American Homes 4 Rent

Previous wording

As of September 30, 2024, we owned 59,902 single-family properties in select submarkets of metropolitan statistical areas in 21 states, including 1,003 properties held for sale, compared to 59,332 single-family properties in 21 states, including 862 properties held for sale, as of December 31, 2023 and 59,092 single-family properties in 21 states, including 700 properties held for sale, as of September 30, 2023. As of September 30, 2024, 55,726 of our total properties (excluding properties held for sale) were occupied, compared to 55,768 of our total properties (excluding properties held for sale) as of December 31, 2023 and 55,949 of our total properties (excluding properties held for sale) as of September 30, 2023. Also, as of September 30, 2024, the Company had an additional 3,271 properties held in unconsolidated joint ventures, compared to 2,978 properties held in unconsolidated joint ventures as of December 31, 2023 and 2,936 properties held in unconsolidated joint ventures as of September 30, 2023. Our portfolio of single-family properties, including those held in our unconsolidated joint ventures, is internally managed through our proprietary property management platform.

Current wording

As of March 31, 2025, we owned 61,361 single-family properties in select submarkets of metropolitan statistical areas in 24 states, including 661 properties held for sale, compared to 61,336 single-family properties in 24 states, including 805 properties held for sale, as of December 31, 2024 and 59,343 single-family properties in 21 states, including 728 properties held for sale, as of March 31, 2024. As of March 31, 2025, 58,246 of our total properties (excluding properties held for sale) were occupied, compared to 57,486 of our total properties (excluding properties held for sale) as of December 31, 2024 and 56,362 of our total properties (excluding properties held for sale) as of March 31, 2024. Also, as of March 31, 2025, the Company had an additional 3,487 properties held in unconsolidated joint ventures, compared to 3,376 properties held in unconsolidated joint ventures as of December 31, 2024 and 3,004 properties held in unconsolidated joint ventures as of March 31, 2024. Our portfolio of single-family properties, including those held in our unconsolidated joint ventures, is internally managed through our proprietary property management platform.

Previous wording

Our results of operations and financial condition are affected by numerous factors, many of which are beyond our control. Key factors that impact our results of operations and financial condition include the pace at which we identify and acquire suitable land and properties, the time and cost required to renovate the acquired properties, the pace and cost of our property developments, the time to lease newly acquired or developed properties at acceptable rental rates, occupancy levels, rates of tenant turnover, the length of vacancy in properties between tenant leases, our expense ratios, property taxes including changes in rates and valuation assessments of our properties, our ability to raise capital and our capital structure. Additionally, further supply chain disruptions, inflationary increases in labor and material costs and labor shortages may have the potential to impact certain aspects of our business, including our AMH Development Program, our renovation program associated with acquired properties and our maintenance program.

Current wording

Our results of operations and financial condition are affected by numerous factors, many of which are beyond our control. Key factors that impact our results of operations and financial condition include the pace at which we identify and acquire suitable land and properties, the time and cost required to renovate the acquired properties, the pace and cost of our property developments, the time to lease newly acquired or developed properties at acceptable rental rates, occupancy levels, rates of tenant turnover, the length of vacancy in properties between tenant leases, our expense ratios, property taxes including changes in rates and valuation assessments of our properties, our ability to raise capital and our capital structure. Additionally, labor shortages, supply chain disruptions and inflationary pressures, including as a result of tariffs, have impacted and may in the future impact certain aspects of our business, including our AMH Development Program, our renovation program associated with acquired properties and our maintenance program.

Previous wording

Since our formation, we have rapidly but systematically grown our portfolio of single-family properties. Our ability to identify and acquire homes that meet our investment criteria is impacted by home prices in our target markets, the inventory of properties available-for-sale through traditional acquisition channels, availability of bulk portfolio acquisition opportunities, competition for our target assets and our available capital. We are also focused on developing “built-for-rental” homes through our internal AMH Development Program. In addition, we acquire newly constructed homes from third-party developers through our National Builder

Current wording

Since our formation, we have rapidly but systematically grown our portfolio of single-family properties. Our ability to identify and acquire homes that meet our investment criteria is impacted by home prices in our target markets, the inventory of properties available-for-sale through traditional acquisition channels, the availability of bulk portfolio acquisition opportunities, competition for our target assets and our available capital. We are also focused on developing “built-for-rental” homes through our internal AMH

Previous wording

Program. Opportunities from these new construction channels are impacted by the availability of vacant developed lots, development land assets and inventory of homes currently under construction or newly developed. Our level of investment activity has fluctuated based on the number of suitable opportunities and the level of capital available to invest. We have strategically scaled back acquisitions of single-family properties through our National Builder Program and traditional acquisition channels as the housing market adjusts to the current macroeconomic environment. We will continue to evaluate all of our growth channels and grow accordingly, if and when, acquisition opportunities are attractive relative to the condition of capital markets.

Current wording

Development Program. In addition, we acquire newly constructed homes from third-party developers through our National Builder Program. Opportunities from these new construction channels are impacted by the availability of vacant developed lots, development land assets and inventory of homes currently under construction or newly developed. Our level of investment activity has fluctuated based on the number of suitable opportunities and the level of capital available to invest. We have strategically scaled back acquisitions of single-family properties through our National Builder Program and traditional acquisition channels as the housing market adjusts to the current macroeconomic environment. We will continue to evaluate all of our growth channels and grow accordingly, if and when, acquisition opportunities are attractive relative to the condition of capital markets.

Previous wording

During the three months ended September 30, 2024, we developed or acquired 656 homes, including 640 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 16 homes acquired through our traditional acquisition channel, partially offset by 617 homes identified for sale. During the three months ended September 30, 2024, we also developed an additional 113 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 753 total home deliveries through our AMH Development Program.

Current wording

During the three months ended March 31, 2025, we developed or acquired 437 homes, including 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 three months ended March 31, 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.

Previous wording

Our properties and land held for sale were identified based on individual asset-level review, as well as submarket analysis. As of September 30, 2024 and December 31, 2023, there were 1,003 and 862 properties, respectively, as well as certain land lots, classified as held for sale. We will continue to evaluate our properties and land for potential disposition going forward as a normal course of business.

Current wording

Our properties and land held for sale were identified based on individual asset-level review, as well as submarket analysis. As of March 31, 2025 and December 31, 2024, there were 661 and 805 properties, respectively, as well as certain land lots, classified as held for sale. We will continue to evaluate our properties and land for potential disposition going forward as a normal course of business.

Previous wording

Homes added to our portfolio through new construction channels include properties developed through our internal AMH Development Program and newly constructed properties acquired from third-party developers through our National Builder Program. Rental homes developed through our AMH Development Program involve substantial up-front costs, time to acquire and develop land, time to build the rental home, and time to lease the rental home before the home generates income. This process is dependent upon the nature of each lot acquired and the timeline varies primarily due to land development requirements. Once land development requirements have been met, historically it has taken approximately four to six months to complete the rental home vertical construction process. However, delivery of homes may be staggered to facilitate leasing absorption. Our internal construction program is managed by our team of development professionals that oversee the full rental home construction process including all land development and work performed by subcontractors. We typically incur costs between $250,000 and $450,000 to acquire and develop land and build a rental home. Homes added through our AMH Development Program are available for lease immediately upon or shortly after receipt of a certificate of occupancy. Rental homes acquired from third-party developers through our National Builder Program are dependent on the inventory of newly constructed homes and homes currently under construction.

Current wording

Homes added to our portfolio through new construction channels include properties developed through our internal AMH Development Program and newly constructed properties acquired from third-party developers through our National Builder Program. Rental homes developed through our AMH Development Program involve substantial up-front costs, time to acquire and develop land, time to build the rental home, and time to lease the rental home before the home generates income. This process is dependent upon the nature of each lot acquired and the timeline varies primarily due to land development requirements. Once land development requirements have been met, historically it has taken approximately five to seven months to complete the rental home vertical construction process. However, delivery of homes may be staggered to facilitate leasing absorption. Our internal construction program is managed by our team of development professionals that oversee the full rental home construction process including all land development and work performed by subcontractors. We typically incur costs between $300,000 and $450,000 to acquire and develop land and build a rental home. Homes added through our AMH Development Program are available for lease immediately upon or shortly after receipt of a certificate of occupancy. Rental homes acquired from third-party developers through our National Builder Program are dependent on the inventory of newly constructed homes and homes currently under construction.

Previous wording

Our operating results are also impacted by the amount of time it takes to market and lease a property, which can vary greatly among properties, and is impacted by local demand, our marketing techniques and the size of our available inventory. Typically, it takes approximately 10 to 50 days to lease a property after acquiring or developing a new property through our new construction channels and 20 to 40 days after completing the renovation process for a traditionally acquired property. Lastly, our operating results are impacted by the length of stay of our tenants and the amount of time it takes to prepare and re-lease a property after a tenant vacates. This process, which we refer to as “turnover,” is impacted by numerous factors, including the condition of the home upon move-out of the previous tenant, and by local demand, our marketing techniques and the size of our available inventory at the time of the turnover. Typically, it takes approximately 20 to 50 days to complete the turnover process.

Current wording

Our operating results are also impacted by the amount of time it takes to market and lease a property, which can vary greatly among properties, and is impacted by local demand, our marketing techniques and the size of our available inventory. Typically, it takes approximately 10 to 50 days to lease a property after acquiring or developing a new property through our new construction channels and 20 to 40 days after completing the renovation process for a traditionally acquired property. Lastly, our operating results are impacted by the length of stay of our tenants and the amount of time it takes to prepare and re-lease a property after a tenant vacates. This process, which we refer to as “turnover,” is impacted by numerous factors, including the condition of the home upon move-out of the previous tenant, and by local demand, our marketing techniques and the size of our available inventory at the time of the turnover. Typically, it takes approximately 20 to 60 days to complete the turnover process.

Previous wording

Our ability to maintain and grow revenues from our existing portfolio of homes will be dependent on our ability to retain tenants and increase rental rates. Based on our Same-Home population of properties (defined below), the year-over-year increase in Average Monthly Realized Rent per property was 5.1% for the three months ended September 30, 2024, and we experienced turnover rates, which represents the number of tenant move-outs during the period divided by the total number of properties, of 8.0% and 8.4% during the three months ended September 30, 2024 and 2023, respectively. Based on our Same-Home population of properties, the year-over-year increase in Average Monthly Realized Rent per property was 5.6% for the nine months ended September 30, 2024, and we experienced turnover rates of 21.8% and 23.4% during the nine months ended September 30, 2024 and 2023, respectively.

Current wording

Our ability to maintain and grow revenues from our existing portfolio of homes will be dependent on our ability to retain tenants and increase rental rates. Based on our Same-Home population of properties (defined below), the year-over-year increase in Average Monthly Realized Rent per property was 4.5% for the three months ended March 31, 2025, and we experienced turnover rates, which represents the number of tenant move-outs during the period divided by the total number of properties, of 7.0% and 6.4% during the three months ended March 31, 2025 and 2024, respectively.

Previous wording

Net income totaled $87.6 million for the three months ended September 30, 2024, compared to $88.1 million for the three months ended September 30, 2023. The decrease was primarily due to a $5.3 million loss on early extinguishment of debt and $3.9 million of hurricane-related charges, net in the third quarter of 2024, partially offset by an increase in other income and expense, net as a result of higher interest income as well as increases in rents and other single-family property revenues exceeding increases in total expenses excluding hurricane-related charges, net. Net income totaled $324.3 million for the nine months ended September 30, 2024, compared to $341.2 million for the nine months ended September 30, 2023. The decrease was primarily due to lower net gains on property sales as well as a $6.3 million loss on early extinguishment of debt and $3.9 million of hurricane-related charges, net during the nine months ended September 30, 2024, partially offset by increases in rents and other single-family property revenues exceeding increases in total expenses excluding hurricane-related charges, net.

Current wording

Net income totaled $128.7 million for the three months ended March 31, 2025, compared to $128.1 million for the three months ended March 31, 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.

Previous wording

(1)Includes 52,370 properties that have been stabilized longer than 90 days prior to January 1, 2023.

Current wording

(1)Includes 54,472 properties that have been stabilized longer than 90 days prior to January 1, 2024.

Previous wording

Rents and other single-family property revenues increased 5.5% to $445.1 million for the three months ended September 30, 2024 from $421.7 million for the three months ended September 30, 2023. Revenue growth was primarily driven by higher rental rates.

Current wording

Rents and other single-family property revenues increased 8.4% to $459.3 million for the three months ended March 31, 2025 from $423.6 million for the three months ended March 31, 2024. Revenue growth was driven by an increase in our average occupied portfolio which grew to 57,866 homes for the three months ended March 31, 2025, compared to 56,065 homes for the three months ended March 31, 2024, as well as higher rental rates.

Previous wording

Property operating expenses increased 4.5% to $477.4 million for the nine months ended September 30, 2024 from $456.7 million for the nine months ended September 30, 2023. The increase was primarily driven by annual increases in property tax expense and higher R&M and turnover costs.

Current wording

Property operating expenses increased 7.4% to $167.5 million for the three months ended March 31, 2025 from $155.9 million for the three months ended March 31, 2024. The increase was primarily driven by growth in our portfolio which resulted in increases in R&M and turnover costs as well as annual increases in property tax expense.

Previous wording

Property management expenses for the three months ended September 30, 2024 and 2023 were $32.0 million and $30.8 million, respectively, which included $1.0 million of noncash share-based compensation expense in each period related to centralized and field property management employees. The increase in property management expenses was primarily attributable to an increase in personnel related expenses.

Current wording

Property management expenses for the three months ended March 31, 2025 and 2024 were $34.2 million and $31.4 million, respectively, which included $1.2 million and $1.4 million, respectively, of noncash share-based compensation expense in each period related to centralized and field property management employees. The increase in property management expenses was primarily attributable to an increase in personnel related expenses.

Previous wording

Core revenues from Same-Home properties increased 4.4% to $335.6 million for the three months ended September 30, 2024 from $321.6 million for the three months ended September 30, 2023. This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 5.1% to $2,208 per month for the three months ended September 30, 2024 compared to $2,100 per month for the three months ended September 30, 2023, partially offset by a decrease in Average Occupied Days Percentage, which was 95.9% for the three months ended September 30, 2024 compared to 96.5% for the three months ended September 30, 2023.

Current wording

Core revenues from Same-Home properties increased 4.3% to $357.8 million for the three months ended March 31, 2025 from $342.9 million for the three months ended March 31, 2024. This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 4.5% to $2,252 per month for the three months ended March 31, 2025 compared to $2,155 per month for the three months ended March 31, 2024, partially offset by a decrease in Average Occupied Days Percentage, which was 95.9% for the three months ended March 31, 2025 compared to 96.1% for the three months ended March 31, 2024.

Previous wording

Core property operating expenses from Same-Home properties consist of direct property operating expenses, net of tenant charge-backs, and property management costs, net of tenant charge-backs, and excludes noncash share-based compensation expense. Core property operating expenses from Same-Home properties increased 2.6% to $118.5 million for the three months ended September 30, 2024 from $115.5 million for the three months ended September 30, 2023 primarily driven by annual increases in property tax expense and partially offset by lower R&M and turnover costs, net.

Current wording

Core property operating expenses from Same-Home properties consist of direct property operating expenses, net of tenant charge-backs, and property management costs, net of tenant charge-backs, and excludes noncash share-based compensation expense. Core property operating expenses from Same-Home properties increased 4.2% to $121.7 million for the three months ended March 31, 2025 from $116.8 million for the three months ended March 31, 2024 primarily driven by higher 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.

Previous wording

General and administrative expense primarily consists of corporate payroll and personnel costs, federal and state taxes, trustees’ and officers’ insurance expense, audit and tax fees, trustee fees and other expenses associated with our corporate and administrative functions. General and administrative expense for the three months ended September 30, 2024 and 2023 was $19.2 million and $18.3 million, respectively, which included $3.6 million and $4.2 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees. The increase in general and administrative expense was primarily related to an increase in personnel related expenses.

Current wording

General and administrative expense primarily consists of corporate payroll and personnel costs, federal and state taxes, trustees’ and officers’ insurance expense, audit and tax fees, trustee fees and other expenses associated with our corporate and administrative functions. General and administrative expense for the three months ended March 31, 2025 and 2024 was $19.7 million and $21.9 million, respectively, which included $4.9 million and $6.8 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees. The decrease in general and administrative expense was primarily due to a decrease in noncash share-based compensation expense.

Previous wording

Interest expense increased 26.8% to $43.6 million for the three months ended September 30, 2024 from $34.4 million for the three months ended September 30, 2023. The increase was primarily due to additional interest from the issuances of unsecured senior notes in January 2024 and June 2024, partially offset by lower interest expense resulting from the payoffs of the AMH 2014-SFR2 securitization in February 2024 and AMH 2014-SFR3 securitization in August 2024.

Current wording

Interest expense increased 17.8% to $45.4 million for the three months ended March 31, 2025 from $38.6 million for the three months ended March 31, 2024. The increase was primarily due to additional interest from the issuances of unsecured senior notes in January 2024, June 2024 and December 2024, partially offset by lower interest expense resulting from the payoffs of the AMH 2014-SFR2 securitization in February 2024 and AMH 2014-SFR3 securitization in August 2024.

Previous wording

Acquisition and other transaction costs consist primarily of personnel and platform costs associated with purchases of single-family properties, including newly constructed properties from third-party builders, or the disposal of certain properties or portfolios of properties which do not qualify for capitalization. Acquisition and other transaction costs for the three months ended September 30, 2024 and 2023 were $2.6 million and $3.4 million, respectively, which included $1.1 million and $1.3 million, respectively, of noncash share-based compensation expense in each period related to employees in these functions. The decrease in acquisition and other transaction costs was primarily due to a decrease in personnel costs as a result of fewer planned transactions through our traditional acquisition channel during the three months ended September 30, 2024.

Current wording

Acquisition and other transaction costs consist primarily of personnel and platform costs associated with purchases of single-family properties, including newly constructed properties from third-party builders, or the disposal of certain properties or portfolios of properties which do not qualify for capitalization. Acquisition and other transaction costs for the three months ended March 31, 2025 and 2024 were $3.1 million and $3.3 million, respectively, which included $1.5 million and $1.6 million, respectively, of noncash share-based compensation expense in each period related to employees in these functions. The decrease in acquisition and other transaction costs was primarily due to a decrease in noncash share-based compensation expense.

Previous wording

Depreciation and amortization expense consists primarily of depreciation of buildings and improvements. Depreciation of our assets is calculated over their useful lives on a straight-line basis over three to 30 years. Our intangible assets are amortized on a straight-line basis over the asset’s estimated economic useful life. Depreciation and amortization expense increased 4.2% to $119.7 million for the three months ended September 30, 2024 from $114.9 million for the three months ended September 30, 2023 primarily due to growth in the average number and cost of depreciable properties as well as ongoing capital investments into existing properties.

Current wording

Depreciation and amortization expense consists primarily of depreciation of buildings and improvements. Depreciation of our assets is calculated over their useful lives on a straight-line basis over three to 30 years. Our intangible assets are amortized on a straight-line basis over the asset’s estimated economic useful life. Depreciation and amortization expense increased 8.0% to $124.9 million for the three months ended March 31, 2025 from $115.7 million for the three months ended March 31, 2024 primarily due to growth in the average number and cost of depreciable properties as well as ongoing capital investments into existing properties.

Previous wording

Gain on sale and impairment of single-family properties and other, net for the nine months ended September 30, 2024 and 2023 was $145.5 million and $180.8 million, respectively, which included $6.5 million and $1.1 million, respectively, of impairment charges related to homes classified as held for sale during each period. The decrease was primarily related to lower net gains on property sales resulting from a decrease in properties sold.

Current wording

Gain on sale and impairment of single-family properties and other, net for the three months ended March 31, 2025 and 2024 was $62.0 million and $68.9 million, respectively, which included $4.5 million and $0.9 million, respectively, of impairment charges related to homes and land classified as held for sale during each period. The decrease was primarily related to higher impairment charges and lower net gains on property sales resulting from fewer properties sold.

Previous wording

Other income and expense, net for the three months ended September 30, 2024 and 2023 was $8.3 million and $1.9 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated joint ventures, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses. The increase was primarily due to higher interest income.

Current wording

Other income and expense, net for the three months ended March 31, 2025 and 2024 was $2.4 million and $3.4 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated joint ventures, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses.

Previous wording

Our critical accounting estimates are included in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the 2023 Annual Report. There have been no material changes to these estimates during the nine months ended September 30, 2024.

Current wording

Our critical accounting estimates are included in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the 2024 Annual Report. There have been no material changes to these estimates during the three months ended March 31, 2025.

Previous wording

We expect to satisfy our cash requirements through cash provided by operations, long-term secured and unsecured borrowings, issuances of debt and equity securities (including OP units), property dispositions and joint venture transactions. We expect to meet our operating liquidity requirements and our dividend distributions generally through cash on hand and cash provided by operations. For our acquisition and development expenditures, we expect to supplement these sources through the issuance of equity securities, including under our 2023 At-the-Market Program described below, borrowings under our $1.25 billion credit facility, issuances of unsecured senior notes, and proceeds from sales of single-family properties. However, our real estate assets are illiquid in nature. A timely liquidation of assets might not be a viable source of short-term liquidity should a cash flow shortfall arise, and we may need to source liquidity from other financing alternatives including drawing on our revolving credit facility.

Current wording

We expect to satisfy our cash requirements through cash provided by operations, long-term secured and unsecured borrowings, issuances of debt and equity securities (including OP units), property dispositions and joint venture transactions. We expect to meet our operating liquidity requirements and our dividend distributions generally through cash on hand and cash provided by operations. For our acquisition and development expenditures, we expect to supplement these sources through the issuance of equity securities, including under our At-the-Market Program described below, borrowings under our $1.25 billion credit facility, issuances of unsecured senior notes, and proceeds from sales of single-family properties. However, our real estate assets are illiquid in nature. A timely liquidation of assets might not be a viable source of short-term liquidity should a cash flow shortfall arise, and we may need to source liquidity from other financing alternatives including drawing on our revolving credit facility.

Previous wording

Our liquidity and capital resources as of September 30, 2024 included $162.5 million of cash and cash equivalents. Additionally, as of September 30, 2024, we had no outstanding borrowings and $2.3 million committed to outstanding letters of credit under our $1.25 billion revolving credit facility, leaving $1.25 billion of remaining borrowing capacity. During the nine months ended September 30, 2024, the Company issued (i) $600.0 million of 5.500% unsecured senior notes with a maturity date of February 1,

Current wording

Our liquidity and capital resources as of March 31, 2025 included $69.7 million of cash and cash equivalents. Additionally, as of March 31, 2025, we had $410.0 million of outstanding borrowings and $1.5 million committed to outstanding letters of credit under our $1.25 billion revolving credit facility, leaving $838.5 million of remaining borrowing capacity. Under our At-the-Market Program discussed below, we also had $753.7 million remaining available for future share issuances as of March 31, 2025. We maintain an investment grade credit rating which provides for greater availability of and lower cost of debt financing.

Previous wording

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

Current wording

Our expected material cash requirements over the next twelve months consist of (i) contractually obligated expenditures, including payments of principal and interest, (ii) other essential expenditures, including property operating expenses, HOA fees (as applicable), real estate taxes, maintenance capital expenditures, general and administrative expenses and dividends on our equity securities including those paid in accordance with REIT distribution requirements, and (iii) opportunistic expenditures, including to pay for the acquisition, development and renovation of our properties and repurchases of our securities. Additionally, we expect to repay all amounts due under the AMH 2015-SFR2 securitization in 2025.

Previous wording

With respect to our contractually obligated expenditures, our cash requirements within the next twelve months include accounts payable and accrued expenses, interest payments on debt obligations, principal amortization on our asset-backed securitizations, operating lease obligations and purchase commitments to acquire single-family properties and land for our AMH Development Program. During the nine months ended September 30, 2024, the Company repaid all amounts due under the AMH 2014-SFR2 and AMH 2014-SFR3 securitizations. Except as described in Note 8. Debt, Note 9. Accounts Payable and Accrued Expenses, Note 15. Commitments and Contingencies and Note 16. Subsequent Events to our condensed consolidated financial statements in this report, there have been no other material changes outside the ordinary course of business to our other known contractual obligations described in “Liquidity and Capital Resources” in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the 2023 Annual Report.

Current wording

With respect to our contractually obligated expenditures, our cash requirements within the next twelve months include accounts payable and accrued expenses, interest payments on debt obligations, principal amortization on our asset-backed securitizations, operating lease obligations and purchase commitments to acquire single-family properties and land for our AMH Development Program. During the three months ended March 31, 2025, we repaid all amounts due under the AMH 2015-SFR1 securitization. Except as described in Note 8. Debt, Note 9. Accounts Payable and Accrued Expenses, Note 15. Commitments and Contingencies and Note 17. Subsequent Events to our condensed consolidated financial statements in this report, there have been no other material changes outside the ordinary course of business to our other known contractual obligations described in “Liquidity and Capital Resources” in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the 2024 Annual Report.

Previous wording

The following table summarizes the Company’s and the Operating Partnership’s cash flows for the nine months ended September 30, 2024 and 2023 (amounts in thousands):

Current wording

The following table summarizes the Company’s and the Operating Partnership’s cash flows for the three months ended March 31, 2025 and 2024 (amounts in thousands):

Previous wording

Our cash flows provided by operating activities, which is our principal source of cash flows, depend on numerous factors, including the occupancy level of our properties, the rental rates achieved on our leases, the collection of rent from our tenants and the level of property operating expenses, property management expenses, general and administrative expense and interest expense. Net cash provided by operating activities increased $86.0 million, or 13.8%, from $623.4 million for the nine months ended September 30, 2023 to $709.3 million for the nine months ended September 30, 2024 primarily as a result of increased cash inflows generated from higher rental rates and changes in working capital primarily related to the timing of payments for accounts payable and accrued expenses and prepaid expenses and other assets, partially offset by higher cash outflows for property related expenses.

Current wording

Our cash flows provided by operating activities, which is our principal source of cash flows, depend on numerous factors, including the occupancy level of our properties, the rental rates achieved on our leases, the collection of rent from our tenants and the level of property operating expenses, property management expenses, general and administrative expense and interest expense. Net cash provided by operating activities increased $21.6 million, or 10.7%, from $201.8 million for the three months ended March 31, 2024 to $223.4 million for the three months ended March 31, 2025, primarily due to increased cash inflows generated from a larger number of occupied properties and higher rental rates as well as changes in working capital primarily related to the timing of payments for prepaid expenses and other assets and accounts payable and accrued expenses, partially offset by higher cash outflows for property related expenses.

Previous wording

Net cash used for investing activities decreased $172.3 million, or 37.0%, from $465.3 million for the nine months ended September 30, 2023 to $293.0 million for the nine months ended September 30, 2024. Our investing activities are most significantly impacted by the level of investment activity through traditional acquisition channels, availability of bulk portfolio acquisition opportunities, the development of “built-for-rental” homes through our AMH Development Program and the acquisition of newly built properties through our National Builder Program. We have strategically scaled back acquisitions of single-family properties through our National Builder Program and traditional acquisition channels as the housing market adjusts to the current macroeconomic environment. We will continue to evaluate all of our growth channels and grow accordingly, if and when, acquisition opportunities are attractive relative to the condition of capital markets. We use cash generated from operating and financing activities and by recycling capital through the sale of single-family properties to invest in the strategic expansion of our single-family property portfolio.

Current wording

Our investing activities are most significantly impacted by the level of investment activity through traditional acquisition channels, including the availability of bulk portfolio acquisition opportunities, the acquisition of newly built properties through our National Builder Program and the development of “built-for-rental” homes through our AMH Development Program. The development of “built-for-rental” homes and our property-enhancing capital expenditures may reduce recurring and other capital expenditures on an average per-home basis in the future. We have strategically scaled back acquisitions of single-family properties through broker sales via the MLS and our National Builder Program as the housing market adjusts to the current macroeconomic environment. We will continue to evaluate all of our growth channels and grow accordingly, if and when, acquisition opportunities are attractive relative to the condition of capital markets. We use cash generated from operating and financing activities and by recycling capital through the sale of single-family properties to invest in the strategic expansion of our single-family property portfolio.

Previous wording

Cash outflows for the addition of single-family properties to our portfolio, primarily for our AMH Development Program, decreased $42.2 million as a result of the timing of development-related payments. The development of “built-for-rental” homes and our property-enhancing capital expenditures may reduce recurring and other capital expenditures on an average per-home basis in the future. Cash outflows for recurring and other capital expenditures for single-family properties and renovations to single-family properties decreased $19.3 million largely due to a reduction in spend on property-enhancing capital expenditures. Additional drivers for the decrease in net cash used for investing activities include (i) a $78.0 million increase in distributions from joint ventures, net of contributions, primarily due to additional cash distributions received with respect to our property and land contributions during the nine months ended September 30, 2024, (ii) $25.7 million of cash proceeds received during the nine months ended September 30, 2024 for our AMH 2014-SFR2 Class F asset-backed securitization certificates and (iii) a $10.5 million decrease in cash outflows for other investing activities primarily due to a nonrecurring investment in a residential-focused proptech company during the nine months ended September 30, 2023. These decreases in net cash used for investing activities were partially offset by (i) $2.2 million in nonrecurring proceeds received from storm-related insurance claims during the nine months ended September 30, 2023 and (ii) a $1.4 million decrease in net proceeds received from sales of single-family properties and other.

Current wording

Net cash used for investing activities increased $39.5 million, or 58.0%, from $68.1 million for the three months ended March 31, 2024 to $107.7 million for the three months ended March 31, 2025. The increase was primarily attributable to (i) $25.7 million of nonrecurring cash proceeds received during the three months ended March 31, 2024 for our AMH 2014-SFR2 Class F asset-backed securitization certificates, (ii) a $14.0 million decrease in net proceeds received from sales of single-family properties and other due to fewer properties sold, (iii) a $3.8 million increase in cash outflows for recurring and other capital expenditures and renovations to single-family properties due to an increase in spend on property-enhancing capital expenditures and repairs for damages incurred from Hurricanes Milton and Helene, (iv) a $2.0 million increase in cash outflows for other investing activities and (v) a $1.4 million increase in net cash outflows to unconsolidated entities due to the timing of contributions and distributions. These changes were partially offset by a $7.3 million decrease in cash outflows for the addition of single-family properties to our portfolio, primarily for our AMH Development Program, as a result of the timing of development-related payments.

Previous wording

Net cash used for financing activities increased $186.9 million, or 140.2%, from $133.4 million for the nine months ended September 30, 2023 to $320.3 million for the nine months ended September 30, 2024 primarily due to (i) a $930.3 million increase in payments on asset-backed securitizations resulting from the payoffs of the AMH 2014-SFR2 and AMH 2014-SFR3 securitizations during the nine months ended September 30, 2024, (ii) a $265.2 million reduction in proceeds from the issuance of Class A common shares, net of offering costs, (iii) a $53.7 million increase in distributions paid to common share and unit holders resulting from an 18% increase in distributions paid per common share and unit during the nine months ended September 30, 2024, (iv) $47.9 million of payments to a land banking entity related to liabilities to repurchase consolidated land not owned for our AMH Development Program during the nine months ended September 30, 2024 and (v) $21.0 million of deferred financings costs paid during the nine months ended September 30, 2024 in connection with the issuances of the 2034 Notes I and 2034 Notes II as well as legal and other fees for a new revolving credit facility. These increases in net cash used for financing activities were partially offset by (i) $1.1 billion of proceeds from unsecured senior notes, net of discounts, from the issuances of the 2034 Notes I and 2034 Notes II during the nine months ended September 30, 2024 and (ii) a $40.0 million reduction in paydowns on our revolving credit facility.

Current wording

Net cash used for financing activities increased $174.9 million, or 242.2%, from $72.2 million for the three months ended March 31, 2024 to $247.1 million for the three months ended March 31, 2025. The increase was primarily attributable to (i) $594.1 million of nonrecurring proceeds from unsecured senior notes, net of discounts and deferred financing costs paid, from an issuance during the three months ended March 31, 2024, (ii) $33.2 million in nonrecurring proceeds from the issuance of Class A common shares, net of offering costs, during the three months ended March 31, 2024, (iii) a $30.4 million increase in payments on asset-backed securitizations resulting from the payoff of the AMH 2015-SFR1 securitization during the three months ended March 31, 2025 compared to the payoff of the AMH 2014-SFR2 securitization during the three months ended March 31, 2024 and (iv) an $18.5 million increase in distributions paid to common share and unit holders resulting from a 15% increase in distributions paid per common share and unit during the three months ended March 31, 2025. These changes were partially offset by (i) $410.0 million in proceeds from our revolving credit facility during the three months ended March 31, 2025 compared to $90.0 million of payments on our revolving credit facility during the three months ended March 31, 2024 and (ii) a $5.3 million decrease in payments to a land banking entity related to liabilities to repurchase consolidated land not owned for our AMH Development Program.

Previous wording

During the third quarter of 2024, the Operating Partnership paid off the $471.8 million outstanding principal on the AMH 2014-SFR3 securitization, which resulted in $0.5 million of charges related to the write-off of unamortized deferred financing costs and related legal fees and included in loss on early extinguishment of debt within the condensed consolidated statements of operations. The payoff of the AMH 2014-SFR3 securitization also resulted in the release of the 4,541 homes pledged as collateral and $10.9 million of cash restricted for lender requirements.

Current wording

During the first quarter of 2025, the Operating Partnership paid off the $493.2 million outstanding principal on the AMH 2015-SFR1 securitization, which resulted in $0.2 million of charges related to legal fees that are included in loss on early extinguishment of debt within the condensed consolidated statements of operations. The payoff of the AMH 2015-SFR1 securitization also resulted in the release of the 4,661 homes pledged as collateral and $10.7 million of cash restricted for lender requirements.

Previous wording

During the second quarter of 2023, the Company entered into a new at-the-market common share offering program, replacing the previously expiring program, under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $1.0 billion (the “2023 At-the-Market Program”). The 2023 At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers. The Company intends to use any net proceeds from the 2023 At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility or other debt obligations under its securitizations, (ii) to develop new single-family properties and communities, (iii) to acquire and renovate single-family properties and for related activities in accordance with the Company’s business strategy and (iv) for working capital and general corporate purposes, including repurchases of the Company’s securities, acquisitions of additional properties, capital expenditures and the expansion, redevelopment and/or improvement of properties in the Company’s portfolio. The 2023 At-the-Market Program may be suspended or terminated by the Company at any time. During the first quarter of 2024, the Company issued 932,746 Class A common shares under its 2023 At-the-Market Program, raising $33.7 million in gross proceeds before commissions and other expenses of approximately $0.5 million. As of September 30, 2024, 3,732,429 shares have been issued under the 2023 At-the-Market Program and $864.3 million remained available for future share issuances.

Current wording

The Company maintains an at-the-market common share offering program under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $1.0 billion (the “At-the-Market Program”). The At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers. The Company intends to use any net proceeds from the At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility or other debt obligations under its securitizations, (ii) to develop new single-family properties and communities, (iii) to acquire and renovate single-family properties and for related activities in accordance with the Company’s business strategy and (iv) for working capital and general corporate purposes, including repurchases of the Company’s securities, acquisitions of additional properties, capital expenditures and the expansion, redevelopment and/or improvement of properties in the Company’s portfolio. The At-the-Market Program may be suspended or terminated by the Company at any time. During the three months ended March 31, 2024, the Company directly issued 932,746 Class A common shares under its At-the-Market Program, raising $33.7 million in gross proceeds before commissions and other expenses of approximately $0.5 million. Additionally, the Company entered into a forward sale agreement with the forward purchaser during the first quarter of 2024 (the “March 2024 Forward Sale Agreement”) to offer 2,987,024 Class A common shares on a forward basis under its At-the-Market Program at the request of the Company by the forward seller. The Company issued and physically settled the 2,987,024 Class A common shares during the fourth quarter of 2024, receiving gross proceeds of $110.6 million before commissions and other expenses of approximately $0.8 million and before offering costs of approximately $0.2 million. During the three months ended March 31, 2025, no shares were issued under the At-the-Market Program. As of March 31, 2025, 6,719,453 shares have been issued under the At-the-Market Program and $753.7 million remained available for future share issuances.

Previous wording

The Company’s board of trustees authorized the establishment of our share repurchase program for the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions. The program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. During the nine months ended September 30, 2024 and 2023, we did not repurchase and retire any of our Class A common shares or preferred shares. As of September 30, 2024, we had a remaining repurchase authorization of up to $265.1 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares under the program.

Current wording

The Company’s board of trustees authorized the establishment of our share repurchase program for the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions. The program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. During the three months ended March 31, 2025 and 2024, we did not repurchase and retire any of our Class A common shares or preferred shares. As of March 31, 2025, we had a remaining repurchase authorization of up to $265.1 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares under the program.

Previous wording

As a REIT, we generally are required to distribute annually to our shareholders at least 90% of our REIT taxable income (determined without regard to the deduction for dividends paid and any net capital gains) and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our REIT taxable income (determined without regard to the deduction for dividends paid and including any net capital gains). The Operating Partnership funds the payment of distributions. We historically used our net operating loss (“NOL”) for U.S. federal income tax purposes to reduce our REIT taxable income and have substantially utilized our NOL as of December 31, 2023.

Current wording

As a REIT, we generally are required to distribute annually to our shareholders at least 90% of our REIT taxable income (determined without regard to the deduction for dividends paid and any net capital gains) and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our REIT taxable income (determined without regard to the deduction for dividends paid and including any net capital gains). The Operating Partnership funds the payment of distributions.

Previous wording

During the nine months ended September 30, 2024 and 2023, the Company distributed an aggregate $337.5 million and $283.8 million, respectively, to common shareholders, preferred shareholders and noncontrolling interests on a cash basis.

Current wording

During the three months ended March 31, 2025 and 2024, the Company distributed an aggregate $131.2 million and $112.7 million, respectively, to common shareholders, preferred shareholders and noncontrolling interests on a cash basis.

Previous wording

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 (“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 partnerships and joint ventures to reflect FFO on the same basis.

Current wording

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 (“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.

Previous wording

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, (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.

Current wording

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.

Previous wording

The following is a reconciliation of the Company’s net income attributable to common shareholders, determined in accordance with GAAP, to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands):

Current wording

The following is a reconciliation of the Company’s net income attributable to common shareholders, determined in accordance with GAAP, to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders for the three months ended March 31, 2025 and 2024 (amounts in thousands):