to ‘Positive’ from ‘Stable’.

“AMH started the year off strong, delivering $0.46 of Core FFO per share for the first quarter which represents 6.6% growth over the same period last year,” stated Bryan Smith, AMH’s Chief Executive Officer. “As we enter our busy leasing season during a time of economic uncertainty, we continue to have confidence in our strong industry fundamentals and proven business model. Further, with our investment grade balance sheet, diversified portfolio footprint, leading operating platform, and strong resident base, AMH is well-positioned for strength and resiliency.”

First Quarter 2025 Financial Results

Net income attributable to common shareholders totaled $110.0 million, or $0.30 per diluted share, for the first quarter of 2025, compared to $109.3 million, or $0.30 per diluted share, for the first quarter of 2024. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses, largely offset by lower net gains on property sales.

Rents and other single-family property revenues increased 8.4% to $459.3 million for the first quarter of 2025, compared to $423.6 million for the first quarter of 2024. Revenue growth was driven by an increase in our average occupied portfolio which grew to 57,866 homes for the first quarter of 2025, compared to 56,065 homes for the first quarter of 2024, as well as higher rental rates.

Core NOI from our total portfolio increased 8.9% to $258.8 million for the first quarter of 2025, compared to $237.7 million for the first quarter of 2024. This growth was driven by an 8.0% increase in core revenues resulting from a larger number of occupied properties and higher rental rates, partially offset by a 6.3% increase in core property operating expenses.

For the Company’s Same-Home portfolio, core revenues increased 4.3% to $357.8 million for the first quarter of 2025, compared to $342.9 million for the first quarter of 2024, which was driven by a 4.5% increase in Average Monthly Realized Rent per property, partially offset by a 20 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 4.2% to $121.7 million for the first quarter of 2025, compared to $116.8 million for the first quarter of 2024, primarily driven by higher repairs and maintenance (“R&M”) and turnover costs, net and property management expenses, 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 4.4% to $236.1 million for the first quarter of 2025, compared to $226.1 million for the first quarter of 2024.

Core FFO attributable to common share and unit holders was $194.7 million, or $0.46 per FFO share and unit, for the first quarter of 2025, compared to $180.9 million, or $0.43 per FFO share and unit, for the first quarter of 2024. Adjusted FFO attributable to common share and unit holders was $176.6 million, or $0.42 per FFO share and unit, for the first quarter of 2025, compared to $166.0 million, or $0.40 per FFO share and unit, for the first quarter of 2024. These improvements were primarily attributable to growth in Core NOI from our total portfolio.

Portfolio

Average Occupied Days Percentage was 94.8% for the first quarter of 2025, compared to 94.2% for the fourth quarter of 2024.

Investments

As of March 31, 2025, the Company’s total single-family properties, excluding properties held for sale, consisted of 60,700 homes, compared to 60,531 homes as of December 31, 2024, an increase of 169 homes during the first quarter of 2025, which included 424 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 13 homes acquired through our traditional acquisition channel, partially offset by 268 homes identified for sale. During the first quarter of 2025, we also developed an additional 121 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 545 total home deliveries through our AMH Development Program. As of March 31, 2025, the Company had 661 properties held for sale and 3,487 properties held in unconsolidated joint ventures.

Capital Activities, Balance Sheet and Liquidity

During the first quarter of 2025, the Company paid off the outstanding principal of approximately $493.2 million on the AMH 2015-SFR1 asset-backed securitization.

As of March 31, 2025, the Company had cash and cash equivalents of $69.7 million and total outstanding debt of $5.0 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 10.3 years, which includes $410.0 million of outstanding borrowings on its $1.25 billion revolving credit facility. During the first quarter of 2025, the Company generated $49.5 million of Retained Cash Flow and sold 416 properties, generating $134.5 million of net proceeds. Additionally, the Company’s AMH 2015-SFR2 securitization, which had a balance of $429.0 million as of March 31, 2025, has an anticipated repayment date in 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<br>(Unchanged)
Core FFO attributable to common share and unit holders	$1.80 - $1.86
Core FFO attributable to common share and unit holders growth	1.7% - 5.1%
Same-Home
Core revenues growth	2.50% - 4.50%
Core property operating expenses growth	3.00% - 5.00%
Core NOI growth	2.25% - 4.25%		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

Additional Information

A copy of the Company’s First 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, May 2, 2025 at 12:00 p.m. Eastern Time to discuss the Company’s financial results for the quarter ended March 31, 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, May 16, 2025 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13752374#, 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. Our goal is to simplify the experience of leasing a home and deliver peace of mind to households across the country.

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 March 31, 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)

	March 31, 2025		December 31, 2024
	(Unaudited)
Assets
Single-family properties:
Land	$	2,383,321	$	2,370,006
Buildings and improvements	11,689,380		11,559,461
Single-family properties in operation	14,072,701		13,929,467
Less: accumulated depreciation	(3,139,741)		(3,048,868)
Single-family properties in operation, net	10,932,960		10,880,599
Single-family properties under development and development land	1,253,962		1,272,284
Single-family properties and land held for sale, net	247,375		212,808
Total real estate assets, net	12,434,297		12,365,691
Cash and cash equivalents	69,698		199,413
Restricted cash	149,160		150,803
Rent and other receivables	52,035		48,452
Escrow deposits, prepaid expenses and other assets	302,990		337,379
Investments in unconsolidated joint ventures	160,764		159,134
Goodwill	120,279		120,279
Total assets	$	13,289,223	$	13,381,151
Liabilities
Revolving credit facility	$	410,000	$	—
Asset-backed securitizations, net	428,479		924,344
Unsecured senior notes, net	4,088,223		4,086,418
Accounts payable and accrued expenses	520,410		521,759
Total liabilities	5,447,112		5,532,521
Commitments and contingencies
Equity
Shareholders’ equity:
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 369,525,121 and 368,987,993 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively)	3,695		3,690
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at March 31, 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 March 31, 2025 and December 31, 2024)	92		92
Additional paid-in capital	7,526,294		7,529,008
Accumulated deficit	(382,384)		(380,632)
Accumulated other comprehensive income	6,186		7,852
Total shareholders’ equity	7,153,889		7,160,016
Noncontrolling interest	688,222		688,614
Total equity	7,842,111		7,848,630
Total liabilities and equity	$	13,289,223	$	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>March 31,
	2025		2024
Rents and other single-family property revenues	$	459,276	$	423,555
Expenses:
Property operating expenses	167,530		155,927
Property management expenses	34,181		31,402
General and administrative expense	19,671		21,885
Interest expense	45,426		38,577
Acquisition and other transaction costs	3,061		3,324
Depreciation and amortization	124,928		115,726
Total expenses	394,797		366,841
Gain on sale and impairment of single-family properties and other, net	62,016		68,901
Loss on early extinguishment of debt	(216)		(954)
Other income and expense, net	2,434		3,434
Net income	128,713		128,095
Noncontrolling interest	15,255		15,320
Dividends on preferred shares	3,486		3,486
Net income attributable to common shareholders	$	109,972	$	109,289
Weighted-average common shares outstanding:
Basic	370,372,388		366,513,257
Diluted	370,761,741		366,972,293
Net income attributable to common shareholders per share:
Basic	$	0.30	$	0.30
Diluted	$	0.30	$	0.30

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 First 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 First 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 months ended March 31, 2025 and 2024 (amounts in thousands, except share and per share data):

	For the Three Months Ended<br>March 31,
	2025		2024
	(Unaudited)		(Unaudited)
Net income attributable to common shareholders	$	109,972	$	109,289
Adjustments:
Noncontrolling interests in the Operating Partnership	15,255		15,320
Gain on sale and impairment of single-family properties and other, net	(62,016)		(68,901)
Adjustments for unconsolidated real estate joint ventures	1,484		1,597
Depreciation and amortization	124,928		115,726
Less: depreciation and amortization of non-real estate assets	(5,365)		(4,655)
FFO attributable to common share and unit holders	$	184,258	$	168,376
Adjustments:
Acquisition, other transaction costs and other	4,090		3,324
Noncash share-based compensation - general and administrative	4,867		6,839
Noncash share-based compensation - property management	1,246		1,444
Loss on early extinguishment of debt	216		954
Core FFO attributable to common share and unit holders	$	194,677	$	180,937
Recurring Capital Expenditures	(16,829)		(14,124)
Leasing costs	(1,239)		(795)
Adjusted FFO attributable to common share and unit holders	$	176,609	$	166,018
Common distributions	(127,137)		(109,247)
Retained Cash Flow	$	49,472	$	56,771
Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.44	$	0.40
Core FFO attributable to common share and unit holders	$	0.46	$	0.43
Adjusted FFO attributable to common share and unit holders	$	0.42	$	0.40
Weighted-average FFO shares and units:
Common shares outstanding	370,372,388		366,513,257
Share-based compensation plan and forward sale equity contracts (1)	761,171		878,863
Operating partnership units	51,376,980		51,376,980
Total weighted-average FFO shares and units	422,510,539		418,769,100

(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 months ended March 31, 2025 and 2024:

	For the Three Months Ended<br>March 31,
	2025		2024
	(Unaudited)		(Unaudited)
Net income per common share–diluted	$	0.30	$	0.30
Adjustments:
Conversion from GAAP share count	(0.04)		(0.04)
Noncontrolling interests in the Operating Partnership	0.04		0.04
Gain on sale and impairment of single-family properties and other, net	(0.15)		(0.17)
Depreciation and amortization	0.30		0.28
Less: depreciation and amortization of non-real estate assets	(0.01)		(0.01)
FFO attributable to common share and unit holders	$	0.44	$	0.40
Adjustments:
Acquisition, other transaction costs and other	0.01		0.01
Noncash share-based compensation - general and administrative	0.01		0.02
Core FFO attributable to common share and unit holders	$	0.46	$	0.43
Recurring Capital Expenditures	(0.04)		(0.03)
Adjusted FFO attributable to common share and unit holders	$	0.42	$	0.40

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 months ended March 31, 2025 and 2024 (amounts in thousands):

	For the Three Months Ended <br>March 31,
	2025		2024
	(Unaudited)		(Unaudited)
Core revenues and Same-Home core revenues
Rents and other single-family property revenues	$	459,276	$	423,555
Tenant charge-backs	(63,861)		(57,337)
Core revenues	395,415		366,218
Less: Non-Same-Home core revenues	(37,640)		(23,354)
Same-Home core revenues	$	357,775	$	342,864
Core property operating expenses and Same-Home core property operating expenses
---	---	---	---	---
Property operating expenses	$	167,530	$	155,927
Property management expenses	34,181		31,402
Noncash share-based compensation - property management	(1,246)		(1,444)
Expenses reimbursed by tenant charge-backs	(63,861)		(57,337)
Core property operating expenses	136,604		128,548
Less: Non-Same-Home core property operating expenses	(14,953)		(11,798)
Same-Home core property operating expenses	$	121,651	$	116,750	Core NOI and Same-Home Core NOI
---	---	---	---	---
Net income	$	128,713	$	128,095
Loss on early extinguishment of debt	216		954
Gain on sale and impairment of single-family properties and other, net	(62,016)		(68,901)
Depreciation and amortization	124,928		115,726
Acquisition and other transaction costs	3,061		3,324
Noncash share-based compensation - property management	1,246		1,444
Interest expense	45,426		38,577
General and administrative expense	19,671		21,885
Other income and expense, net	(2,434)		(3,434)
Core NOI	258,811		237,670
Less: Non-Same-Home Core NOI	(22,687)		(11,556)
Same-Home Core NOI	$	236,124	$	226,114

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	7
Fact Sheet	9
Financial Information
CondensedConsolidated Statements of Operations	10
Funds from Operations	11
Core Net Operating Income – Total Portfolio	12
Same-Home Results	13
CondensedConsolidated Balance Sheets	16
Debt Summary	17
Capital Structure and Credit Metrics	18
Property and Other Information
Top 20 Markets Summary	19
Property Additions and Dispositions	20
AMH Development Pipeline Summary	21
Lease Expirations, Share Repurchase History and ATM Share History	22
2025 Guidance	23
Defined Terms and Non-GAAP Reconciliations	24
AMH
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Earnings Press Release

AMH Reports First Quarter 2025 Financial and Operating Results

Delivered Strong First Quarter with Accelerating Monthly Occupancy and Rate Growth

Highlights

•Rents and other single-family property revenues increased 8.4% year-over-year to $459.3 million for the first quarter of 2025.

•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 4.4% year-over-year for the first quarter of 2025.

•In April 2025, S&P Global Ratings affirmed the Company’s ‘BBB’ issuer credit rating and revised its outlook to ‘Positive’ from ‘Stable’.

First Quarter 2025 Financial Results

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	3
AMH
---

Earnings Press Release (continued)

Portfolio

Average Occupied Days Percentage was 94.8% for the first quarter of 2025, compared to 94.2% for the fourth quarter of 2024.

Investments

Capital Activities, Balance Sheet and Liquidity

During the first quarter of 2025, the Company paid off the outstanding principal of approximately $493.2 million on the AMH 2015-SFR1 asset-backed securitization.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	4
AMH
---

Earnings Press Release (continued)

2025 Guidance

Guidance Summary

	Full Year 2025<br>(Unchanged)
Core FFO attributable to common share and unit holders	$1.80 - $1.86
Core FFO attributable to common share and unit holders growth	1.7% - 5.1%
Same-Home
Core revenues growth	2.50% - 4.50%
Core property operating expenses growth	3.00% - 5.00%
Core NOI growth	2.25% - 4.25%		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

Additional Information

Conference Call

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	5
AMH
---

Earnings Press Release (continued)

About AMH

Cautionary Note Regarding Forward-Looking Statements

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	6
AMH
---

Select Non-GAAP Reconciliations – Core Net Operating Income

(Amounts in thousands)

(Unaudited)

	For the Three Months Ended <br>Mar 31,
	2025		2024
Core revenues and Same-Home core revenues
Rents and other single-family property revenues	$	459,276	$	423,555
Tenant charge-backs	(63,861)		(57,337)
Core revenues	395,415		366,218
Less: Non-Same-Home core revenues	(37,640)		(23,354)
Same-Home core revenues	$	357,775	$	342,864	Core property operating expenses and Same-Home core property operating expenses
---	---	---	---	---
Property operating expenses	$	167,530	$	155,927
Property management expenses	34,181		31,402
Noncash share-based compensation - property management	(1,246)		(1,444)
Expenses reimbursed by tenant charge-backs	(63,861)		(57,337)
Core property operating expenses	136,604		128,548
Less: Non-Same-Home core property operating expenses	(14,953)		(11,798)
Same-Home core property operating expenses	$	121,651	$	116,750	Core NOI and Same-Home Core NOI
---	---	---	---	---
Net income	$	128,713	$	128,095
Loss on early extinguishment of debt	216		954
Gain on sale and impairment of single-family properties and other, net	(62,016)		(68,901)
Depreciation and amortization	124,928		115,726
Acquisition and other transaction costs	3,061		3,324
Noncash share-based compensation - property management	1,246		1,444
Interest expense	45,426		38,577
General and administrative expense	19,671		21,885
Other income and expense, net	(2,434)		(3,434)
Core NOI	258,811		237,670
Less: Non-Same-Home Core NOI	(22,687)		(11,556)
Same-Home Core NOI	$	236,124	$	226,114
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	7
---	---
AMH
---

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
	Mar 31, <br>2025		Dec 31,<br>2024		Sep 30,<br>2024		Jun 30,<br>2024		Mar 31,<br>2024
Core revenues and Same-Home core revenues
Rents and other single-family property revenues	$	459,276	$	436,593	$	445,055	$	423,494	$	423,555
Tenant charge-backs	(63,861)		(49,108)		(67,615)		(47,371)		(57,337)
Core revenues	395,415		387,485		377,440		376,123		366,218
Less: Non-Same-Home core revenues	(37,640)		(34,909)		(25,777)		(25,729)		(23,354)
Same-Home core revenues	$	357,775	$	352,576	$	351,663	$	350,394	$	342,864	Core property operating expenses and Same-Home core property operating expenses
---	---	---	---	---	---	---	---	---	---	---
Property operating expenses	$	167,530	$	148,455	$	172,031	$	149,470	$	155,927
Property management expenses	34,181		33,564		31,973		32,382		31,402
Noncash share-based compensation - property management	(1,246)		(987)		(1,043)		(1,340)		(1,444)
Expenses reimbursed by tenant charge-backs	(63,861)		(49,108)		(67,615)		(47,371)		(57,337)
Core property operating expenses	136,604		131,924		135,346		133,141		128,548
Less: Non-Same-Home core property operating expenses	(14,953)		(13,882)		(12,726)		(11,946)		(11,798)
Same-Home core property operating expenses	$	121,651	$	118,042	$	122,620	$	121,195	$	116,750	Core NOI and Same-Home Core NOI
---	---	---	---	---	---	---	---	---	---	---
Net income	$	128,713	$	143,873	$	87,640	$	108,534	$	128,095
Hurricane-related charges, net	—		4,980		3,904		—		—
Loss on early extinguishment of debt	216		—		5,306		63		954
Gain on sale and impairment of single-family properties and other, net	(62,016)		(80,266)		(32,697)		(43,892)		(68,901)
Depreciation and amortization	124,928		123,990		119,691		117,603		115,726
Acquisition and other transaction costs	3,061		3,326		2,605		2,937		3,324
Noncash share-based compensation - property management	1,246		987		1,043		1,340		1,444
Interest expense	45,426		44,485		43,611		38,678		38,577
General and administrative expense	19,671		20,765		19,247		21,693		21,885
Other income and expense, net	(2,434)		(6,579)		(8,256)		(3,974)		(3,434)
Core NOI	258,811		255,561		242,094		242,982		237,670
Less: Non-Same-Home Core NOI	(22,687)		(21,027)		(13,051)		(13,783)		(11,556)
Same-Home Core NOI	$	236,124	$	234,534	$	229,043	$	229,199	$	226,114	Unencumbered Core NOI and Encumbered Core NOI
---	---	---	---	---	---	---	---	---	---	---
Core NOI	$	258,811	$	255,561	$	242,094	$	242,982	$	237,670
Less: Encumbered Core NOI (1)	(16,553)		(16,090)		(15,765)		(15,874)		(15,756)
Unencumbered Core NOI (1)	$	242,258	$	239,471	$	226,329	$	227,108	$	221,914

(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.	8
AMH
---

Fact Sheet

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

(Unaudited)

	For the Three Months Ended <br>Mar 31,
	2025			2024
Operating Data
Net income attributable to common shareholders	$	109,972		$	109,289
Core revenues	$	395,415		$	366,218
Core NOI	$	258,811		$	237,670
Core NOI margin	65.5		%	64.9		%
Fully Adjusted EBITDAre	$	230,886		$	212,736
Fully Adjusted EBITDAre Margin	57.9		%	57.6		%
Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.44		$	0.40
Core FFO attributable to common share and unit holders	$	0.46		$	0.43
Adjusted FFO attributable to common share and unit holders	$	0.42		$	0.40				Mar 31, <br>2025			Dec 31,<br>2024			Sep 30,<br>2024		Jun 30,<br>2024	Mar 31,<br>2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Selected Balance Sheet Information - end of period
Single-family properties in operation, net	$	10,932,960		$	10,880,599		$	10,398,690		$	10,295,131		$	10,217,286
Total assets	$	13,289,223		$	13,381,151		$	12,844,285		$	13,303,940		$	12,761,092
Outstanding borrowings under revolving credit facility	$	410,000		$	—		$	—		$	—		$	—
Total Debt	$	4,989,015		$	5,075,391		$	4,578,772		$	5,055,355		$	4,561,186
Total Capitalization	$	21,157,336		$	21,059,213		$	20,851,847		$	20,813,612		$	20,154,156
Total Debt to Total Capitalization	23.6		%	24.1		%	22.0		%	24.3		%	22.6		%
Net Debt and Preferred Shares to Adjusted EBITDAre	5.3 x			5.4 x			5.0 x			5.1 x			5.3 x
NYSE AMH Class A common share closing price	$	37.81		$	37.42		$	38.39		$	37.16		$	36.78		Portfolio Data - end of period
---	---	---	---	---	---	---	---	---	---	---
Occupied single-family properties	58,246		57,486		55,726		56,669		56,362
Single-family properties leased, not yet occupied	567		378		347		407		418
Single-family properties in turnover process	1,619		2,098		2,271		1,543		1,491
Single-family properties recently renovated or developed	257		565		544		240		337
Single-family properties newly acquired and under renovation	11		4		11		1		7
Total single-family properties, excluding properties held for sale	60,700		60,531		58,899		58,860		58,615
Single-family properties held for sale	661		805		1,003		633		728
Total single-family properties wholly owned	61,361		61,336		59,902		59,493		59,343
Single-family properties managed under joint ventures	3,487		3,376		3,271		3,167		3,004
Total single-family properties wholly owned and managed	64,848		64,712		63,173		62,660		62,347
Total Average Occupied Days Percentage (1)	94.8	%	94.2	%	95.1	%	95.8	%	95.3	%
Same-Home Average Occupied Days Percentage (54,472 properties)	95.9	%	95.4	%	96.1	%	96.7	%	96.1	%		Other Data
---	---	---	---	---	---	---	---	---	---	---
Distributions declared per common share	$	0.30	$	0.26	$	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.	9
AMH
---

Condensed Consolidated Statements of Operations

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

(Unaudited)

	For the Three Months Ended <br>Mar 31,
	2025		2024
Rents and other single-family property revenues	$	459,276	$	423,555
Expenses:
Property operating expenses	167,530		155,927
Property management expenses	34,181		31,402
General and administrative expense	19,671		21,885
Interest expense	45,426		38,577
Acquisition and other transaction costs	3,061		3,324
Depreciation and amortization	124,928		115,726
Total expenses	394,797		366,841
Gain on sale and impairment of single-family properties and other, net	62,016		68,901
Loss on early extinguishment of debt	(216)		(954)
Other income and expense, net	2,434		3,434
Net income	128,713		128,095
Noncontrolling interest	15,255		15,320
Dividends on preferred shares	3,486		3,486
Net income attributable to common shareholders	$	109,972	$	109,289
Weighted-average common shares outstanding:
Basic	370,372,388		366,513,257
Diluted	370,761,741		366,972,293
Net income attributable to common shareholders per share:
Basic	$	0.30	$	0.30
Diluted	$	0.30	$	0.30
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	10
---	---
AMH
---

Funds from Operations

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

(Unaudited)

	For the Three Months Ended <br>Mar 31,
	2025		2024
Net income attributable to common shareholders	$	109,972	$	109,289
Adjustments:
Noncontrolling interests in the Operating Partnership	15,255		15,320
Gain on sale and impairment of single-family properties and other, net	(62,016)		(68,901)
Adjustments for unconsolidated real estate joint ventures	1,484		1,597
Depreciation and amortization	124,928		115,726
Less: depreciation and amortization of non-real estate assets	(5,365)		(4,655)
FFO attributable to common share and unit holders	$	184,258	$	168,376
Adjustments:
Acquisition, other transaction costs and other	4,090		3,324
Noncash share-based compensation - general and administrative	4,867		6,839
Noncash share-based compensation - property management	1,246		1,444
Loss on early extinguishment of debt	216		954
Core FFO attributable to common share and unit holders	$	194,677	$	180,937
Recurring Capital Expenditures	(16,829)		(14,124)
Leasing costs	(1,239)		(795)
Adjusted FFO attributable to common share and unit holders	$	176,609	$	166,018
Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.44	$	0.40
Core FFO attributable to common share and unit holders	$	0.46	$	0.43
Adjusted FFO attributable to common share and unit holders	$	0.42	$	0.40
Weighted-average FFO shares and units:
Common shares outstanding	370,372,388		366,513,257
Share-based compensation plan and forward sale equity contracts (1)	761,171		878,863
Operating partnership units	51,376,980		51,376,980
Total weighted-average FFO shares and units	422,510,539		418,769,100

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	11
AMH
---

Core Net Operating Income – Total Portfolio

(Amounts in thousands)

(Unaudited)

	For the Three Months Ended <br>Mar 31,
	2025			2024
Rents from single-family properties	$	390,331		$	362,049
Fees from single-family properties	9,379			8,001
Bad debt	(4,295)			(3,832)
Core revenues	395,415			366,218
Property tax expense	66,940			64,588
HOA fees, net (1)	6,814			6,314
R&M and turnover costs, net (1)	27,281			24,846
Insurance	4,931			4,777
Property management expenses, net (2)	30,638			28,023
Core property operating expenses	136,604			128,548
Core NOI	$	258,811		$	237,670
Core NOI margin	65.5		%	64.9		%
	For the Three Months Ended <br>Mar 31, 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	54,472			2,815			3,402			672			61,361
Average Occupied Days Percentage	95.9		%	86.5		%	83.6		%	55.1		%	94.4		%
Rents from single-family properties	$	352,914		$	18,333		$	16,741		$	2,343		$	390,331
Fees from single-family properties	8,369			535			436			39			9,379
Bad debt	(3,508)			(145)			(238)			(404)			(4,295)
Core revenues	357,775			18,723			16,939			1,978			395,415
Property tax expense	60,270			3,030			3,106			534			66,940
HOA fees, net (1)	6,220			228			301			65			6,814
R&M and turnover costs, net (1)	24,200			1,054			1,530			497			27,281
Insurance	4,318			294			268			51			4,931
Property management expenses, net (2)	26,643			1,527			2,360			108			30,638
Core property operating expenses	121,651			6,133			7,565			1,255			136,604
Core NOI	$	236,124		$	12,590		$	9,374		$	723		$	258,811
Core NOI margin	66.0		%	67.2		%	55.3		%	36.6		%	65.5		%

(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 1,013 recently renovated or developed properties that do not meet the definition of Stabilized Property at the start of the quarter and 2,389 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 661 properties held for sale and 11 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.	12
AMH
---

Same-Home Results – Quarterly Comparisons

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

(Unaudited)

	For the Three Months Ended <br>Mar 31,
	2025			2024			Change
Number of Same-Home properties	54,472			54,472
Average Occupied Days Percentage	95.9		%	96.1		%	(0.2)	%
Average Monthly Realized Rent per Property	$	2,252		$	2,155		4.5	%
Turnover Rate	7.0		%	6.4		%	0.6	%
Turnover Rate - TTM	28.1		%	N/A
Core NOI:
Rents from single-family properties	$	352,914		$	338,475		4.3	%
Fees from single-family properties	8,369			7,356			13.8	%
Bad debt	(3,508)			(2,967)			18.2	%
Core revenues	357,775			342,864			4.3	%
Property tax expense	60,270			59,420			1.4	%
HOA fees, net (1)	6,220			5,879			5.8	%
R&M and turnover costs, net (1)	24,200			22,120			9.4	%
Insurance	4,318			4,368			(1.1)	%
Property management expenses, net (2)	26,643			24,963			6.7	%
Core property operating expenses	121,651			116,750			4.2	%
Core NOI	$	236,124		$	226,114		4.4	%
Core NOI margin	66.0		%	65.9		%
Selected Property Expenditure Details:
Recurring Capital Expenditures	$	15,334		$	12,828		19.5	%
Per property:
Average Recurring Capital Expenditures	$	282		$	235		19.5	%
Average R&M and turnover costs, net, plus Recurring Capital Expenditures	$	726		$	642		13.1	%
Property Enhancing Capex	$	9,006		$	8,119

(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.	13
AMH
---

Same-Home Results – Sequential Quarterly Results

(Amounts in thousands, except per property data)

(Unaudited)

	For the Three Months Ended
	Mar 31, <br>2025			Dec 31,<br>2024			Sep 30,<br>2024			Jun 30,<br>2024			Mar 31,<br>2024
Average Occupied Days Percentage	95.9		%	95.4		%	96.1		%	96.7		%	96.1		%
Average Monthly Realized Rent per Property	$	2,252		$	2,237		$	2,218		$	2,187		$	2,155
Average Change in Rent for Renewals	4.5		%	5.0		%	5.2		%	5.2		%	5.9		%
Average Change in Rent for Re-Leases	1.4		%	0.3		%	5.3		%	5.7		%	4.9		%
Average Blended Change in Rent	3.6		%	3.4		%	5.2		%	5.3		%	5.6		%
Core NOI:
Rents from single-family properties	$	352,914		$	348,739		$	348,374		$	345,701		$	338,475
Fees from single-family properties	8,369			8,087			7,428			7,391			7,356
Bad debt	(3,508)			(4,250)			(4,139)			(2,698)			(2,967)
Core revenues	357,775			352,576			351,663			350,394			342,864
Property tax expense	60,270			55,748			58,516			59,198			59,420
HOA fees, net (1)	6,220			6,398			6,385			6,311			5,879
R&M and turnover costs, net (1)	24,200			24,934			27,882			25,338			22,120
Insurance	4,318			4,507			4,502			4,455			4,368
Property management expenses, net (2)	26,643			26,455			25,335			25,893			24,963
Core property operating expenses	121,651			118,042			122,620			121,195			116,750
Core NOI	$	236,124		$	234,534		$	229,043		$	229,199		$	226,114
Core NOI margin	66.0		%	66.5		%	65.1		%	65.4		%	65.9		%
Selected Property Expenditure Details:
Recurring Capital Expenditures	$	15,334		$	15,422		$	20,652		$	19,019		$	12,828
Per property:
Average Recurring Capital Expenditures	$	282		$	283		$	379		$	349		$	235
Average R&M and turnover costs, net, plus Recurring Capital Expenditures	$	726		$	741		$	891		$	814		$	642
Property Enhancing Capex	$	9,006		$	7,172		$	9,458		$	8,339		$	8,119

(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 – Operating Metrics by Market

Market	Number of Properties	Gross Book Value per Property		% of <br>1Q25 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	5,364	$	226,858	9.8	%	3.7	%	(0.5)	%	2.4	%
Charlotte, NC	3,893	221,946		7.4	%	4.6	%	3.8	%	4.4	%
Dallas-Fort Worth, TX	3,627	175,815		5.7	%	4.1	%	(0.3)	%	3.0	%
Nashville, TN	3,118	250,833		6.9	%	4.3	%	0.2	%	3.2	%
Jacksonville, FL	2,981	217,347		4.8	%	4.2	%	(0.7)	%	2.5	%
Phoenix, AZ	2,976	219,077		6.1	%	4.1	%	(1.1)	%	3.0	%
Indianapolis, IN	2,776	175,852		3.9	%	5.8	%	4.5	%	5.5	%
Tampa, FL	2,675	232,381		4.6	%	4.4	%	0.7	%	3.3	%
Houston, TX	2,182	179,867		3.0	%	3.7	%	1.7	%	3.2	%
Columbus, OH	2,104	197,700		3.9	%	6.0	%	4.2	%	5.5	%
Raleigh, NC	2,093	201,362		3.7	%	3.8	%	1.0	%	3.1	%
Cincinnati, OH	2,069	198,888		3.9	%	5.9	%	5.1	%	5.7	%
Las Vegas, NV	2,017	284,258		4.1	%	4.3	%	0.9	%	3.4	%
Salt Lake City, UT	1,869	304,420		4.5	%	6.0	%	2.6	%	4.9	%
Orlando, FL	1,796	221,276		3.0	%	3.7	%	(0.6)	%	2.3	%
Greater Chicago area, IL and IN	1,487	194,130		2.6	%	6.6	%	8.4	%	7.1	%
Charleston, SC	1,406	230,959		2.7	%	4.4	%	2.6	%	3.7	%
San Antonio, TX	1,104	199,759		1.5	%	2.0	%	(6.8)	%	(0.1)	%
Savannah/Hilton Head, SC	1,003	210,069		1.9	%	5.4	%	3.4	%	4.7	%
Seattle, WA	937	330,032		2.3	%	5.3	%	4.6	%	5.1	%
All Other (2)	6,995	232,830		13.7	%	4.5	%	1.9	%	3.7	%
Total/Average	54,472	$	221,655	100.0	%	4.5	%	1.4	%	3.6	%
	Average Occupied Days Percentage						Average Monthly Realized Rent per Property
---	---	---	---	---	---	---	---	---	---	---	---	---
Market	1Q25 QTD		1Q24 QTD		Change		1Q25 QTD		1Q24 QTD		Change
Atlanta, GA	95.4	%	95.7	%	(0.3)	%	$	2,280	$	2,191	4.1	%
Charlotte, NC	96.5	%	96.3	%	0.2	%	2,207		2,102		5.0	%
Dallas-Fort Worth, TX	95.8	%	95.3	%	0.5	%	2,311		2,214		4.4	%
Nashville, TN	95.9	%	96.3	%	(0.4)	%	2,364		2,280		3.7	%
Jacksonville, FL	95.4	%	95.8	%	(0.4)	%	2,180		2,112		3.2	%
Phoenix, AZ	95.9	%	94.3	%	1.6	%	2,153		2,095		2.8	%
Indianapolis, IN	97.1	%	97.9	%	(0.8)	%	1,906		1,807		5.5	%
Tampa, FL	95.5	%	95.4	%	0.1	%	2,429		2,335		4.0	%
Houston, TX	96.2	%	97.0	%	(0.8)	%	2,093		1,995		4.9	%
Columbus, OH	96.7	%	96.8	%	(0.1)	%	2,227		2,108		5.6	%
Raleigh, NC	95.9	%	95.9	%	—	%	2,069		1,972		4.9	%
Cincinnati, OH	97.2	%	97.4	%	(0.2)	%	2,184		2,059		6.1	%
Las Vegas, NV	95.4	%	94.9	%	0.5	%	2,309		2,218		4.1	%
Salt Lake City, UT	95.5	%	96.8	%	(1.3)	%	2,483		2,377		4.5	%
Orlando, FL	95.2	%	96.3	%	(1.1)	%	2,388		2,284		4.6	%
Greater Chicago area, IL and IN	97.7	%	97.8	%	(0.1)	%	2,510		2,354		6.6	%
Charleston, SC	94.8	%	96.7	%	(1.9)	%	2,320		2,233		3.9	%
San Antonio, TX	95.5	%	93.8	%	1.7	%	1,939		1,925		0.7	%
Savannah/Hilton Head, SC	94.9	%	96.9	%	(2.0)	%	2,287		2,130		7.4	%
Seattle, WA	96.6	%	96.2	%	0.4	%	2,836		2,694		5.3	%
All Other (2)	95.9	%	95.9	%	—	%	2,227		2,138		4.2	%
Total/Average	95.9	%	96.1	%	(0.2)	%	$	2,252	$	2,155	4.5	%

(1)Reflected for the three months ended March 31, 2025.

(2)Represents 15 markets in 13 states.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	15
AMH
---

Condensed Consolidated Balance Sheets

(Amounts in thousands)

	Mar 31, 2025		Dec 31, 2024
	(Unaudited)
Assets
Single-family properties:
Land	$	2,383,321	$	2,370,006
Buildings and improvements	11,689,380		11,559,461
Single-family properties in operation	14,072,701		13,929,467
Less: accumulated depreciation	(3,139,741)		(3,048,868)
Single-family properties in operation, net	10,932,960		10,880,599
Single-family properties under development and development land	1,253,962		1,272,284
Single-family properties and land held for sale, net	247,375		212,808
Total real estate assets, net	12,434,297		12,365,691
Cash and cash equivalents	69,698		199,413
Restricted cash	149,160		150,803
Rent and other receivables	52,035		48,452
Escrow deposits, prepaid expenses and other assets	302,990		337,379
Investments in unconsolidated joint ventures	160,764		159,134
Goodwill	120,279		120,279
Total assets	$	13,289,223	$	13,381,151
Liabilities
Revolving credit facility	$	410,000	$	—
Asset-backed securitizations, net	428,479		924,344
Unsecured senior notes, net	4,088,223		4,086,418
Accounts payable and accrued expenses	520,410		521,759
Total liabilities	5,447,112		5,532,521
Commitments and contingencies
Equity
Shareholders’ equity:
Class A common shares	3,695		3,690
Class B common shares	6		6
Preferred shares	92		92
Additional paid-in capital	7,526,294		7,529,008
Accumulated deficit	(382,384)		(380,632)
Accumulated other comprehensive income	6,186		7,852
Total shareholders’ equity	7,153,889		7,160,016
Noncontrolling interest	688,222		688,614
Total equity	7,842,111		7,848,630
Total liabilities and equity	$	13,289,223	$	13,381,151
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	16
---	---
AMH
---

Debt Summary as of March 31, 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)	$	—	$	410,000	$	410,000	8.2	%	5.36	%	4.3
Total floating rate debt	—		410,000		410,000		8.2	%	5.36	%	4.3
Fixed rate debt:
AMH 2015-SFR2 securitization	429,015		—		429,015		8.6	%	4.36	%	20.5
2028 unsecured senior notes	—		500,000		500,000		10.0	%	4.08	%	2.9
2029 unsecured senior notes	—		400,000		400,000		8.0	%	4.90	%	3.9
2031 unsecured senior notes	—		450,000		450,000		9.0	%	2.46	%	6.3
2032 unsecured senior notes	—		600,000		600,000		12.1	%	3.63	%	7.0
2034 unsecured senior notes I	—		600,000		600,000		12.1	%	5.50	%	8.8
2034 unsecured senior notes II	—		500,000		500,000		10.0	%	5.50	%	9.3
2035 unsecured senior notes	—		500,000		500,000		10.0	%	5.08	%	10.0
2051 unsecured senior notes	—		300,000		300,000		6.0	%	3.38	%	26.3
2052 unsecured senior notes	—		300,000		300,000		6.0	%	4.30	%	27.1
Total fixed rate debt	429,015		4,150,000		4,579,015		91.8	%	4.38	%	10.9
Total Debt	$	429,015	$	4,560,000	4,989,015		100.0	%	4.46	%	10.3
Unamortized discounts and loan costs					(62,313)
Total debt per balance sheet					$	4,926,702						Maturity Schedule by Year (2)	Total Debt	% of Total
---	---	---	---	---
Remaining 2025	$	3,582	0.1	%
2026	4,776		0.1	%
2027	4,776		0.1	%
2028	504,776		10.1	%
2029	814,776		16.3	%
Thereafter	3,656,329		73.3	%
Total	$	4,989,015	100.0	%

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

Interest Expense Reconciliation

	For the Three Months Ended <br>Mar 31,
(Amounts in thousands)	2025		2024
Interest expense per income statement and included in Core FFO attributable to common share and unit holders	$	45,426	$	38,577
Less: amortization of discounts, loan costs and cash flow hedges	(2,485)		(3,056)
Add: capitalized interest	13,854		14,222
Cash interest	$	56,795	$	49,743
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	17
---	---
AMH
---

Capital Structure and Credit Metrics as of March 31, 2025

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

(Unaudited)

Total Capitalization
Total Debt			$	4,989,015	23.6	%
Total preferred shares			230,000		1.1	%
Common equity at market value:
Common shares outstanding	370,160,196
Operating partnership units	51,376,980
Total shares and units	421,537,176
NYSE AMH Class A common share closing price at March 31, 2025	$	37.81
Market value of common shares and operating partnership units			15,938,321		75.3	%
Total Capitalization			$	21,157,336	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	5.3 x		Rating Agency	Rating	Outlook
Fixed Charge Coverage	4.2 x		Moody's Investor Service	Baa2	Stable
Unencumbered Core NOI percentage	93.6	%	S&P Global Ratings	BBB	Positive (1)

(1)In April 2025, the Company was placed on positive outlook by S&P Global Ratings.

Unsecured Senior Notes Covenant Ratios	Requirement			Actual
Ratio of Indebtedness to Total Assets	<	60.0	%	30.8	%
Ratio of Secured Debt to Total Assets	<	40.0	%	2.6	%
Ratio of Unencumbered Assets to Unsecured Debt	>	150.0	%	338.5	%
Ratio of Consolidated Income Available for Debt Service to Interest Expense	>	1.50 x		4.45 x		Unsecured Credit Facility Covenant Ratios	Requirement	Actual
---	---	---	---	---	---
Ratio of Total Indebtedness to Total Asset Value	<	60.0	%	28.6	%
Ratio of Secured Indebtedness to Total Asset Value	<	40.0	%	2.9	%
Ratio of Unsecured Indebtedness to Unencumbered Asset Value	<	60.0	%	29.6	%
Ratio of EBITDA to Fixed Charges	>	1.50 x		3.85 x
Ratio of Unencumbered NOI to Unsecured Interest Expense	>	1.75 x		5.35 x
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	18
---	---
AMH
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Top 20 Markets Summary as of March 31, 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	6,038	9.9	%	$	237,101	2,196	17.4
Charlotte, NC	4,254	7.0	%	230,886		2,120	18.5
Dallas-Fort Worth, TX	3,839	6.3	%	178,665		2,084	20.7
Nashville, TN	3,372	5.6	%	260,674		2,123	16.6
Jacksonville, FL	3,333	5.5	%	230,543		1,926	14.4
Phoenix, AZ	3,315	5.5	%	222,438		1,850	19.8
Indianapolis, IN	3,049	5.0	%	182,189		1,936	21.9
Tampa, FL	3,004	4.9	%	245,990		1,951	15.0
Las Vegas, NV	2,622	4.3	%	311,759		1,966	10.8
Houston, TX	2,400	4.0	%	182,867		2,065	19.2
Raleigh, NC	2,211	3.6	%	204,482		1,892	18.5
Columbus, OH	2,179	3.6	%	206,395		1,890	21.7
Orlando, FL	2,152	3.5	%	241,418		1,932	16.8
Cincinnati, OH	2,105	3.5	%	200,353		1,843	22.2
Salt Lake City, UT	1,937	3.2	%	308,400		2,243	18.0
Charleston, SC	1,633	2.7	%	242,453		1,962	13.2
Greater Chicago area, IL and IN	1,518	2.5	%	194,276		1,868	23.6
San Antonio, TX	1,215	2.0	%	202,808		1,913	16.0
Boise, ID	1,077	1.8	%	316,132		1,878	10.7
Savannah/Hilton Head, SC	1,064	1.8	%	217,464		1,886	16.2
All Other (3)	8,383	13.8	%	249,135		1,941	17.9
Total/Average	60,700	100.0	%	$	231,840	1,997	17.8

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	94.7	%	$	2,292	3.8	%	(0.4)	%	2.5	%
Charlotte, NC	96.1	%	2,220		4.8	%	4.2	%	4.6	%
Dallas-Fort Worth, TX	95.5	%	2,309		4.1	%	(0.4)	%	3.0	%
Nashville, TN	94.9	%	2,373		4.2	%	0.2	%	3.1	%
Jacksonville, FL	94.2	%	2,193		4.3	%	(0.6)	%	2.7	%
Phoenix, AZ	94.9	%	2,147		4.2	%	(0.8)	%	3.1	%
Indianapolis, IN	97.0	%	1,908		5.8	%	4.4	%	5.5	%
Tampa, FL	94.3	%	2,453		4.5	%	0.6	%	3.4	%
Las Vegas, NV	91.6	%	2,338		4.3	%	1.1	%	3.4	%
Houston, TX	96.0	%	2,076		3.8	%	1.7	%	3.3	%
Raleigh, NC	95.8	%	2,070		3.9	%	1.0	%	3.1	%
Columbus, OH	95.8	%	2,235		6.1	%	4.3	%	5.6	%
Orlando, FL	93.1	%	2,404		3.9	%	(0.6)	%	2.5	%
Cincinnati, OH	97.2	%	2,185		5.9	%	5.3	%	5.7	%
Salt Lake City, UT	94.5	%	2,479		6.2	%	2.5	%	5.0	%
Charleston, SC	92.6	%	2,334		4.5	%	3.0	%	3.9	%
Greater Chicago area, IL and IN	97.6	%	2,508		6.7	%	8.4	%	7.1	%
San Antonio, TX	94.6	%	1,938		2.1	%	(6.8)	%	(0.1)	%
Boise, ID	89.3	%	2,282		4.0	%	0.7	%	2.8	%
Savannah/Hilton Head, SC	94.5	%	2,294		5.3	%	3.1	%	4.6	%
All Other (3)	94.4	%	2,286		4.9	%	2.5	%	4.2	%
Total/Average	94.8	%	$	2,255	4.6	%	1.5	%	3.7	%

(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 March 31, 2025.

(3)Represents 17 markets in 16 states.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	19
AMH
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Property Additions

	1Q25 Additions
Market	Number of Properties	Average<br>Total Investment Cost
Las Vegas, NV	77	$	420,548
Tampa, FL	55	386,618
Tucson, AZ	48	359,011
Jacksonville, FL	47	368,445
Atlanta, GA	47	365,667
Orlando, FL	42	397,409
Charleston, SC	22	397,061
Phoenix, AZ	18	402,930
Nashville, TN	16	471,126
Boise, ID	16	468,581
Denver, CO	15	471,369
Seattle, WA	13	550,602
Savannah/Hilton Head, SC	11	343,111
Charlotte, NC	8	384,240
Cincinnati, OH	1	338,768
Columbus, OH	1	350,212
Total/Average	437	$	400,142

Property Dispositions

	Mar 31, 2025 Single-Family Properties Held <br>for Sale		1Q25 Dispositions
Market		Number of Properties		Average<br>Net Proceeds per Property
Greater Chicago area, IL and IN	71		4		$	247,871
Inland Empire, CA	59		4		400,828
Dallas-Fort Worth, TX	57		55		300,478
Houston, TX	56		27		244,781
Atlanta, GA	56		46		314,552
Charlotte, NC	33		15		397,718
Tampa, FL	30		35		339,809
Phoenix, AZ	29		34		372,869
Austin, TX	27		26		275,198
Orlando, FL	26		30		320,072
Nashville, TN	21		19		340,281
San Antonio, TX	20		13		229,249
Raleigh, NC	19		9		339,908
Indianapolis, IN	16		11		255,523
Seattle, WA	12		1		493,055
Salt Lake City, UT	12		7		643,990
Jacksonville, FL	12		11		329,958
Bay Area, CA	11		1		564,435
Central Valley, CA	11		1		336,867
Denver, CO	10		5		465,680
All Other (1)	73		62		319,756
Total/Average	661		416		$	323,303

(1)Represents 18 markets in 13 states.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	20
AMH
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AMH Development Pipeline Summary as of March 31, 2025 (1)

	YTD 1Q25 Deliveries					Mar 31, 2025 <br>Lots for <br>Future Delivery
Market	Number of Properties	Average Total Investment Cost		Average<br>Monthly Rent
Las Vegas, NV	109	$	405,000	$	2,390	705
Phoenix, AZ	84	345,000		2,050		1,318
Tampa, FL	55	387,000		2,700		478
Atlanta, GA	52	370,000		2,430		902
Jacksonville, FL	47	368,000		2,290		368
Orlando, FL	42	397,000		2,530		595
Nashville, TN	36	433,000		2,780		199
Denver, CO	31	512,000		3,190		500
Seattle, WA	28	466,000		3,090		376
Charleston, SC	22	397,000		2,550		869
Boise, ID	16	469,000		2,390		260
Salt Lake City, UT	15	443,000		2,880		295
Charlotte, NC	8	384,000		2,330		355
Columbus, OH	—	—		—		675
Raleigh, NC	—	—		—		66
Total/Average	545	$	400,000	$	2,500	7,961
Lots optioned						1,403
Total lots owned and optioned						9,364

Estimated Delivery Timing

	Dec 31, 2024<br>Lots for<br>Future Delivery	YTD 1Q25<br><br>Net Additions/(Reductions) (3)	YTD 1Q25<br>Deliveries	Full Year Estimated 2025 Deliveries (1)	Deliveries Thereafter (1)
Wholly-owned development pipeline (2)	9,458	(360)	424	1,800 - 2,000	7,198
Joint venture development pipeline (2)(4)	765	46	121	~ 400	411
Total development pipeline	10,223	(314)	545	2,200 - 2,400	7,609

(1)Reflects the Company’s latest development program results and estimates as of May 1, 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.	21
AMH
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Lease Expirations

	MTM	2Q25	3Q25	4Q25	1Q26	Thereafter
Lease expirations	2,430	13,940	11,988	7,227	17,616	5,612

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	—	—		—
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	—	—		—		—	—		—			—
												246,330
											Remaining authorization:	$	753,670
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	22
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AMH
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2025 Guidance

Guidance Summary

	Full Year 2025<br>(Unchanged)
Core FFO attributable to common share and unit holders	$1.80 - $1.86
Core FFO attributable to common share and unit holders growth	1.7% - 5.1%
Same-Home
Core revenues growth	2.50% - 4.50%
Core property operating expenses growth	3.00% - 5.00%
Core NOI growth	2.25% - 4.25%		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
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	23
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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)	Mar 31, <br>2025		Dec 31,<br>2024		Sep 30,<br>2024		Jun 30,<br>2024		Mar 31,<br>2024
Total Debt	$	4,989,015	$	5,075,391	$	4,578,772	$	5,055,355	$	4,561,186
Less: cash and cash equivalents	(69,698)		(199,413)		(162,477)		(718,380)		(124,826)
Less: restricted cash related to securitizations	(19,122)		(26,588)		(26,273)		(37,112)		(33,243)
Net debt	$	4,900,195	$	4,849,390	$	4,390,022	$	4,299,863	$	4,403,117
Preferred shares at liquidation value	230,000		230,000		230,000		230,000		230,000
Net debt and preferred shares	$	5,130,195	$	5,079,390	$	4,620,022	$	4,529,863	$	4,633,117
Adjusted EBITDAre - TTM	$	963,598	$	942,299	$	919,174	$	896,679	$	875,707
Net Debt and Preferred Shares to Adjusted EBITDAre	5.3 x		5.4 x		5.0 x		5.1 x		5.3 x

Fixed Charge Coverage

(Amounts in thousands)	For the Trailing Twelve Months Ended<br>Mar 31, 2025
Interest expense per income statement	$	172,200
Less: amortization of discounts, loan costs and cash flow hedges	(10,918)
Add: capitalized interest	52,775
Cash interest	214,057
Dividends on preferred shares	13,944
Fixed charges	$	228,001
Adjusted EBITDAre - TTM	$	963,598
Fixed Charge Coverage	4.2 x

Unencumbered Core NOI Percentage

	For the Three Months Ended								For the Trailing Twelve Months Ended<br>Mar 31, 2025
(Amounts in thousands)	Jun 30,<br>2024		Sep 30,<br>2024		Dec 31,<br>2024		Mar 31, <br>2025
Unencumbered Core NOI (1)	$	227,108	$	226,329	$	239,471	$	242,258	$	935,166
Core NOI	242,982		242,094		255,561		258,811		999,448
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 months ended March 31, 2025 and 2024 (amounts in thousands):

	For the Three Months Ended <br>Mar 31,
	2025			2024
Net income	$	128,713		$	128,095
Interest expense	45,426			38,577
Depreciation and amortization	124,928			115,726
EBITDA	$	299,067		$	282,398
Gain on sale and impairment of single-family properties and other, net	(62,016)			(68,901)
Adjustments for unconsolidated real estate joint ventures	1,484			1,597
EBITDAre	$	238,535		$	215,094
Noncash share-based compensation - general and administrative	4,867			6,839
Noncash share-based compensation - property management	1,246			1,444
Acquisition, other transaction costs and other	4,090			3,324
Loss on early extinguishment of debt	216			954
Adjusted EBITDAre	$	248,954		$	227,655
Recurring Capital Expenditures	(16,829)			(14,124)
Leasing costs	(1,239)			(795)
Fully Adjusted EBITDAre	$	230,886		$	212,736
Rents and other single-family property revenues	$	459,276		$	423,555
Less: tenant charge-backs	(63,861)			(57,337)
Adjustments for unconsolidated joint ventures - income	3,588			2,998
Rents and other single-family property revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures	$	399,003		$	369,216
Adjusted EBITDAre Margin	62.4		%	61.7		%
Fully Adjusted EBITDAre Margin	57.9		%	57.6		%
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
	Mar 31, <br>2025		Dec 31,<br>2024		Sep 30,<br>2024		Jun 30,<br>2024		Mar 31,<br>2024
Net income	$	468,760	$	468,142	$	415,206	$	415,658	$	422,538
Interest expense	172,200		165,351		155,957		146,727		142,893
Depreciation and amortization	486,212		477,010		468,791		463,963		459,559
EBITDA	$	1,127,172	$	1,110,503	$	1,039,954	$	1,026,348	$	1,024,990
Gain on sale and impairment of single-family properties and other, net	(218,871)		(225,756)		(174,572)		(175,210)		(194,076)
Adjustments for unconsolidated real estate joint ventures	4,609		4,722		5,240		4,936		4,798
EBITDAre	$	912,910	$	889,469	$	870,622	$	856,074	$	835,712
Noncash share-based compensation - general and administrative	18,645		20,617		20,493		21,052		19,475
Noncash share-based compensation - property management	4,616		4,814		4,706		4,616		4,408
Acquisition, other transaction costs and other	12,958		12,192		13,126		13,920		15,158
Hurricane-related charges, net	8,884		8,884		3,904		—		—
Loss on early extinguishment of debt	5,585		6,323		6,323		1,017		954
Adjusted EBITDAre	$	963,598	$	942,299	$	919,174	$	896,679	$	875,707

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>Mar 31,
	2025		2024
Property management expenses	$	34,181	$	31,402
Less: tenant charge-backs	(2,297)		(1,935)
Less: noncash share-based compensation - property management	(1,246)		(1,444)
Property management expenses, net	$	30,638	$	28,023
General and administrative expense	$	19,671	$	21,885
Less: noncash share-based compensation - general and administrative	(4,867)		(6,839)
General and administrative expense, net	$	14,804	$	15,046
AMH
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Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

	For the Three Months Ended <br>Mar 31,
	2025		2024
Net income per common share–diluted	$	0.30	$	0.30
Adjustments:
Conversion from GAAP share count	(0.04)		(0.04)
Noncontrolling interests in the Operating Partnership	0.04		0.04
Gain on sale and impairment of single-family properties and other, net	(0.15)		(0.17)
Depreciation and amortization	0.30		0.28
Less: depreciation and amortization of non-real estate assets	(0.01)		(0.01)
FFO attributable to common share and unit holders	$	0.44	$	0.40
Adjustments:
Acquisition, other transaction costs and other	0.01		0.01
Noncash share-based compensation - general and administrative	0.01		0.02
Core FFO attributable to common share and unit holders	$	0.46	$	0.43
Recurring Capital Expenditures	(0.04)		(0.03)
Adjusted FFO attributable to common share and unit holders	$	0.42	$	0.40

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>Mar 31, 2025
Adjusted FFO attributable to common share and unit holders	$	176,609
Common distributions	(127,137)
Retained Cash Flow	$	49,472

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, and the Ninth Supplemental Indenture dated as of December 9, 2024 for the 2035 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, which has been filed as an exhibit 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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Corporate Information	Investor Relations
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Las Vegas, NV 89119	investors@amh.com
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