American Homes 4 Rent

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No.)

Filed by the Registrant x

Filed by a Party other than the Registrant o

Check the appropriate box:

AMERICAN HOMES 4 RENT

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

A Message from Our Chairperson

Fellow shareholders:

2025 was another strong year for your company. Our occupancy

for the full year was in the high 90s, our core FFOper share

grew 5.4% for the full year, and our resident satisfaction

numbers have never been higher. Our experienced senior

management team performed exceptionally well in a demanding

environment and remains focused on executing our long-term

strategy in 2026 and beyond.

Our portfolio.

We own and manage just over 61,000 homes in the United

States in more than 30 diverse markets. We started building

homes for our own account in 2017. We are one of the only

companies in our industry with in-house capabilities to buy, build,

and manage the homes that we own.

Along the way, we have sold a considerable number of homes

that we had purchased earlier and reinvested those proceeds

into our development program. This has benefited our portfolio

by reducing its average age and making the homes we own

easier to manage and maintain.

Our residents are primarily growing families who value the

stability and quality of professionally managed homes. Our

average resident tenure is over 3 years, and we consistently

achieve the highest resident satisfaction scores amongst our

competitors in virtually every market we are in. That says a lot

about the strength of our platform and the care of our team

members.

The outlook.

The fundamentals for our business remain strong.

Nationally, there is broad consensus that demand for quality

housing significantly exceeds the supply, and many people find

that professionally managed rentals meet their needs

exceptionally well. The professional single-family rental (SFR)

business is still relatively young, so as more and more prospects

and families become aware of the benefits, the market should

continue to expand over time.

Locally, new supply came online in certain areas of our markets

during 2025, which moderated rental rate growth. We believe

pricing dynamics should normalize as this supply is absorbed.

While professional SFR providers represent a small segment of

the overall housing market, we are proud of our work and

impact. The U.S. needs more homes of every kind, owned and

rented, and AMH is actively building new homes to help alleviate

the national shortage.

In 2026, AMH remains focused on supporting renters by adding

new supply and different options to satisfy their need for quality

housing, while protecting the interests of our shareholders who

make that work possible.

The stock.

It is always prudent to approach discussions of stock price with

caution, because market dynamics are inherently unpredictable.

While technology and artificial intelligence investments currently

dominate investor attention, we offer something compelling, too:

an advantaged yield from an asset class that has shown

attractive long-term appreciation over time. Our disciplined

approach to capital allocation has delivered strong results.

Our business is profitable and generates significant cash flow

from the rents that we collect. We also generate significant

amounts of cash from selective home sales during the year. We

use those proceeds to cover the expenses of running the

business, to service our loans, and to develop or acquire new

homes and communities for rent. During 2025, we sold 1,827

homes for net proceeds of over $570 million. We always want to

maintain a strong investment grade rating, so we are disciplined

with our spending.

We are committed to our new home development activity and

can adjust the pace of growth based on economic and capital

market conditions. Recently, we moderated growth to free up

capital to repurchase our shares. We acquired 8.4 million shares

at an average price of $31.65 per share during the fourth quarter

of 2025 and first quarter of 2026 for a total cost of $265 million.

This is a great complement to the long-term value that our

development program creates.

As stewards of your investment in AMH, we continue to focus on

the fundamentals that create long-term value by growing the

company and showing consistent growth incore FFO per share.

Our Annual Meeting of Stockholders will be held on May 14,

2026, at 9:00 a.m. Pacific time, virtually or by proxy. You can

vote your shares electronically and submit questions by visiting

www.virtualshareholdermeeting.com/AMH2026. Your vote is

important. The enclosed proxy card provides details on how to

vote your shares online, by telephone, or by mail.

Thank you for your support of AMH.

Sincerely,

Matthew J. Hart

Chairperson of the Board

A Message from Our Chief

Executive Officer

Fellow shareholders:

Housing remains one of the most important and complex sectors

in the U.S. economy today. Nationally, demand for quality

housing continues to exceed supply, making affordability a

central challenge for families. Addressing this imbalance

requires sustained investment, and AMH is committed to being

part of that solution. Our strategy has always been centered on

meeting the country’s growing need for more and better housing

options.

Who we're here for.

Since 1965, roughly one-third of U.S. households have been

renters. That hasn't changed in six decades, because renting is

a genuine choice and, for millions of families, an essential one.

Our residents include first responders, teachers, and healthcare

workers who should be able to live in the communities they

serve.

For many of them, renting a home isn't a fallback. It's the right

option for where they are in life. Today, renting is more affordable

than owning a home in all 100 of the largest U.S. metro areas. In

fact, more than 40% of single-family renters report they would

not qualify for a mortgage or be able to afford the monthly

payment at current mortgage rates. Rental housing isn't keeping

people from homeownership. In many cases, it's what makes

stability possible while they work toward it.

And for those who are ready to buy, we provide an important

steppingstone to help them get there. Our internal surveys show

that purchasing a home is the number one reason residents

move out of our portfolio. In 2025, we estimate that over 5,000

households, or approximately 30% of all move-outs, left AMH to

purchase a house. We think that's something to be proud of.

How we contribute value.

In our early years, we renovated existing homes and helped

stabilize neighborhoods as the U.S. economy recovered from

the global financial crisis. When housing starts slowed and

shortages deepened, we made a strategic decision in 2017 to

launch our ground-up development program. Since then, we’ve

added over 14,000 newly built homes across the country.

While professional housing providers like AMH own less than

0.5% of all single-family houses in the U.S., our impact is a net

positive one. Contributing new supply and greater choice leads

to healthier, more balanced housing markets. We see this in

states with some of the highest concentration of institutional

activity, like Arizona, Florida, Georgia, and Texas, where

individual ownership rates have increased.

Our purpose today is simple and enduring: to build and manage

high-quality homes, provide excellent service that makes people

feel at home, and offer residents another way to access

attractive neighborhoods.

Where we're going.

As we enter 2026, we do so with equal parts momentum and

restraint, and a clear sight line to what matters most: expanding

housing choice. Our operating system and development platform

remain central to this goal. But equally important is the culture

behind our performance.

AMH was built intentionally, with a commitment to excellence,

accountability, and long-term stewardship. Every day, our teams

earn trust through how we operate and serve residents and

communities. That culture remains a defining strength of our

While the market and broader economic forces will continue to

evolve, our approach remains consistent: focus on the

fundamentals and lead responsibly. This steady foundation

positions AMH to continue creating long-term value for the

people who rely on us. With the platform we’ve built and the

team behind it, we are confident in the path ahead.

Thank you for your continued support.

Bryan Smith

Chief Executive Officer

2026 Proxy Statement

Notice of the 2026 Annual Meeting

of Shareholders

Items of Business

Recommendations of the Board

The Board of Trustees unanimously recommends that you vote “FOR” each of the trustee nominees named in the attached proxy

statement, “FOR” ratification of the appointment of Ernst & Young LLP and “FOR” approval, on an advisory basis, of our named

executive officer compensation. Detailed information concerning these proposals is included in the accompanying proxy statement.

Proxy Materials

The notice of meeting, proxy statement and Annual Report on Form 10-K are available free of charge at: https://investors.amh.com/

financials/annual-reports. The proxy statement and accompanying proxy card are being sent or made available to you on or about

March 27, 2026.

Record Date

You are entitled to vote at the meeting if you were a shareholder of record at the close of business on March 20, 2026 of our Class A or

Class B common shares of beneficial interest, par value $0.01 per share.

Voting

Your vote is very important. To ensure that your shares are represented at the Annual Meeting, please vote over the Internet, by

telephone or by mail as instructed on the proxy card or voting instruction form you receive. You may revoke a proxy at any time prior to

its exercise at the meeting by following the instructions in the accompanying proxy statement.

By Order of the Board of Trustees,

Sara Vogt-Lowell

Chief Administrative Officer and Chief Legal Officer

Important Notice Regarding Availability of Proxy Materials for the Annual Meeting on May 14, 2026: This Proxy Statement and

our 2025 Annual Report on Form 10-K are available on the company’s websitewww.amh.com under “Investor Relations.”

2026 Proxy Statement

Table of Contents