EX-99.2 3 amh0630258kexhibit992.htm EX-99.2 Document

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AMH
Table of Contents
2


AMH
Earnings Press Release
AMH Reports Second Quarter 2025 Financial and Operating Results
Raises Full Year 2025 Guidance
LAS VEGAS, July 31, 2025—AMH (NYSE: AMH) (the “Company”), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced its financial and operating results for the quarter ended June 30, 2025.
Highlights
•Rents and other single-family property revenues increased 8.0% year-over-year to $457.5 million for the second quarter of 2025.
•Net income attributable to common shareholders totaled $105.6 million, or $0.28 per diluted share, for the second quarter of 2025, compared to $92.1 million, or $0.25 per diluted share, for the second quarter of 2024.
•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 4.9% year-over-year to $0.47 per FFO share and unit for the second quarter of 2025 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 6.3% year-over-year to $0.42 per FFO share and unit for the second quarter of 2025.
•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 4.1% year-over-year for the second quarter of 2025.
•Achieved Same-Home Average Occupied Days Percentage of 96.3% in the second quarter of 2025, while generating 4.1% rate growth on new leases and 4.4% rate growth on renewals, resulting in 4.3% blended rate growth.
•Delivered a total of 636 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the second quarter of 2025.
•Issued $650.0 million of 4.95% unsecured senior notes due 2030 during the second quarter of 2025, raising net proceeds of $642.5 million.
•Raised Full Year 2025 Core FFO attributable to common share and unit holders guidance midpoint by $0.03 per share and unit to $1.86, representing anticipated full year growth of 5.1% over prior year.
“Our strong second quarter results reflect another successful spring leasing season. Superior performance across all areas of the AMH platform drove a three cent increase to our full year Core FFO per share guidance to $1.86 at the midpoint, representing 5.1% growth over the prior year,” stated Bryan Smith, AMH’s Chief Executive Officer. “Our industry-leading team has done an outstanding job of executing the AMH strategy. With our focus on operational excellence, portfolio optimization and disciplined balance sheet management, we will continue to differentiate ourselves and deliver long-term shareholder value.”
Second Quarter 2025 Financial Results
Net income attributable to common shareholders totaled $105.6 million, or $0.28 per diluted share, for the second quarter of 2025, compared to $92.1 million, or $0.25 per diluted share, for the second quarter of 2024. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses and higher net gains on property sales.
Rents and other single-family property revenues increased 8.0% to $457.5 million for the second quarter of 2025, compared to $423.5 million for the second quarter of 2024. Revenue growth was driven by an increase in our average occupied portfolio which grew to 58,282 homes for the second quarter of 2025, compared to 56,516 homes for the second quarter of 2024, as well as higher rental rates.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
3


AMH
Earnings Press Release (continued)
Core NOI from our total portfolio increased 8.7% to $264.1 million for the second quarter of 2025, compared to $243.0 million for the second quarter of 2024. This growth was driven by a 7.7% increase in core revenues resulting from a larger number of occupied properties and higher rental rates, partially offset by a 5.8% increase in core property operating expenses.
For the Company’s Same-Home portfolio, core revenues increased 3.9% to $361.3 million for the second quarter of 2025, compared to $347.6 million for the second quarter of 2024, which was driven by a 4.0% increase in Average Monthly Realized Rent per property as well as higher fees and lower uncollectible rents, partially offset by a 40 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 3.6% to $124.5 million for the second quarter of 2025, compared to $120.1 million for the second quarter of 2024, primarily driven by higher repairs and maintenance (“R&M”) and turnover costs, 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. As a result, Core NOI from Same-Home properties increased 4.1% to $236.8 million for the second quarter of 2025, compared to $227.5 million for the second quarter of 2024.
Core FFO attributable to common share and unit holders was $198.0 million, or $0.47 per FFO share and unit, for the second quarter of 2025, compared to $187.1 million, or $0.45 per FFO share and unit, for the second quarter of 2024. Adjusted FFO attributable to common share and unit holders was $176.4 million, or $0.42 per FFO share and unit, for the second quarter of 2025, compared to $164.6 million, or $0.39 per FFO share and unit, for the second quarter of 2024. These improvements were primarily attributable to growth in Core NOI from our total portfolio.
Year-to-Date 2025 Financial Results
Net income attributable to common shareholders totaled $215.5 million, or $0.58 per diluted share, for the six-month period ended June 30, 2025, compared to $201.4 million, or $0.55 per diluted share, for the six-month period ended June 30, 2024. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses.
Rents and other single-family property revenues increased 8.2% to $916.8 million for the six-month period ended June 30, 2025, compared to $847.0 million for the six-month period ended June 30, 2024. Revenue growth was driven by an increase in our average occupied portfolio which grew to 58,016 homes for the six-month period ended June 30, 2025, compared to 56,266 homes for the six-month period ended June 30, 2024, as well as higher rental rates.
Core NOI from our total portfolio increased 8.8% to $523.0 million for the six-month period ended June 30, 2025, compared to $480.7 million for the six-month period ended June 30, 2024. This growth was driven by a 7.8% increase in core revenues resulting from a larger number of occupied properties and higher rental rates, partially offset by a 6.0% increase in core property operating expenses.
For the Company’s Same-Home portfolio, core revenues increased 4.2% to $716.9 million for the six-month period ended June 30, 2025, compared to $687.9 million for the six-month period ended June 30, 2024, which was driven by a 4.2% increase in Average Monthly Realized Rent per property as well as higher fees, partially offset by a 20 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 3.8% to $244.9 million for the six-month period ended June 30, 2025, compared to $235.9 million for the six-month period ended June 30, 2024, primarily driven by higher R&M and turnover costs, net and property management expenses, net. The increase in R&M and turnover costs, net 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. As a result, Core NOI from Same-Home properties increased 4.4% to
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
4


AMH
Earnings Press Release (continued)
$472.0 million for the six-month period ended June 30, 2025, compared to $452.0 million for the six-month period ended June 30, 2024.
Core FFO attributable to common share and unit holders was $392.7 million, or $0.93 per FFO share and unit, for the six-month period ended June 30, 2025, compared to $368.0 million, or $0.88 per FFO share and unit, for the six-month period ended June 30, 2024. Adjusted FFO attributable to common share and unit holders was $353.0 million, or $0.84 per FFO share and unit, for the six-month period ended June 30, 2025, compared to $330.7 million, or $0.79 per FFO share and unit, for the six-month period ended June 30, 2024. These improvements were primarily attributable to growth in Core NOI from our total portfolio.
Investments
Average Occupied Days Percentage was 95.7% for the second quarter of 2025, compared to 94.8% for the first quarter of 2025.
As of June 30, 2025, the Company’s total single-family properties, excluding properties held for sale, consisted of 60,596 homes, compared to 60,700 homes as of March 31, 2025, a decrease of 104 homes during the second quarter of 2025, which included 501 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 5 homes acquired through our traditional acquisition channel, partially offset by 610 homes identified for sale. During the second quarter of 2025, we also developed an additional 135 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 636 total home deliveries through our AMH Development Program. As of June 30, 2025, the Company had 904 properties held for sale and 3,616 properties held in unconsolidated joint ventures.
Capital Activities, Balance Sheet and Liquidity
During the second quarter of 2025, American Homes 4 Rent, L.P. (the “Operating Partnership”), the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its assets, issued $650.0 million of 4.950% unsecured senior notes with a maturity date of June 15, 2030 (the “2030 Notes”). Interest on the 2030 Notes is payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2025. The Operating Partnership received aggregate net proceeds of $642.5 million from this offering, after underwriting fees of $3.9 million and a $3.6 million discount, and before offering costs of $1.3 million.
As of June 30, 2025, the Company had cash and cash equivalents of $323.3 million and total outstanding debt of $5.2 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of 4.5% and a weighted-average term to maturity of 9.9 years. The Company had no outstanding borrowings on its $1.25 billion revolving credit facility. During the second quarter of 2025, the Company generated $49.3 million of Retained Cash Flow and sold 370 properties, generating $120.6 million of net proceeds. In July 2025, the Company provided notice of its intent to pay off the AMH 2015-SFR2 securitization during the third quarter of 2025, which had a balance of $427.5 million as of June 30, 2025.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
5


AMH
Earnings Press Release (continued)
2025 Guidance
Set forth below are the Company’s current expectations with respect to full year 2025 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2025 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated real estate joint ventures, (ii) acquisition and other transaction costs and (iii) hurricane-related charges, net. The actual amounts for any and all of these items could significantly impact our 2025 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.
Guidance Summary
Full Year 2025
Previous GuidanceCurrent Guidance
Core FFO attributable to common share and unit holders$1.80 - $1.86$1.84 - $1.88
Core FFO attributable to common share and unit holders growth1.7% - 5.1%4.0% - 6.2%
Same-Home
Core revenues growth2.50% - 4.50%3.00% - 4.50%
Core property operating expenses growth3.00% - 5.00%3.00% - 4.50%
Core NOI growth2.25% - 4.25%2.75% - 4.75%
Full Year 2025
(Unchanged)
Investment ProgramPropertiesInvestment
Wholly owned acquisitions——
Wholly owned development deliveries1,800 - 2,000$700 - $800 million
Development pipeline, pro rata share of JV and Property Enhancing Capex—$100 - $200 million
Total capital investment (wholly owned and pro rata JV)1,800 - 2,000$0.8 - $1.0 billion
Total gross capital investment (JVs at 100%)2,200 - 2,400$1.0 - $1.2 billion
Changes to Full Year 2025 Guidance
•$0.03 incremental Core FFO per share:
◦Primarily driven by increased Core NOI growth from both the Same-Home and Non-Same-Home portfolios from:
▪Better core revenues growth driven by strong year-to-date leasing performance and lower bad debt expense outlook.
▪Lowered core property operating expenses growth primarily driven by recent favorable property tax information.
◦As well as modestly improved full year financing cost outlook driven by beneficial refinancing execution.
Additional Information
A copy of the Company’s Second Quarter 2025 Earnings Release and Supplemental Information Package and this press release are available on our website at www.amh.com, under “Investor relations.” This information has also been furnished to the SEC in a current report on Form 8-K.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
6


AMH
Earnings Press Release (continued)
Conference Call
A conference call is scheduled on Friday, August 1, 2025 at 12:00 p.m. Eastern Time to discuss the Company’s financial results for the quarter ended June 30, 2025 and to provide an update on its business. The domestic dial-in number is (877) 451-6152 (U.S. and Canada) and the international dial-in number is (201) 389-0879 (passcode not required). A simultaneous audio webcast may be accessed by using the link at www.amh.com, under “Investor relations.” A replay of the conference call may be accessed through Friday, August 15, 2025 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13753995#, or by using the link at www.amh.com, under “Investor relations.”
About AMH
AMH (NYSE: AMH) is a leading large-scale integrated owner, operator and developer of single-family rental homes. We’re an internally managed Maryland real estate investment trust (REIT) focused on acquiring, developing, renovating, leasing and managing homes as rental properties.
In recent years, we’ve been named a 2025 Great Place to Work®, a 2025 Top U.S. Homebuilder by Builder100, and one of the 2025 Most Trustworthy Companies in America by Newsweek and Statista Inc. As of June 30, 2025, we owned over 61,000 single-family properties in the Southeast, Midwest, Southwest and Mountain West regions of the United States. Additional information about AMH is available on our website at www.amh.com.
AMH refers to one or more of American Homes 4 Rent, American Homes 4 Rent, L.P. and their subsidiaries and joint ventures. In certain states, we operate under AMH Living or American Homes 4 Rent. Please see www.amh.com/dba to learn more.
Cautionary Note Regarding Forward-Looking Statements
This press release and the accompanying Supplemental Information Package contain “forward-looking statements.” These forward-looking statements 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. Examples of forward-looking statements contained in this press release and the Supplemental Information Package include, among others, our 2025 Guidance, our belief that our acquisition and homebuilding programs will result in continued growth and the estimated timing of our development deliveries set forth in the Supplemental Information Package. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company’s 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 the Company’s control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the “Risk Factors” disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in the Company’s subsequent filings with the SEC.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
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AMH
Select Non-GAAP Reconciliations – Core Net Operating Income
(Amounts in thousands)
(Unaudited)

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 and six months ended June 30, 2025 and 2024:
For the Three Months Ended
Jun 30, 		For the Six Months Ended
Jun 30,
2025202420252024
Core revenues and Same-Home core revenues
Rents and other single-family property revenues$457,503 $423,494 $916,779 $847,049 
Tenant charge-backs(52,457)(47,371)(116,318)(104,708)
Core revenues405,046 376,123 800,461 742,341 
Less: Non-Same-Home core revenues(43,721)(28,494)(83,549)(54,486)
Same-Home core revenues$361,325 $347,629 $716,912 $687,855 
Core property operating expenses and Same-Home core property operating expenses
Property operating expenses$160,089 $149,470 $327,619 $305,397 
Property management expenses34,412 32,382 68,593 63,784 
Noncash share-based compensation - property management(1,137)(1,340)(2,383)(2,784)
Expenses reimbursed by tenant charge-backs(52,457)(47,371)(116,318)(104,708)
Core property operating expenses140,907 133,141 277,511 261,689 
Less: Non-Same-Home core property operating expenses(16,380)(12,999)(32,562)(25,810)
Same-Home core property operating expenses$124,527 $120,142 $244,949 $235,879 
Core NOI and Same-Home Core NOI
Net income$123,624 $108,534 $252,337 $236,629 
Loss on early extinguishment of debt— 63 216 1,017 
Gain on sale and impairment of single-family properties and other, net(51,908)(43,892)(113,924)(112,793)
Depreciation and amortization126,939 117,603 251,867 233,329 
Acquisition and other transaction costs2,655 2,937 5,716 6,261 
Noncash share-based compensation - property management1,137 1,340 2,383 2,784 
Interest expense46,303 38,678 91,729 77,255 
General and administrative expense20,008 21,693 39,679 43,578 
Other income and expense, net(4,619)(3,974)(7,053)(7,408)
Core NOI264,139 242,982 522,950 480,652 
Less: Non-Same-Home Core NOI(27,341)(15,495)(50,987)(28,676)
Same-Home Core NOI$236,798 $227,487 $471,963 $451,976 

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
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AMH
Select Non-GAAP Reconciliations – Core Net Operating Income (continued)
(Amounts in thousands)
(Unaudited)

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI, Same-Home Core NOI, Unencumbered Core NOI and Encumbered Core NOI to their respective GAAP metrics for the trailing five quarters:
For the Three Months Ended
Jun 30,
2025		Mar 31,
2025		Dec 31,
2024		Sep 30,
2024		Jun 30,
2024
Core revenues and Same-Home core revenues
Rents and other single-family property revenues$457,503 $459,276 $436,593 $445,055 $423,494 
Tenant charge-backs(52,457)(63,861)(49,108)(67,615)(47,371)
Core revenues405,046 395,415 387,485 377,440 376,123 
Less: Non-Same-Home core revenues(43,721)(39,828)(37,663)(28,655)(28,494)
Same-Home core revenues$361,325 $355,587 $349,822 $348,785 $347,629 
Core property operating expenses and Same-Home core property operating expenses
Property operating expenses$160,089 $167,530 $148,455 $172,031 $149,470 
Property management expenses34,412 34,181 33,564 31,973 32,382 
Noncash share-based compensation - property management(1,137)(1,246)(987)(1,043)(1,340)
Expenses reimbursed by tenant charge-backs(52,457)(63,861)(49,108)(67,615)(47,371)
Core property operating expenses140,907 136,604 131,924 135,346 133,141 
Less: Non-Same-Home core property operating expenses(16,380)(16,182)(14,869)(13,691)(12,999)
Same-Home core property operating expenses$124,527 $120,422 $117,055 $121,655 $120,142 
Core NOI and Same-Home Core NOI
Net income$123,624 $128,713 $143,873 $87,640 $108,534 
Hurricane-related charges, net— — 4,980 3,904 — 
Loss on early extinguishment of debt— 216 — 5,306 63 
Gain on sale and impairment of single-family properties and other, net(51,908)(62,016)(80,266)(32,697)(43,892)
Depreciation and amortization126,939 124,928 123,990 119,691 117,603 
Acquisition and other transaction costs2,655 3,061 3,326 2,605 2,937 
Noncash share-based compensation - property management1,137 1,246 987 1,043 1,340 
Interest expense46,303 45,426 44,485 43,611 38,678 
General and administrative expense20,008 19,671 20,765 19,247 21,693 
Other income and expense, net(4,619)(2,434)(6,579)(8,256)(3,974)
Core NOI264,139 258,811 255,561 242,094 242,982 
Less: Non-Same-Home Core NOI(27,341)(23,646)(22,794)(14,964)(15,495)
Same-Home Core NOI$236,798 $235,165 $232,767 $227,130 $227,487 
Unencumbered Core NOI and Encumbered Core NOI
Core NOI$264,139 $258,811 $255,561 $242,094 $242,982 
Less: Encumbered Core NOI (1)
(16,640)(16,553)(16,090)(15,765)(15,874)
Unencumbered Core NOI (1)
$247,499 $242,258 $239,471 $226,329 $227,108 
(1)Encumbered Core NOI and Unencumbered Core NOI are recast for prior periods to reflect the encumbered and unencumbered portfolios as of the end of the quarter subsequent to securitization payoffs.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
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AMH
Fact Sheet
(Amounts in thousands, except per share and property data)
(Unaudited)
For the Three Months Ended
Jun 30, 		For the Six Months Ended
Jun 30,
2025202420252024
Operating Data
Net income attributable to common shareholders$105,553 $92,142 $215,525 $201,431 
Core revenues$405,046 $376,123 $800,461 $742,341 
Core NOI$264,139 $242,982 $522,950 $480,652 
Core NOI margin65.2 %64.6 %65.3 %64.7 %
Fully Adjusted EBITDAre$231,735 $211,573 $462,621 $424,309 
Fully Adjusted EBITDAre Margin56.7 %55.7 %57.3 %56.7 %
Per FFO share and unit:
FFO attributable to common share and unit holders$0.45 $0.42 $0.89 $0.82 
Core FFO attributable to common share and unit holders$0.47 $0.45 $0.93 $0.88 
Adjusted FFO attributable to common share and unit holders$0.42 $0.39 $0.84 $0.79 
Jun 30,
2025		Mar 31,
2025		Dec 31,
2024		Sep 30,
2024		Jun 30,
2024
Selected Balance Sheet Information - end of period
Single-family properties in operation, net$10,947,696 $10,932,960 $10,880,599 $10,398,690 $10,295,131 
Total assets$13,592,318 $13,289,223 $13,381,151 $12,844,285 $13,303,940 
Outstanding borrowings under revolving credit facility$— $410,000 $— $— $— 
Total Debt$5,227,529 $4,989,015 $5,075,391 $4,578,772 $5,055,355 
Total Capitalization$20,669,137 $21,157,336 $21,059,213 $20,851,847 $20,813,612 
Total Debt to Total Capitalization25.3 %23.6 %24.1 %22.0 %24.3 %
Net Debt and Preferred Shares to Adjusted EBITDAre5.2 x5.3 x5.4 x5.0 x5.1 x
NYSE AMH Class A common share closing price$36.07 $37.81 $37.42 $38.39 $37.16 
Portfolio Data - end of period
Occupied single-family properties58,317 58,246 57,486 55,726 56,669 
Single-family properties leased, not yet occupied406 567 378 347 407 
Single-family properties in turnover process1,753 1,619 2,098 2,271 1,543 
Single-family properties recently renovated or developed118 257 565 544 240 
Single-family properties newly acquired and under renovation2 11 4 11 1 
Total single-family properties, excluding properties held for sale60,596 60,700 60,531 58,899 58,860 
Single-family properties held for sale904 661 805 1,003 633 
Total single-family properties wholly owned61,500 61,361 61,336 59,902 59,493 
Single-family properties managed under joint ventures3,616 3,487 3,376 3,271 3,167 
Total single-family properties wholly owned and managed65,116 64,848 64,712 63,173 62,660 
Total Average Occupied Days Percentage (1)
95.7 %94.8 %94.2 %95.1 %95.8 %
Same-Home Average Occupied Days Percentage (54,029 properties)96.3 %96.1 %95.4 %96.1 %96.7 %
Other Data
Distributions declared per common share$0.30$0.30$0.26$0.26$0.26
Distributions declared per Series G perpetual preferred share$0.37$0.37$0.37$0.37$0.37
Distributions declared per Series H perpetual preferred share$0.39$0.39$0.39$0.39$0.39
(1)Calculated based on total single-family properties wholly owned, excluding properties held for sale.


Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
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AMH
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
For the Three Months Ended
Jun 30, 		For the Six Months Ended
Jun 30,
2025202420252024
Rents and other single-family property revenues$457,503 $423,494 $916,779 $847,049 
Expenses:   
Property operating expenses160,089 149,470 327,619 305,397 
Property management expenses34,412 32,382 68,593 63,784 
General and administrative expense20,008 21,693 39,679 43,578 
Interest expense46,303 38,678 91,729 77,255 
Acquisition and other transaction costs2,655 2,937 5,716 6,261 
Depreciation and amortization126,939 117,603 251,867 233,329 
Total expenses390,406 362,763 785,203 729,604 
Gain on sale and impairment of single-family properties and other, net51,908 43,892 113,924 112,793 
Loss on early extinguishment of debt— (63)(216)(1,017)
Other income and expense, net4,619 3,974 7,053 7,408 
Net income123,624 108,534 252,337 236,629 
Noncontrolling interest14,585 12,906 29,840 28,226 
Dividends on preferred shares3,486 3,486 6,972 6,972 
Net income attributable to common shareholders$105,553 $92,142 $215,525 $201,431 
Weighted-average common shares outstanding:
Basic370,692,250 366,778,333 370,538,451 366,645,796 
Diluted371,059,970 367,312,955 370,916,988 367,142,626 
Net income attributable to common shareholders per share:
Basic$0.28 $0.25 $0.58 $0.55 
Diluted$0.28 $0.25 $0.58 $0.55 
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
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AMH
Funds from Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
For the Three Months Ended
Jun 30, 		For the Six Months Ended
Jun 30,
2025202420252024
Net income attributable to common shareholders$105,553 $92,142 $215,525 $201,431 
Adjustments: 
Noncontrolling interests in the Operating Partnership14,585 12,906 29,840 28,226 
Gain on sale and impairment of single-family properties and other, net(51,908)(43,892)(113,924)(112,793)
Adjustments for unconsolidated real estate joint ventures1,821 1,196 3,305 2,793 
Depreciation and amortization126,939 117,603 251,867 233,329 
Less: depreciation and amortization of non-real estate assets(5,511)(4,769)(10,876)(9,424)
FFO attributable to common share and unit holders$191,479 $175,186 $375,737 $343,562 
Adjustments:
Acquisition, other transaction costs and other1,445 2,937 5,535 6,261 
Noncash share-based compensation - general and administrative3,987 7,559 8,854 14,398 
Noncash share-based compensation - property management1,137 1,340 2,383 2,784 
Loss on early extinguishment of debt— 63 216 1,017 
Core FFO attributable to common share and unit holders$198,048 $187,085 $392,725 $368,022 
Recurring Capital Expenditures(20,515)(21,403)(37,344)(35,527)
Leasing costs(1,098)(1,042)(2,337)(1,837)
Adjusted FFO attributable to common share and unit holders$176,435 $164,640 $353,044 $330,658 
Per FFO share and unit: 
FFO attributable to common share and unit holders$0.45 $0.42 $0.89 $0.82 
Core FFO attributable to common share and unit holders$0.47 $0.45 $0.93 $0.88 
Adjusted FFO attributable to common share and unit holders$0.42 $0.39 $0.84 $0.79 
Weighted-average FFO shares and units:
Common shares outstanding370,692,250 366,778,333 370,538,451 366,645,796 
Share-based compensation plan and forward sale equity contracts (1)
692,590 888,460 726,881 883,662 
Operating partnership units51,228,628 51,376,980 51,302,394 51,376,980 
Total weighted-average FFO shares and units422,613,468 419,043,773 422,567,726 418,906,438 
(1)Reflects the effect of potentially dilutive securities issuable upon the assumed vesting/exercise of restricted stock units and stock options and the dilutive effect of forward sale equity contracts under the treasury stock method.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
12


AMH
Core Net Operating Income – Total Portfolio
(Amounts in thousands)
(Unaudited)
For the Three Months Ended
Jun 30, 		For the Six Months Ended
Jun 30,
2025202420252024
Rents from single-family properties$398,538 $371,414 $788,869 $733,463 
Fees from single-family properties9,553 8,144 18,932 16,145 
Bad debt(3,045)(3,435)(7,340)(7,267)
Core revenues405,046 376,123 800,461 742,341 
Property tax expense66,119 64,026 133,059 128,614 
HOA fees, net (1)
7,349 6,738 14,163 13,052 
R&M and turnover costs, net (1)
31,808 28,263 59,089 53,109 
Insurance4,614 4,948 9,545 9,725 
Property management expenses, net (2)
31,017 29,166 61,655 57,189 
Core property operating expenses140,907 133,141 277,511 261,689 
Core NOI$264,139 $242,982 $522,950 $480,652 
Core NOI margin65.2 %64.6 %65.3 %64.7 %
    
For the Three Months Ended
Jun 30, 2025
Same-Home PropertiesStabilized Properties
Non-Stabilized Properties (3)
Held for Sale and Other Properties (4)
Total
Single-Family
Properties Wholly Owned
Property count54,029 3,182 3,383 906 61,500 
Average Occupied Days Percentage96.3 %95.1 %85.2 %55.0 %95.1 %
Rents from single-family properties$355,364 $22,710 $17,238 $3,226 $398,538 
Fees from single-family properties8,320 609 500 124 9,553 
Bad debt(2,359)(144)(217)(325)(3,045)
Core revenues361,325 23,175 17,521 3,025 405,046 
Property tax expense59,005 3,426 2,927 761 66,119 
HOA fees, net (1)
6,575 371 314 89 7,349 
R&M and turnover costs, net (1)
28,279 899 2,047 583 31,808 
Insurance4,165 315 80 54 4,614 
Property management expenses, net (2)
26,503 1,691 2,440 383 31,017 
Core property operating expenses124,527 6,702 7,808 1,870 140,907 
Core NOI$236,798 $16,473 $9,713 $1,155 $264,139 
Core NOI margin65.5 %71.1 %55.4 %38.2 %65.2 %
(1)Presented net of tenant charge-backs.
(2)Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.
(3)Includes 1,303 recently renovated or developed properties that do not meet the definition of Stabilized Property at the start of the quarter and 2,080 legacy-tenant properties which have not experienced tenant turnover under our ownership (the majority of which were acquired through bulk acquisitions) or properties currently out of service due to a casualty loss.
(4)Includes 904 properties held for sale and 2 properties newly acquired and under renovation that are not yet placed into service. Average Occupied Days Percentage is calculated based only on properties held for sale.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
13


AMH
Same-Home Results – Quarterly and Year-to-Date Comparisons
(Amounts in thousands, except property and per property data)
(Unaudited)
For the Three Months Ended
Jun 30, 		For the Six Months Ended
Jun 30,
20252024Change20252024Change
Number of Same-Home properties54,029 54,029 54,029 54,029 
Average Occupied Days Percentage96.3 %96.7 %(0.4)%96.2 %96.4 %(0.2)%
Average Monthly Realized Rent per Property$2,276 $2,188 4.0 %$2,264 $2,172 4.2 %
Turnover Rate 7.9 %7.5 %0.4 %14.6 %13.8 %0.8 %
Turnover Rate - TTM28.4 %N/A28.4 %N/A
Core NOI:
Rents from single-family properties$355,364 $342,982 3.6 %$705,967 $678,864 4.0 %
Fees from single-family properties8,320 7,311 13.8 %16,601 14,587 13.8 %
Bad debt(2,359)(2,664)(11.4)%(5,656)(5,596)1.1 %
Core revenues361,325 347,629 3.9 %716,912 687,855 4.2 %
Property tax expense59,005 58,712 0.5 %118,811 117,645 1.0 %
HOA fees, net (1)
6,575 6,248 5.2 %12,749 12,077 5.6 %
R&M and turnover costs, net (1)
28,279 25,092 12.7 %52,038 46,984 10.8 %
Insurance4,165 4,414 (5.6)%8,444 8,742 (3.4)%
Property management expenses, net (2)
26,503 25,676 3.2 %52,907 50,431 4.9 %
Core property operating expenses124,527 120,142 3.6 %244,949 235,879 3.8 %
Core NOI$236,798 $227,487 4.1 %$471,963 $451,976 4.4 %
Core NOI margin65.5 %65.4 %65.8 %65.7 %
Selected Property Expenditure Details:
Recurring Capital Expenditures$18,685 $18,862 (0.9)%$33,719 $31,584 6.8 %
Per property:
Average Recurring Capital Expenditures$346 $349 (0.9)%$624 $585 6.8 %
Average R&M and turnover costs, net, plus Recurring Capital Expenditures
$869 $814 6.8 %$1,587 $1,454 9.1 %
Property Enhancing Capex$8,496 $8,268 $17,242 $16,340 
(1)Presented net of tenant charge-backs.
(2)Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
14


AMH
Same-Home Results – Sequential Quarterly Results
(Amounts in thousands, except per property data)
(Unaudited)
For the Three Months Ended
Jun 30,
2025		Mar 31,
2025		Dec 31,
2024		Sep 30,
2024		Jun 30,
2024
Average Occupied Days Percentage96.3 %96.1 %95.4 %96.1 %96.7 %
Average Monthly Realized Rent per Property$2,276 $2,252 $2,238 $2,219 $2,188 
Average Change in Rent for Renewals4.4 %4.5 %5.0 %5.2 %5.2 %
Average Change in Rent for Re-Leases4.1 %1.4 %0.3 %5.3 %5.7 %
Average Blended Change in Rent4.3 %3.6 %3.4 %5.2 %5.3 %
Core NOI:
Rents from single-family properties$355,364 $350,603 $345,967 $345,549 $342,982 
Fees from single-family properties8,320 8,281 8,007 7,351 7,311 
Bad debt(2,359)(3,297)(4,152)(4,115)(2,664)
Core revenues361,325 355,587 349,822 348,785 347,629 
Property tax expense59,005 59,806 55,302 58,078 58,712 
HOA fees, net (1)
6,575 6,174 6,350 6,336 6,248 
R&M and turnover costs, net (1)
28,279 23,759 24,697 27,652 25,092 
Insurance4,165 4,279 4,466 4,461 4,414 
Property management expenses, net (2)
26,503 26,404 26,240 25,128 25,676 
Core property operating expenses124,527 120,422 117,055 121,655 120,142 
Core NOI$236,798 $235,165 $232,767 $227,130 $227,487 
Core NOI margin65.5 %66.1 %66.5 %65.1 %65.4 %
Selected Property Expenditure Details:
Recurring Capital Expenditures$18,685 $15,034 $15,286 $20,503 $18,862 
Per property:
Average Recurring Capital Expenditures$346 $278 $283 $379 $349 
Average R&M and turnover costs, net, plus Recurring Capital Expenditures
$869 $718 $740 $891 $814 
Property Enhancing Capex$8,496 $8,746 $7,128 $9,403 $8,268 
(1)Presented net of tenant charge-backs.
(2)Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
15


AMH
Same-Home Results – Operating Metrics by Market
MarketNumber of PropertiesGross Book Value per Property% of
2Q25 NOI
Avg. Change in Rent for Renewals (1)
Avg. Change in Rent for Re-Leases (1)
Avg. Blended Change in
Rent (1)
Atlanta, GA5,319 $227,550 9.7 %3.7 %3.1 %3.5 %
Charlotte, NC3,879 222,618 7.5 %4.1 %5.5 %4.5 %
Dallas-Fort Worth, TX3,591 176,328 5.7 %3.8 %1.9 %3.3 %
Nashville, TN3,105 251,188 7.0 %3.8 %2.5 %3.4 %
Jacksonville, FL2,963 217,815 4.8 %3.4 %1.3 %2.8 %
Phoenix, AZ2,939 219,637 5.9 %4.9 %1.1 %3.8 %
Indianapolis, IN2,765 176,304 3.7 %5.3 %9.2 %6.3 %
Tampa, FL2,651 232,833 4.7 %3.9 %2.3 %3.5 %
Houston, TX2,155 180,404 3.0 %4.2 %2.4 %3.8 %
Columbus, OH2,088 198,293 3.9 %5.6 %7.7 %6.0 %
Raleigh, NC2,059 202,495 3.6 %4.1 %3.8 %4.0 %
Cincinnati, OH2,066 199,359 3.8 %5.3 %9.5 %6.5 %
Las Vegas, NV1,996 285,123 4.1 %3.9 %1.8 %3.4 %
Salt Lake City, UT1,864 304,659 4.6 %4.7 %6.9 %5.3 %
Orlando, FL1,770 222,186 3.2 %3.6 %2.5 %3.3 %
Greater Chicago area, IL and IN1,483 194,577 2.7 %6.8 %12.9 %7.9 %
Charleston, SC1,401 231,350 2.7 %4.0 %4.0 %4.0 %
San Antonio, TX1,097 200,578 1.5 %3.4 %(3.8)%1.8 %
Savannah/Hilton Head, SC990 210,719 2.0 %5.0 %5.0 %5.0 %
Seattle, WA935 330,437 2.4 %8.3 %7.4 %8.0 %
All Other (2)
6,913 233,447 13.5 %4.1 %4.5 %4.2 %
Total/Average54,029 $222,262 100.0 %4.4 %4.1 %4.3 %
 Average Occupied Days Percentage Average Monthly Realized Rent per Property
Market2Q25 QTD2Q24 QTDChange2Q25 QTD2Q24 QTDChange
Atlanta, GA95.8 %96.4 %(0.6)%$2,306 $2,220 3.9 %
Charlotte, NC96.9 %97.6 %(0.7)%2,231 2,124 5.0 %
Dallas-Fort Worth, TX95.7 %96.0 %(0.3)%2,330 2,252 3.5 %
Nashville, TN96.4 %96.5 %(0.1)%2,395 2,312 3.6 %
Jacksonville, FL96.3 %96.6 %(0.3)%2,194 2,141 2.5 %
Phoenix, AZ95.1 %95.8 %(0.7)%2,174 2,119 2.6 %
Indianapolis, IN96.6 %98.0 %(1.4)%1,940 1,837 5.6 %
Tampa, FL95.8 %96.4 %(0.6)%2,446 2,371 3.2 %
Houston, TX96.4 %96.4 %— %2,111 2,034 3.8 %
Columbus, OH97.5 %97.4 %0.1 %2,261 2,142 5.6 %
Raleigh, NC97.0 %96.8 %0.2 %2,082 2,011 3.5 %
Cincinnati, OH97.7 %97.8 %(0.1)%2,218 2,092 6.0 %
Las Vegas, NV95.3 %96.1 %(0.8)%2,323 2,255 3.0 %
Salt Lake City, UT97.1 %97.4 %(0.3)%2,515 2,404 4.6 %
Orlando, FL96.3 %95.8 %0.5 %2,405 2,333 3.1 %
Greater Chicago area, IL and IN97.9 %98.4 %(0.5)%2,560 2,387 7.2 %
Charleston, SC95.5 %96.7 %(1.2)%2,348 2,251 4.3 %
San Antonio, TX95.1 %95.5 %(0.4)%1,953 1,930 1.2 %
Savannah/Hilton Head, SC96.5 %97.5 %(1.0)%2,311 2,184 5.8 %
Seattle, WA97.0 %96.0 %1.0 %2,865 2,729 5.0 %
All Other (2)
96.4 %96.7 %(0.3)%2,254 2,169 3.9 %
Total/Average96.3 %96.7 %(0.4)%$2,276 $2,188 4.0 %
(1)Reflected for the three months ended June 30, 2025.
(2)Represents 14 markets in 12 states.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
16


AMH
Condensed Consolidated Balance Sheets
(Amounts in thousands)
Jun 30, 2025Dec 31, 2024
(Unaudited)
Assets  
Single-family properties:  
Land$2,387,155 $2,370,006 
Buildings and improvements11,778,460 11,559,461 
Single-family properties in operation14,165,615 13,929,467 
Less: accumulated depreciation(3,217,919)(3,048,868)
Single-family properties in operation, net10,947,696 10,880,599 
Single-family properties under development and development land1,309,824 1,272,284 
Single-family properties and land held for sale, net242,402 212,808 
Total real estate assets, net12,499,922 12,365,691 
Cash and cash equivalents323,258 199,413 
Restricted cash 143,342 150,803 
Rent and other receivables50,444 48,452 
Escrow deposits, prepaid expenses and other assets307,238 337,379 
Investments in unconsolidated joint ventures147,835 159,134 
Goodwill120,279 120,279 
Total assets$13,592,318 $13,381,151 
Liabilities  
Revolving credit facility$— $— 
Asset-backed securitizations, net427,275 924,344 
Unsecured senior notes, net4,731,334 4,086,418 
Accounts payable and accrued expenses588,166 521,759 
Total liabilities5,746,775 5,532,521 
Commitments and contingencies  
Equity  
Shareholders’ equity:  
Class A common shares3,702 3,690 
Class B common shares6 6 
Preferred shares92 92 
Additional paid-in capital7,542,892 7,529,008 
Accumulated deficit(388,735)(380,632)
Accumulated other comprehensive income7,249 7,852 
Total shareholders’ equity7,165,206 7,160,016 
Noncontrolling interest680,337 688,614 
Total equity7,845,543 7,848,630 
Total liabilities and equity$13,592,318 $13,381,151 
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
17


AMH
Debt Summary as of June 30, 2025
(Amounts in thousands)
(Unaudited)
SecuredUnsecuredTotal Balance % of Total
Interest Rate (1)
 Years to Maturity (2)
Floating rate debt:
Revolving credit facility (3)
$— $— $— — %5.40 %4.0
Total floating rate debt— — — — %5.40 %4.0
Fixed rate debt:
AMH 2015-SFR2 securitization (4)
427,529 — 427,529 8.2 %4.36 %20.3
2028 unsecured senior notes— 500,000 500,000 9.6 %4.08 %2.6
2029 unsecured senior notes— 400,000 400,000 7.7 %4.90 %3.6
2030 unsecured senior notes— 650,000 650,000 12.3 %4.95 %5.0
2031 unsecured senior notes— 450,000 450,000 8.6 %2.46 %6.0
2032 unsecured senior notes— 600,000 600,000 11.5 %3.63 %6.8
2034 unsecured senior notes I— 600,000 600,000 11.5 %5.50 %8.6
2034 unsecured senior notes II— 500,000 500,000 9.6 %5.50 %9.0
2035 unsecured senior notes— 500,000 500,000 9.6 %5.08 %9.7
2051 unsecured senior notes— 300,000 300,000 5.7 %3.38 %26.1
2052 unsecured senior notes— 300,000 300,000 5.7 %4.30 %26.8
Total fixed rate debt427,529 4,800,000 5,227,529 100.0 %4.45 %9.9
Total Debt$427,529 $4,800,000 5,227,529 100.0 %4.45 %9.9
Unamortized discounts and loan costs(68,920)
Total debt per balance sheet$5,158,609 
Maturity Schedule by Year (2)
Total Debt% of Total
Remaining 2025$2,388 — %
20264,776 0.1 %
20274,776 0.1 %
2028504,776 9.7 %
2029404,776 7.7 %
Thereafter4,306,037 82.4 %
Total$5,227,529 100.0 %
(1)Interest rates are as of June 30, 2025 and reflect the effect of any hedging instruments, as applicable.
(2)Years to maturity and maturity schedule reflect all debt on a fully extended basis. 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 revolving credit facility bears interest at the Secured Overnight Financing Rate plus a 0.10% spread adjustment and a margin of 0.85% as of period end.
(4)The Company has provided notice to the lender of its intent to pay off the AMH 2015-SFR2 securitization during the third quarter of 2025.

Interest Expense Reconciliation
For the Three Months Ended
Jun 30, 		For the Six Months Ended
Jun 30,
(Amounts in thousands)2025202420252024
Interest expense per income statement and included in Core FFO attributable to common share and unit holders$46,303 $38,678 $91,729 $77,255 
Less: amortization of discounts, loan costs and cash flow hedges(2,463)(2,904)(4,948)(5,960)
Add: capitalized interest14,219 13,131 28,073 27,353 
Cash interest$58,059 $48,905 $114,854 $98,648 
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
18


AMH
Capital Structure and Credit Metrics as of June 30, 2025
(Amounts in thousands, except share and per share data)
(Unaudited)
Total Capitalization
Total Debt$5,227,529 25.3 %
Total preferred shares 230,000 1.1 %
Common equity at market value:
Common shares outstanding370,897,655 
Operating partnership units50,826,980 
Total shares and units421,724,635 
NYSE AMH Class A common share closing price at June 30, 2025$36.07 
Market value of common shares and operating partnership units15,211,608 73.6 %
Total Capitalization$20,669,137 100.0 %
Preferred SharesEarliest Redemption DateOutstanding SharesAnnual Dividend
Per Share		Annual Dividend
Amount
SeriesPer ShareTotal
5.875% Series G Perpetual Preferred Shares7/17/20224,600,000 $25.00 $115,000 $1.469 $6,756 
6.250% Series H Perpetual Preferred Shares9/19/20234,600,000 $25.00 115,000 $1.563 7,188 
Total preferred shares9,200,000 $230,000 $13,944 
Credit RatiosCredit Ratings
Net Debt and Preferred Shares to Adjusted EBITDAre5.2 xRating AgencyRatingOutlook
Fixed Charge Coverage4.1 xMoody's Investor ServiceBaa2Stable
Unencumbered Core NOI percentage93.6 %S&P Global RatingsBBBPositive
Unsecured Senior Notes Covenant Ratios RequirementActual
Ratio of Indebtedness to Total Assets<60.0 %31.5 %
Ratio of Secured Debt to Total Assets<40.0 %2.6 %
Ratio of Unencumbered Assets to Unsecured Debt>150.0 %329.6 %
Ratio of Consolidated Income Available for Debt Service to Interest Expense>1.50 x4.35 x
Unsecured Credit Facility Covenant Ratios RequirementActual
Ratio of Total Indebtedness to Total Asset Value<60.0 %28.4 %
Ratio of Secured Indebtedness to Total Asset Value<40.0 %2.8 %
Ratio of Unsecured Indebtedness to Unencumbered Asset Value<60.0 %29.5 %
Ratio of EBITDA to Fixed Charges>1.50 x3.83 x
Ratio of Unencumbered NOI to Unsecured Interest Expense>1.75 x5.27 x
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
19


AMH
Top 20 Markets Summary as of June 30, 2025
Property Information (1)
MarketNumber of
Properties		Percentage
of Total
Properties		Gross Book
Value per
Property		Avg.
Sq. Ft.		Avg. Age
(years)
Atlanta, GA6,0289.9 %$238,325 2,19617.4
Charlotte, NC4,2447.0 %231,632 2,11918.7
Dallas-Fort Worth, TX3,7876.2 %178,940 2,08420.9
Nashville, TN3,3835.6 %262,866 2,12216.7
Jacksonville, FL3,3655.6 %233,417 1,92614.4
Phoenix, AZ3,3005.4 %224,957 1,85419.8
Indianapolis, IN3,0305.0 %182,341 1,93422.2
Tampa, FL3,0525.0 %249,730 1,95614.8
Las Vegas, NV2,6604.4 %315,290 1,96510.7
Houston, TX2,3353.9 %182,305 2,06619.5
Raleigh, NC2,1673.6 %205,329 1,89918.7
Columbus, OH2,2013.6 %209,502 1,89521.6
Orlando, FL2,1803.6 %246,105 1,93816.6
Cincinnati, OH2,1033.5 %200,947 1,84322.4
Salt Lake City, UT1,9373.2 %309,157 2,24318.2
Charleston, SC1,6442.7 %244,368 1,96213.3
Greater Chicago area, IL and IN1,5122.5 %194,807 1,86923.8
San Antonio, TX1,1902.0 %204,149 1,91116.1
Boise, ID1,0861.8 %318,390 1,88010.8
Savannah/Hilton Head, SC1,0561.7 %218,812 1,88416.4
All Other (3)
8,33613.8 %251,032 1,94218.2
Total/Average60,596100.0 %$233,771 1,99817.9
Leasing Information (1)
Market
Avg. Occupied Days
Percentage (2)
Avg. Monthly Realized Rent
per Property (2)
Avg. Change in Rent for
Renewals (2)
Avg. Change in Rent for
Re-Leases (2)
Avg. Blended Change
in Rent (2)
Atlanta, GA95.1 %$2,317 4.1 %3.5 %3.9 %
Charlotte, NC96.5 %2,245 4.3 %5.7 %4.7 %
Dallas-Fort Worth, TX95.4 %2,328 3.9 %1.8 %3.3 %
Nashville, TN96.2 %2,407 3.8 %2.5 %3.4 %
Jacksonville, FL95.6 %2,207 3.3 %1.5 %2.8 %
Phoenix, AZ94.9 %2,169 5.1 %1.3 %4.1 %
Indianapolis, IN96.2 %1,942 5.3 %9.2 %6.3 %
Tampa, FL94.9 %2,475 4.1 %2.4 %3.7 %
Las Vegas, NV94.0 %2,358 4.0 %1.8 %3.5 %
Houston, TX96.0 %2,099 4.1 %2.2 %3.7 %
Raleigh, NC96.9 %2,087 3.9 %3.8 %3.9 %
Columbus, OH97.1 %2,272 5.6 %7.9 %6.1 %
Orlando, FL95.4 %2,416 3.4 %2.0 %3.0 %
Cincinnati, OH97.7 %2,217 5.3 %9.6 %6.5 %
Salt Lake City, UT96.4 %2,510 4.7 %6.9 %5.3 %
Charleston, SC94.0 %2,359 4.0 %3.8 %3.9 %
Greater Chicago area, IL and IN97.8 %2,560 6.8 %13.3 %7.9 %
San Antonio, TX94.3 %1,951 2.6 %(3.5)%1.3 %
Boise, ID94.9 %2,294 3.6 %3.3 %3.5 %
Savannah/Hilton Head, SC96.1 %2,316 5.0 %4.9 %5.0 %
All Other (3)
95.4 %2,318 4.2 %5.2 %4.4 %
Total/Average95.7 %$2,282 4.3 %4.1 %4.2 %
(1)Property and leasing information based on total single-family properties wholly owned, excluding properties held for sale.
(2)Reflected for the three months ended June 30, 2025.
(3)Represents 16 markets in 15 states.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
20


AMH
Property Additions
2Q25 AdditionsYTD 2Q25 Additions
MarketNumber of PropertiesAverage
Total Investment Cost		Number of PropertiesAverage
Total Investment Cost
Tampa, FL69 $385,437 124 $385,632 
Atlanta, GA57 361,446 104 363,143 
Las Vegas, NV56 425,612 133 423,474 
Jacksonville, FL51 378,788 98 373,888 
Tucson, AZ48 378,182 96 375,625 
Orlando, FL47 425,875 89 412,547 
Columbus, OH33 379,166 34 378,314 
Phoenix, AZ30 387,727 48 395,244 
Nashville, TN29 449,303 45 457,484 
Charlotte, NC20 372,442 28 371,791 
Charleston, SC18 377,788 40 388,935 
Boise, ID15 412,999 31 442,216 
Seattle, WA14 562,109 27 556,819 
Denver, CO14 483,716 29 477,382 
Savannah/Hilton Head, SC4 345,835 15 343,837 
Cincinnati, OH1 339,370 2 339,069 
Total/Average506 $400,200 943 $400,993 

Property Dispositions
Jun 30, 2025 Single-Family Properties
Held for Sale		2Q25 DispositionsYTD 2Q25 Dispositions
MarketNumber of PropertiesAverage
Net Proceeds per Property		Number of PropertiesAverage
Net Proceeds per Property
Houston, TX93 28 $261,927 55 $253,510 
Atlanta, GA91 32 299,880 78 308,533 
Dallas-Fort Worth, TX74 35 302,546 90 301,282 
Greater Chicago area, IL and IN72 5 306,518 9 280,453 
Raleigh, NC54 8 338,752 17 339,364 
Charlotte, NC51 13 351,417 28 376,221 
Phoenix, AZ45 29 353,342 63 363,881 
Tampa, FL34 17 341,020 52 340,205 
Austin, TX32 17 265,391 43 271,321 
Inland Empire, CA30 37 443,040 41 438,921 
Indianapolis, IN29 6 307,422 17 273,840 
San Antonio, TX28 17 199,330 30 212,295 
Orlando, FL25 20 333,000 50 325,243 
Memphis, TN25 6 235,723 12 249,980 
Tucson, AZ24 6 269,045 10 267,948 
Nashville, TN24 15 358,119 34 348,151 
Jacksonville, FL20 11 258,996 22 294,477 
Las Vegas, NV18 5 359,743 18 410,326 
Oklahoma City, OK15 6 225,775 6 225,775 
Denver, CO14 6 426,179 11 444,134 
All Other (1)
106 51 362,389 100 359,712 
Total/Average904 370 $325,982 786 $324,564 
(1)Represents 19 markets in 14 states.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
21


AMH
AMH Development Pipeline Summary as of June 30, 2025 (1)
YTD 2Q25 DeliveriesJun 30, 2025
Lots for
Future Delivery
MarketNumber of PropertiesAverage Total Investment CostAverage
Monthly Rent
Las Vegas, NV199 $404,000 $2,450 680 
Phoenix, AZ177 363,000 2,180 1,446 
Tampa, FL124 386,000 2,710 427 
Atlanta, GA121 370,000 2,490 947 
Jacksonville, FL98 374,000 2,350 356 
Orlando, FL89 413,000 2,610 568 
Nashville, TN88 468,000 2,780 147 
Denver, CO57 520,000 3,210 492 
Seattle, WA57 470,000 3,180 608 
Charleston, SC40 389,000 2,520 851 
Charlotte, NC36 358,000 2,470 327 
Columbus, OH33 379,000 2,670 642 
Boise, ID31 442,000 2,450 245 
Salt Lake City, UT31 473,000 2,940 276 
Raleigh, NC— — — 66 
Total/Average1,181 $404,000 $2,560 8,078 
Lots optioned887 
Total lots owned and optioned8,965 

Estimated Delivery Timing
Dec 31, 2024
Lots for
Future Delivery
YTD 2Q25
Net Additions/(Reductions) (3)
YTD 2Q25
Deliveries
Full Year Estimated 2025 Deliveries (1)
Deliveries Thereafter (1)
Wholly-owned development pipeline (2)
9,458(218)9251,800 - 2,0007,340
Joint venture development pipeline (2)(4)
765141256~400506
Total development pipeline10,223(77)1,1812,200 - 2,4007,846
(1)Reflects the Company’s latest development program results and estimates as of July 31, 2025.
(2)Reflects land pipeline and delivery timeline for projects that are intended either for the Company’s wholly-owned or joint venture portfolios.
(3)Represents the net of lots acquired and optioned and lots transferred to held for sale or disposed during the period.
(4)Represents two unconsolidated joint ventures for each of which the Company holds a 20% interest.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
22


AMH
Lease Expirations
MTM3Q254Q251Q262Q26Thereafter
Lease expirations2,32011,9576,99717,31416,3963,739

Share Repurchase History
(Amounts in thousands, except share and per share data)
Share Repurchases
PeriodCommon Shares RepurchasedPurchase PriceAvg. Price Paid Per Share
2023— $— $— 
2024— — — 
1Q25— — — 
2Q25— — — 
Total— — $— 
 Remaining authorization:$265,067 

ATM Share History
(Amounts in thousands, except share and per share data)
ATM Shares Sold DirectlyATM Shares Sold Forward
PeriodCommon Shares Sold DirectlyGross ProceedsAvg. Issuance Price Per ShareCommon Shares Sold ForwardFuture Gross ProceedsAvg. Price Per SharePeriod SettledTotal ATM Gross Proceeds
20232,799,683 $101,958 $36.42 — $— $— $101,958 
2024932,746 33,756 36.19 2,987,024 110,616 37.03 4Q24144,372 
1Q25— — — — — — — 
2Q25— — — — — — — 
246,330 
 Remaining authorization:$753,670 

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
23


AMH
2025 Guidance
Set forth below are the Company’s current expectations with respect to full year 2025 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2025 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated real estate joint ventures, (ii) acquisition and other transaction costs and (iii) hurricane-related charges, net. The actual amounts for any and all of these items could significantly impact our 2025 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.
Guidance Summary
Full Year 2025
Previous GuidanceCurrent Guidance
Core FFO attributable to common share and unit holders$1.80 - $1.86$1.84 - $1.88
Core FFO attributable to common share and unit holders growth1.7% - 5.1%4.0% - 6.2%
Same-Home
Core revenues growth2.50% - 4.50%3.00% - 4.50%
Core property operating expenses growth3.00% - 5.00%3.00% - 4.50%
Core NOI growth2.25% - 4.25%2.75% - 4.75%
Full Year 2025
(Unchanged)
Investment ProgramPropertiesInvestment
Wholly owned acquisitions——
Wholly owned development deliveries1,800 - 2,000$700 - $800 million
Development pipeline, pro rata share of JV and Property Enhancing Capex—$100 - $200 million
Total capital investment (wholly owned and pro rata JV)1,800 - 2,000$0.8 - $1.0 billion
Total gross capital investment (JVs at 100%)2,200 - 2,400$1.0 - $1.2 billion
Changes to Full Year 2025 Guidance
•$0.03 incremental Core FFO per share:
◦Primarily driven by increased Core NOI growth from both the Same-Home and Non-Same-Home portfolios from:
▪Better core revenues growth driven by strong year-to-date leasing performance and lower bad debt expense outlook.
▪Lowered core property operating expenses growth primarily driven by recent favorable property tax information.
◦As well as modestly improved full year financing cost outlook driven by beneficial refinancing execution.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
24


AMH
Defined Terms and Non-GAAP Reconciliations
(Unaudited)

Average Blended Change in Rent
The percentage change in rent on all non-month-to-month lease renewals and re-leases during the period, compared to the annual rent of the previous expired non-month-to-month comparable long-term lease for each individual property.

Average Change in Rent for Re-Leases
The percentage change in annual rent on properties re-leased during the period, compared to the annual rent of the comparable long-term previous expired lease for each individual property.

Average Change in Rent for Renewals
The percentage change in rent on non-month-to-month comparable long-term lease renewals during the period.

Average Monthly Realized Rent
For the related period, 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 calculation is adjusted to reflect the number of days of ownership.

Average Occupied Days Percentage
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. This calculation excludes properties classified as held for sale except where presented for Total Single-Family Properties Wholly Owned in Core Net Operating Income – Total Portfolio.

Average Total Investment Cost
Reflects on a per property basis, depending on the property addition channel, (i) Estimated Total Investment Cost of traditional channel acquisitions, (ii) purchase price, including closing costs, or total internal development costs of newly constructed homes, or (iii) total purchase price, including historic pro rata investment cost of properties acquired through bulk or joint venture portfolio acquisitions.

Core Net Operating Income (“Core NOI”) and Same-Home Core NOI
Core NOI, which we also present separately for our Same-Home, unencumbered and encumbered portfolios, 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.




25


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

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 GAAP).

Refer to Select Non-GAAP Reconciliations – Core Net Operating Income for reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI, Same-Home Core NOI, Unencumbered Core NOI and Encumbered Core NOI to their respective GAAP metrics.

Credit Ratios
We present the following selected metrics because we believe they are helpful as supplemental measures in assessing the Company’s ability to service its financing obligations and in evaluating balance sheet leverage against that of other real estate companies. The tables below reconcile these metrics, which are calculated in part based on several non-GAAP financial measures.
Net Debt and Preferred Shares to Adjusted EBITDAre
(Amounts in thousands)Jun 30,
2025		Mar 31,
2025		Dec 31,
2024		Sep 30,
2024		Jun 30,
2024
Total Debt$5,227,529 $4,989,015 $5,075,391 $4,578,772 $5,055,355 
Less: cash and cash equivalents(323,258)(69,698)(199,413)(162,477)(718,380)
Less: restricted cash related to securitizations(13,188)(19,122)(26,588)(26,273)(37,112)
Net debt$4,891,083 $4,900,195 $4,849,390 $4,390,022 $4,299,863 
Preferred shares at liquidation value230,000 230,000 230,000 230,000 230,000 
Net debt and preferred shares$5,121,083 $5,130,195 $5,079,390 $4,620,022 $4,529,863 
Adjusted EBITDAre - TTM$982,928 $963,598 $942,299 $919,174 $896,679 
Net Debt and Preferred Shares to Adjusted EBITDAre5.2 x5.3 x5.4 x5.0 x5.1 x
Fixed Charge Coverage
(Amounts in thousands)For the Trailing Twelve Months Ended
Jun 30, 2025
Interest expense per income statement$179,825 
Less: amortization of discounts, loan costs and cash flow hedges(10,477)
Add: capitalized interest53,863 
Cash interest223,211 
Dividends on preferred shares13,944 
Fixed charges$237,155 
Adjusted EBITDAre - TTM$982,928 
Fixed Charge Coverage4.1 x
Unencumbered Core NOI Percentage
For the Three Months EndedFor the Trailing Twelve Months Ended
Jun 30, 2025
(Amounts in thousands)Sep 30,
2024		Dec 31,
2024		Mar 31,
2025		Jun 30,
2025
Unencumbered Core NOI (1)
$226,329 $239,471 $242,258 $247,499 $955,557 
Core NOI242,094 255,561 258,811 264,139 1,020,605 
Unencumbered Core NOI Percentage93.6 %
(1)Unencumbered Core NOI is recast for prior periods to reflect the unencumbered portfolio as of the end of the quarter subsequent to securitization payoffs.
26


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

EBITDA / EBITDAre / Adjusted EBITDAre / Fully Adjusted EBITDAre / Adjusted EBITDAre Margin / Fully Adjusted EBITDAre Margin
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 the National Association of Real Estate Investment Trusts (“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. Adjusted EBITDAre Margin is a supplemental non-GAAP financial measure calculated as Adjusted EBITDAre divided by rents and other single-family property revenues, net of tenant charge-backs and adjusted for income from unconsolidated joint ventures. Fully Adjusted EBITDAre Margin is a supplemental non-GAAP financial measure calculated as Fully Adjusted EBITDAre divided by rents and other single-family property revenues, net of tenant charge-backs and adjusted for income from unconsolidated joint ventures. 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.
27


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre, Adjusted EBITDAre, Fully Adjusted EBITDAre, Adjusted EBITDAre Margin and Fully Adjusted EBITDAre Margin for the three and six months ended June 30, 2025 and 2024 (amounts in thousands):
For the Three Months Ended
Jun 30, 		For the Six Months Ended
Jun 30,
2025202420252024
Net income$123,624 $108,534 $252,337 $236,629 
Interest expense46,303 38,678 91,729 77,255 
Depreciation and amortization126,939 117,603 251,867 233,329 
EBITDA$296,866 $264,815 $595,933 $547,213 
Gain on sale and impairment of single-family properties and other, net(51,908)(43,892)(113,924)(112,793)
Adjustments for unconsolidated real estate joint ventures1,821 1,196 3,305 2,793 
EBITDAre$246,779 $222,119 $485,314 $437,213 
Noncash share-based compensation - general and administrative3,987 7,559 8,854 14,398 
Noncash share-based compensation - property management1,137 1,340 2,383 2,784 
Acquisition, other transaction costs and other1,445 2,937 5,535 6,261 
Loss on early extinguishment of debt— 63 216 1,017 
Adjusted EBITDAre$253,348 $234,018 $502,302 $461,673 
Recurring Capital Expenditures(20,515)(21,403)(37,344)(35,527)
Leasing costs(1,098)(1,042)(2,337)(1,837)
Fully Adjusted EBITDAre$231,735 $211,573 $462,621 $424,309 
Rents and other single-family property revenues$457,503 $423,494 $916,779 $847,049 
Less: tenant charge-backs(52,457)(47,371)(116,318)(104,708)
Adjustments for unconsolidated joint ventures - income3,576 3,642 7,164 6,640 
Rents and other single-family property revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures$408,622 $379,765 $807,625 $748,981 
Adjusted EBITDAre Margin62.0 %61.6 %62.2 %61.6 %
Fully Adjusted EBITDAre Margin56.7 %55.7 %57.3 %56.7 %

28


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre and Adjusted EBITDAre for the following trailing twelve month periods (amounts in thousands):
For the Trailing Twelve Months Ended
Jun 30,
2025		Mar 31,
2025		Dec 31,
2024		Sep 30,
2024		Jun 30,
2024
Net income$483,850 $468,760 $468,142 $415,206 $415,658 
Interest expense179,825 172,200 165,351 155,957 146,727 
Depreciation and amortization495,548 486,212 477,010 468,791 463,963 
EBITDA$1,159,223 $1,127,172 $1,110,503 $1,039,954 $1,026,348 
Gain on sale and impairment of single-family properties and other, net(226,887)(218,871)(225,756)(174,572)(175,210)
Adjustments for unconsolidated real estate joint ventures5,234 4,609 4,722 5,240 4,936 
EBITDAre$937,570 $912,910 $889,469 $870,622 $856,074 
Noncash share-based compensation - general and administrative15,073 18,645 20,617 20,493 21,052 
Noncash share-based compensation - property management4,413 4,616 4,814 4,706 4,616 
Acquisition, other transaction costs and other11,466 12,958 12,192 13,126 13,920 
Hurricane-related charges, net8,884 8,884 8,884 3,904 — 
Loss on early extinguishment of debt5,522 5,585 6,323 6,323 1,017 
Adjusted EBITDAre $982,928 $963,598 $942,299 $919,174 $896,679 

Estimated Total Investment Cost
Represents the sum of purchase price, closing costs and if applicable, estimated initial renovation costs for homes purchased through traditional broker and trustee channels.

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 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.






29


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

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, as well as on a per FFO share and unit basis, 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, as well as on a per FFO share and unit basis, 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.

Refer to Funds from Operations for a reconciliation of these metrics to net income attributable to common shareholders, determined in accordance with GAAP.

The following are reconciliations of property management expenses and general administrative expense, as determined in accordance with GAAP, to property management expenses, net of tenant charge-backs and excluding noncash share-based compensation expense, and general and administrative expense, excluding noncash share-based compensation expense, as included in Core FFO attributable to common share and unit holders (amounts in thousands):
For the Three Months Ended
Jun 30, 		For the Six Months Ended
Jun 30,
2025202420252024
Property management expenses$34,412 $32,382 $68,593 $63,784 
Less: tenant charge-backs(2,258)(1,876)(4,555)(3,811)
Less: noncash share-based compensation - property management(1,137)(1,340)(2,383)(2,784)
Property management expenses, net$31,017 $29,166 $61,655 $57,189 
General and administrative expense$20,008 $21,693 $39,679 $43,578 
Less: noncash share-based compensation - general and administrative(3,987)(7,559)(8,854)(14,398)
General and administrative expense, net$16,021 $14,134 $30,825 $29,180 
    

30


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

The following is a reconciliation of net income per common share–diluted 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 on a per share and unit basis for the three and six months ended June 30, 2025 and 2024:
For the Three Months Ended
Jun 30, 		For the Six Months Ended
Jun 30,
2025202420252024
Net income per common share–diluted$0.28 $0.25 $0.58 $0.55 
Adjustments:
Conversion from GAAP share count(0.03)(0.03)(0.07)(0.07)
Noncontrolling interests in the Operating Partnership0.03 0.03 0.07 0.07 
Gain on sale and impairment of single-family properties and other, net(0.12)(0.10)(0.27)(0.27)
Adjustments for unconsolidated real estate joint ventures— — 0.01 0.01 
Depreciation and amortization0.30 0.28 0.60 0.55 
Less: depreciation and amortization of non-real estate assets(0.01)(0.01)(0.03)(0.02)
FFO attributable to common share and unit holders$0.45 $0.42 $0.89 $0.82 
Adjustments:
Acquisition, other transaction costs and other— 0.01 0.01 0.01 
Noncash share-based compensation - general and administrative0.01 0.02 0.02 0.04 
Noncash share-based compensation - property management0.01 — 0.01 0.01 
Core FFO attributable to common share and unit holders$0.47 $0.45 $0.93 $0.88 
Recurring Capital Expenditures(0.04)(0.06)(0.08)(0.09)
Leasing costs(0.01)— (0.01)— 
Adjusted FFO attributable to common share and unit holders$0.42 $0.39 $0.84 $0.79 

FFO Shares and Units
Includes weighted-average common shares and operating partnership units outstanding, as well as potentially dilutive securities.

Occupied Property
A property is classified as occupied upon commencement (i.e., start date) of a lease agreement, which can occur contemporaneously with or subsequent to execution (i.e., signature).

Property Enhancing Capex
Includes elective capital expenditures to enhance the operating profile of a property, such as investments to increase future revenues or reduce maintenance expenditures.

Recurring Capital Expenditures
For our Same-Home portfolio, Recurring Capital Expenditures includes replacement costs and other capital expenditures recorded during the period that are necessary to help preserve the value and maintain functionality of our properties. For our total portfolio, we calculate Recurring Capital Expenditures 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.
31


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

Retained Cash Flow
Retained Cash Flow is a non-GAAP financial measure that we believe is helpful as a supplemental measure in assessing the Company’s liquidity. This metric is computed by reducing Adjusted FFO attributable to common share and unit holders by common distributions.

Refer to Funds from Operations for a reconciliation of Adjusted FFO attributable to common share and unit holders to net income attributable to common shareholders, determined in accordance with GAAP. The following is a reconciliation of Adjusted FFO attributable to common share and unit holders to Retained Cash Flow (amounts in thousands):
For the Three Months Ended
Jun 30, 2025
Adjusted FFO attributable to common share and unit holders$176,435 
Common distributions(127,152)
Retained Cash Flow$49,283 

Same-Home Property
A property is classified as Same-Home if it has been stabilized longer than 90 days prior to the beginning of the earliest period presented under comparison. A property is removed from Same-Home if it has been classified as held for sale or has experienced a casualty loss.

Stabilized Property
A property acquired individually (i.e., not through a bulk purchase) 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.

Total Capitalization
Includes the market value of all outstanding common shares and operating partnership units (based on the NYSE AMH Class A common share closing price as of period end), the current liquidation value of preferred shares as of period end and Total Debt.

Total Debt
Includes principal balances on asset-backed securitizations, unsecured senior notes and borrowings outstanding under our revolving credit facility as of period end, and excludes unamortized discounts and unamortized deferred financing costs.

Turnover Rate
The number of tenant move-outs during the period divided by the total number of properties.

32


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

Unsecured Senior Notes Covenant Ratios and Unsecured Credit Facility Covenant Ratios
Debt covenant compliance ratios for the unsecured senior notes show the Company’s compliance with selected covenants provided in the Indenture dated as of February 7, 2018, as supplemented by the First Supplemental Indenture dated as of February 7, 2018 for the 2028 Unsecured Senior Notes, the Second Supplemental Indenture dated as of January 23, 2019 for the 2029 Unsecured Senior Notes, the Third Supplemental Indenture dated as of July 8, 2021 for the 2031 Unsecured Senior Notes, the Fourth Supplemental Indenture dated as of July 8, 2021 for the 2051 Unsecured Senior Notes, the Fifth Supplemental Indenture dated as of April 7, 2022 for the 2032 Unsecured Senior Notes, the Sixth Supplemental Indenture dated as of April 7, 2022 for the 2052 Unsecured Senior Notes, the Seventh Supplemental Indenture dated as of January 30, 2024 for the 2034 Unsecured Senior Notes I, the Eighth Supplemental Indenture dated as of June 26, 2024 for the 2034 Unsecured Senior Notes II, the Ninth Supplemental Indenture dated as of December 9, 2024 for the 2035 Unsecured Senior Notes, and the Tenth Supplemental Indenture dated as of May 13, 2025 for the 2030 Unsecured Senior Notes, which have been filed as exhibits to the Company’s SEC reports. The ratios for the Unsecured Credit Facility covenants show the Company’s compliance with selected covenants provided in the Credit Agreement dated as of July 16, 2024, as amended by Amendment No. 1 to Credit Agreement dated as of May 6, 2025, which have been filed as exhibits to the Company’s SEC reports.

The debt covenant compliance ratios are provided only to show the Company’s compliance with certain covenants contained in the Indenture governing its unsecured debt securities and in the Credit Agreement, as of the date reported. These ratios should not be used for any other purpose, including without limitation to evaluate the Company’s financial condition or results of operations, nor do they indicate the Company’s covenant compliance as of any other date or for any other period. The capitalized terms in the disclosure are defined in the Indenture or the Credit Agreement, and may differ materially from similar terms used elsewhere in this document and used by other companies that present information about their covenant compliance. For risks related to failure to comply with these covenants, see “Risk Factors – Risks Related to Our Business” and other risks discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and in the Company’s subsequent filings with the SEC.
33

Executive Management
Bryan SmithSara Vogt-Lowell
Chief Executive OfficerChief Administrative Officer, Chief Legal Officer and Secretary
Chris Lau
Chief Financial Officer and Senior Executive Vice President





AMH Diversified Portfolio



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