American Homes 4 Rent

Previous 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.

Current wording

As of September 30, 2026, we owned 61,291 single-family properties in select submarkets of metropolitan statistical areas in 24 states, including 665 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 61,692 single-family properties in 24 states, including 1,028 properties held for sale, as of September 30, 2025. As of September 30, 2026, 57,913 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 57,061 of our total properties (excluding properties held for sale) as of September 30, 2025. Also, as of September 30, 2026, the Company had an additional 4,068 properties held in unconsolidated joint ventures, compared to 3,785 properties held in unconsolidated joint ventures as of December 31, 2025 and 3,721 properties held in unconsolidated joint ventures as of September 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

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.

Current wording

During the three months ended September 30, 2026, we developed 387 newly constructed homes delivered to our operating portfolio through our AMH Development Program, partially offset by 243 homes identified for sale. During the three months ended September 30, 2026, we also developed an additional 111 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 498 total home deliveries through our AMH Development Program.

Previous wording

During the six months ended June 30, 2026, we developed 999 newly constructed homes delivered to our operating portfolio through our AMH Development Program, partially offset by 854 homes identified for sale. During the six months ended June 30, 2026, we also developed an additional 191 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 1,190 total home deliveries through our AMH Development Program.

Current wording

During the nine months ended September 30, 2026, we developed 1,386 newly constructed homes delivered to our operating portfolio through our AMH Development Program, partially offset by 1,097 homes identified for sale. During the nine months ended September 30, 2026, we also developed an additional 302 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 1,688 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 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.

Current 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, 2026 and December 31, 2025, there were 665 and 1,142 properties, respectively, as well as certain land lots, classified as held for sale. During the three months ended September 30, 2026 and 2025, we sold 291 and 395 properties, respectively. During the nine months ended September 30, 2026 and 2025, we sold 1,609 and 1,181 properties, respectively. We will continue to evaluate our properties and land for potential disposition going forward as a normal course of business.

Previous wording

Historically, homes added to our portfolio through traditional acquisition channels required expenditures in addition to payment of the purchase price, including property inspections, closing costs, liens, title insurance, transfer taxes, recording fees, broker commissions, property taxes and homeowner association (“HOA”) fees, when applicable. In addition, we typically incurred costs between $30,000 and $50,000 to renovate these homes to prepare it for rental. Renovation work varies, but may include paint, flooring, cabinetry, appliances, plumbing hardware and other items required to prepare the home for rental. The time and cost involved to prepare our homes for rental can impact our financial performance and varies among properties based on several factors, including the source of acquisition channel and age and condition of the property. Historically, it has taken approximately 20 to 90 days to complete the renovation process, which fluctuated based on our overall acquisition volume as well as availability of construction labor and materials.

Current wording

Historically, homes added to our portfolio through traditional acquisition channels required expenditures in addition to payment of the purchase price, including property inspections, closing costs, liens, title insurance, transfer taxes, recording fees, broker commissions, property taxes and homeowner association (“HOA”) fees, when applicable. In addition, we typically incurred costs between $30,000 and $50,000 to renovate these homes to prepare them for rental. Renovation work varies, but may include paint, flooring, cabinetry, appliances, plumbing hardware and other items required to prepare the home for rental. The time and cost involved to prepare our homes for rental can impact our financial performance and varies among properties based on several factors, including the source of acquisition channel and age and condition of the property. Historically, it has taken approximately 20 to 90 days to complete the renovation process, which fluctuated based on our overall acquisition volume as well as availability of construction labor and materials.

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 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.

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 2.4% for the three months ended September 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 7.2% and 6.6% during the three months ended September 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 2.7% for the nine months ended September 30, 2026, and we experienced turnover rates of 22.5% and 21.1% during the nine months ended September 30, 2026 and 2025, respectively.

Previous 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.

Current wording

Net income totaled $97.3 million for the three months ended September 30, 2026, compared to $116.8 million for the three months ended September 30, 2025. The decrease was primarily due to lower net gains on property sales and lower other income and expense, net, partially offset by increases in rents and other single-family property revenues exceeding increases in total expenses. Net income totaled $379.1 million for the nine months ended September 30, 2026, compared to $369.1 million for the nine months ended September 30, 2025. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses, partially offset by lower other income and expense, net.

Previous wording

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

Current wording

(1)Includes 53,688 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 $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.

Current wording

Rents and other single-family property revenues increased 4.1% to $498.1 million for the three months ended September 30, 2026 from $478.5 million for the three months ended September 30, 2025. Revenue growth was primarily driven by higher rental rates.

Previous wording

Property management expenses for the three months ended June 30, 2026 and 2025 were $33.8 million and $34.4 million, respectively, which included $1.1 million of noncash share-based compensation expense in both periods 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 three months ended September 30, 2026 and 2025 were $32.5 million and $33.4 million, respectively, which included $0.9 million of noncash share-based compensation expense in both periods related to centralized and field property management employees. The decrease in property management expenses was primarily attributable to a decrease in legal expenses.

Previous 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.

Current wording

Core revenues from Same-Home properties increased 2.3% to $371.1 million for the three months ended September 30, 2026 from $362.8 million for the three months ended September 30, 2025. This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 2.4% to $2,361 per month for the three months ended September 30, 2026 compared to $2,305 per month for the three months ended September 30, 2025, partially offset by a decrease in Average Occupied Days Percentage, which was 96.0% for the three months ended September 30, 2026 compared to 96.3% for the three months ended September 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 increased 0.7% to $244.9 million for the six months ended June 30, 2026 from $243.2 million for the six months ended June 30, 2025 primarily driven by annual increases in property tax expense.

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 1.8% to $125.2 million for the three months ended September 30, 2026 from $122.9 million for the three months ended September 30, 2025 primarily driven by higher R&M and turnover costs, net.

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 June 30, 2026 and 2025 was $21.7 million and $20.0 million, respectively, which included $4.3 million and $4.0 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 as well as an increase 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 three months ended September 30, 2026 and 2025 was $21.4 million and $20.5 million, respectively, which included $4.0 million and $3.9 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.

Previous wording

Interest expense increased 7.0% to $49.5 million for the three months ended June 30, 2026 from $46.3 million for the three 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 payoff of the AMH 2015-SFR2 securitization in September 2025.

Current wording

Interest expense increased 4.6% to $50.4 million for the three months ended September 30, 2026 from $48.2 million for the three months ended September 30, 2025. The increase was primarily due to 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 payoff of the AMH 2015-SFR2 securitization in September 2025.

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 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.

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 September 30, 2026 and 2025 were $3.3 million and $3.7 million, respectively, which included $1.5 million and $1.4 million, respectively, of noncash share-based compensation expense in each period related to employees in these functions. The decrease in acquisition, disposition and other transaction costs was primarily due to a decrease 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 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.

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 0.7% to $127.6 million for the three months ended September 30, 2026 from $126.7 million for the three months ended September 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 six months ended June 30, 2026 and 2025 was $137.9 million and $113.9 million, respectively, which included $38.4 million and $10.3 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 September 30, 2026 and 2025 was $21.5 million and $47.6 million, respectively, which included $21.9 million and $5.7 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 a lower volume of properties sold.

Previous 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.

Current wording

Loss on early extinguishment of debt for the three months ended September 30, 2026 and 2025 was zero and $0.2 million, respectively. The decrease was due to the payoff of the AMH 2015-SFR2 securitization in September 2025 compared to no payoffs during the three months ended September 30, 2026.

Previous 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.

Current wording

Other income and expense, net for the three months ended September 30, 2026 and 2025 was $0.9 million and $4.9 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

Comparison of the Six Months Ended June 30, 2026 to the Six Months Ended June 30, 2025

Current wording

Comparison of the Nine Months Ended September 30, 2026 to the Nine Months Ended September 30, 2025

Previous wording

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the six months ended June 30, 2026 and 2025 (amounts in thousands):

Current wording

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the nine months ended September 30, 2026 and 2025 (amounts in thousands):

Previous wording

The following tables present a summary of Core NOI for our Same-Home properties, Non-Same-Home and Other properties and total properties for the six months ended June 30, 2026 and 2025 (amounts in thousands):

Current wording

The following tables present a summary of Core NOI for our Same-Home properties, Non-Same-Home and Other properties and total properties for the nine months ended September 30, 2026 and 2025 (amounts in thousands):

Previous wording

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

Current wording

(1)Includes 53,688 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 $942.1 million for the six months ended June 30, 2026 from $916.8 million for the six months ended June 30, 2025. Revenue growth was primarily driven by higher rental rates.

Current wording

Rents and other single-family property revenues increased 3.2% to $1.44 billion for the nine months ended September 30, 2026 from $1.40 billion for the nine months ended September 30, 2025. Revenue growth was primarily driven by higher rental rates.

Previous 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.

Current wording

Property management expenses for the nine months ended September 30, 2026 and 2025 were $99.7 million and $102.0 million, respectively, which included $3.1 million and $3.2 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 decreases in personnel related expenses and legal expenses.

Previous wording

Core revenues from Same-Home properties increased 2.4% to $735.8 million for the six months ended June 30, 2026 from $718.5 million for the six months ended June 30, 2025. This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 2.8% to $2,338 per month for the six months ended June 30, 2026 compared to $2,274 per month for the six months ended June 30, 2025, partially offset by a decrease in Average Occupied Days Percentage, which was 95.6% for the six months ended June 30, 2026 compared to 96.1% for the six months ended June 30, 2025.

Current wording

Core revenues from Same-Home properties increased 2.4% to $1.10 billion for the nine months ended September 30, 2026 from $1.08 billion for the nine months ended September 30, 2025. This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 2.7% to $2,346 per month for the nine months ended September 30, 2026 compared to $2,284 per month for the nine months ended September 30, 2025, partially offset by a decrease in Average Occupied Days Percentage, which was 95.7% for the nine months ended September 30, 2026 compared to 96.2% for the nine months ended September 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 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.

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 1.1% to $368.7 million for the nine months ended September 30, 2026 from $364.8 million for the nine months ended September 30, 2025 primarily driven by annual increases in property tax expense and R&M and turnover costs, net.

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 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.

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 nine months ended September 30, 2026 and 2025 was $64.4 million and $60.2 million, respectively, which included $12.7 million and $12.8 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.

Previous 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.

Current wording

Interest expense increased 5.9% to $148.2 million for the nine months ended September 30, 2026 from $139.9 million for the nine months ended September 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

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 six months ended June 30, 2026 and 2025 were $6.3 million and $5.7 million, respectively, which included $2.4 million and $2.9 million, respectively, of noncash share-based compensation expense in each period 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, partially offset by a decrease in noncash share-based compensation expense.

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 nine months ended September 30, 2026 and 2025 were $9.6 million and $9.4 million, respectively, which included $3.9 million and $4.3 million, respectively, of noncash share-based compensation expense in each period 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, partially offset by 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 1.2% to $255.0 million for the six months ended June 30, 2026 from $251.9 million for the six 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.

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 1.1% to $382.5 million for the nine months ended September 30, 2026 from $378.5 million for the nine months ended September 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 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.

Current wording

Gain on sale and impairment of single-family properties and other, net for the nine months ended September 30, 2026 and 2025 was $159.4 million and $161.5 million, respectively, which included $60.3 million and $16.0 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, partially offset by higher net gains on property sales resulting from a higher volume of properties sold.

Previous wording

Other income and expense, net for the six months ended June 30, 2026 and 2025 was $1.5 million and $7.1 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 nine months ended September 30, 2026 and 2025 was $2.4 million and $12.0 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

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.

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 nine months ended September 30, 2026.

Previous 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.

Current wording

Our liquidity and capital resources as of September 30, 2026 included $71.0 million of cash and cash equivalents. Additionally, as of September 30, 2026, we had $420.0 million of outstanding borrowings and $6.8 million committed to outstanding letters of credit under our $1.25 billion revolving credit facility, leaving $823.2 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 September 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 six months ended June 30, 2026 and 2025 (amounts in thousands):

Current wording

The following table summarizes the Company’s and the Operating Partnership’s cash flows for the nine months ended September 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 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.

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 $15.6 million, or 2.2%, from $718.5 million for the nine months ended September 30, 2025 to $734.1 million for the nine months ended September 30, 2026 primarily due to increased cash inflows generated from higher rental rates, partially offset by higher cash outflows for property related expenses.

Previous wording

Our investing activities are most significantly impacted by the level of investment activity through 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 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 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 use cash generated from operating and financing activities and by recycling capital through the sale of single-family properties and land to invest in the strategic expansion of our single-family property portfolio.

Previous 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.

Current wording

Net cash used for investing activities decreased $228.0 million, or 81.3%, from $280.6 million for the nine months ended September 30, 2025 to $52.6 million for the nine months ended September 30, 2026 primarily due to (i) a $186.4 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) an $88.4 million increase in net proceeds received from sales of single-family properties and other resulting from an increase in properties sold, (iii) a $5.8 million decrease in cash outflows for recurring and other capital expenditures and renovations to single-family properties and (iv) a $2.6 million decrease in cash outflows for other investing activities, partially offset by (i) a $52.9 million decrease in distributions from joint ventures, net of contributions and (ii) a $2.2 million decrease in proceeds received from storm-related insurance claims.

Previous 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.

Current wording

Net cash used for financing activities increased $67.2 million, or 11.0%, from $612.4 million for the nine months ended September 30, 2025 to $679.6 million for the nine months ended September 30, 2026. The increase was primarily attributable to (i) $641.2 million in nonrecurring proceeds from unsecured senior notes, net of discounts and deferred financing costs paid, from an issuance during the nine months ended September 30, 2025, (ii) $313.2 million in cash outflows for the repurchases of Class A common shares during the nine months ended September 30, 2026, (iii) a $50.0 million decrease in proceeds, net of repayments, from our revolving credit facility and (iv) a $27.8 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 nine months ended September 30, 2026. These changes were partially offset by (i) $925.8 million in nonrecurring asset-backed securitizations payments resulting from the payoffs of the AMH 2015-SFR1 securitization and AMH 2015-SFR2 securitization during the nine months ended September 30, 2025 and (ii)