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Shareholders' Equity / Partners' Capital | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
Shareholders' Equity / Partners' Capital | 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 first quarter of 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 six months ended June 30, 2025, no shares were issued under the At-the-Market Program. As of June 30, 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 six months ended June 30, 2025 and 2024, we did not repurchase and retire any of our Class A common shares or preferred shares. As of June 30, 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 June 30, 2025 and December 31, 2024, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data):
|  |  |  |  |  |  |  | June 30, 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 |  |  |  | June 30, 2025 |  | March 31, 2025 |  |  |  | June 30, 2024 |  | March 31, 2024
Class A and Class B common shares |  |  |  | $ | 0.30 |  |  | $ | 0.30 |  |  |  |  | $ | 0.26 |  |  | $ | 0.26 |
5.875% Series G perpetual preferred shares |  |  |  | 0.37 |  |  | 0.37 |  |  |  |  | 0.37 |  |  | 0.37 |
6.250% Series H perpetual preferred shares |  |  |  | 0.39 |  |  | 0.39 |  |  |  |  | 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 50,229,990 and 50,779,990, or approximately 12.0% and 12.1%, of the total 421,724,635 and 421,000,048 Class A units in the Operating Partnership as of June 30, 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 421,724,635 and 421,000,048 Class A units in the Operating Partnership as of June 30, 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.

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