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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
☒ |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025
or

☐ |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______
Commission File Number: 001-36013 (American Homes 4 Rent)
Commission File Number: 333-221878-02 (American Homes 4 Rent, L.P.)

AMERICAN HOMES 4 RENT
AMERICAN HOMES 4 RENT, L.P.
(Exact name of registrant as specified in its charter)

American Homes 4 Rent | Maryland | 46-1229660
American Homes 4 Rent, L.P. | Delaware | 80-0860173
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.)

280 Pilot Road
Las Vegas, Nevada 89119
(Address of principal executive offices) (Zip Code)
(805) 413-5300
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class |  | Trading symbols |  | Name of each exchange on which registered
Class A common shares of beneficial interest, $.01 par value |  | AMH |  | New York Stock Exchange
Series G perpetual preferred shares of beneficial interest, $.01 par value |  | AMH-G |  | New York Stock Exchange
Series H perpetual preferred shares of beneficial interest, $.01 par value |  | AMH-H |  | New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

| American Homes 4 Rent | ☒ | Yes | ☐ | No | American Homes 4 Rent, L.P. | ☒ | Yes | ☐ | No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

| American Homes 4 Rent | ☒ | Yes | ☐ | No | American Homes 4 Rent, L.P. | ☒ | Yes | ☐ | No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

| American Homes 4 Rent |
| Large accelerated filer | ☒ |  | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ |  | Smaller reporting company | ☐ |
|  |  |  | Emerging growth company | ☐ |
| American Homes 4 Rent, L.P. |
| Large accelerated filer | ☐ |  | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ |  | Smaller reporting company | ☐ |
|  |  |  | Emerging growth company | ☐ |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

| American Homes 4 Rent | ☐ |  | American Homes 4 Rent, L.P. | ☐ |

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

| American Homes 4 Rent | ☐ | Yes | ☒ | No | American Homes 4 Rent, L.P. | ☐ | Yes | ☒ | No

There were 369,525,621 shares of American Homes 4 Rent’s Class A common shares, $0.01 par value per share, and 635,075 shares of American Homes 4 Rent’s Class B common shares, $0.01 par value per share, outstanding on April 30, 2025.

EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended March 31, 2025 of American Homes 4 Rent and American Homes 4 Rent, L.P. Unless stated otherwise or the context otherwise requires, references to “AMH” or the “General Partner” mean American Homes 4 Rent, a Maryland real estate investment trust (“REIT”), and references to the “Operating Partnership” or the “OP” mean American Homes 4 Rent, L.P., a Delaware limited partnership, and its subsidiaries taken as a whole. References to the “Company,” “we,” “our” and “us” mean collectively AMH, the Operating Partnership and those entities/subsidiaries owned or controlled by AMH and/or the Operating Partnership.
AMH is the general partner of, and as of March 31, 2025 owned approximately 87.8% of the common partnership interest in, the Operating Partnership. The remaining 12.2% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AMH has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AMH and the Operating Partnership as one business, and the management of AMH consists of the same members as the management of the Operating Partnership.
The Company believes that combining the quarterly reports on Form 10-Q of the Company and the Operating Partnership into this single report provides the following benefits:
•enhances investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
•eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and
•creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
The Company believes it is important to understand the few differences between AMH and the Operating Partnership in the context of how AMH and the Operating Partnership operate as a consolidated company. AMH’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AMH is its partnership interest in the Operating Partnership. As a result, AMH generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. AMH itself is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity. AMH contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AMH receives Operating Partnership units (“OP units”) equal to the number of shares it has issued in the equity offering. Based on the terms of the Agreement of Limited Partnership of the Operating Partnership, as amended, OP units can be exchanged for shares on a one-for-one basis. Except for net proceeds from equity issuances by AMH, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of OP units.
Shareholders’ equity, partners’ capital and noncontrolling interests are the main areas of difference between the condensed consolidated financial statements of the Company and those of the Operating Partnership. The limited partnership interests in the Operating Partnership are accounted for as partners’ capital in the Operating Partnership’s financial statements and as noncontrolling interests in the Company’s financial statements. The differences between shareholders’ equity and partners’ capital result from differences in the equity and capital issued at the Company and Operating Partnership levels.
To help investors understand the differences between the Company and the Operating Partnership, this report provides separate condensed consolidated financial statements for the Company and the Operating Partnership; a single set of notes to such financial statements that includes separate discussions of each entity’s debt, noncontrolling interests and shareholders’ equity or partners’ capital, as applicable; and a combined Part I, “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” section that includes discrete information related to each entity.
This report also includes separate Part I, “Item 4. Controls and Procedures” sections and separate Exhibits 31 and 32 certifications for each of the Company and the Operating Partnership in order to establish that the requisite certifications have been made and that the Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.

In order to highlight the differences between the Company and the Operating Partnership, the separate sections in this report for the Company and the Operating Partnership specifically refer to the Company and the Operating Partnership. In the sections that combine disclosure of the Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the Company is one business and the Company operates that business through the Operating Partnership. The separate discussions of the Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.

American Homes 4 Rent
American Homes 4 Rent, L.P.
TABLE OF CONTENTS

|  |  | Page
PART I |  | FINANCIAL INFORMATION |
Item 1. |  | Financial Statements (Unaudited) | 1
|  | American Homes 4 Rent |
|  | Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 | 1
|  | Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 | 2
|  | Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2025 and 2024 | 3
|  | Condensed Consolidated Statements of Equity for the three months ended March 31, 2025 and 2024 | 4
|  | Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 | 6
|  | American Homes 4 Rent, L.P. |
|  | Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 | 8
|  | Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 | 9
|  | Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2025 and 2024 | 10
|  | Condensed Consolidated Statements of Capital for the three months ended March 31, 2025 and 2024 | 11
|  | Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 | 13
|  | American Homes 4 Rent and American Homes 4 Rent, L.P. |
|  | Notes to Unaudited Condensed Consolidated Financial Statements | 15
Item 2. |  | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 29
Item 3. |  | Quantitative and Qualitative Disclosures About Market Risk | 42
Item 4. |  | Controls and Procedures | 43
PART II |  | OTHER INFORMATION |
Item 1. |  | Legal Proceedings | 44
Item 1A. |  | Risk Factors | 44
Item 2. |  | Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities | 44
Item 3. |  | Defaults Upon Senior Securities | 44
Item 4. |  | Mine Safety Disclosures | 44
Item 5. |  | Other Information | 44
Item 6. |  | Exhibits | 44
|  | Signatures | 46

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Various statements contained in this Quarterly Report on Form 10-Q, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal,” “outlook,” “guidance” or other words that convey the uncertainty of future events or outcomes. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.
These and other important factors, including those discussed or incorporated by reference under Part II, “Item 1A. Risk Factors,” Part I, “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this report and in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”) filed with the Securities and Exchange Commission (the “SEC”) may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.
While forward-looking statements reflect our good faith beliefs, assumptions and expectations, they are not guarantees of future performance, and you should not unduly rely on them. The forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the date of this report. We are not obligated to update or revise these statements as a result of new information, future events or otherwise, unless required by applicable law.
i

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
American Homes 4 Rent
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)

| March 31, 2025 |  | December 31, 2024
| (Unaudited) |  |
Assets |  |  |
Single-family properties: |  |  |
Land | $ | 2,383,321 |  |  | $ | 2,370,006 |
Buildings and improvements | 11,689,380 |  |  | 11,559,461 |
Single-family properties in operation | 14,072,701 |  |  | 13,929,467 |
Less: accumulated depreciation | (3,139,741) |  |  | (3,048,868) |
Single-family properties in operation, net | 10,932,960 |  |  | 10,880,599 |
Single-family properties under development and development land | 1,253,962 |  |  | 1,272,284 |
Single-family properties and land held for sale, net | 247,375 |  |  | 212,808 |
Total real estate assets, net | 12,434,297 |  |  | 12,365,691 |
Cash and cash equivalents | 69,698 |  |  | 199,413 |
Restricted cash | 149,160 |  |  | 150,803 |
Rent and other receivables | 52,035 |  |  | 48,452 |
Escrow deposits, prepaid expenses and other assets | 302,990 |  |  | 337,379 |
Investments in unconsolidated joint ventures | 160,764 |  |  | 159,134 |
Goodwill | 120,279 |  |  | 120,279 |
Total assets | $ | 13,289,223 |  |  | $ | 13,381,151 |
Liabilities |  |  |
Revolving credit facility | $ | 410,000 |  |  | $ | — |
Asset-backed securitizations, net | 428,479 |  |  | 924,344 |
Unsecured senior notes, net | 4,088,223 |  |  | 4,086,418 |
Accounts payable and accrued expenses | 520,410 |  |  | 521,759 |
Total liabilities | 5,447,112 |  |  | 5,532,521 |
Commitments and contingencies (see Note 15) |  |  |
Equity |  |  |
Shareholders’ equity: |  |  |
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 369,525,121 and 368,987,993 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively) | 3,695 |  |  | 3,690 |
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at March 31, 2025 and December 31, 2024) | 6 |  |  | 6 |
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at March 31, 2025 and December 31, 2024) | 92 |  |  | 92 |
Additional paid-in capital | 7,526,294 |  |  | 7,529,008 |
Accumulated deficit | (382,384) |  |  | (380,632) |
Accumulated other comprehensive income | 6,186 |  |  | 7,852 |
Total shareholders’ equity | 7,153,889 |  |  | 7,160,016 |
Noncontrolling interest | 688,222 |  |  | 688,614 |
Total equity | 7,842,111 |  |  | 7,848,630 |
Total liabilities and equity | $ | 13,289,223 |  |  | $ | 13,381,151 |

The accompanying notes are an integral part of these condensed consolidated financial statements.
1

American Homes 4 Rent
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)

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

The accompanying notes are an integral part of these condensed consolidated financial statements.
2

American Homes 4 Rent
Condensed Consolidated Statements of Comprehensive Income
(Amounts in thousands)
(Unaudited)

| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Net income | $ | 128,713 |  |  | $ | 128,095 |  |  |  |  |
Other comprehensive loss: |  |  |  |  |  |  |
Cash flow hedging instruments: |  |  |  |  |  |  |
Unrealized loss on cash flow hedging instruments | (1,549) |  |  | — |  |  |  |  |
Reclassification adjustment for amortization of interest expense included in net income | (351) |  |  | (141) |  |  |  |  |
Other comprehensive loss | (1,900) |  |  | (141) |  |  |  |  |
Comprehensive income | 126,813 |  |  | 127,954 |  |  |  |  |
Comprehensive income attributable to noncontrolling interests | 15,021 |  |  | 15,301 |  |  |  |  |
Dividends on preferred shares | 3,486 |  |  | 3,486 |  |  |  |  |
Comprehensive income attributable to common shareholders | $ | 108,306 |  |  | $ | 109,167 |  |  |  |  |

The accompanying notes are an integral part of these condensed consolidated financial statements.
3

American Homes 4 Rent
Condensed Consolidated Statements of Equity
(Amounts in thousands, except share and per share data)
(Unaudited)

| Class A common shares |  | Class B common shares |  | Preferred shares |  |  |  |  |  |  |  |  |  |  |  |
| Number of shares |  | Amount |  | Number of shares |  | Amount |  | Number of shares |  | Amount |  | Additional paid-in capital |  | Accumulated deficit |  | Accumulated other comprehensive income |  | Shareholders’ equity |  | Noncontrolling interest |  | Total equity
Balances at December 31, 2023 | 364,296,431 |  |  | $ | 3,643 |  |  | 635,075 |  |  | $ | 6 |  |  | 9,200,000 |  |  | $ | 92 |  |  | $ | 7,357,848 |  |  | $ | (394,908) |  |  | $ | 843 |  |  | $ | 6,967,524 |  |  | $ | 685,359 |  |  | $ | 7,652,883 |
Share-based compensation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,925 |  |  | — |  |  | — |  |  | 9,925 |  |  | — |  |  | 9,925 |
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes | 457,794 |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6,518) |  |  | — |  |  | — |  |  | (6,513) |  |  | — |  |  | (6,513) |
Issuance of Class A common shares, net of offering costs of $34 | 932,746 |  |  | 9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 33,206 |  |  | — |  |  | — |  |  | 33,215 |  |  | — |  |  | 33,215 |
Distributions to equity holders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred shares (Note 10) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,486) |  |  | — |  |  | (3,486) |  |  | — |  |  | (3,486) |
Noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (13,358) |  |  | (13,358) |
Common shares ($0.26 per share) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (95,889) |  |  | — |  |  | (95,889) |  |  | — |  |  | (95,889) |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 112,775 |  |  | — |  |  | 112,775 |  |  | 15,320 |  |  | 128,095 |
Total other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (122) |  |  | (122) |  |  | (19) |  |  | (141) |
Balances at March 31, 2024 | 365,686,971 |  |  | $ | 3,657 |  |  | 635,075 |  |  | $ | 6 |  |  | 9,200,000 |  |  | $ | 92 |  |  | $ | 7,394,461 |  |  | $ | (381,508) |  |  | $ | 721 |  |  | $ | 7,017,429 |  |  | $ | 687,302 |  |  | $ | 7,704,731 |

4

American Homes 4 Rent
Condensed Consolidated Statements of Equity (continued)
(Amounts in thousands, except share and per share data)
(Unaudited)

| Class A common shares |  | Class B common shares |  | Preferred shares |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Number of shares |  | Amount |  | Number of shares |  | Amount |  | Number of shares |  | Amount |  | Additional paid-in capital |  | Accumulated deficit |  | Accumulated other comprehensive income |  | Shareholders’ equity |  | Noncontrolling interest |  | Total equity |  |
Balances at December 31, 2024 | 368,987,993 |  |  | $ | 3,690 |  |  | 635,075 |  |  | $ | 6 |  |  | 9,200,000 |  |  | $ | 92 |  |  | $ | 7,529,008 |  |  | $ | (380,632) |  |  | $ | 7,852 |  |  | $ | 7,160,016 |  |  | $ | 688,614 |  |  | $ | 7,848,630 |  |  |
Share-based compensation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,661 |  |  | — |  |  | — |  |  | 7,661 |  |  | — |  |  | 7,661 |  |  |
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes | 537,128 |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (10,375) |  |  | — |  |  | — |  |  | (10,370) |  |  | — |  |  | (10,370) |  |  |
Distributions to equity holders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred shares (Note 10) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,486) |  |  | — |  |  | (3,486) |  |  | — |  |  | (3,486) |  |  |
Noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (15,413) |  |  | (15,413) |  |  |
Common shares ($0.30 per share) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (111,724) |  |  | — |  |  | (111,724) |  |  | — |  |  | (111,724) |  |  |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 113,458 |  |  | — |  |  | 113,458 |  |  | 15,255 |  |  | 128,713 |  |  |
Total other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,666) |  |  | (1,666) |  |  | (234) |  |  | (1,900) |  |  |
Balances at March 31, 2025 | 369,525,121 |  |  | $ | 3,695 |  |  | 635,075 |  |  | $ | 6 |  |  | 9,200,000 |  |  | $ | 92 |  |  | $ | 7,526,294 |  |  | $ | (382,384) |  |  | $ | 6,186 |  |  | $ | 7,153,889 |  |  | $ | 688,222 |  |  | $ | 7,842,111 |  |  |

The accompanying notes are an integral part of these condensed consolidated financial statements.
5

American Homes 4 Rent
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)

| For the Three Months Ended March 31,
| 2025 |  | 2024
Operating activities |  |  |
Net income | $ | 128,713 |  |  | $ | 128,095 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation and amortization | 124,928 |  |  | 115,726 |
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments | 2,485 |  |  | 3,056 |
Noncash share-based compensation | 7,661 |  |  | 9,925 |
Loss on early extinguishment of debt | 216 |  |  | 954 |
Equity in net loss of unconsolidated entities | 915 |  |  | 884 |
Return on investment from unconsolidated joint ventures | 1,659 |  |  | — |
Gain on sale and impairment of single-family properties and other, net | (62,016) |  |  | (68,901) |
Other changes in operating assets and liabilities: |  |  |
Rent and other receivables | (3,583) |  |  | (1,929) |
Prepaid expenses and other assets | 12,739 |  |  | (7,325) |
Deferred leasing costs | (1,239) |  |  | (795) |
Accounts payable and accrued expenses | 9,906 |  |  | 22,918 |
Amounts due from related parties | 1,019 |  |  | (828) |
Net cash provided by operating activities | 223,403 |  |  | 201,780 |
Investing activities |  |  |
Cash paid for single-family properties | (4,009) |  |  | (4,483) |
Change in escrow deposits for purchase of single-family properties | (3,241) |  |  | 5,684 |
Net proceeds received from sales of single-family properties and other | 142,128 |  |  | 156,102 |
Proceeds from notes receivable related to the sale of properties | 19 |  |  | 130 |
Investment in unconsolidated joint ventures | (3,336) |  |  | (1,116) |
Distributions from unconsolidated entities | 963 |  |  | 113 |
Renovations to single-family properties | (7,456) |  |  | (10,804) |
Recurring and other capital expenditures for single-family properties | (30,942) |  |  | (23,804) |
Cash paid for development activity | (193,696) |  |  | (209,477) |
Proceeds from asset-backed securitization certificates | — |  |  | 25,666 |
Other investing activities | (8,119) |  |  | (6,157) |
Net cash used for investing activities | (107,689) |  |  | (68,146) |
Financing activities |  |  |
Proceeds from issuance of Class A common shares | — |  |  | 33,249 |
Payments of Class A common share issuance costs | — |  |  | (34) |
Proceeds from issuances under share-based compensation plans | 445 |  |  | 1,423 |
Payments related to tax withholding for share-based compensation | (10,815) |  |  | (7,936) |
Payments on asset-backed securitizations | (496,593) |  |  | (466,145) |
Proceeds from revolving credit facility | 410,000 |  |  | — |
Payments on revolving credit facility | — |  |  | (90,000) |
Proceeds from unsecured senior notes, net of discount | — |  |  | 599,358 |
Payments related to liabilities to repurchase consolidated land not owned | (18,868) |  |  | (24,182) |
Distributions to noncontrolling interests | (15,383) |  |  | (13,318) |
Distributions to common shareholders | (112,372) |  |  | (95,914) |
Distributions to preferred shareholders | (3,486) |  |  | (3,486) |
Deferred financing costs paid | — |  |  | (5,219) |
Net cash used for financing activities | (247,072) |  |  | (72,204) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (131,358) |  |  | 61,430 |
Cash, cash equivalents and restricted cash, beginning of period (see Note 3) | 350,216 |  |  | 221,861 |
Cash, cash equivalents and restricted cash, end of period (see Note 3) | $ | 218,858 |  |  | $ | 283,291 |

6

American Homes 4 Rent
Condensed Consolidated Statements of Cash Flows (continued)
(Amounts in thousands)
(Unaudited)

| For the Three Months Ended March 31,
| 2025 |  | 2024
Supplemental cash flow information |  |  |
Cash payments for interest, net of amounts capitalized | $ | (68,249) |  |  | $ | (38,389) |
Supplemental schedule of noncash investing and financing activities |  |  |
Accrued property renovations and development expenditures | $ | 56,114 |  |  | $ | 75,819 |
Transfers of completed homebuilding deliveries to properties | 175,892 |  |  | 185,123 |
Unrealized loss on cash flow hedging instruments | (1,549) |  |  | — |
Noncash right-of-use assets obtained in exchange for operating lease liabilities | 842 |  |  | — |
Accrued distributions to affiliates | 1,270 |  |  | 1,223 |
Accrued distributions to non-affiliates | 179 |  |  | 164 |

The accompanying notes are an integral part of these condensed consolidated financial statements.
7

American Homes 4 Rent, L.P.
Condensed Consolidated Balance Sheets
(Amounts in thousands, except unit and per unit data)

| March 31, 2025 |  | December 31, 2024
| (Unaudited) |  |
Assets |  |  |
Single-family properties: |  |  |
Land | $ | 2,383,321 |  |  | $ | 2,370,006 |
Buildings and improvements | 11,689,380 |  |  | 11,559,461 |
Single-family properties in operation | 14,072,701 |  |  | 13,929,467 |
Less: accumulated depreciation | (3,139,741) |  |  | (3,048,868) |
Single-family properties in operation, net | 10,932,960 |  |  | 10,880,599 |
Single-family properties under development and development land | 1,253,962 |  |  | 1,272,284 |
Single-family properties and land held for sale, net | 247,375 |  |  | 212,808 |
Total real estate assets, net | 12,434,297 |  |  | 12,365,691 |
Cash and cash equivalents | 69,698 |  |  | 199,413 |
Restricted cash | 149,160 |  |  | 150,803 |
Rent and other receivables | 52,035 |  |  | 48,452 |
Escrow deposits, prepaid expenses and other assets | 302,990 |  |  | 337,379 |
Investments in unconsolidated joint ventures | 160,764 |  |  | 159,134 |
Goodwill | 120,279 |  |  | 120,279 |
Total assets | $ | 13,289,223 |  |  | $ | 13,381,151 |
Liabilities |  |  |
Revolving credit facility | $ | 410,000 |  |  | $ | — |
Asset-backed securitizations, net | 428,479 |  |  | 924,344 |
Unsecured senior notes, net | 4,088,223 |  |  | 4,086,418 |
Accounts payable and accrued expenses | 520,410 |  |  | 521,759 |
Total liabilities | 5,447,112 |  |  | 5,532,521 |
Commitments and contingencies (see Note 15) |  |  |
Capital |  |  |
Partners’ capital: |  |  |
General partner: |  |  |
Common units (370,160,196 and 369,623,068 units issued and outstanding at March 31, 2025 and December 31, 2024, respectively) | 6,925,863 |  |  | 6,930,324 |
Preferred units (9,200,000 units issued and outstanding at March 31, 2025 and December 31, 2024) | 221,840 |  |  | 221,840 |
Limited partner: |  |  |
Common units (51,376,980 units issued and outstanding at March 31, 2025 and December 31, 2024) | 687,366 |  |  | 687,524 |
Accumulated other comprehensive income | 7,042 |  |  | 8,942 |
Total capital | 7,842,111 |  |  | 7,848,630 |
Total liabilities and capital | $ | 13,289,223 |  |  | $ | 13,381,151 |

The accompanying notes are an integral part of these condensed consolidated financial statements.
8

American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Operations
(Amounts in thousands, except unit and per unit data)
(Unaudited)

| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Rents and other single-family property revenues | $ | 459,276 |  |  | $ | 423,555 |  |  |  |  |
Expenses: |  |  |  |  |  |  |
Property operating expenses | 167,530 |  |  | 155,927 |  |  |  |  |
Property management expenses | 34,181 |  |  | 31,402 |  |  |  |  |
General and administrative expense | 19,671 |  |  | 21,885 |  |  |  |  |
Interest expense | 45,426 |  |  | 38,577 |  |  |  |  |
Acquisition and other transaction costs | 3,061 |  |  | 3,324 |  |  |  |  |
Depreciation and amortization | 124,928 |  |  | 115,726 |  |  |  |  |
Total expenses | 394,797 |  |  | 366,841 |  |  |  |  |
Gain on sale and impairment of single-family properties and other, net | 62,016 |  |  | 68,901 |  |  |  |  |
Loss on early extinguishment of debt | (216) |  |  | (954) |  |  |  |  |
Other income and expense, net | 2,434 |  |  | 3,434 |  |  |  |  |
Net income | 128,713 |  |  | 128,095 |  |  |  |  |
Preferred distributions | 3,486 |  |  | 3,486 |  |  |  |  |
Net income attributable to common unitholders | $ | 125,227 |  |  | $ | 124,609 |  |  |  |  |
Weighted-average common units outstanding: |  |  |  |  |  |  |
Basic | 421,749,368 |  |  | 417,890,237 |  |  |  |  |
Diluted | 422,138,721 |  |  | 418,349,273 |  |  |  |  |
Net income attributable to common unitholders per unit: |  |  |  |  |  |  |
Basic | $ | 0.30 |  |  | $ | 0.30 |  |  |  |  |
Diluted | $ | 0.30 |  |  | $ | 0.30 |  |  |  |  |

The accompanying notes are an integral part of these condensed consolidated financial statements.
9

American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Comprehensive Income
(Amounts in thousands)
(Unaudited)

| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Net income | $ | 128,713 |  |  | $ | 128,095 |  |  |  |  |
Other comprehensive loss: |  |  |  |  |  |  |
Cash flow hedging instruments: |  |  |  |  |  |  |
Unrealized loss on cash flow hedging instruments | (1,549) |  |  | — |  |  |  |  |
Reclassification adjustment for amortization of interest expense included in net income | (351) |  |  | (141) |  |  |  |  |
Other comprehensive loss | (1,900) |  |  | (141) |  |  |  |  |
Comprehensive income | 126,813 |  |  | 127,954 |  |  |  |  |
Preferred distributions | 3,486 |  |  | 3,486 |  |  |  |  |
Comprehensive income attributable to common unitholders | $ | 123,327 |  |  | $ | 124,468 |  |  |  |  |

The accompanying notes are an integral part of these condensed consolidated financial statements.
10

American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Capital
(Amounts in thousands, except unit and per unit data)
(Unaudited)

| General Partner |  | Limited Partners |  | Accumulated other comprehensive income |  | Total capital
| Common capital |  | Preferred capital amount |  | Common capital |  |
| Number of units |  | Amount |  |  | Number of units |  | Amount |  |
Balances at December 31, 2023 | 364,931,506 |  |  | $ | 6,744,841 |  |  | $ | 221,840 |  |  | 51,376,980 |  |  | $ | 685,240 |  |  | $ | 962 |  |  | $ | 7,652,883 |
Share-based compensation | — |  |  | 9,925 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,925 |
Common units issued under share-based compensation plans, net of units withheld for employee taxes | 457,794 |  |  | (6,513) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6,513) |
Issuance of Class A common units, net of offering costs of $34 | 932,746 |  |  | 33,215 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 33,215 |
Distributions to capital holders: |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred units (Note 10) | — |  |  | — |  |  | (3,486) |  |  | — |  |  | — |  |  | — |  |  | (3,486) |
Common units ($0.26 per unit) | — |  |  | (95,889) |  |  | — |  |  | — |  |  | (13,358) |  |  | — |  |  | (109,247) |
Net income | — |  |  | 109,289 |  |  | 3,486 |  |  | — |  |  | 15,320 |  |  | — |  |  | 128,095 |
Total other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (141) |  |  | (141) |
Balances at March 31, 2024 | 366,322,046 |  |  | $ | 6,794,868 |  |  | $ | 221,840 |  |  | 51,376,980 |  |  | $ | 687,202 |  |  | $ | 821 |  |  | $ | 7,704,731 |

11

American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Capital (continued)
(Amounts in thousands, except unit and per unit data)
(Unaudited)

| General Partner |  | Limited Partners |  | Accumulated other comprehensive income |  | Total capital |  |  |  |
| Common capital |  | Preferred capital amount |  | Common capital |  |  |  |  |  |
| Number of units |  | Amount |  |  | Number of units |  | Amount |  |  |  |  |  |
Balances at December 31, 2024 | 369,623,068 |  |  | $ | 6,930,324 |  |  | $ | 221,840 |  |  | 51,376,980 |  |  | $ | 687,524 |  |  | $ | 8,942 |  |  | $ | 7,848,630 |  |  |  |  |
Share-based compensation | — |  |  | 7,661 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,661 |  |  |  |  |
Common units issued under share-based compensation plans, net of units withheld for employee taxes | 537,128 |  |  | (10,370) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (10,370) |  |  |  |  |
Distributions to capital holders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred units (Note 10) | — |  |  | — |  |  | (3,486) |  |  | — |  |  | — |  |  | — |  |  | (3,486) |  |  |  |  |
Common units ($0.30 per unit) | — |  |  | (111,724) |  |  | — |  |  | — |  |  | (15,413) |  |  | — |  |  | (127,137) |  |  |  |  |
Net income | — |  |  | 109,972 |  |  | 3,486 |  |  | — |  |  | 15,255 |  |  | — |  |  | 128,713 |  |  |  |  |
Total other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,900) |  |  | (1,900) |  |  |  |  |
Balances at March 31, 2025 | 370,160,196 |  |  | $ | 6,925,863 |  |  | $ | 221,840 |  |  | 51,376,980 |  |  | $ | 687,366 |  |  | $ | 7,042 |  |  | $ | 7,842,111 |  |  |  |  |

The accompanying notes are an integral part of these condensed consolidated financial statements.
12

American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)

| For the Three Months Ended March 31,
| 2025 |  | 2024
Operating activities |  |  |
Net income | $ | 128,713 |  |  | $ | 128,095 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation and amortization | 124,928 |  |  | 115,726 |
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments | 2,485 |  |  | 3,056 |
Noncash share-based compensation | 7,661 |  |  | 9,925 |
Loss on early extinguishment of debt | 216 |  |  | 954 |
Equity in net loss of unconsolidated entities | 915 |  |  | 884 |
Return on investment from unconsolidated joint ventures | 1,659 |  |  | — |
Gain on sale and impairment of single-family properties and other, net | (62,016) |  |  | (68,901) |
Other changes in operating assets and liabilities: |  |  |
Rent and other receivables | (3,583) |  |  | (1,929) |
Prepaid expenses and other assets | 12,739 |  |  | (7,325) |
Deferred leasing costs | (1,239) |  |  | (795) |
Accounts payable and accrued expenses | 9,906 |  |  | 22,918 |
Amounts due from related parties | 1,019 |  |  | (828) |
Net cash provided by operating activities | 223,403 |  |  | 201,780 |
Investing activities |  |  |
Cash paid for single-family properties | (4,009) |  |  | (4,483) |
Change in escrow deposits for purchase of single-family properties | (3,241) |  |  | 5,684 |
Net proceeds received from sales of single-family properties and other | 142,128 |  |  | 156,102 |
Proceeds from notes receivable related to the sale of properties | 19 |  |  | 130 |
Investment in unconsolidated joint ventures | (3,336) |  |  | (1,116) |
Distributions from unconsolidated entities | 963 |  |  | 113 |
Renovations to single-family properties | (7,456) |  |  | (10,804) |
Recurring and other capital expenditures for single-family properties | (30,942) |  |  | (23,804) |
Cash paid for development activity | (193,696) |  |  | (209,477) |
Proceeds from repayment of loan from affiliate | — |  |  | 25,666 |
Other investing activities | (8,119) |  |  | (6,157) |
Net cash used for investing activities | (107,689) |  |  | (68,146) |
Financing activities |  |  |
Proceeds from issuance of Class A common units | — |  |  | 33,249 |
Payments of Class A common unit issuance costs | — |  |  | (34) |
Proceeds from issuances under share-based compensation plans | 445 |  |  | 1,423 |
Payments related to tax withholding for share-based compensation | (10,815) |  |  | (7,936) |
Payments on asset-backed securitizations | (496,593) |  |  | (466,145) |
Proceeds from revolving credit facility | 410,000 |  |  | — |
Payments on revolving credit facility | — |  |  | (90,000) |
Proceeds from unsecured senior notes, net of discount | — |  |  | 599,358 |
Payments related to liabilities to repurchase consolidated land not owned | (18,868) |  |  | (24,182) |
Distributions to common unitholders | (127,755) |  |  | (109,232) |
Distributions to preferred unitholders | (3,486) |  |  | (3,486) |
Deferred financing costs paid | — |  |  | (5,219) |
Net cash used for financing activities | (247,072) |  |  | (72,204) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (131,358) |  |  | 61,430 |
Cash, cash equivalents and restricted cash, beginning of period (see Note 3) | 350,216 |  |  | 221,861 |
Cash, cash equivalents and restricted cash, end of period (see Note 3) | $ | 218,858 |  |  | $ | 283,291 |

13

American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Cash Flows (continued)
(Amounts in thousands)
(Unaudited)

| For the Three Months Ended March 31,
| 2025 |  | 2024
Supplemental cash flow information |  |  |
Cash payments for interest, net of amounts capitalized | $ | (68,249) |  |  | $ | (38,389) |
Supplemental schedule of noncash investing and financing activities |  |  |
Accrued property renovations and development expenditures | $ | 56,114 |  |  | $ | 75,819 |
Transfers of completed homebuilding deliveries to properties | 175,892 |  |  | 185,123 |
Unrealized loss on cash flow hedging instruments | (1,549) |  |  | — |
Noncash right-of-use assets obtained in exchange for operating lease liabilities | 842 |  |  | — |
Accrued distributions to affiliates | 1,270 |  |  | 1,223 |
Accrued distributions to non-affiliates | 179 |  |  | 164 |

The accompanying notes are an integral part of these condensed consolidated financial statements.
14

American Homes 4 Rent
American Homes 4 Rent, L.P.
Notes to Unaudited Condensed Consolidated Financial Statements
Note 1. Organization and Operations
American Homes 4 Rent (“AMH” or the “General Partner”) is an internally managed Maryland real estate investment trust (“REIT”) formed on October 19, 2012 for the purpose of acquiring, developing, renovating, leasing and managing single-family homes as rental properties. American Homes 4 Rent, L.P., a Delaware limited partnership formed on October 22, 2012, and its consolidated subsidiaries (collectively, the “Operating Partnership” or the “OP”) is the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its assets. References to the “Company,” “we,” “our” and “us” mean collectively AMH, the Operating Partnership and those entities/subsidiaries owned or controlled by AMH and/or the Operating Partnership. As of March 31, 2025, the Company held 61,361 single-family properties in 24 states, including 661 properties classified as held for sale.
AMH is the general partner of, and as of March 31, 2025 owned approximately 87.8% of the common partnership interest in, the Operating Partnership. The remaining 12.2% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AMH has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AMH and the Operating Partnership as one business, and the management of AMH consists of the same members as the management of the Operating Partnership. AMH’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AMH is its partnership interest in the Operating Partnership. As a result, AMH generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. AMH itself is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity. AMH contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AMH receives Operating Partnership units (“OP units”) equal to the number of shares it has issued in the equity offering. Based on the terms of the Agreement of Limited Partnership of the Operating Partnership, as amended, OP units can be exchanged for shares on a one-for-one basis. Except for net proceeds from equity issuances by AMH, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of OP units.
Note 2. Significant Accounting Policies
Basis of Presentation
The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s review of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair statement of the condensed consolidated financial statements for the interim periods have been made. The operating results for interim periods are not necessarily indicative of results for other interim periods or the full year. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
In Note 5. Rent and Other Receivables, the Company reclassified certain immaterial tenant charge-backs from variable lease payments to fixed lease payments for the three months ended March 31, 2024 to conform with the current year presentation.
15

Principles of Consolidation
The condensed consolidated financial statements present the accounts of both (i) the Company, which include AMH, the Operating Partnership and their consolidated subsidiaries, and (ii) the Operating Partnership, which include the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated.
The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”), when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. Entities that are not VIEs and for which the Company owns an interest and has the ability to exercise significant influence but does not control are accounted for under the equity method of accounting as an investment in an unconsolidated entity and are included in investments in unconsolidated joint ventures within the condensed consolidated balance sheets. The Company consolidates VIEs in accordance with ASC 810 if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE.
During the year ended December 31, 2024, the Company entered into real estate exchange transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), in order to defer taxable gains on the exchange of like-kind property (“1031 Exchange”). Our 1031 Exchange transactions are facilitated by a qualified intermediary (the “QI”), which holds the proceeds from the Company’s disposition of real properties until such transactions are complete. The QI established a special purpose entity, which was determined to be a VIE (the “1031 VIE”), to hold the disposition proceeds in an escrow account and the 1031 VIE must use the proceeds to acquire replacement real property for the Company in a manner consistent with the requirements of Section 1031 of the Code. To the extent the proceeds are not used to acquire replacement real property, the 1031 VIE pays the proceeds to the Company. The Company is the primary beneficiary of the 1031 VIE as it retains essentially all economic benefits related to the 1031 VIE and directs the activities that most significantly impact the 1031 VIE’s economic performance and therefore the 1031 VIE and the related disposition proceeds are consolidated within the condensed consolidated financial statements.
The Company also holds investments in proptech venture capital funds and deposits with land banking entities that we determined are VIEs. As the Company does not control the activities that most significantly impact the economic performance of these entities, the Company was deemed not to be the primary beneficiary and therefore did not consolidate the entities. The investments in the unconsolidated venture capital funds are accounted for under the equity method of accounting and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. As of March 31, 2025 and December 31, 2024, the carrying value of the investments in these venture capital funds was $11.5 million and $13.2 million, respectively, and the Company’s maximum exposure to loss was $13.1 million and $14.9 million, respectively, which includes all future capital funding requirements. The deposits with land banking entities are held at cost and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. As of March 31, 2025 and December 31, 2024, the carrying value of these deposits with land banking entities and the Company’s maximum exposure to loss was $3.7 million and $6.9 million, respectively.
Recent Accounting Pronouncements Not Yet Effective
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures. The amendments in this ASU require public entities to disclose disaggregated information about certain income statement expense line items in the notes to the financial statements on an interim and annual basis. The guidance is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments in this ASU should be applied prospectively to reporting periods issued after the effective date or retrospectively to all periods presented. The Company is currently assessing the impact of the guidance on its financial statements.
Note 3. Cash, Cash Equivalents and Restricted Cash
Restricted cash primarily consists of funds held related to resident security deposits, cash reserves in accordance with certain loan agreements, funds held in the custody of our transfer agent for the payment of distributions and certain funds held for the purpose of facilitating 1031 Exchange transactions when proceeds are held prior to the completion of transactions. Funds held related to resident security deposits are restricted during the term of the related lease agreement, which is generally one year. Cash reserved in connection with lender requirements is restricted during the term of the related debt instrument.
16

The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets (amounts in thousands):

| March 31, |  | December 31,
| 2025 |  | 2024 |  | 2024 |  | 2023
Cash and cash equivalents | $ | 69,698 |  |  | $ | 124,826 |  |  | $ | 199,413 |  |  | $ | 59,385 |
Restricted cash | 149,160 |  |  | 158,465 |  |  | 150,803 |  |  | 162,476 |
Total cash, cash equivalents and restricted cash | $ | 218,858 |  |  | $ | 283,291 |  |  | $ | 350,216 |  |  | $ | 221,861 |

Note 4. Real Estate Assets, Net
The net book values of real estate assets consisted of the following as of March 31, 2025 and December 31, 2024 (amounts in thousands):

| March 31, 2025 |  | December 31, 2024
Occupied single-family properties | $ | 10,389,282 |  |  | $ | 10,174,136 |
Single-family properties leased, not yet occupied | 140,095 |  |  | 81,154 |
Single-family properties in turnover process | 296,898 |  |  | 397,850 |
Single-family properties recently renovated or developed | 103,079 |  |  | 226,199 |
Single-family properties newly acquired and under renovation | 3,606 |  |  | 1,260 |
Single-family properties in operation, net | 10,932,960 |  |  | 10,880,599 |
Development land | 579,290 |  |  | 602,147 |
Single-family properties under development | 674,672 |  |  | 670,137 |
Single-family properties and land held for sale, net | 247,375 |  |  | 212,808 |
Total real estate assets, net | $ | 12,434,297 |  |  | $ | 12,365,691 |

Depreciation expense related to single-family properties was $118.5 million and $110.3 million for the three months ended March 31, 2025 and 2024, respectively.
Our properties and land are identified for disposition primarily based on individual asset-level review, as well as submarket analysis. During the three months ended March 31, 2025 and 2024, the Company disposed of single-family properties and land for aggregate net proceeds of $142.1 million and $156.1 million, respectively, which resulted in an aggregate net gain on sale of $66.0 million and $69.8 million, respectively.
Note 5. Rent and Other Receivables
Included in rents and other single-family property revenues are variable lease payments for tenant charge-backs, which primarily relate to cost recoveries on utilities, and variable lease payments for fees from single-family properties. Variable lease payments for tenant charge-backs were $62.6 million and $56.0 million for the three months ended March 31, 2025 and 2024, respectively. Variable lease payments for fees from single-family properties were $8.6 million and $8.0 million for the three months ended March 31, 2025 and 2024, respectively.
The Company generally rents its single-family properties under non-cancelable lease agreements with a term of one year. The following table summarizes future minimum rental revenues under existing leases on our properties as of March 31, 2025 (amounts in thousands):

| March 31, 2025
Remaining 2025 | $ | 765,019 |
2026 | 155,583 |
2027 | 7,914 |
Total | $ | 928,516 |

As of both March 31, 2025 and December 31, 2024, rent and other receivables included $3.9 million of insurance claims receivables related to Hurricanes Milton and Helene.
17

Note 6. Escrow Deposits, Prepaid Expenses and Other Assets
The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of March 31, 2025 and December 31, 2024 (amounts in thousands):

| March 31, 2025 |  | December 31, 2024
Commercial real estate, software, vehicles and FF&E, net | $ | 106,604 |  |  | $ | 104,188 |
Escrow deposits, prepaid expenses and other | 101,764 |  |  | 115,801 |
Consolidated land not owned | 67,447 |  |  | 89,745 |
Operating lease right-of-use assets | 14,680 |  |  | 14,729 |
Deferred costs and other intangibles, net | 12,000 |  |  | 12,401 |
Notes receivable, net | 495 |  |  | 515 |
Total | $ | 302,990 |  |  | $ | 337,379 |

Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $5.4 million and $4.6 million for the three months ended March 31, 2025 and 2024, respectively.
Deferred Costs and Other Intangibles, Net
Deferred costs and other intangibles, net consisted of the following as of March 31, 2025 and December 31, 2024 (amounts in thousands):

| March 31, 2025 |  | December 31, 2024
Deferred leasing costs | $ | 4,074 |  |  | $ | 3,746 |
Deferred financing costs | 11,512 |  |  | 11,512 |
| 15,586 |  |  | 15,258 |
Less: accumulated amortization | (3,586) |  |  | (2,857) |
Total | $ | 12,000 |  |  | $ | 12,401 |

Amortization expense related to deferred leasing costs was $1.1 million and $0.8 million for the three months ended March 31, 2025 and 2024, respectively, and is included in depreciation and amortization within the condensed consolidated statements of operations. Amortization of deferred financing costs related to our revolving credit facility was $0.6 million and $0.7 million for the three months ended March 31, 2025 and 2024, respectively, and is included in gross interest, prior to interest capitalization (see Note 8. Debt).
The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of March 31, 2025 for future periods (amounts in thousands):

| Deferred Leasing Costs |  | Deferred Financing Costs |  |  |  | Total
Remaining 2025 | $ | 1,934 |  |  | $ | 1,733 |  |  |  |  | $ | 3,667 |
2026 | 188 |  |  | 2,300 |  |  |  |  | 2,488 |
2027 | — |  |  | 2,300 |  |  |  |  | 2,300 |
2028 | — |  |  | 2,309 |  |  |  |  | 2,309 |
2029 | — |  |  | 1,236 |  |  |  |  | 1,236 |
Total | $ | 2,122 |  |  | $ | 9,878 |  |  |  |  | $ | 12,000 |

Note 7. Investments in Unconsolidated Joint Ventures
As of March 31, 2025, the Company held 20% ownership interests in four unconsolidated joint ventures. In evaluating the Company’s 20% ownership interests in these joint ventures, we concluded that the joint ventures are not VIEs after applying the variable interest model and, therefore, we account for our interests in the joint ventures as investments in unconsolidated subsidiaries after applying the voting interest model using the equity method of accounting. Equity in net income (losses) of unconsolidated joint ventures is included in other income and expense, net within the condensed consolidated statements of operations.
The Company entered into a joint venture with (i) the Alaska Permanent Fund Corporation (the “Alaska JV”) during the second quarter of 2014 to invest in homes acquired through traditional acquisition channels, (ii) another leading institutional investor (the “Institutional Investor JV”) during the third quarter of 2018 to invest in newly constructed single-family rental homes and (iii)
18

institutional investors advised by J.P. Morgan Asset Management focused on constructing and operating newly built rental homes during the first quarter of 2020 (“J.P. Morgan JV I”) and third quarter of 2023 (“J.P. Morgan JV II”).
The following table summarizes our investments in unconsolidated joint ventures as of March 31, 2025 and December 31, 2024 (amounts in thousands, except percentages and property data):

|  |  |  | % Ownership at March 31, 2025 |  | Completed Homes at March 31, 2025 |  | Investments in Unconsolidated Joint Ventures |  |  |  |  |  |  |
|  | Joint Venture Description |  |  |  | March 31, 2025 |  | December 31, 2024 |  |  |  |  |  |  |
|  | Alaska JV |  | 20% |  | 166 |  |  | $ | 14,655 |  |  | $ | 15,598 |  |  |  |  |  |  |  |
|  | Institutional Investor JV |  | 20% |  | 1,015 |  |  | 11,812 |  |  | 12,349 |  |  |  |  |  |  |  |
|  | J.P. Morgan JV I |  | 20% |  | 2,168 |  |  | 103,995 |  |  | 104,232 |  |  |  |  |  |  |  |
|  | J.P. Morgan JV II |  | 20% |  | 138 |  |  | 30,302 |  |  | 26,955 |  |  |  |  |  |  |  |
|  |  |  |  |  | 3,487 |  |  | $ | 160,764 |  |  | $ | 159,134 |  |  |  |  |  |  |  |

The Company provides various services to these joint ventures, which are considered to be related parties, including property management and development services and has opportunities to earn promoted interests. Management fee and development fee income from unconsolidated joint ventures was $3.6 million and $3.0 million for the three months ended March 31, 2025 and 2024, respectively, and is included in other income and expense, net within the condensed consolidated statements of operations.
As a result of the Company’s management of these joint ventures, certain related party receivables and payables arise in the ordinary course of business and are included in escrow deposits, prepaid expenses and other assets or accounts payable and accrued expenses in the condensed consolidated balance sheets. The Company also transfers single-family properties or land to the joint ventures in the ordinary course of business and any gains or losses on transfers are included in gain on sale and impairment of single-family properties and other, net in the condensed consolidated statements of operations.
During the second quarter of 2024, the Institutional Investor JV amended its existing loan agreement. During the three-year term, the loan, which has an aggregate commitment of $232.7 million, bears interest at the Secured Overnight Financing Rate (“SOFR”) plus a 1.90% margin and matures on July 1, 2027. As of March 31, 2025, the Institutional Investor JV’s loan had a $232.7 million outstanding principal balance.
During the first quarter of 2025, J.P. Morgan JV I amended its existing loan agreement to increase borrowing capacity to $500.0 million. During the initial three-year term, the loan bears interest at SOFR plus a 1.50% margin and matures on January 24, 2028. The loan agreement provides for one one-year extension option that includes additional fees and interest. As of March 31, 2025, J.P. Morgan JV I’s loan had a $358.2 million outstanding principal balance.
The Company has provided customary non-recourse guarantees for the Institutional Investor JV and J.P. Morgan JV I loans that may become a liability for us upon a voluntary bankruptcy filing by the joint ventures or the occurrence of other actions such as fraud or a material misrepresentation by us or the joint ventures. To date, the guarantees have not been invoked, and we believe that the actions that would trigger a guarantee would generally be disadvantageous to the joint ventures and us and therefore are unlikely to occur. However, there can be no assurances that actions that could trigger the guarantee will not occur.
19

Note 8. Debt
All of the Company’s indebtedness is debt of the Operating Partnership. AMH is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The following table presents the Company’s debt as of March 31, 2025 and December 31, 2024 (amounts in thousands):

|  |  |  |  | Outstanding Principal Balance
| Interest Rate (1) |  | Maturity Date |  | March 31, 2025 |  | December 31, 2024
AMH 2015-SFR1 securitization | 4.14% |  | N/A |  | $ | — |  |  | $ | 494,868 |
AMH 2015-SFR2 securitization (2) | 4.36% |  | October 9, 2045 |  | 429,015 |  |  | 430,523 |
Total asset-backed securitizations |  |  |  |  | 429,015 |  |  | 925,391 |
2028 unsecured senior notes (3) | 4.08% |  | February 15, 2028 |  | 500,000 |  |  | 500,000 |
2029 unsecured senior notes | 4.90% |  | February 15, 2029 |  | 400,000 |  |  | 400,000 |
2031 unsecured senior notes (4) | 2.46% |  | July 15, 2031 |  | 450,000 |  |  | 450,000 |
2032 unsecured senior notes | 3.63% |  | April 15, 2032 |  | 600,000 |  |  | 600,000 |
2034 unsecured senior notes I | 5.50% |  | February 1, 2034 |  | 600,000 |  |  | 600,000 |
2034 unsecured senior notes II | 5.50% |  | July 15, 2034 |  | 500,000 |  |  | 500,000 |
2035 unsecured senior notes (5) | 5.08% |  | March 15, 2035 |  | 500,000 |  |  | 500,000 |
2051 unsecured senior notes | 3.38% |  | July 15, 2051 |  | 300,000 |  |  | 300,000 |
2052 unsecured senior notes | 4.30% |  | April 15, 2052 |  | 300,000 |  |  | 300,000 |
Revolving credit facility (6) | 5.36% |  | July 16, 2029 |  | 410,000 |  |  | — |
Total debt |  |  |  |  | 4,989,015 |  |  | 5,075,391 |
Unamortized discounts on unsecured senior notes |  |  |  |  | (34,668) |  |  | (35,594) |
Deferred financing costs, net (7) |  |  |  |  | (27,645) |  |  | (29,035) |
Total debt per balance sheet |  |  |  |  | $ | 4,926,702 |  |  | $ | 5,010,762 |

(1)Interest rates are rounded and as of March 31, 2025. Unless otherwise stated, interest rates are fixed percentages.
(2)The AMH 2015-SFR2 securitization has an anticipated repayment date of October 9, 2025. If the securitization is not repaid by this date, the duration-adjusted weighted-average interest rate will increase by a minimum of 3.00%.
(3)The stated interest rate on the 2028 unsecured senior notes is 4.25%, which was hedged to yield an interest rate of 4.08%.
(4)The stated interest rate on the 2031 unsecured senior notes is 2.38%, which was hedged to yield an interest rate of 2.46%.
(5)The stated interest rate on the 2035 unsecured senior notes is 5.25%, which was hedged to yield an interest rate of 5.08%.
(6)The revolving credit facility provides for a borrowing capacity of up to $1.25 billion and the maturity date includes two six-month extension periods. The Company had approximately $1.5 million and $2.0 million committed to outstanding letters of credit that reduced our borrowing capacity as of March 31, 2025 and December 31, 2024, respectively. The revolving credit facility bears interest at SOFR plus a 0.10% spread adjustment and a margin of 0.85% as of March 31, 2025.
(7)Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $1.3 million and $1.7 million for the three months ended March 31, 2025 and 2024, respectively, and is included in gross interest, prior to interest capitalization.
Early Extinguishment of Debt
During the first quarter of 2025, the Operating Partnership paid off the $493.2 million outstanding principal on the AMH 2015-SFR1 securitization, which resulted in $0.2 million of charges related to legal fees that are included in loss on early extinguishment of debt within the condensed consolidated statements of operations. The payoff of the AMH 2015-SFR1 securitization also resulted in the release of the 4,661 homes pledged as collateral and $10.7 million of cash restricted for lender requirements.
Debt Maturities
The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of March 31, 2025 (amounts in thousands):

| Debt Maturities
Remaining 2025 | $ | 3,582 |
2026 | 4,776 |
2027 | 4,776 |
2028 | 504,776 |
2029 | 814,776 |
Thereafter | 3,656,329 |
Total debt | $ | 4,989,015 |

20

Interest Expense
The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three months ended March 31, 2025 and 2024 (amounts in thousands):

| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Gross interest cost | $ | 59,280 |  |  | $ | 52,799 |  |  |  |  |
Capitalized interest | (13,854) |  |  | (14,222) |  |  |  |  |
Interest expense | $ | 45,426 |  |  | $ | 38,577 |  |  |  |  |

Note 9. Accounts Payable and Accrued Expenses
The following table summarizes accounts payable and accrued expenses as of March 31, 2025 and December 31, 2024 (amounts in thousands):

| March 31, 2025 |  | December 31, 2024
Resident security deposits | $ | 127,140 |  |  | $ | 123,377 |
Accrued property taxes | 107,102 |  |  | 61,044 |
Accrued construction and maintenance liabilities | 74,444 |  |  | 80,710 |
Liability for consolidated land not owned | 56,922 |  |  | 74,518 |
Accrued interest | 40,515 |  |  | 65,824 |
Prepaid rent | 34,175 |  |  | 30,153 |
Operating lease liabilities | 16,233 |  |  | 16,309 |
Accounts payable | 1,866 |  |  | 96 |
Other accrued liabilities | 62,013 |  |  | 69,728 |
Total | $ | 520,410 |  |  | $ | 521,759 |

Note 10. Shareholders’ Equity / Partners’ Capital
When the Company issues common or preferred shares, the Operating Partnership issues an equivalent number of units of partnership interest of a corresponding class to AMH, with the Operating Partnership receiving the net proceeds from the share issuances.
At-the-Market Common Share Offering Program
The Company maintains an at-the-market common share offering program under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $1.0 billion (the “At-the-Market Program”). The At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers. The At-the-Market Program may be suspended or terminated by the Company at any time. During the three months ended March 31, 2024, the Company directly issued 932,746 Class A common shares under its At-the-Market Program, raising $33.7 million in gross proceeds before commissions and other expenses of approximately $0.5 million. Additionally, the Company entered into a forward sale agreement with the forward purchaser during the first quarter of 2024 (the “March 2024 Forward Sale Agreement”), which was accounted for in equity, to offer 2,987,024 Class A common shares on a forward basis under its At-the-Market Program at the request of the Company by the forward seller. The Company issued and physically settled the 2,987,024 Class A common shares during the fourth quarter of 2024, receiving gross proceeds of $110.6 million before commissions and other expenses of approximately $0.8 million and before offering costs of approximately $0.2 million. During the three months ended March 31, 2025, no shares were issued under the At-the-Market Program. As of March 31, 2025, 6,719,453 shares have been issued under the At-the-Market Program and $753.7 million remained available for future share issuances.
Share Repurchase Program
The Company’s board of trustees authorized the establishment of our share repurchase program for the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions. The program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. During the three months ended March 31, 2025 and 2024, we did not repurchase and retire any of our Class A common shares
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or preferred shares. As of March 31, 2025, we had a remaining repurchase authorization of up to $265.1 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares under the program.
Perpetual Preferred Shares / Units
As of March 31, 2025 and December 31, 2024, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data):

|  |  |  |  |  |  |  | March 31, 2025 |  | December 31, 2024
Series |  | Issuance Date |  | Earliest Redemption Date |  | Dividend Rate |  | Outstanding Shares |  | Current Liquidation Value |  | Outstanding Shares |  | Current Liquidation Value
Series G perpetual preferred shares |  | July 17, 2017 |  | July 17, 2022 |  | 5.875 | % |  | 4,600,000 |  |  | $ | 115,000 |  |  | 4,600,000 |  |  | $ | 115,000 |
Series H perpetual preferred shares |  | September 19, 2018 |  | September 19, 2023 |  | 6.250 | % |  | 4,600,000 |  |  | 115,000 |  |  | 4,600,000 |  |  | 115,000 |
Total preferred shares |  |  |  |  |  |  |  | 9,200,000 |  |  | $ | 230,000 |  |  | 9,200,000 |  |  | $ | 230,000 |

Distributions
The Company’s board of trustees declared the following distributions during the respective quarters. The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding OP units.

|  | For the Three Months Ended |  |  |  |
Security |  | March 31, 2025 |  |  |  | March 31, 2024 |  |  |  |  |  |  |  |  |  |
Class A and Class B common shares |  | $ | 0.30 |  |  |  |  | $ | 0.26 |  |  |  |  |  |  |  |  |  |  |
5.875% Series G perpetual preferred shares |  | 0.37 |  |  |  |  | 0.37 |  |  |  |  |  |  |  |  |  |  |
6.250% Series H perpetual preferred shares |  | 0.39 |  |  |  |  | 0.39 |  |  |  |  |  |  |  |  |  |  |

Noncontrolling Interest
Noncontrolling interest as reflected in the Company’s condensed consolidated balance sheets primarily consists of the interests held by former American Homes 4 Rent, LLC (“AH LLC”) members in units in the Operating Partnership. Former AH LLC members owned 50,779,990, or approximately 12.1%, of the total 421,537,176 and 421,000,048 Class A units in the Operating Partnership as of March 31, 2025 and December 31, 2024, respectively. Noncontrolling interest also includes interests held by non-affiliates in Class A units in the Operating Partnership. Non-affiliate Class A unitholders owned 596,990, or approximately 0.1%, of the total 421,537,176 and 421,000,048 Class A units in the Operating Partnership as of March 31, 2025 and December 31, 2024, respectively. The OP units owned by former AH LLC members and non-affiliates are reflected as noncontrolling interest in the Company’s condensed consolidated balance sheets and limited partner capital in the Operating Partnership’s condensed consolidated balance sheets.
Note 11. Share-Based Compensation
2021 Equity Incentive Plan
The Company’s 2021 Equity Incentive Plan (the “2021 Plan”), which replaced the 2012 Equity Incentive Plan (the “2012 Plan”), provides for the issuance of Class A common shares through the grant of a variety of awards including stock options, stock appreciation rights, restricted share units (“RSUs”), unrestricted shares, dividend equivalent rights and performance-based awards. When the Company issues Class A common shares under the 2012 Plan and 2021 Plan, the Operating Partnership issues an equivalent number of Class A units to AMH.
RSUs granted to employees during the three months ended March 31, 2025 and 2024 generally vest over a three-year service period.
Performance-based restricted share units (“PSUs”) granted to certain senior employees during the three months ended March 31, 2025 and 2024 cliff vest at the end of a three-year service period based on satisfaction of performance conditions. The performance conditions of the PSUs are measured over the three-year performance period from January 1, 2025 through December 31, 2027 for PSUs granted during the three months ended March 31, 2025 and from January 1, 2024 through December 31, 2026 for PSUs granted during the three months ended March 31, 2024. A portion of the PSUs are based on (i) the achievement of relative total shareholder return compared to a specified peer group (the “TSR Awards”), and a portion are based on (ii) average annual growth in core funds from operations per share (the “Core FFO Awards”). The number of PSUs that may ultimately vest range from zero to 200% of the number of PSUs granted based on the level of achievement of these performance conditions. For the TSR Awards, grant date fair value was determined using a multifactor Monte Carlo model and the resulting compensation cost is amortized over the service period regardless of whether the performance condition is achieved. For the Core FFO Awards, fair value is based on the market value on the
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date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period.
The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2025 and 2024:

| For the Three Months Ended March 31, |  |  |  |
| 2025 |  | 2024 |  |  |  |
Options outstanding at beginning of period | 329,500 |  |  | 522,675 |  |  |  |  |
Granted | — |  |  | — |  |  |  |  |
Exercised | (25,500) |  |  | (88,375) |  |  |  |  |
Forfeited | — |  |  | — |  |  |  |  |
Options outstanding at end of period | 304,000 |  |  | 434,300 |  |  |  |  |
Options exercisable at end of period | 304,000 |  |  | 434,300 |  |  |  |  |

The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2025 and 2024:

| For the Three Months Ended March 31,
| 2025 |  | 2024
RSUs outstanding at beginning of period | 1,187,544 |  |  | 1,090,522 |
Granted | 414,798 |  |  | 633,523 |
Vested | (445,857) |  |  | (428,812) |
Forfeited | (5,548) |  |  | (4,493) |
RSUs outstanding at end of period | 1,150,937 |  |  | 1,290,740 |

The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2025 and 2024:

| For the Three Months Ended March 31,
| 2025 |  | 2024
PSUs outstanding at beginning of period (1) | 677,298 |  |  | 520,219 |
Granted (1) | 227,616 |  |  | 254,157 |
Adjustment for performance achievement (2) | 170,757 |  |  | 75,109 |
Vested | (370,854) |  |  | (167,428) |
Forfeited (1) | — |  |  | — |
PSUs outstanding at end of period (1) | 704,817 |  |  | 682,057 |

(1)Represents target shares at grant date.
(2)Represents the difference between the number of target shares at grant date and the number of actual shares earned for the three-year performance periods ended December 31, 2024 and 2023, which was determined and vested during the three months ended March 31, 2025 and 2024, respectively.
For the TSR Awards, the following assumptions were used in the calculation of fair value using the Monte Carlo simulation model:

| For the Three Months Ended March 31,
| 2025 |  | 2024
Expected term (years) | 3.0 |  | 3.0
Dividend yield | 2.83% |  | 2.44%
Estimated volatility (1) | 22.48% |  | 23.83%
Risk-free interest rate | 4.49% |  | 4.19%

(1)Estimated volatility for the performance period is based on 50% historical volatility and 50% implied volatility.
2021 Employee Stock Purchase Plan
The 2021 Employee Stock Purchase Plan (the “2021 ESPP”) provides for the issuance of up to 3,000,000 Class A common shares and allows employees to acquire the Company’s Class A common shares through payroll deductions, subject to maximum purchase limitations, during six-month purchase periods. The purchase price for Class A common shares may be set at a maximum discount equal to 85% of the lower of the closing price of the Company’s Class A common shares on the first day or the last day of the applicable purchase period. The 2021 ESPP terminates in June 2031 or the date on which there are no longer any Class A common
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shares available for issuance. When the Company issues Class A common shares under the 2021 ESPP, the Operating Partnership issues an equivalent number of Class A units to AMH.
Share-Based Compensation Expense
The Company’s noncash share-based compensation expense relating to corporate administrative employees is included in general and administrative expense and the noncash share-based compensation expense relating to centralized and field property management employees is included in property management expenses. Noncash share-based compensation expense relating to employees involved in the purchases of single-family properties, including newly constructed properties from third-party builders, the development of single-family properties, or the disposal of certain properties or portfolios of properties is included in acquisition and other transaction costs. The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the three months ended March 31, 2025 and 2024 (amounts in thousands):

| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
General and administrative expense | $ | 4,867 |  |  | $ | 6,839 |  |  |  |  |
Property management expenses | 1,246 |  |  | 1,444 |  |  |  |  |
Acquisition and other transaction costs | 1,548 |  |  | 1,642 |  |  |  |  |
Total noncash share-based compensation expense | $ | 7,661 |  |  | $ | 9,925 |  |  |  |  |

Note 12. Earnings per Share / Unit
American Homes 4 Rent
The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three months ended March 31, 2025 and 2024 (amounts in thousands, except share and per share data):

| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Numerator: |  |  |  |  |  |  |
Net income | $ | 128,713 |  |  | $ | 128,095 |  |  |  |  |
Less: |  |  |  |  |  |  |
Noncontrolling interest | 15,255 |  |  | 15,320 |  |  |  |  |
Dividends on preferred shares | 3,486 |  |  | 3,486 |  |  |  |  |
Allocation to participating securities (1) | 346 |  |  | 379 |  |  |  |  |
Numerator for income per common share–basic and diluted | $ | 109,626 |  |  | $ | 108,910 |  |  |  |  |
Denominator: |  |  |  |  |  |  |
Weighted-average common shares outstanding–basic | 370,372,388 |  |  | 366,513,257 |  |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |
Share-based compensation plan and forward sale equity contract (2) | 389,353 |  |  | 459,036 |  |  |  |  |
Weighted-average common shares outstanding–diluted (3) | 370,761,741 |  |  | 366,972,293 |  |  |  |  |
Net income per common share: |  |  |  |  |  |  |
Basic | $ | 0.30 |  |  | $ | 0.30 |  |  |  |  |
Diluted | $ | 0.30 |  |  | $ | 0.30 |  |  |  |  |

(1)Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per share using the two-class method.
(2)Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and vesting of PSUs under the treasury stock method for the three months ended March 31, 2025 and 2024 and the dilutive effect of a forward sale equity contract under the treasury stock method for the three months ended March 31, 2024 (see Note 10. Shareholders’ Equity / Partners’ Capital).
(3)The effect of the potential conversion of OP units is not reflected in the computation of basic and diluted earnings per share as they are exchangeable for Class A common shares on a one-for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying condensed consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share.
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American Homes 4 Rent, L.P.
The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three months ended March 31, 2025 and 2024 (amounts in thousands, except unit and per unit data):

| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Numerator: |  |  |  |  |  |  |
Net income | $ | 128,713 |  |  | $ | 128,095 |  |  |  |  |
Less: |  |  |  |  |  |  |
Preferred distributions | 3,486 |  |  | 3,486 |  |  |  |  |
Allocation to participating securities (1) | 346 |  |  | 379 |  |  |  |  |
Numerator for income per common unit–basic and diluted | $ | 124,881 |  |  | $ | 124,230 |  |  |  |  |
Denominator: |  |  |  |  |  |  |
Weighted-average common units outstanding–basic | 421,749,368 |  |  | 417,890,237 |  |  |  |  |
Effect of dilutive securities: |  |  |  |  |  |  |
Share-based compensation plan and forward sale equity contract (2) | 389,353 |  |  | 459,036 |  |  |  |  |
Weighted-average common units outstanding–diluted | 422,138,721 |  |  | 418,349,273 |  |  |  |  |
Net income per common unit: |  |  |  |  |  |  |
Basic | $ | 0.30 |  |  | $ | 0.30 |  |  |  |  |
Diluted | $ | 0.30 |  |  | $ | 0.30 |  |  |  |  |

(1)Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per unit using the two-class method.
(2)Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and vesting of PSUs under the treasury stock method for the three months ended March 31, 2025 and 2024 and the dilutive effect of a forward sale equity contract under the treasury stock method for the three months ended March 31, 2024 (see Note 10. Shareholders’ Equity / Partners’ Capital).
Note 13. Fair Value
The carrying amount of rents and other receivables, restricted cash, escrow deposits, prepaid expenses and other assets, and accounts payable and accrued expenses generally approximate fair value because of the short maturity of these amounts.
Our notes receivable are financial instruments classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs. We estimated the fair values of the notes receivable by modeling the expected contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. As the estimated current market rates were not substantially different from the discount rates originally applied, the carrying amount of notes receivable, net approximates fair value.
Our asset-backed securitizations and revolving credit facility are financial instruments classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs. We estimated the fair values of the asset-backed securitizations by modeling the contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. As our revolving credit facility bears interest at a floating rate based on an index plus a spread (see Note 8. Debt), management believes that the carrying value (excluding deferred financing costs) of the revolving credit facility reasonably approximates fair value. Our unsecured senior notes are financial instruments classified as Level 2 in the fair value hierarchy as their fair values were estimated using observable inputs based on the market value of the last trade at the end of the period.
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The following table displays the carrying values and fair values of our debt instruments as of March 31, 2025 and December 31, 2024 (amounts in thousands):

| March 31, 2025 |  | December 31, 2024 |
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value |
AMH 2015-SFR1 securitization, net | $ | — |  |  | $ | — |  |  | $ | 494,635 |  |  | $ | 496,776 |  |
AMH 2015-SFR2 securitization, net | 428,479 |  |  | 430,916 |  |  | 429,709 |  |  | 432,316 |  |
Total asset-backed securitizations, net | 428,479 |  |  | 430,916 |  |  | 924,344 |  |  | 929,092 |  |
2028 unsecured senior notes, net | 497,732 |  |  | 494,955 |  |  | 497,534 |  |  | 488,265 |  |
2029 unsecured senior notes, net | 397,806 |  |  | 401,728 |  |  | 397,665 |  |  | 397,064 |  |
2031 unsecured senior notes, net | 443,470 |  |  | 386,501 |  |  | 443,210 |  |  | 376,947 |  |
2032 unsecured senior notes, net | 586,006 |  |  | 545,184 |  |  | 585,509 |  |  | 537,174 |  |
2034 unsecured senior notes I, net | 594,787 |  |  | 600,678 |  |  | 594,640 |  |  | 597,504 |  |
2034 unsecured senior notes II, net | 493,506 |  |  | 499,050 |  |  | 493,336 |  |  | 496,185 |  |
2035 unsecured senior notes, net | 493,370 |  |  | 491,055 |  |  | 493,150 |  |  | 487,335 |  |
2051 unsecured senior notes, net | 291,884 |  |  | 198,906 |  |  | 291,807 |  |  | 198,174 |  |
2052 unsecured senior notes, net | 289,662 |  |  | 234,381 |  |  | 289,567 |  |  | 234,258 |  |
Total unsecured senior notes, net | 4,088,223 |  |  | 3,852,438 |  |  | 4,086,418 |  |  | 3,812,906 |  |
Revolving credit facility | 410,000 |  |  | 410,000 |  |  | — |  |  | — |  |
Total debt | $ | 4,926,702 |  |  | $ | 4,693,354 |  |  | $ | 5,010,762 |  |  | $ | 4,741,998 |  |

During the first quarter of 2025, in anticipation of a potential debt issuance and in order to hedge interest rate risk, the Company entered into two treasury lock agreements with an aggregate notional amount of $200.0 million based on the 10-year treasury note rates at the time. The treasury locks were designated as cash flow hedging instruments and had an aggregate fair value liability of $1.5 million as of March 31, 2025, which was included in accounts payable and accrued expenses within the condensed consolidated balance sheets, with a corresponding unrealized loss reflected in accumulated other comprehensive income. The treasury locks will be settled upon the issuance of debt and any gain or loss recorded in accumulated other comprehensive income upon settlement will be reclassified into earnings as either a reduction of or increase to interest expense over the term of the debt. The treasury locks are the only financial instruments recorded at fair value on a recurring basis in the condensed consolidated financial statements and are classified as Level 2 within the fair value hierarchy as their fair values are estimated using observable inputs based on the 10-year treasury note rate.
Note 14. Related Party Transactions
As of March 31, 2025 and December 31, 2024, affiliates owned approximately 12.5% and 12.4%, respectively, of the Company’s outstanding Class A common shares. On a fully-diluted basis, affiliates held (including consideration of 635,075 Class B common shares and 50,622,165 Class A units as of March 31, 2025 and December 31, 2024) an approximate 23.1% and 23.0% interest as of March 31, 2025 and December 31, 2024, respectively.
See Note 7. Investments in Unconsolidated Joint Ventures for a description of related party transactions between the Company and its unconsolidated joint ventures.
Note 15. Commitments and Contingencies
As of March 31, 2025, the Company had commitments to acquire three single-family properties through our traditional acquisition channel for an aggregate purchase price of $0.9 million, as well as $112.2 million in purchase commitments for land relating to our AMH Development Program, which includes certain land deals expected to close beyond twelve months when development is ready to commence. Purchase commitments exclude option contracts where we have acquired the right to purchase land for our AMH Development Program or single-family properties because the contracts do not contain provisions requiring our specific performance.
As of March 31, 2025, the Company had sales in escrow for 145 of our single-family properties and 1,001 of our land lots for an aggregate selling price of $146.1 million.
As of March 31, 2025, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $233.0 million.
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Legal Matters
We are involved in various legal and administrative proceedings that are incidental to our business. We believe these matters will not have a materially adverse effect on our financial position or results of operations upon resolution.
Note 16. Segment Reporting
Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and assess performance. The Company is organized as a REIT with activities related to acquiring, renovating, developing, leasing and managing single-family homes as rental properties in one geographically diversified portfolio, which represents our one operating and reportable segment. Our one reportable segment derives its revenues from leasing single-family homes to tenants under non-cancelable lease agreements generally with a term of one year as well as certain fees charged to tenants. The Company’s CODM is our Chief Executive Officer and Chief Operating Officer.
The accounting policies of our one reportable segment are the same as those described in Note 2. Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Net income and its components, as presented on the consolidated statements of operations, are metrics utilized by the CODM to assess the reporting segment’s performance and allocate resources. The measure of segment assets is reported on the consolidated balance sheets as total assets.
The CODM also reviews core net operating income (“Core NOI”) at the total portfolio level as an additional segment profitability measure. The CODM uses the segment profitability measures to evaluate income generated from total portfolio assets in deciding whether to reinvest profits into enhancing the existing portfolio or for acquisitions or development of new properties. Property acquisition and disposition decisions are made at the individual property level and development decisions are made at the community level. Core NOI for the total portfolio is also used to monitor budget versus actual results and in competitive analysis to benchmark against the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation.
In addition to the revenues and significant segment expenses included within the consolidated statements of operations, the following table presents significant segment expenses regularly provided to the CODM within property operating expenses for the three months ended March 31, 2025 and 2024:

| For the Three Months Ended March 31,
| 2025 |  | 2024
Property operating expenses |  |  |
Property tax expense | $ | 66,940 |  |  | $ | 64,588 |
HOA fees | 6,814 |  |  | 6,314 |
Repairs and maintenance and turnover costs | 88,845 |  |  | 80,248 |
Insurance | 4,931 |  |  | 4,777 |
Total property operating expenses | $ | 167,530 |  |  | $ | 155,927 |

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The table below summarizes the significant expense categories included in Core NOI and regularly provided to the CODM for the three months ended March 31, 2025 and 2024:

| For the Three Months Ended March 31,
(Amounts in thousands) | 2025 |  | 2024
Core revenues | $ | 395,415 |  |  | $ | 366,218 |
Core property operating expenses |  |  |
Property tax expense | 66,940 |  |  | 64,588 |
HOA fees, net of tenant charge-backs | 6,814 |  |  | 6,314 |
Repairs and maintenance and turnover costs, net of tenant charge-backs | 27,281 |  |  | 24,846 |
Insurance | 4,931 |  |  | 4,777 |
Property management expenses, net of tenant charge-backs and excluding share-based compensation | 30,638 |  |  | 28,023 |
Total core property operating expenses | 136,604 |  |  | 128,548 |
Core NOI | $ | 258,811 |  |  | $ | 237,670 |
Reconciliation of core revenues to rents and other single-family property revenues |  |  |
Core revenues | $ | 395,415 |  |  | $ | 366,218 |
Tenant charge-backs | 63,861 |  |  | 57,337 |
Rents and other single-family property revenues | $ | 459,276 |  |  | $ | 423,555 |
Reconciliation of Core NOI to net income |  |  |
Core NOI | $ | 258,811 |  |  | $ | 237,670 |
Noncash share-based compensation - property management | (1,246) |  |  | (1,444) |
General and administrative expense | (19,671) |  |  | (21,885) |
Interest expense | (45,426) |  |  | (38,577) |
Acquisition and other transaction costs | (3,061) |  |  | (3,324) |
Depreciation and amortization | (124,928) |  |  | (115,726) |
Loss on early extinguishment of debt | (216) |  |  | (954) |
Gain on sale and impairment of single-family properties and other, net | 62,016 |  |  | 68,901 |
Other income and expense, net | 2,434 |  |  | 3,434 |
Net income | $ | 128,713 |  |  | $ | 128,095 |

Note 17. Subsequent Events
Subsequent Acquisitions
From April 1, 2025 through April 25, 2025, the Company added 143 single-family properties to its portfolio for a total cost of approximately $55.6 million, which included 141 newly constructed properties delivered through our AMH Development Program and two properties acquired through our traditional acquisition channel.
Subsequent Dispositions
From April 1, 2025 through April 25, 2025, the Company disposed of 98 single-family properties and 215 land lots for aggregate net proceeds of approximately $50.3 million.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion of our financial condition and results of operations should be read in conjunction with the financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q.
Overview
We are a Maryland REIT focused on acquiring, developing, renovating, leasing and managing single-family homes as rental properties. The Operating Partnership is the entity through which we conduct substantially all of our business and own, directly or through subsidiaries, substantially all of our assets. We commenced operations in November 2012 and we have elected to be taxed as a REIT.
As of March 31, 2025, we owned 61,361 single-family properties in select submarkets of metropolitan statistical areas in 24 states, including 661 properties held for sale, compared to 61,336 single-family properties in 24 states, including 805 properties held for sale, as of December 31, 2024 and 59,343 single-family properties in 21 states, including 728 properties held for sale, as of March 31, 2024. As of March 31, 2025, 58,246 of our total properties (excluding properties held for sale) were occupied, compared to 57,486 of our total properties (excluding properties held for sale) as of December 31, 2024 and 56,362 of our total properties (excluding properties held for sale) as of March 31, 2024. Also, as of March 31, 2025, the Company had an additional 3,487 properties held in unconsolidated joint ventures, compared to 3,376 properties held in unconsolidated joint ventures as of December 31, 2024 and 3,004 properties held in unconsolidated joint ventures as of March 31, 2024. Our portfolio of single-family properties, including those held in our unconsolidated joint ventures, is internally managed through our proprietary property management platform.
Key Single-Family Property and Leasing Metrics
The following table summarizes certain key single-family properties metrics as of March 31, 2025:

|  | Total Single-Family Properties (1)
Market |  | Number of Single-Family Properties |  | % of Total Single-Family Properties |  | Gross Book Value (millions) |  | % of Gross Book Value Total |  | Avg. Gross Book Value per Property |  | Avg. Sq. Ft. |  | Avg. Property Age (years) |  | Avg. Year Purchased or Delivered
Atlanta, GA |  | 6,038 |  |  | 9.9 | % |  | $ | 1,431.6 |  |  | 10.2 | % |  | $ | 237,101 |  |  | 2,196 |  |  | 17.4 |  | 2017
Charlotte, NC |  | 4,254 |  |  | 7.0 | % |  | 982.2 |  |  | 7.0 | % |  | 230,886 |  |  | 2,120 |  |  | 18.5 |  | 2016
Dallas-Fort Worth, TX |  | 3,839 |  |  | 6.3 | % |  | 685.9 |  |  | 4.9 | % |  | 178,665 |  |  | 2,084 |  |  | 20.7 |  | 2014
Nashville, TN |  | 3,372 |  |  | 5.6 | % |  | 878.9 |  |  | 6.2 | % |  | 260,674 |  |  | 2,123 |  |  | 16.6 |  | 2016
Jacksonville, FL |  | 3,333 |  |  | 5.5 | % |  | 768.3 |  |  | 5.5 | % |  | 230,543 |  |  | 1,926 |  |  | 14.4 |  | 2016
Phoenix, AZ |  | 3,315 |  |  | 5.5 | % |  | 737.3 |  |  | 5.2 | % |  | 222,438 |  |  | 1,850 |  |  | 19.8 |  | 2016
Indianapolis, IN |  | 3,049 |  |  | 5.0 | % |  | 555.5 |  |  | 3.9 | % |  | 182,189 |  |  | 1,936 |  |  | 21.9 |  | 2015
Tampa, FL |  | 3,004 |  |  | 4.9 | % |  | 738.9 |  |  | 5.3 | % |  | 245,990 |  |  | 1,951 |  |  | 15.0 |  | 2016
Las Vegas, NV |  | 2,622 |  |  | 4.3 | % |  | 817.4 |  |  | 5.8 | % |  | 311,759 |  |  | 1,966 |  |  | 10.8 |  | 2018
Houston, TX |  | 2,400 |  |  | 4.0 | % |  | 438.9 |  |  | 3.1 | % |  | 182,867 |  |  | 2,065 |  |  | 19.2 |  | 2015
Raleigh, NC |  | 2,211 |  |  | 3.6 | % |  | 452.1 |  |  | 3.2 | % |  | 204,482 |  |  | 1,892 |  |  | 18.5 |  | 2015
Columbus, OH |  | 2,179 |  |  | 3.6 | % |  | 449.7 |  |  | 3.2 | % |  | 206,395 |  |  | 1,890 |  |  | 21.7 |  | 2015
Orlando, FL |  | 2,152 |  |  | 3.5 | % |  | 519.5 |  |  | 3.7 | % |  | 241,418 |  |  | 1,932 |  |  | 16.8 |  | 2016
Cincinnati, OH |  | 2,105 |  |  | 3.5 | % |  | 421.7 |  |  | 3.0 | % |  | 200,353 |  |  | 1,843 |  |  | 22.2 |  | 2014
Salt Lake City, UT |  | 1,937 |  |  | 3.2 | % |  | 597.3 |  |  | 4.2 | % |  | 308,400 |  |  | 2,243 |  |  | 18.0 |  | 2016
Charleston, SC |  | 1,633 |  |  | 2.7 | % |  | 395.9 |  |  | 2.8 | % |  | 242,453 |  |  | 1,962 |  |  | 13.2 |  | 2017
Greater Chicago area, IL and IN |  | 1,518 |  |  | 2.5 | % |  | 294.9 |  |  | 2.1 | % |  | 194,276 |  |  | 1,868 |  |  | 23.6 |  | 2013
San Antonio, TX |  | 1,215 |  |  | 2.0 | % |  | 246.3 |  |  | 1.8 | % |  | 202,808 |  |  | 1,913 |  |  | 16.0 |  | 2016
Boise, ID |  | 1,077 |  |  | 1.8 | % |  | 340.5 |  |  | 2.4 | % |  | 316,132 |  |  | 1,878 |  |  | 10.7 |  | 2018
Savannah/Hilton Head, SC |  | 1,064 |  |  | 1.8 | % |  | 231.4 |  |  | 1.6 | % |  | 217,464 |  |  | 1,886 |  |  | 16.2 |  | 2017
All Other (2) |  | 8,383 |  |  | 13.8 | % |  | 2,088.5 |  |  | 14.9 | % |  | 249,135 |  |  | 1,941 |  |  | 17.9 |  | 2016
Total/Average |  | 60,700 |  |  | 100.0 | % |  | $ | 14,072.7 |  |  | 100.0 | % |  | $ | 231,840 |  |  | 1,997 |  |  | 17.8 |  | 2016

(1)Excludes 661 single-family properties held for sale as of March 31, 2025.
(2)Represents 17 markets in 16 states.
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The following table summarizes certain key leasing metrics as of March 31, 2025:

|  | Total Single-Family Properties (1)
Market |  | Avg. Occupied Days Percentage (2) |  | Avg. Monthly Realized Rent per Property (3) |  | Avg. Original Lease Term (months) (4) |  | Avg. Remaining Lease Term (months) (4) |  | Avg. Blended Change in Rent (5)
Atlanta, GA |  | 94.7 | % |  | $ | 2,292 |  |  | 12.6 |  |  | 6.6 |  |  | 2.5 | %
Charlotte, NC |  | 96.1 | % |  | 2,220 |  |  | 12.5 |  |  | 6.5 |  |  | 4.6 | %
Dallas-Fort Worth, TX |  | 95.5 | % |  | 2,309 |  |  | 12.4 |  |  | 6.3 |  |  | 3.0 | %
Nashville, TN |  | 94.9 | % |  | 2,373 |  |  | 12.2 |  |  | 6.5 |  |  | 3.1 | %
Jacksonville, FL |  | 94.2 | % |  | 2,193 |  |  | 12.3 |  |  | 6.7 |  |  | 2.7 | %
Phoenix, AZ |  | 94.9 | % |  | 2,147 |  |  | 12.0 |  |  | 6.2 |  |  | 3.1 | %
Indianapolis, IN |  | 97.0 | % |  | 1,908 |  |  | 12.7 |  |  | 6.2 |  |  | 5.5 | %
Tampa, FL |  | 94.3 | % |  | 2,453 |  |  | 12.3 |  |  | 6.9 |  |  | 3.4 | %
Las Vegas, NV |  | 91.6 | % |  | 2,338 |  |  | 12.8 |  |  | 6.8 |  |  | 3.4 | %
Houston, TX |  | 96.0 | % |  | 2,076 |  |  | 12.9 |  |  | 6.0 |  |  | 3.3 | %
Raleigh, NC |  | 95.8 | % |  | 2,070 |  |  | 12.8 |  |  | 6.4 |  |  | 3.1 | %
Columbus, OH |  | 95.8 | % |  | 2,235 |  |  | 12.3 |  |  | 7.0 |  |  | 5.6 | %
Orlando, FL |  | 93.1 | % |  | 2,404 |  |  | 12.2 |  |  | 6.7 |  |  | 2.5 | %
Cincinnati, OH |  | 97.2 | % |  | 2,185 |  |  | 12.3 |  |  | 6.9 |  |  | 5.7 | %
Salt Lake City, UT |  | 94.5 | % |  | 2,479 |  |  | 12.1 |  |  | 6.8 |  |  | 5.0 | %
Charleston, SC |  | 92.6 | % |  | 2,334 |  |  | 12.2 |  |  | 6.5 |  |  | 3.9 | %
Greater Chicago area, IL and IN |  | 97.6 | % |  | 2,508 |  |  | 12.4 |  |  | 6.4 |  |  | 7.1 | %
San Antonio, TX |  | 94.6 | % |  | 1,938 |  |  | 12.6 |  |  | 5.6 |  |  | (0.1) | %
Boise, ID |  | 89.3 | % |  | 2,282 |  |  | 12.2 |  |  | 6.8 |  |  | 2.8 | %
Savannah/Hilton Head, SC |  | 94.5 | % |  | 2,294 |  |  | 12.2 |  |  | 7.1 |  |  | 4.6 | %
All Other (6) |  | 94.4 | % |  | 2,286 |  |  | 12.4 |  |  | 6.2 |  |  | 4.2 | %
Total/Average |  | 94.8 | % |  | $ | 2,255 |  |  | 12.4 |  |  | 6.5 |  |  | 3.7 | %

(1)Excludes 661 single-family properties held for sale as of March 31, 2025.
(2)For the three months ended March 31, 2025, Average Occupied Days Percentage represents the number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service.
(3)For the three months ended March 31, 2025, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months. For properties partially owned during the period, this is adjusted to reflect the number of days of ownership.
(4)Average Original Lease Term and Average Remaining Lease Term are reflected as of period end.
(5)Represents the percentage change in rent on all non-month-to-month lease renewals and re-leases during the three months ended March 31, 2025, compared to the annual rent of the previously expired non-month-to-month comparable long-term lease for each property.
(6)Represents 17 markets in 16 states.
We believe these key single-family property and leasing metrics provide useful information to investors because they allow investors to understand the composition and performance of our properties on a market by market basis. Management also uses these metrics to understand the composition and performance of our properties at the market level.
Factors That Affect Our Results of Operations and Financial Condition
Our results of operations and financial condition are affected by numerous factors, many of which are beyond our control. Key factors that impact our results of operations and financial condition include the pace at which we identify and acquire suitable land and properties, the time and cost required to renovate the acquired properties, the pace and cost of our property developments, the time to lease newly acquired or developed properties at acceptable rental rates, occupancy levels, rates of tenant turnover, the length of vacancy in properties between tenant leases, our expense ratios, property taxes including changes in rates and valuation assessments of our properties, our ability to raise capital and our capital structure. Additionally, labor shortages, supply chain disruptions and inflationary pressures, including as a result of tariffs, have impacted and may in the future impact certain aspects of our business, including our AMH Development Program, our renovation program associated with acquired properties and our maintenance program.
Property Acquisitions, Development and Dispositions
Since our formation, we have rapidly but systematically grown our portfolio of single-family properties. Our ability to identify and acquire homes that meet our investment criteria is impacted by home prices in our target markets, the inventory of properties available-for-sale through traditional acquisition channels, the availability of bulk portfolio acquisition opportunities, competition for our target assets and our available capital. We are also focused on developing “built-for-rental” homes through our internal AMH
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Development Program. In addition, we acquire newly constructed homes from third-party developers through our National Builder Program. Opportunities from these new construction channels are impacted by the availability of vacant developed lots, development land assets and inventory of homes currently under construction or newly developed. Our level of investment activity has fluctuated based on the number of suitable opportunities and the level of capital available to invest. We have strategically scaled back acquisitions of single-family properties through our National Builder Program and traditional acquisition channels as the housing market adjusts to the current macroeconomic environment. We will continue to evaluate all of our growth channels and grow accordingly, if and when, acquisition opportunities are attractive relative to the condition of capital markets.
During the three months ended March 31, 2025, we developed or acquired 437 homes, including 424 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 13 homes acquired through our traditional acquisition channel, partially offset by 268 homes identified for sale. During the three months ended March 31, 2025, we also developed an additional 121 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 545 total home deliveries through our AMH Development Program.
Our properties and land held for sale were identified based on individual asset-level review, as well as submarket analysis. As of March 31, 2025 and December 31, 2024, there were 661 and 805 properties, respectively, as well as certain land lots, classified as held for sale. We will continue to evaluate our properties and land for potential disposition going forward as a normal course of business.
Property Operations
Homes added to our portfolio through new construction channels include properties developed through our internal AMH Development Program and newly constructed properties acquired from third-party developers through our National Builder Program. Rental homes developed through our AMH Development Program involve substantial up-front costs, time to acquire and develop land, time to build the rental home, and time to lease the rental home before the home generates income. This process is dependent upon the nature of each lot acquired and the timeline varies primarily due to land development requirements. Once land development requirements have been met, historically it has taken approximately five to seven months to complete the rental home vertical construction process. However, delivery of homes may be staggered to facilitate leasing absorption. Our internal construction program is managed by our team of development professionals that oversee the full rental home construction process including all land development and work performed by subcontractors. We typically incur costs between $300,000 and $450,000 to acquire and develop land and build a rental home. Homes added through our AMH Development Program are available for lease immediately upon or shortly after receipt of a certificate of occupancy. Rental homes acquired from third-party developers through our National Builder Program are dependent on the inventory of newly constructed homes and homes currently under construction.
Homes added to our portfolio through traditional acquisition channels require 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 incur costs between $20,000 and $40,000 to renovate a home acquired through traditional acquisition channels 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 will fluctuate based on our overall acquisition volume as well as availability of construction labor and materials.
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.
Revenues
Our revenues are derived primarily from rents collected from tenants for our single-family properties under lease agreements which typically have a term of one year. Our rental rates and occupancy levels are affected by macroeconomic factors and local and property-level factors, including market conditions, seasonality and tenant defaults, and the amount of time it takes to turn properties when tenants vacate. Additionally, our ability to collect revenues and related operating results are impacted by the credit worthiness and
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quality of our tenants. Typically, our incoming residents have household incomes ranging from $80,000 to $140,000 and primarily consist of families with approximately two adults and one or more children.
Our rents and other single-family property revenues are comprised of rental revenue from single-family properties, fees from our single-family property rentals and “tenant charge-backs,” which are primarily related to cost recoveries on utilities.
Our ability to maintain and grow revenues from our existing portfolio of homes will be dependent on our ability to retain tenants and increase rental rates. Based on our Same-Home population of properties (defined below), the year-over-year increase in Average Monthly Realized Rent per property was 4.5% for the three months ended March 31, 2025, and we experienced turnover rates, which represents the number of tenant move-outs during the period divided by the total number of properties, of 7.0% and 6.4% during the three months ended March 31, 2025 and 2024, respectively.
Expenses
We monitor the following categories of expenses that we believe most significantly affect our results of operations.
Property Operating Expenses
Once a property is available for lease for the first time, which we refer to as “rent-ready,” we incur ongoing property-related expenses which may not be subject to our control. These include primarily property taxes, repairs and maintenance (“R&M”), turnover costs, HOA fees (when applicable) and insurance.
Property Management Expenses
As we internally manage our portfolio of single-family properties through our proprietary property management platform, we incur costs such as salary expenses for property management personnel, lease expenses and operating costs for property management offices and technology expenses for maintaining as well as enhancing our property management platform. As part of developing our property management platform, we continue to make significant investments in our personnel, infrastructure, systems and technology that will impact expenses based on investment programs during the year. We believe that these investments will enable our property management platform to become more efficient over time, especially as our portfolio grows. Also included in property management expenses is noncash share-based compensation expense related to centralized and field property management employees.
Seasonality
We believe that our business and related operating results will be impacted by seasonal factors throughout the year. Historically, we have experienced higher levels of tenant move-outs and move-ins during the late spring and summer months, which impacts both our rental revenues and related turnover costs. Our property operating costs are seasonally impacted in certain markets for expenses such as HVAC repairs, turn costs and landscaping expenses during the summer season. Additionally, our single-family properties are at greater risk in certain markets for adverse weather conditions such as hurricanes in the late summer months and extreme cold weather in the winter months.
General and Administrative Expense
General and administrative expense primarily consists of corporate payroll and personnel costs, federal and state taxes, trustees’ and officers’ insurance expenses, audit and tax fees, trustee fees and other expenses associated with our corporate and administrative functions. In addition, we continue to make corporate level investments to support certain initiatives which will impact expenses based on given investment programs during the year. Also included in general and administrative expense is noncash share-based compensation expense related to corporate administrative employees.
Results of Operations
Net income totaled $128.7 million for the three months ended March 31, 2025, compared to $128.1 million for the three months ended March 31, 2024. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses, largely offset by lower net gains on property sales.
As we continue to grow our portfolio with a portion of our homes still recently developed, acquired and/or renovated, we distinguish our portfolio of homes between Same-Home properties and Non-Same-Home and Other properties in evaluating our operating performance. We classify a property as Same-Home if it has been stabilized longer than 90 days prior to the beginning of the earliest period presented under comparison and if it has not been classified as held for sale or experienced a casualty loss, which allows the
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performance of these properties to be compared between periods. Single-family properties that we acquire individually (i.e., not through a bulk purchase) are classified as either stabilized or non-stabilized. A property is classified as stabilized once it has been renovated by the Company or newly constructed and then initially leased or available for rent for a period greater than 90 days. Properties acquired through a bulk purchase are first considered non-stabilized, as an entire group, until (1) we have owned them for an adequate period of time to allow for complete on-boarding to our operating platform, and (2) a substantial portion of the properties have experienced tenant turnover at least once under our ownership, providing the opportunity for renovations and improvements to meet our property standards. After such time has passed, properties acquired through a bulk purchase are then evaluated on an individual property basis under our standard stabilization criteria. All other properties, including those classified as held for sale or taken out of service as a result of a casualty loss, are classified as Non-Same-Home and Other.
One of the primary financial measures we use in evaluating the operating performance of our single-family properties is Core Net Operating Income (“Core NOI”), which we also present separately for our Same-Home portfolio. Core NOI is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and other single-family property revenues, excluding expenses reimbursed by tenant charge-backs, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense and expenses reimbursed by tenant charge-backs.
Core NOI also excludes (1) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (2) gain or loss on early extinguishment of debt, (3) gains and losses from sales or impairments of single-family properties and other, (4) depreciation and amortization, (5) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (6) noncash share-based compensation expense, (7) interest expense, (8) general and administrative expense, and (9) other income and expense, net. We believe Core NOI provides useful information to investors about the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs.
Core NOI and Same-Home Core NOI should be considered only as supplements to net income or loss as a measure of our performance and should not be used as measures of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Additionally, these metrics should not be used as substitutes for net income or loss or net cash flows from operating activities (as computed in accordance with accounting principles generally accepted in the United States of America (“GAAP”)).
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Comparison of the Three Months Ended March 31, 2025 to the Three Months Ended March 31, 2024
The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the three months ended March 31, 2025 and 2024 (amounts in thousands):

| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Core revenues and Same-Home core revenues |  |  |  |  |  |  |
Rents and other single-family property revenues | $ | 459,276 |  |  | $ | 423,555 |  |  |  |  |
Tenant charge-backs | (63,861) |  |  | (57,337) |  |  |  |  |
Core revenues | 395,415 |  |  | 366,218 |  |  |  |  |
Less: Non-Same-Home core revenues | (37,640) |  |  | (23,354) |  |  |  |  |
Same-Home core revenues | $ | 357,775 |  |  | $ | 342,864 |  |  |  |  |

Core property operating expenses and Same-Home core property operating expenses |  |  |  |  |  |  |
Property operating expenses | $ | 167,530 |  |  | $ | 155,927 |  |  |  |  |
Property management expenses | 34,181 |  |  | 31,402 |  |  |  |  |
Noncash share-based compensation - property management | (1,246) |  |  | (1,444) |  |  |  |  |
Expenses reimbursed by tenant charge-backs | (63,861) |  |  | (57,337) |  |  |  |  |
Core property operating expenses | 136,604 |  |  | 128,548 |  |  |  |  |
Less: Non-Same-Home core property operating expenses | (14,953) |  |  | (11,798) |  |  |  |  |
Same-Home core property operating expenses | $ | 121,651 |  |  | $ | 116,750 |  |  |  |  |

Core NOI and Same-Home Core NOI |  |  |  |  |  |
Net income | $ | 128,713 |  |  | $ | 128,095 |  |  |  |  |
Loss on early extinguishment of debt | 216 |  |  | 954 |  |  |  |  |
Gain on sale and impairment of single-family properties and other, net | (62,016) |  |  | (68,901) |  |  |  |  |
Depreciation and amortization | 124,928 |  |  | 115,726 |  |  |  |  |
Acquisition and other transaction costs | 3,061 |  |  | 3,324 |  |  |  |  |
Noncash share-based compensation - property management | 1,246 |  |  | 1,444 |  |  |  |  |
Interest expense | 45,426 |  |  | 38,577 |  |  |  |  |
General and administrative expense | 19,671 |  |  | 21,885 |  |  |  |  |
Other income and expense, net | (2,434) |  |  | (3,434) |  |  |  |  |
Core NOI | 258,811 |  |  | 237,670 |  |  |  |  |
Less: Non-Same-Home Core NOI | (22,687) |  |  | (11,556) |  |  |  |  |
Same-Home Core NOI | $ | 236,124 |  |  | $ | 226,114 |  |  |  |  |

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

| For the Three Months Ended March 31, 2025
| Same-Home Properties (1) |  | % of Core Revenue |  | Non-Same- Home and Other Properties |  | % of Core Revenue |  | Total Properties |  | % of Core Revenue
Rents from single-family properties | $ | 352,914 |  |  |  |  | $ | 37,417 |  |  |  |  | $ | 390,331 |  |  |
Fees from single-family properties | 8,369 |  |  |  |  | 1,010 |  |  |  |  | 9,379 |  |  |
Bad debt | (3,508) |  |  |  |  | (787) |  |  |  |  | (4,295) |  |  |
Core revenues | 357,775 |  |  |  |  | 37,640 |  |  |  |  | 395,415 |  |  |
Property tax expense | 60,270 |  |  | 16.8 | % |  | 6,670 |  |  | 17.7 | % |  | 66,940 |  |  | 16.9 | %
HOA fees, net (2) | 6,220 |  |  | 1.7 | % |  | 594 |  |  | 1.6 | % |  | 6,814 |  |  | 1.7 | %
R&M and turnover costs, net (2) | 24,200 |  |  | 6.8 | % |  | 3,081 |  |  | 8.2 | % |  | 27,281 |  |  | 6.9 | %
Insurance | 4,318 |  |  | 1.2 | % |  | 613 |  |  | 1.6 | % |  | 4,931 |  |  | 1.2 | %
Property management expenses, net (3) | 26,643 |  |  | 7.5 | % |  | 3,995 |  |  | 10.6 | % |  | 30,638 |  |  | 7.8 | %
Core property operating expenses | 121,651 |  |  | 34.0 | % |  | 14,953 |  |  | 39.7 | % |  | 136,604 |  |  | 34.5 | %
Core NOI | $ | 236,124 |  |  | 66.0 | % |  | $ | 22,687 |  |  | 60.3 | % |  | $ | 258,811 |  |  | 65.5 | %

| For the Three Months Ended March 31, 2024
| Same-Home Properties (1) |  | % of Core Revenue |  | Non-Same- Home and Other Properties |  | % of Core Revenue |  | Total Properties |  | % of Core Revenue
Rents from single-family properties | $ | 338,475 |  |  |  |  | $ | 23,574 |  |  |  |  | $ | 362,049 |  |  |
Fees from single-family properties | 7,356 |  |  |  |  | 645 |  |  |  |  | 8,001 |  |  |
Bad debt | (2,967) |  |  |  |  | (865) |  |  |  |  | (3,832) |  |  |
Core revenues | 342,864 |  |  |  |  | 23,354 |  |  |  |  | 366,218 |  |  |
Property tax expense | 59,420 |  |  | 17.3 | % |  | 5,168 |  |  | 22.1 | % |  | 64,588 |  |  | 17.6 | %
HOA fees, net (2) | 5,879 |  |  | 1.7 | % |  | 435 |  |  | 1.9 | % |  | 6,314 |  |  | 1.7 | %
R&M and turnover costs, net (2) | 22,120 |  |  | 6.5 | % |  | 2,726 |  |  | 11.7 | % |  | 24,846 |  |  | 6.8 | %
Insurance | 4,368 |  |  | 1.3 | % |  | 409 |  |  | 1.8 | % |  | 4,777 |  |  | 1.3 | %
Property management expenses, net (3) | 24,963 |  |  | 7.3 | % |  | 3,060 |  |  | 13.0 | % |  | 28,023 |  |  | 7.7 | %
Core property operating expenses | 116,750 |  |  | 34.1 | % |  | 11,798 |  |  | 50.5 | % |  | 128,548 |  |  | 35.1 | %
Core NOI | $ | 226,114 |  |  | 65.9 | % |  | $ | 11,556 |  |  | 49.5 | % |  | $ | 237,670 |  |  | 64.9 | %

(1)Includes 54,472 properties that have been stabilized longer than 90 days prior to January 1, 2024.
(2)Presented net of tenant charge-backs.
(3)Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.
Rents and Other Single-Family Property Revenues
Rents and other single-family property revenues increased 8.4% to $459.3 million for the three months ended March 31, 2025 from $423.6 million for the three months ended March 31, 2024. Revenue growth was driven by an increase in our average occupied portfolio which grew to 57,866 homes for the three months ended March 31, 2025, compared to 56,065 homes for the three months ended March 31, 2024, as well as higher rental rates.
Property Operating Expenses
Property operating expenses increased 7.4% to $167.5 million for the three months ended March 31, 2025 from $155.9 million for the three months ended March 31, 2024. The increase was primarily driven by growth in our portfolio which resulted in increases in R&M and turnover costs as well as annual increases in property tax expense.
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Property Management Expenses
Property management expenses for the three months ended March 31, 2025 and 2024 were $34.2 million and $31.4 million, respectively, which included $1.2 million and $1.4 million, respectively, of noncash share-based compensation expense in each period related to centralized and field property management employees. The increase in property management expenses was primarily attributable to an increase in personnel related expenses.
Core Revenues from Same-Home Properties
Core revenues from Same-Home properties increased 4.3% to $357.8 million for the three months ended March 31, 2025 from $342.9 million for the three months ended March 31, 2024. This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 4.5% to $2,252 per month for the three months ended March 31, 2025 compared to $2,155 per month for the three months ended March 31, 2024, partially offset by a decrease in Average Occupied Days Percentage, which was 95.9% for the three months ended March 31, 2025 compared to 96.1% for the three months ended March 31, 2024.
Core Property Operating Expenses from Same-Home Properties
Core property operating expenses from Same-Home properties consist of direct property operating expenses, net of tenant charge-backs, and property management costs, net of tenant charge-backs, and excludes noncash share-based compensation expense. Core property operating expenses from Same-Home properties increased 4.2% to $121.7 million for the three months ended March 31, 2025 from $116.8 million for the three months ended March 31, 2024 primarily driven by higher R&M and turnover costs, net and property management expenses, net. The increase was partially due to timing associated with incremental turnover costs related to the Company’s lease expiration management initiative, which is designed to shift lease expiration volume to the first half of the year to better align with the peak leasing season.
General and Administrative Expense
General and administrative expense primarily consists of corporate payroll and personnel costs, federal and state taxes, trustees’ and officers’ insurance expense, audit and tax fees, trustee fees and other expenses associated with our corporate and administrative functions. General and administrative expense for the three months ended March 31, 2025 and 2024 was $19.7 million and $21.9 million, respectively, which included $4.9 million and $6.8 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees. The decrease in general and administrative expense was primarily due to a decrease in noncash share-based compensation expense.
Interest Expense
Interest expense increased 17.8% to $45.4 million for the three months ended March 31, 2025 from $38.6 million for the three months ended March 31, 2024. The increase was primarily due to additional interest from the issuances of unsecured senior notes in January 2024, June 2024 and December 2024, partially offset by lower interest expense resulting from the payoffs of the AMH 2014-SFR2 securitization in February 2024 and AMH 2014-SFR3 securitization in August 2024.
Acquisition and Other Transaction Costs
Acquisition and other transaction costs consist primarily of personnel and platform costs associated with purchases of single-family properties, including newly constructed properties from third-party builders, or the disposal of certain properties or portfolios of properties which do not qualify for capitalization. Acquisition and other transaction costs for the three months ended March 31, 2025 and 2024 were $3.1 million and $3.3 million, respectively, which included $1.5 million and $1.6 million, respectively, of noncash share-based compensation expense in each period related to employees in these functions. The decrease in acquisition and other transaction costs was primarily due to a decrease in noncash share-based compensation expense.
Depreciation and Amortization
Depreciation and amortization expense consists primarily of depreciation of buildings and improvements. Depreciation of our assets is calculated over their useful lives on a straight-line basis over three to 30 years. Our intangible assets are amortized on a straight-line basis over the asset’s estimated economic useful life. Depreciation and amortization expense increased 8.0% to $124.9 million for the three months ended March 31, 2025 from $115.7 million for the three months ended March 31, 2024 primarily due to growth in the average number and cost of depreciable properties as well as ongoing capital investments into existing properties.
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Gain on Sale and Impairment of Single-Family Properties and Other, net
Gain on sale and impairment of single-family properties and other, net for the three months ended March 31, 2025 and 2024 was $62.0 million and $68.9 million, respectively, which included $4.5 million and $0.9 million, respectively, of impairment charges related to homes and land classified as held for sale during each period. The decrease was primarily related to higher impairment charges and lower net gains on property sales resulting from fewer properties sold.
Loss on Early Extinguishment of Debt
Loss on early extinguishment of debt for three months ended March 31, 2025 and 2024 was $0.2 million and $1.0 million, respectively. The decrease was primarily due to lower charges incurred related to the payoff of the AMH 2015-SFR1 securitization in March 2025 compared to the payoff of the AMH 2014-SFR2 securitization in February 2024.
Other Income and Expense, net
Other income and expense, net for the three months ended March 31, 2025 and 2024 was $2.4 million and $3.4 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated joint ventures, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses.
Critical Accounting Estimates
Our critical accounting estimates are included in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the 2024 Annual Report. There have been no material changes to these estimates during the three months ended March 31, 2025.
Recent Accounting Pronouncements
See Note 2. Significant Accounting Policies to our condensed consolidated financial statements in this report for a discussion of the adoption and potential impact of recently issued accounting standards, if any.
Liquidity and Capital Resources
Liquidity is a measure of our ability to meet potential cash requirements, maintain our assets, fund our operations, make distributions to our shareholders and OP unitholders, including AMH, and meet other general requirements of our business. Our liquidity, to a certain extent, is subject to general economic, financial, competitive and other factors beyond our control.
Sources of Capital
We expect to satisfy our cash requirements through cash provided by operations, long-term secured and unsecured borrowings, issuances of debt and equity securities (including OP units), property dispositions and joint venture transactions. We expect to meet our operating liquidity requirements and our dividend distributions generally through cash on hand and cash provided by operations. For our acquisition and development expenditures, we expect to supplement these sources through the issuance of equity securities, including under our At-the-Market Program described below, borrowings under our $1.25 billion credit facility, issuances of unsecured senior notes, and proceeds from sales of single-family properties. However, our real estate assets are illiquid in nature. A timely liquidation of assets might not be a viable source of short-term liquidity should a cash flow shortfall arise, and we may need to source liquidity from other financing alternatives including drawing on our revolving credit facility.
Our liquidity and capital resources as of March 31, 2025 included $69.7 million of cash and cash equivalents. Additionally, as of March 31, 2025, we had $410.0 million of outstanding borrowings and $1.5 million committed to outstanding letters of credit under our $1.25 billion revolving credit facility, leaving $838.5 million of remaining borrowing capacity. Under our At-the-Market Program discussed below, we also had $753.7 million remaining available for future share issuances as of March 31, 2025. We maintain an investment grade credit rating which provides for greater availability of and lower cost of debt financing.
Uses of Capital
Our expected material cash requirements over the next twelve months consist of (i) contractually obligated expenditures, including payments of principal and interest, (ii) other essential expenditures, including property operating expenses, HOA fees (as applicable), real estate taxes, maintenance capital expenditures, general and administrative expenses and dividends on our equity securities including those paid in accordance with REIT distribution requirements, and (iii) opportunistic expenditures, including to pay for the
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acquisition, development and renovation of our properties and repurchases of our securities. Additionally, we expect to repay all amounts due under the AMH 2015-SFR2 securitization in 2025.
With respect to our contractually obligated expenditures, our cash requirements within the next twelve months include accounts payable and accrued expenses, interest payments on debt obligations, principal amortization on our asset-backed securitizations, operating lease obligations and purchase commitments to acquire single-family properties and land for our AMH Development Program. During the three months ended March 31, 2025, we repaid all amounts due under the AMH 2015-SFR1 securitization. Except as described in Note 8. Debt, Note 9. Accounts Payable and Accrued Expenses, Note 15. Commitments and Contingencies and Note 17. Subsequent Events to our condensed consolidated financial statements in this report, there have been no other material changes outside the ordinary course of business to our other known contractual obligations described in “Liquidity and Capital Resources” in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the 2024 Annual Report.
Cash Flows
The following table summarizes the Company’s and the Operating Partnership’s cash flows for the three months ended March 31, 2025 and 2024 (amounts in thousands):

| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  | Change
Net cash provided by operating activities | $ | 223,403 |  |  | $ | 201,780 |  |  | $ | 21,623 |
Net cash used for investing activities | (107,689) |  |  | (68,146) |  |  | (39,543) |
Net cash used for financing activities | (247,072) |  |  | (72,204) |  |  | (174,868) |
Net (decrease) increase in cash, cash equivalents and restricted cash | $ | (131,358) |  |  | $ | 61,430 |  |  | $ | (192,788) |

Operating Activities
Our cash flows provided by operating activities, which is our principal source of cash flows, depend on numerous factors, including the occupancy level of our properties, the rental rates achieved on our leases, the collection of rent from our tenants and the level of property operating expenses, property management expenses, general and administrative expense and interest expense. Net cash provided by operating activities increased $21.6 million, or 10.7%, from $201.8 million for the three months ended March 31, 2024 to $223.4 million for the three months ended March 31, 2025, primarily due to increased cash inflows generated from a larger number of occupied properties and higher rental rates as well as changes in working capital primarily related to the timing of payments for prepaid expenses and other assets and accounts payable and accrued expenses, partially offset by higher cash outflows for property related expenses.
Investing Activities
Our investing activities are most significantly impacted by the level of investment activity through traditional acquisition channels, including the availability of bulk portfolio acquisition opportunities, the acquisition of newly built properties through our National Builder Program and the development of “built-for-rental” homes through our AMH Development Program. The development of “built-for-rental” homes and our property-enhancing capital expenditures may reduce recurring and other capital expenditures on an average per-home basis in the future. We have strategically scaled back acquisitions of single-family properties through broker sales via the MLS and our National Builder Program as the housing market adjusts to the current macroeconomic environment. We will continue to evaluate all of our growth channels and grow accordingly, if and when, acquisition opportunities are attractive relative to the condition of capital markets. We use cash generated from operating and financing activities and by recycling capital through the sale of single-family properties to invest in the strategic expansion of our single-family property portfolio.
Net cash used for investing activities increased $39.5 million, or 58.0%, from $68.1 million for the three months ended March 31, 2024 to $107.7 million for the three months ended March 31, 2025. The increase was primarily attributable to (i) $25.7 million of nonrecurring cash proceeds received during the three months ended March 31, 2024 for our AMH 2014-SFR2 Class F asset-backed securitization certificates, (ii) a $14.0 million decrease in net proceeds received from sales of single-family properties and other due to fewer properties sold, (iii) a $3.8 million increase in cash outflows for recurring and other capital expenditures and renovations to single-family properties due to an increase in spend on property-enhancing capital expenditures and repairs for damages incurred from Hurricanes Milton and Helene, (iv) a $2.0 million increase in cash outflows for other investing activities and (v) a $1.4 million increase in net cash outflows to unconsolidated entities due to the timing of contributions and distributions. These changes were partially offset by a $7.3 million decrease in cash outflows for the addition of single-family properties to our portfolio, primarily for our AMH Development Program, as a result of the timing of development-related payments.
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Financing Activities
Net cash used for financing activities increased $174.9 million, or 242.2%, from $72.2 million for the three months ended March 31, 2024 to $247.1 million for the three months ended March 31, 2025. The increase was primarily attributable to (i) $594.1 million of nonrecurring proceeds from unsecured senior notes, net of discounts and deferred financing costs paid, from an issuance during the three months ended March 31, 2024, (ii) $33.2 million in nonrecurring proceeds from the issuance of Class A common shares, net of offering costs, during the three months ended March 31, 2024, (iii) a $30.4 million increase in payments on asset-backed securitizations resulting from the payoff of the AMH 2015-SFR1 securitization during the three months ended March 31, 2025 compared to the payoff of the AMH 2014-SFR2 securitization during the three months ended March 31, 2024 and (iv) an $18.5 million increase in distributions paid to common share and unit holders resulting from a 15% increase in distributions paid per common share and unit during the three months ended March 31, 2025. These changes were partially offset by (i) $410.0 million in proceeds from our revolving credit facility during the three months ended March 31, 2025 compared to $90.0 million of payments on our revolving credit facility during the three months ended March 31, 2024 and (ii) a $5.3 million decrease in payments to a land banking entity related to liabilities to repurchase consolidated land not owned for our AMH Development Program.
Early Extinguishment of Debt
During the first quarter of 2025, the Operating Partnership paid off the $493.2 million outstanding principal on the AMH 2015-SFR1 securitization, which resulted in $0.2 million of charges related to legal fees that are included in loss on early extinguishment of debt within the condensed consolidated statements of operations. The payoff of the AMH 2015-SFR1 securitization also resulted in the release of the 4,661 homes pledged as collateral and $10.7 million of cash restricted for lender requirements.
At-the-Market Common Share Offering Program
The Company maintains an at-the-market common share offering program under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $1.0 billion (the “At-the-Market Program”). The At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers. The Company intends to use any net proceeds from the At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility or other debt obligations under its securitizations, (ii) to develop new single-family properties and communities, (iii) to acquire and renovate single-family properties and for related activities in accordance with the Company’s business strategy and (iv) for working capital and general corporate purposes, including repurchases of the Company’s securities, acquisitions of additional properties, capital expenditures and the expansion, redevelopment and/or improvement of properties in the Company’s portfolio. The At-the-Market Program may be suspended or terminated by the Company at any time. During the three months ended March 31, 2024, the Company directly issued 932,746 Class A common shares under its At-the-Market Program, raising $33.7 million in gross proceeds before commissions and other expenses of approximately $0.5 million. Additionally, the Company entered into a forward sale agreement with the forward purchaser during the first quarter of 2024 (the “March 2024 Forward Sale Agreement”) to offer 2,987,024 Class A common shares on a forward basis under its At-the-Market Program at the request of the Company by the forward seller. The Company issued and physically settled the 2,987,024 Class A common shares during the fourth quarter of 2024, receiving gross proceeds of $110.6 million before commissions and other expenses of approximately $0.8 million and before offering costs of approximately $0.2 million. During the three months ended March 31, 2025, no shares were issued under the At-the-Market Program. As of March 31, 2025, 6,719,453 shares have been issued under the At-the-Market Program and $753.7 million remained available for future share issuances.
When the Company issues common shares, the Operating Partnership issues an equivalent number of units of partnership interest of a corresponding class to AMH, with the Operating Partnership receiving the net proceeds from the share issuances.
Share Repurchase Program
The Company’s board of trustees authorized the establishment of our share repurchase program for the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions. The program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. During the three months ended March 31, 2025 and 2024, we did not repurchase and retire any of our Class A common shares or preferred shares. As of March 31, 2025, we had a remaining repurchase authorization of up to $265.1 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares under the program.
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Distributions
As a REIT, we generally are required to distribute annually to our shareholders at least 90% of our REIT taxable income (determined without regard to the deduction for dividends paid and any net capital gains) and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our REIT taxable income (determined without regard to the deduction for dividends paid and including any net capital gains). The Operating Partnership funds the payment of distributions.
During the three months ended March 31, 2025 and 2024, the Company distributed an aggregate $131.2 million and $112.7 million, respectively, to common shareholders, preferred shareholders and noncontrolling interests on a cash basis.
Additional Non-GAAP Measures
Funds from Operations (“FFO”) / Core FFO / Adjusted FFO attributable to common share and unit holders
FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales or impairment of real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustments for unconsolidated real estate joint ventures to reflect FFO on the same basis.
Core FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations and adjustments for investments in proptech venture capital funds related to the pro rata equity pickup of realized and unrealized gains and losses from their portfolio investments, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (4) gain or loss on early extinguishment of debt and (5) the allocation of income to our perpetual preferred shares in connection with their redemption.
Adjusted FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting Core FFO attributable to common share and unit holders for (1) Recurring Capital Expenditures that are necessary to help preserve the value and maintain functionality of our properties and (2) capitalized leasing costs incurred during the period. As a portion of our homes are recently developed, acquired and/or renovated, we estimate Recurring Capital Expenditures for our entire portfolio by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home Property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.
We present FFO attributable to common share and unit holders because we consider this metric to be an important measure of the performance of real estate companies, as do many investors and analysts in evaluating the Company. We believe that FFO attributable to common share and unit holders provides useful information to investors because this metric excludes depreciation, which is included in computing net income and assumes the value of real estate diminishes predictably over time. We believe that real estate values fluctuate due to market conditions and in response to inflation. We also believe that Core FFO and Adjusted FFO attributable to common share and unit holders provide useful information to investors because they allow investors to compare our operating performance to prior reporting periods without the effect of certain items that, by nature, are not comparable from period to period.
FFO, Core FFO and Adjusted FFO attributable to common share and unit holders are not a substitute for net income or net cash provided by operating activities, each as determined in accordance with GAAP, as a measure of our operating performance, liquidity or ability to pay dividends. These metrics also are not necessarily indicative of cash available to fund future cash needs. Because other REITs may not compute these measures in the same manner, they may not be comparable among REITs.
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The following is a reconciliation of the Company’s net income attributable to common shareholders, determined in accordance with GAAP, to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders for the three months ended March 31, 2025 and 2024 (amounts in thousands):

| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Net income attributable to common shareholders | $ | 109,972 |  |  | $ | 109,289 |  |  |  |  |
Adjustments: |  |  |  |  |  |  |
Noncontrolling interests in the Operating Partnership | 15,255 |  |  | 15,320 |  |  |  |  |
Gain on sale and impairment of single-family properties and other, net | (62,016) |  |  | (68,901) |  |  |  |  |
Adjustments for unconsolidated real estate joint ventures | 1,484 |  |  | 1,597 |  |  |  |  |
Depreciation and amortization | 124,928 |  |  | 115,726 |  |  |  |  |
Less: depreciation and amortization of non-real estate assets | (5,365) |  |  | (4,655) |  |  |  |  |
FFO attributable to common share and unit holders (1) | $ | 184,258 |  |  | $ | 168,376 |  |  |  |  |
Adjustments: |  |  |  |  |  |  |
Acquisition, other transaction costs and other | 4,090 |  |  | 3,324 |  |  |  |  |
Noncash share-based compensation - general and administrative | 4,867 |  |  | 6,839 |  |  |  |  |
Noncash share-based compensation - property management | 1,246 |  |  | 1,444 |  |  |  |  |
Loss on early extinguishment of debt | 216 |  |  | 954 |  |  |  |  |
Core FFO attributable to common share and unit holders (1) | $ | 194,677 |  |  | $ | 180,937 |  |  |  |  |
Recurring Capital Expenditures | (16,829) |  |  | (14,124) |  |  |  |  |
Leasing costs | (1,239) |  |  | (795) |  |  |  |  |
Adjusted FFO attributable to common share and unit holders (1) | $ | 176,609 |  |  | $ | 166,018 |  |  |  |  |

(1)Unit holders include former AH LLC members and other non-affiliates that own Class A units in the Operating Partnership and their OP units are reflected as noncontrolling interests in the Company’s condensed consolidated financial statements. See Note 10. Shareholders’ Equity / Partners’ Capital to our condensed consolidated financial statements included in this report.
EBITDA / EBITDAre / Adjusted EBITDAre / Fully Adjusted EBITDAre
EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP financial measure and is used by us and others as a supplemental measure of performance. EBITDAre is a supplemental non-GAAP financial measure, which we calculate in accordance with the definition approved by NAREIT by adjusting EBITDA for gains and losses from sales or impairments of single-family properties and adjusting for unconsolidated real estate joint ventures on the same basis. Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting EBITDAre for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations and adjustments for investments in proptech venture capital funds related to the pro rata equity pickup of realized and unrealized gains and losses from their portfolio investments, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio and (4) gain or loss on early extinguishment of debt. Fully Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting Adjusted EBITDAre for (1) Recurring Capital Expenditures and (2) leasing costs. As a portion of our homes are recently developed, acquired and/or renovated, we estimate Recurring Capital Expenditures for our entire portfolio by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home Property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale. We believe these metrics provide useful information to investors because they exclude the impact of various income and expense items that are not indicative of operating performance.
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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, 2025 and 2024 (amounts in thousands):

| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Net income | $ | 128,713 |  |  | $ | 128,095 |  |  |  |  |
Interest expense | 45,426 |  |  | 38,577 |  |  |  |  |
Depreciation and amortization | 124,928 |  |  | 115,726 |  |  |  |  |
EBITDA | $ | 299,067 |  |  | $ | 282,398 |  |  |  |  |
Gain on sale and impairment of single-family properties and other, net | (62,016) |  |  | (68,901) |  |  |  |  |
Adjustments for unconsolidated real estate joint ventures | 1,484 |  |  | 1,597 |  |  |  |  |
EBITDAre | $ | 238,535 |  |  | $ | 215,094 |  |  |  |  |
Noncash share-based compensation - general and administrative | 4,867 |  |  | 6,839 |  |  |  |  |
Noncash share-based compensation - property management | 1,246 |  |  | 1,444 |  |  |  |  |
Acquisition, other transaction costs and other | 4,090 |  |  | 3,324 |  |  |  |  |
Loss on early extinguishment of debt | 216 |  |  | 954 |  |  |  |  |
Adjusted EBITDAre | $ | 248,954 |  |  | $ | 227,655 |  |  |  |  |
Recurring Capital Expenditures | (16,829) |  |  | (14,124) |  |  |  |  |
Leasing costs | (1,239) |  |  | (795) |  |  |  |  |
Fully Adjusted EBITDAre | $ | 230,886 |  |  | $ | 212,736 |  |  |  |  |

Item 3. Quantitative and Qualitative Disclosures About Market Risk
Interest Rate Risk
During the three months ended March 31, 2025, the Company borrowed $410.0 million on its revolving credit facility, resulting in $410.0 million of outstanding variable rate debt as of March 31, 2025. We may incur additional variable rate debt in the future, including additional amounts that we may borrow under our revolving credit facility.
As of March 31, 2025, assuming no change in the outstanding balance of our existing variable rate debt, which bears interest at the Secured Overnight Financing Rate (“SOFR”) plus a 0.10% spread adjustment and a margin of 0.85%, a hypothetical 100 basis point increase or decrease in the SOFR would increase or decrease our projected annual interest expense by approximately $4.1 million. This analysis does not consider the effects of the reduced level of overall economic activity that could exist in such an environment. Further, in the event of a change of such magnitude, we would consider taking actions to further mitigate our exposure to the change. However, because of the uncertainty of the specific actions that would be taken and their possible effects, the sensitivity analysis assumes no changes in our capital structure.
Treasury lock agreements are used from time to time to manage the potential change in interest rates in anticipation of the possible issuance of fixed rate debt. We do not hold or issue these derivative contracts for trading or speculative purposes.
As further described in Note 13. Fair Value to our condensed consolidated financial statements in this report, during the three months ended March 31, 2025, in anticipation of a potential debt issuance and in order to hedge interest rate risk, the Company entered into two treasury lock agreements with an aggregate notional amount of $200.0 million based on the 10-year treasury note rates at the time. The treasury locks were designated as cash flow hedging instruments and had an aggregate fair value liability of $1.5 million recognized as an unrealized loss in the condensed consolidated financial statements as of March 31, 2025. If the 10-year treasury note rate were to decrease, there would be a corresponding increase in unrealized loss on our treasury locks. The treasury locks will be settled upon the issuance of debt and any gain or loss recorded in accumulated other comprehensive income upon settlement will be reclassified into earnings as either a reduction of or increase to interest expense over the term of the debt.
There have been no other material changes to our market risk from those disclosed in section Part II, “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” of the 2024 Annual Report.
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Item 4. Controls and Procedures
American Homes 4 Rent
Disclosure Controls and Procedures
The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in reports we file and submit under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in accordance with SEC guidelines and that such information is communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure based on the definition of “disclosure controls and procedures” in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives and management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures in reaching that level of reasonable assurance.
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of our disclosure controls and procedures, as required by Exchange Act Rule 13a-15(b), as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective, at a reasonable assurance level.
Internal Control over Financial Reporting
There were no changes in the Company’s internal control over financial reporting during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
American Homes 4 Rent, L.P.
Disclosure Controls and Procedures
The Operating Partnership maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in reports we file and submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in accordance with SEC guidelines and that such information is communicated to the Operating Partnership’s management, including the Chief Executive Officer and Chief Financial Officer of its general partner, to allow timely decisions regarding required disclosure based on the definition of “disclosure controls and procedures” in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. In designing and evaluating the disclosure controls and procedures, the Operating Partnership’s management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives and management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures in reaching that level of reasonable assurance.
Under the supervision and with the participation of the Operating Partnership’s management, including the Chief Executive Officer and Chief Financial Officer of its general partner, the Operating Partnership evaluated the effectiveness of its disclosure controls and procedures, as required by Exchange Act Rule 13a-15(b), as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer of the Operating Partnership’s general partner concluded that the Operating Partnership’s disclosure controls and procedures were effective, at a reasonable assurance level.
Internal Control over Financial Reporting
There were no changes in the Operating Partnership’s internal control over financial reporting during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, the Operating Partnership’s internal control over financial reporting.
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PART II—OTHER INFORMATION
Item 1. Legal Proceedings
For a description of the Company’s legal proceedings, see Note 15. Commitments and Contingencies to our condensed consolidated financial statements in this report.
Item 1A. Risk Factors
In addition to the other information in this Quarterly Report on Form 10-Q, you should carefully consider the risks described in the 2024 Annual Report in Part I, “Item 1A. Risk Factors” and in our other filings with the SEC. These factors may materially affect our business, financial condition and operating results and could cause our actual results to differ materially from expectations.
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
During the three months ended March 31, 2025, no trustee or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Item 6. Exhibits
The exhibits listed below are filed herewith or incorporated herein by reference.

Exhibit Number |  | Exhibit Document
3.1 |  | Articles of Amendment and Restatement of Declaration of Trust of American Homes 4 Rent (Incorporated by reference to Exhibit 3.1 to Amendment No. 1 to the Company’s Registration Statement on Form S-11 (Registration Number 333-189103) filed June 25, 2013.)
3.2 |  | First Articles of Amendment to Articles of Amendment and Restatement of Declaration of Trust of American Homes 4 Rent (Incorporated by reference to Exhibit 3.2 to Amendment No. 2 to the Company’s Registration Statement on Form S-11 (Registration Number 333-189103) filed July 19, 2013.)
3.3 |  | Articles Supplementary for American Homes 4 Rent 5.875% Series G Cumulative Redeemable Perpetual Preferred Shares (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed July 12, 2017.)
3.4 |  | Articles Supplementary for American Homes 4 Rent 6.25% Series H Cumulative Redeemable Perpetual Preferred Shares (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed September 13, 2018.)
3.5 |  | Amended and Restated Bylaws of American Homes 4 Rent (Incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed August 4, 2023.)
4.1 |  | Indenture, dated as of February 7, 2018, between American Homes 4 Rent, L.P. and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed February 7, 2018.)
4.2 |  | First Supplemental Indenture, dated as of February 7, 2018, among American Homes 4 Rent, L.P., American Residential Properties OP, L.P. and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed February 7, 2018.)
4.3 |  | Form of Global Note representing the 2028 Notes (Incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed February 7, 2018.)
4.4 |  | Second Supplemental Indenture, dated as of January 23, 2019, among American Homes 4 Rent, L.P. and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed January 23, 2019.)
4.5 |  | Form of Global Note representing the 2029 Notes (Incorporated by reference to and included in Exhibit 4.3 to the Company’s Current Report on Form 8-K filed January 23, 2019.)

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Exhibit Number |  | Exhibit Document
4.6 |  | Third Supplemental Indenture, dated as of July 8, 2021, between American Homes 4 Rent, L.P. and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed July 8, 2021.)
4.7 |  | Form of Global Note representing the 2031 Notes (Incorporated by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K filed July 8, 2021.)
4.8 |  | Fourth Supplemental Indenture, dated as of July 8, 2021, between American Homes 4 Rent, L.P. and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed July 8, 2021.)
4.9 |  | Form of Global Note representing the 2051 Notes (Incorporated by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K filed July 8, 2021.)
4.10 |  | Fifth Supplemental Indenture, dated as of April 7, 2022, among American Homes 4 Rent, L.P. and U.S. Bank Trust Company, National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed April 7, 2022.)
4.11 |  | Form of Global Note representing the 2032 Notes (Incorporated by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K filed April 7, 2022.)
4.12 |  | Sixth Supplemental Indenture, dated as of April 7, 2022, among American Homes 4 Rent, L.P. and U.S. Bank Trust Company, National Association, as trustee (Incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed April 7, 2022.)
4.13 |  | Form of Global Note representing the 2052 Notes (Incorporated by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K filed April 7, 2022.)
4.14 |  | Seventh Supplemental Indenture, dated as of January 30, 2024, among American Homes 4 Rent, L.P. and U.S. Bank Trust Company, National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed January 30, 2024.)
4.15 |  | Form of Global Note representing the 2034 Notes I (Incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed January 30, 2024.)
4.16 |  | Eighth Supplemental Indenture, dated as of June 26, 2024, between American Homes 4 Rent, L.P. and U.S. Bank Trust Company, National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed June 26, 2024.)
4.17 |  | Form of Global Note representing the 2034 Notes II (Incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed June 26, 2024.)
4.18 |  | Ninth Supplemental Indenture, dated as of December 9, 2024, between American Homes 4 Rent, L.P. and U.S. Bank Trust Company, National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed December 9, 2024.)
4.19 |  | Form of Global Note representing the 2035 Notes (Incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed December 9, 2024.)
31.1 |  | Certification of Chief Executive Officer of American Homes 4 Rent pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934. Filed herewith.
31.2 |  | Certification of Chief Financial Officer of American Homes 4 Rent pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934. Filed herewith.
31.3 |  | Certification of Chief Executive Officer of American Homes 4 Rent, L.P. pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934. Filed herewith.
31.4 |  | Certification of Chief Financial Officer of American Homes 4 Rent, L.P. pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934. Filed herewith.
32.1 |  | Certification of Chief Executive Officer and Chief Financial Officer of American Homes 4 Rent pursuant to 18 U.S.C. 1350. Filed herewith.
32.2 |  | Certification of Chief Executive Officer and Chief Financial Officer of American Homes 4 Rent, L.P. pursuant to 18 U.S.C. 1350. Filed herewith.
101.INS |  | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH |  | Inline XBRL Taxonomy Extension Schema Document
101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF |  | Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB |  | Inline XBRL Taxonomy Label Linkbase Document
101.PRE |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document
104 |  | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

AMERICAN HOMES 4 RENT
/s/ Brian Reitz
Brian Reitz
Executive Vice President, Chief Accounting Officer
(Chief Accounting Officer and duly authorized signatory of registrant)
Date: May 2, 2025

AMERICAN HOMES 4 RENT, L.P.
By: American Homes 4 Rent, its General Partner
/s/ Brian Reitz
Brian Reitz
Executive Vice President, Chief Accounting Officer
(Chief Accounting Officer and duly authorized signatory of registrant)
Date: May 2, 2025

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