American Homes 4 Rent

Previous wording

As of March 31, 2026, we owned 61,237 single-family properties in select submarkets of metropolitan statistical areas in 24 states, including 1,037 properties held for sale, compared to 61,479 single-family properties in 24 states, including 1,142 properties held for sale, as of December 31, 2025 and 61,361 single-family properties in 24 states, including 661 properties held for sale, as of March 31, 2025. As of March 31, 2026, 57,112 of our total properties (excluding properties held for sale) were occupied, compared to 56,756 of our total properties (excluding properties held for sale) as of December 31, 2025 and 58,246 of our total properties (excluding properties held for sale) as of March 31, 2025. Also, as of March 31, 2026, the Company had an additional 3,858 properties held in unconsolidated joint ventures, compared to 3,785 properties held in unconsolidated joint ventures as of December 31, 2025 and 3,487 properties held in unconsolidated joint ventures as of March 31, 2025. 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 June 30, 2026, we owned 61,183 single-family properties in select submarkets of metropolitan statistical areas in 24 states, including 701 properties held for sale, compared to 61,479 single-family properties in 24 states, including 1,142 properties held for sale, as of December 31, 2025 and 61,500 single-family properties in 24 states, including 904 properties held for sale, as of June 30, 2025. As of June 30, 2026, 57,897 of our total properties (excluding properties held for sale) were occupied, compared to 56,756 of our total properties (excluding properties held for sale) as of December 31, 2025 and 58,317 of our total properties (excluding properties held for sale) as of June 30, 2025. Also, as of June 30, 2026, the Company had an additional 3,961 properties held in unconsolidated joint ventures, compared to 3,785 properties held in unconsolidated joint ventures as of December 31, 2025 and 3,616 properties held in unconsolidated joint ventures as of June 30, 2025. Our portfolio of single-family properties, including those held in our unconsolidated joint ventures, is internally managed through our proprietary property management platform.

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, the pace and cost of our property developments, the time it takes to lease our 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 and our maintenance program. We may also face challenges from new laws and regulations that attempt to restrict institutional ownership of single-family homes, such as by imposing limits on acquisitions or ownership, tax or other financial disincentives, or adverse zoning restrictions.

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, the pace and cost of our property developments, the time it takes to lease our 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 and our maintenance program. We also face challenges from new laws and regulations, and may face further challenges from future laws and regulations, that restrict institutional ownership of single-family homes, such as by imposing limits or prohibitions on acquisitions or ownership, tax or other financial disincentives, or adverse zoning restrictions. Refer to Part II, “Item 1A. Risk Factors” for additional information.

Previous wording

Our growth strategy is primarily focused on developing “built-for-rental” homes through our internal AMH Development Program. In addition, we evaluate opportunities to acquire newly constructed homes from third-party developers through our National Builder Program. Opportunities from these new construction channels are impacted by the availability of vacant developed lots, development land assets and inventory of homes currently under construction or newly developed. Our level of investment activity has fluctuated based on the number of suitable opportunities and the level of capital available to invest. We have strategically scaled back acquisitions of single-family properties through broker sales via the MLS and our National Builder Program as the housing market adjusts to the current macroeconomic environment. In the past, our ability to identify and acquire homes through traditional channels that met our investment criteria was impacted by home prices in our target markets, the inventory of properties available, the availability of bulk portfolio acquisition opportunities, competition for our target assets and our available capital.

Current wording

Our growth strategy is primarily focused on developing “built-for-rental” homes through our internal AMH Development Program. In addition, we evaluate opportunities to acquire newly constructed homes from third-party developers through our National Builder Program. Opportunities from these new construction channels are impacted by the availability of vacant developed lots, development land assets and inventory of homes currently under construction or newly developed. Our level of investment activity has fluctuated based on the number of suitable opportunities and the level of capital available to invest. In the past, our ability to identify and acquire homes through traditional channels that met our investment criteria was impacted by home prices in our target markets, the inventory of properties available, the availability of bulk portfolio acquisition opportunities, competition for our target assets and our available capital.

Previous wording

During the three months ended March 31, 2026, we developed 457 newly constructed homes delivered to our operating portfolio through our AMH Development Program, offset by 594 homes identified for sale. During the three months ended March 31, 2026, we also developed an additional 82 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 539 total home deliveries through our AMH Development Program.

Current wording

During the three months ended June 30, 2026, we developed 542 newly constructed homes delivered to our operating portfolio through our AMH Development Program, partially offset by 260 homes identified for sale. During the three months ended June 30, 2026, we also developed an additional 109 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 651 total home deliveries through our AMH Development Program.

Previous 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, 2026 and December 31, 2025, there were 1,037 and 1,142 properties, respectively, as well as certain land lots, classified as held for sale. During the three months ended March 31, 2026 and 2025, we sold 710 and 416 properties, respectively. 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 June 30, 2026 and December 31, 2025, there were 701 and 1,142 properties, respectively, as well as certain land lots, classified as held for sale. During the three months ended June 30, 2026 and 2025, we sold 608 and 370 properties, respectively. During the six months ended June 30, 2026 and 2025, we sold 1,318 and 786 properties, respectively. We will continue to evaluate our properties and land for potential disposition going forward as a normal course of business.

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 60 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 supply and demand, our marketing techniques and the size of our available inventory. Typically, it takes approximately 10 to 50 days to lease a property after acquiring or developing a new property through our new construction channels and 20 to 40 days after completing the renovation process for a traditionally acquired property. 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 3.0% for the three months ended March 31, 2026, and we experienced turnover rates, which represents the number of tenant move-outs during the period divided by the total number of properties, of 7.4% and 6.9% during the three months ended March 31, 2026 and 2025, respectively.

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 2.6% for the three months ended June 30, 2026, and we experienced turnover rates, which represents the number of tenant move-outs during the period divided by the total number of properties, of 8.1% and 7.5% during the three months ended June 30, 2026 and 2025, respectively. Based on our Same-Home population of properties, the year-over-year increase in Average Monthly Realized Rent per property was 2.8% for the six months ended June 30, 2026, and we experienced turnover rates of 15.4% and 14.4% during the six months ended June 30, 2026 and 2025, respectively.

Previous wording

Net income totaled $148.8 million for the three months ended March 31, 2026, compared to $128.7 million for the three months ended March 31, 2025. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses and higher net gains on property sales.

Current wording

Net income totaled $132.9 million for the three months ended June 30, 2026, compared to $123.6 million for the three months ended June 30, 2025. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses and higher net gains on property sales, partially offset by lower other income and expense, net. Net income totaled $281.8 million for the six months ended June 30, 2026, compared to $252.3 million for the six months ended June 30, 2025. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses and higher net gains on property sales, partially offset by lower other income and expense, net.

Previous wording

(1)Includes 54,162 properties that have been stabilized longer than 90 days prior to January 1, 2025.

Current wording

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

Previous wording

Rents and other single-family property revenues increased 2.8% to $472.0 million for the three months ended March 31, 2026 from $459.3 million for the three months ended March 31, 2025. Revenue growth was primarily driven by higher rental rates.

Current wording

Rents and other single-family property revenues increased 2.8% to $470.1 million for the three months ended June 30, 2026 from $457.5 million for the three months ended June 30, 2025. Revenue growth was primarily driven by higher rental rates.

Previous wording

Core revenues from Same-Home properties increased 2.4% to $365.8 million for the three months ended March 31, 2026 from $357.3 million for the three months ended March 31, 2025. This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 3.0% to $2,329 per month for the three months ended March 31, 2026 compared to $2,261 per month for the three months ended March 31, 2025, as well as higher fees from single-family properties, partially offset by a decrease in Average Occupied Days Percentage, which was 95.1% for the three months ended March 31, 2026 compared to 95.9% for the three months ended March 31, 2025.

Current wording

Core revenues from Same-Home properties increased 2.3% to $371.3 million for the three months ended June 30, 2026 from $362.8 million for the three months ended June 30, 2025. This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 2.6% to $2,346 per month for the three months ended June 30, 2026 compared to $2,286 per month for the three months ended June 30, 2025, partially offset by a decrease in Average Occupied Days Percentage, which was 96.0% for the three months ended June 30, 2026 compared to 96.4% for the three months ended June 30, 2025.

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 decreased 0.2% to $120.0 million for the three months ended March 31, 2026 from $120.3 million for the three months ended March 31, 2025 primarily driven by the Company’s effective cost controls.

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 1.7% to $125.5 million for the three months ended June 30, 2026 from $123.4 million for the three months ended June 30, 2025 primarily driven by annual increases in property tax expense.

Previous wording

Acquisition, disposition and other transaction costs consist primarily of personnel and platform costs associated with purchases of single-family properties, including newly constructed properties from third-party builders, the disposal of certain properties or portfolios of properties, or costs associated with land transactions, which do not qualify for capitalization. Acquisition, disposition and other transaction costs were $3.1 million for both the three months ended March 31, 2026 and 2025, which included $1.2 million and $1.5 million, respectively, of noncash share-based compensation expense in each period related to employees in these functions.

Current wording

Acquisition, disposition and other transaction costs consist primarily of personnel and platform costs associated with purchases of single-family properties, including newly constructed properties from third-party builders, the disposal of certain properties or portfolios of properties, or costs associated with land transactions, which do not qualify for capitalization. Acquisition, disposition and other transaction costs for the three months ended June 30, 2026 and 2025 were $3.2 million and $2.7 million, respectively, which included $1.3 million of noncash share-based compensation expense in both periods related to employees in these functions. The increase in acquisition, disposition and other transaction costs was primarily due to an increase in costs associated with land transactions that did not qualify for capitalization.

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

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

Previous wording

Gain on sale and impairment of single-family properties and other, net for the three months ended March 31, 2026 and 2025 was $78.4 million and $62.0 million, respectively, which included $14.2 million and $4.5 million, respectively, of impairment charges related to homes and land classified as held for sale during each period. The increase was primarily related to higher net gains on property sales resulting from a higher volume of properties sold, partially offset by higher impairment charges.

Current wording

Gain on sale and impairment of single-family properties and other, net for the three months ended June 30, 2026 and 2025 was $59.4 million and $51.9 million, respectively, which included $24.2 million and $5.8 million, respectively, of impairment charges related to homes and land classified as held for sale during each period. The increase was primarily related to higher net gains on property sales resulting from a higher volume of properties sold, partially offset by higher impairment charges.

Previous wording

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

Current wording

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

Previous wording

Property management expenses for the three months ended March 31, 2026 and 2025 were $33.3 million and $34.2 million, respectively, which included $1.1 million and $1.2 million, respectively, of noncash share-based compensation expense in each period related to centralized and field property management employees. The decrease in property management expenses was primarily attributable to a decrease in personnel related expenses.

Current wording

Property management expenses for the six months ended June 30, 2026 and 2025 were $67.1 million and $68.6 million, respectively, which included $2.2 million and $2.4 million, respectively, of noncash share-based compensation expense in each period related to centralized and field property management employees. The decrease in property management expenses was primarily attributable to a decrease in personnel related expenses.

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 March 31, 2026 and 2025 was $21.3 million and $19.7 million, respectively, which included $4.4 million and $4.9 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees. The increase in general and administrative expense was primarily due to increases in personnel related expenses and information technology costs, partially offset by a decrease in noncash share-based compensation expense.

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 six months ended June 30, 2026 and 2025 was $43.0 million and $39.7 million, respectively, which included $8.8 million and $8.9 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees. The increase in general and administrative expense was primarily due to the timing of increases in personnel related expenses and information technology costs, partially offset by a decrease in noncash share-based compensation expense.

Previous wording

Interest expense increased 6.2% to $48.2 million for the three months ended March 31, 2026 from $45.4 million for the three months ended March 31, 2025. The increase was primarily due to additional interest from the issuance of unsecured senior notes in May 2025 as well as higher interest expense on our revolving credit facility as a result of a larger average balance, partially offset by lower interest expense resulting from the payoffs of the AMH 2015-SFR1 securitization in March 2025 and the AMH 2015-SFR2 securitization in September 2025.

Current wording

Interest expense increased 6.6% to $97.7 million for the six months ended June 30, 2026 from $91.7 million for the six months ended June 30, 2025. The increase was primarily due to additional interest from the issuance of unsecured senior notes in May 2025, higher interest expense on our revolving credit facility as a result of a larger average balance and lower capitalized interest, partially offset by lower interest expense resulting from the payoffs of the AMH 2015-SFR1 securitization in March 2025 and AMH 2015-SFR2 securitization in September 2025.

Previous wording

Loss on early extinguishment of debt for the three months ended March 31, 2026 and 2025 was zero and $0.2 million, respectively. During the three months ended March 31, 2025, the AMH 2015-SFR1 securitization was paid off in March 2025.

Current wording

Loss on early extinguishment of debt for the six months ended June 30, 2026 and 2025 was zero and $0.2 million, respectively. The decrease was due to the payoff of the AMH 2015-SFR1 securitization in March 2025 compared to no payoffs during the six months ended June 30, 2026.

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 2025 Annual Report. There have been no material changes to these estimates during the three months ended March 31, 2026.

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 2025 Annual Report. There have been no material changes to these estimates during the six months ended June 30, 2026.

Previous wording

Our liquidity and capital resources as of March 31, 2026 included $63.3 million of cash and cash equivalents. Additionally, as of March 31, 2026, we had $390.0 million of outstanding borrowings and $3.0 million committed to outstanding letters of credit under our $1.25 billion revolving credit facility, leaving $857.0 million of remaining borrowing capacity. Under our At-the-Market Program discussed below, we also had $753.7 million remaining available for future share issuances as of March 31, 2026. We maintain an investment grade credit rating which provides for greater availability of and lower cost of debt financing.

Current wording

Our liquidity and capital resources as of June 30, 2026 included $83.7 million of cash and cash equivalents. Additionally, as of June 30, 2026, we had $390.0 million of outstanding borrowings and $3.7 million committed to outstanding letters of credit under our $1.25 billion revolving credit facility, leaving $856.3 million of remaining borrowing capacity. Under our At-the-Market Program discussed below, we also had $1.00 billion remaining available for future share issuances as of June 30, 2026. We maintain an investment grade credit rating which provides for greater availability of and lower cost of debt financing.

Previous wording

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

Current wording

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

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

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

Previous wording

Net cash provided by investing activities was $10.3 million for the three months ended March 31, 2026 compared to net cash used for investing activities of $107.7 million for the three months ended March 31, 2025. This change was primarily attributable to (i) a $56.3 million increase in net proceeds received from sales of single-family properties and other resulting from an increase in properties sold, (ii) a $54.5 million decrease in cash outflows for the addition of single-family properties to our portfolio, primarily for our AMH Development Program, as a result of a scale-back in capital investment given the current capital markets environment, and (iii) a $5.8 million decrease in cash outflows for recurring and other capital expenditures and renovations to single-family properties.

Current wording

Net cash provided by investing activities was $27.1 million for the six months ended June 30, 2026 compared to net cash used for investing activities of $228.4 million for the six months ended June 30, 2025. This change was primarily attributable to (i) a $131.7 million decrease in cash outflows for the addition of single-family properties to our portfolio, primarily for our AMH Development Program, as a result of a scale-back in capital investment given the current capital markets environment, (ii) a $122.8 million increase in net proceeds received from sales of single-family properties and other resulting from an increase in properties sold, (iii) an $8.9 million decrease in cash outflows for recurring and other capital expenditures and renovations to single-family properties and (iv) a $2.0 million decrease in cash outflows for other investing activities, partially offset by a $10.1 million decrease in distributions from joint ventures, net of contributions.

Previous wording

Net cash used for financing activities decreased $11.2 million, or 4.5%, from $247.1 million for the three months ended March 31, 2025 to $235.8 million for the three months ended March 31, 2026. The decrease in cash outflows was primarily attributable to (i) $496.6 million in nonrecurring asset-backed securitizations payments resulting from the payoff of the AMH 2015-SFR1 securitization during the three months ended March 31, 2025 and (ii) $18.9 million in nonrecurring payments to a land banking entity related to liabilities to repurchase consolidated land not owned for our AMH Development Program during the three months ended March 31, 2025. These changes were partially offset by (i) a $380.0 million decrease in proceeds from our revolving credit facility, (ii) $115.1 million in cash outflows for the repurchases of Class A common shares during the three months ended March 31, 2026 and (iii) a $10.2 million increase in distributions paid to common share and unit holders resulting primarily from a 10% increase in distributions paid per common share and unit during the three months ended March 31, 2026.

Current wording

Net cash used for financing activities increased $345.3 million, or 229.5%, from $150.5 million for the six months ended June 30, 2025 to $495.8 million for the six months ended June 30, 2026. The increase was primarily attributable to (i) $641.3 million in nonrecurring proceeds from unsecured senior notes, net of discounts and deferred financing costs paid, from an issuance during the six months ended June 30, 2025, (ii) $238.2 million in cash outflows for the repurchases of Class A common shares during the six months ended June 30, 2026 and (iii) a $19.0 million increase in distributions paid to common share and unit holders resulting primarily from a 10% increase in distributions paid per common share and unit during the six months ended June 30, 2026. These changes were partially offset by (i) $498.1 million in nonrecurring asset-backed securitizations payments resulting from the payoff of the AMH 2015-SFR1 securitization during the six months ended June 30, 2025, (ii) a $30.0 million increase in proceeds, net of repayments, from our revolving credit facility and (iii) $24.6 million in nonrecurring payments to a land banking entity related to liabilities to repurchase consolidated land not owned for our AMH Development Program during the six months ended June 30, 2025.

Previous wording

At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers. The Company intends to use any net proceeds from the At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility, (ii) to develop new single-family properties and communities, and (iii) for working capital and general corporate purposes, including repurchases of the Company’s securities, capital expenditures and the expansion, redevelopment and/or improvement of properties in the Company’s portfolio. The At-the-Market Program may be suspended or terminated by the Company at any time. During the three months ended March 31, 2026 and 2025, no shares were issued under the At-the-Market Program. As of March 31, 2026, 6,719,453 shares have been issued under the At-the-Market Program and $753.7 million remained available for future share issuances.

Current wording

In June 2026, the Company entered into a new at-the-market common share offering program, replacing the previously expiring program, under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $1.0 billion (the “At-the-Market Program”). The Company intends to use any net proceeds from the At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility, (ii) to execute on the Company’s growth strategies, including the development of new single-family properties and communities and the renovation of existing single-family properties and (iii) for working capital and general corporate purposes, including repurchases of the Company’s securities. The At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers. The At-the-Market Program may be suspended or terminated by the Company at any time. During the six months ended June 30, 2026 and 2025, no shares were issued under the new At-the-Market Program nor the previous program and $1.0 billion remained available for future share issuances.

Previous wording

In 2018, the Company’s board of trustees authorized the establishment of a 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 “2018 Share Repurchase Program”). 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, we did not repurchase and retire any of our Class A common shares or preferred shares under the 2018 Share Repurchase Program. During the fourth quarter of 2025, the Company repurchased and retired 4.7 million of its Class A common shares on a settlement date basis pursuant to the 2018 Share Repurchase Program at a weighted-average price of $31.77 per share and a total price of $150.0 million. In January 2026, the Company fully utilized the remaining authorization for the repurchase of Class A common shares under the 2018 Share Repurchase Program and repurchased and retired 3.7 million of its outstanding Class A common shares on a settlement date basis pursuant to the program at a weighted-average price of $31.49 per share and a total price of $115.1 million.

Current wording

In 2018, the Company’s board of trustees authorized the establishment of a 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 “2018 Share Repurchase Program”). 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 six months ended June 30, 2025, we did not repurchase and retire any of our Class A common shares or preferred shares under the 2018 Share Repurchase Program. During the fourth quarter of 2025, the Company repurchased and retired 4.7 million of its Class A common shares on a settlement date basis pursuant to the 2018 Share Repurchase Program at a weighted-average price of $31.77 per share and a total price of $150.0 million. In January 2026, the Company fully utilized the remaining authorization for the repurchase of Class A common shares under the 2018 Share Repurchase Program and repurchased and retired 3.7 million of its outstanding Class A common shares on a settlement date basis pursuant to the program at a weighted-average price of $31.49 per share and a total price of $115.1 million.

Previous wording

In February 2026, the Company’s board of trustees authorized the establishment of a new share repurchase program for the repurchase of up to $500.0 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 “2026 Share Repurchase Program”). The 2026 Share Repurchase 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, 2026, we did not repurchase and retire any of our Class A common shares or preferred shares under the 2026 Share Repurchase Program. As of March 31, 2026, we had a remaining repurchase authorization of up to $500.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares under the 2026 Share Repurchase Program. In April 2026, the Company repurchased and retired 3.2 million of its outstanding Class A common shares on a settlement date basis pursuant to the 2026 Share Repurchase Program at a weighted-average price of $29.37 per share and a total price of $94.0 million, leaving $406.0 million of remaining authorization.

Current wording

In February 2026, the Company’s board of trustees authorized the establishment of a new share repurchase program for the repurchase of up to $500.0 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 “2026 Share Repurchase Program”). The 2026 Share Repurchase 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 six months ended June 30, 2026, the Company repurchased and retired 4.1 million of its Class A common shares on a settlement date basis pursuant to the 2026 Share Repurchase Program at a weighted-average price of $29.88 per share and a total price of $123.0 million. As of June 30, 2026, we had a remaining repurchase authorization of up to $377.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares under the 2026 Share Repurchase Program.

Previous wording

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

Current wording

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

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 months ended March 31, 2026 and 2025 (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 and six months ended June 30, 2026 and 2025 (amounts in thousands):

Previous wording

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

Current wording

The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre, Adjusted EBITDAre and Fully Adjusted EBITDAre for the three and six months ended June 30, 2026 and 2025 (amounts in thousands):