株探米国株
日本語 英語
エドガーで原本を確認する
00015624010001716558false00015624012024-10-292024-10-290001562401amh:AmericanHomes4RentLimitedPartnershipMember2024-10-292024-10-290001562401us-gaap:CommonClassAMember2024-10-292024-10-290001562401us-gaap:SeriesGPreferredStockMember2024-10-292024-10-290001562401us-gaap:SeriesHPreferredStockMember2024-10-292024-10-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 29, 2024
AMH_Master-Logo-v1.0_rgb.jpg
AMERICAN HOMES 4 RENT
AMERICAN HOMES 4 RENT, L.P.
(Exact name of registrant as specified in its charter)
American Homes 4 Rent Maryland 001-36013 46-1229660
American Homes 4 Rent, L.P. Delaware 333-221878-02 80-0860173
(State or other jurisdiction of incorporation) (Commission File Number) (IRS 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)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐



The information in Item 2.02 of this Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 2.02 Results of Operations and Financial Condition

On October 29, 2024, American Homes 4 Rent (“AMH”) issued a press release announcing its financial results for the quarter ended September 30, 2024, together with a Third Quarter 2024 Earnings Release and Supplemental Information Package. A copy of the press release and the Third Quarter 2024 Earnings Release and Supplemental Information Package are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d)Exhibits

Exhibit 99.1—Press Release dated October 29, 2024 concerning financial results, including financial tables

Exhibit 99.2—Third Quarter 2024 Earnings Release and Supplemental Information Package

Exhibit 104—Cover Page Interactive Data File (embedded within the inline XBRL document)




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 hereunto duly authorized.

Date: October 29, 2024
AMERICAN HOMES 4 RENT
By: /s/ Sara H. Vogt-Lowell
Sara H. Vogt-Lowell
Chief Legal Officer and Secretary

AMERICAN HOMES 4 RENT, L.P.
By:
American Homes 4 Rent, its General Partner
By: /s/ Sara H. Vogt-Lowell
Sara H. Vogt-Lowell
Chief Legal Officer and Secretary


EX-99.1 2 amh0930248kexhibit991.htm EX-99.1 Document
Exhibit 99.1
amh_master-logoxv10xrgb.jpg
News Release
 
AMH Reports Third Quarter 2024 Financial and Operating Results
Acquires High-Quality Portfolio of Nearly 1,700 Single-Family Rental Homes
Raises Full Year 2024 Guidance
LAS VEGAS, October 29, 2024—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 September 30, 2024.
Additionally, AMH today announced that in October 2024, the Company acquired a portfolio of nearly 1,700 single-family rental homes for approximately $480 million. The acquisition of the well-located, detached, high-quality homes across 13 markets reflects the Company’s disciplined and responsible approach to growth as well as the Company’s ability to create value by integrating homes onto the AMH platform. The Company funded the transaction through a combination of cash on hand and its previously undrawn revolving credit facility.
Highlights
•Rents and other single-family property revenues increased 5.5% year-over-year to $445.1 million for the third quarter of 2024.
•Net income attributable to common shareholders totaled $73.8 million, or $0.20 per diluted share, for the third quarter of 2024, compared to $74.1 million, or $0.20 per diluted share, for the third quarter of 2023.
•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 6.3% year-over-year to $0.44 per FFO share and unit for the third quarter of 2024 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 8.0% year-over-year to $0.38 per FFO share and unit for the third quarter of 2024.
•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 5.4% year-over-year for the third quarter of 2024.
•Achieved Same-Home Average Occupied Days Percentage of 95.9% in the third quarter of 2024, while generating 5.3% rate growth on new leases and 5.2% rate growth on renewals, resulting in 5.2% blended rate growth.
•Delivered a total of 753 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the third quarter of 2024.
•Raised Full Year 2024 Core FFO attributable to common share and unit holders guidance midpoint by $0.01 per share and unit to $1.77, representing anticipated full year growth of 6.6% over prior year.
“We founded this Company to provide high-quality housing for Americans. Reflecting on the last 12 years at AMH, we accomplished more than I ever imagined and I am grateful to pass the baton to our long-term Chief Operating Officer Bryan Smith at the end of the year,” stated David Singelyn, Chief Executive Officer of AMH.
“AMH is at the forefront of the increasingly important single-family rental industry because of the quality of our rental homes, our diversified footprint, strength of our operating platform, and seamless execution from our teams. Long-term business fundamentals remain strong and AMH’s history of delivering consistent and predictable operating results and growing responsibly will continue to drive shareholder returns for years to come.”
1


amh_master-logoxv10xrgb.jpg
Third Quarter 2024 Financial Results
Net income attributable to common shareholders totaled $73.8 million, or $0.20 per diluted share, for the third quarter of 2024, compared to $74.1 million, or $0.20 per diluted share, for the third quarter of 2023. The decrease was primarily due to a $5.3 million loss on early extinguishment of debt and $3.9 million of hurricane-related charges, net in the third quarter of 2024, partially offset by an increase in other income and expense, net as a result of higher interest income as well as increases in rents and other single-family property revenues exceeding increases in total expenses excluding hurricane-related charges, net.
Rents and other single-family property revenues increased 5.5% to $445.1 million for the third quarter of 2024, compared to $421.7 million for the third quarter of 2023. Revenue growth was primarily driven by higher rental rates.
Core NOI from our total portfolio increased 7.7% to $242.1 million for the third quarter of 2024, compared to $224.8 million for the third quarter of 2023. This growth was driven by a 6.1% increase in core revenues resulting primarily from higher rental rates, partially offset by a 3.3% increase in core property operating expenses.
For the Company’s Same-Home portfolio, core revenues increased 4.4% to $335.6 million for the third quarter of 2024, compared to $321.6 million for the third quarter of 2023, which was driven by a 5.1% increase in Average Monthly Realized Rent per property, partially offset by a 60 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 2.6% to $118.5 million for the third quarter of 2024, compared to $115.5 million for the third quarter of 2023, primarily driven by annual increases in property tax expense and partially offset by lower repairs and maintenance and turnover costs, net. As a result, Core NOI from Same-Home properties increased 5.4% to $217.1 million for the third quarter of 2024, compared to $206.1 million for the third quarter of 2023.
Core FFO attributable to common share and unit holders was $183.8 million, or $0.44 per FFO share and unit, for the third quarter of 2024, compared to $171.0 million, or $0.41 per FFO share and unit, for the third quarter of 2023. Adjusted FFO attributable to common share and unit holders was $159.7 million, or $0.38 per FFO share and unit, for the third quarter of 2024, compared to $146.2 million, or $0.35 per FFO share and unit, for the third quarter of 2023. These improvements were primarily attributable to increases in rents and other single-family property revenues as a result of higher rental rates exceeding increases in expenses.
Year-to-Date 2024 Financial Results
Net income attributable to common shareholders totaled $275.3 million, or $0.75 per diluted share, for the nine-month period ended September 30, 2024, compared to $289.6 million, or $0.80 per diluted share, for the nine-month period ended September 30, 2023. The decrease was primarily due to lower net gains on property sales as well as a $6.3 million loss on early extinguishment of debt and $3.9 million of hurricane-related charges, net in the nine-month period ended September 30, 2024, partially offset by increases in rents and other single-family property revenues exceeding increases in total expenses excluding hurricane-related charges, net.
Rents and other single-family property revenues increased 6.4% to $1.3 billion for the nine-month period ended September 30, 2024, compared to $1.2 billion for the nine-month period ended September 30, 2023. Revenue growth was primarily driven by higher rental rates.
Core NOI from our total portfolio increased 8.0% to $722.7 million for the nine-month period ended September 30, 2024, compared to $669.2 million for the nine-month period ended September 30, 2023. This growth was driven by a 6.9% increase in core revenues resulting primarily from higher rental rates, partially offset by a 4.8% increase in core property operating expenses.
2


amh_master-logoxv10xrgb.jpg
For the Company’s Same-Home portfolio, core revenues increased 5.2% to $1.0 billion for the nine-month period ended September 30, 2024, compared to $950.8 million for the nine-month period ended September 30, 2023, which was driven by a 5.6% increase in Average Monthly Realized Rent per property as well as higher fees and lower uncollectible rents, partially offset by a 60 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 4.3% to $347.7 million for the nine-month period ended September 30, 2024, compared to $333.4 million for the nine-month period ended September 30, 2023, primarily driven by annual increases in property tax expense. As a result, Core NOI from Same-Home properties increased 5.7% to $652.5 million for the nine-month period ended September 30, 2024, compared to $617.4 million for the nine-month period ended September 30, 2023.
Core FFO attributable to common share and unit holders was $551.8 million, or $1.32 per FFO share and unit, for the nine-month period ended September 30, 2024, compared to $509.9 million, or $1.23 per FFO share and unit, for the nine-month period ended September 30, 2023. Adjusted FFO attributable to common share and unit holders was $490.4 million, or $1.17 per FFO share and unit, for the nine-month period ended September 30, 2024, compared to $448.5 million, or $1.08 per FFO share and unit, for the nine-month period ended September 30, 2023. These improvements were primarily attributable to increases in rents and other single-family property revenues as a result of higher rental rates exceeding increases in expenses.
Portfolio
Average Occupied Days Percentage was 95.1% for the third quarter of 2024, compared to 95.8% for the second quarter of 2024.
Investments
As of September 30, 2024, the Company’s total single-family properties, excluding properties held for sale, consisted of 58,899 homes, compared to 58,860 homes as of June 30, 2024, an increase of 39 homes during the third quarter of 2024, which included 640 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 16 homes acquired through our traditional acquisition channel, partially offset by 617 homes identified for sale. During the third quarter of 2024, we also developed an additional 113 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 753 total home deliveries through our AMH Development Program. As of September 30, 2024, the Company had 1,003 properties held for sale and 3,271 properties held in unconsolidated joint ventures.
Capital Activities, Balance Sheet and Liquidity
During the third quarter of 2024, the Company paid off the outstanding principal on the AMH 2014-SFR3 asset-backed securitization of approximately $471.8 million.
During the third quarter of 2024, the Company entered into a new credit agreement with a $1.25 billion sustainability-linked revolving credit facility, replacing its previous $1.25 billion revolving credit facility. The interest rate on the new revolving credit facility is at either a daily or Term Secured Overnight Financing Rate (“SOFR”) plus a 0.10% spread adjustment and a margin ranging from 0.725% to 1.40% or a base rate (determined according to the greater of a prime rate, federal funds rate plus 0.5% or the daily SOFR plus 1.10%) plus a margin ranging from 0.00% to 0.40%. In each case, the actual margin is determined based on the Company’s credit ratings in effect from time to time. The new revolving credit facility matures on July 16, 2028, with two six-month extension options at the Company’s election if certain conditions are met.
As of September 30, 2024, the Company had cash and cash equivalents of $162.5 million and had total outstanding debt of $4.6 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of 4.3% and a weighted-average term to maturity of 12.5 years. The Company had no outstanding borrowings on its $1.25 billion revolving credit facility and had estimated net proceeds of $109.5 million available from future settlement under its At-the-Market Program forward sale agreements at the end of the quarter.
3


amh_master-logoxv10xrgb.jpg
During the third quarter of 2024, the Company generated $50.6 million of Retained Cash Flow (defined below) and sold 256 properties generating $81.0 million of net proceeds.
In October 2024, the Company issued and physically settled 2,987,024 Class A common shares under its At-the-Market Program forward sale agreements, receiving net proceeds of $109.8 million. The Company intends to use these net proceeds to repay indebtedness under its revolving credit facility it may incur and for general corporate purposes.
Hurricane Beryl, Debby, Helene and Milton Update
During the third quarter of 2024, Hurricanes Beryl, Debby and Helene impacted certain properties in our Texas, Florida, Georgia and Carolinas markets for minor repair and remediation costs that were not subject to the Company’s property and casualty insurance policies. The Company recorded a $3.9 million hurricane-related charge which has been excluded from Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders and our total and Same-Home Core NOI results.
In October 2024, Hurricane Milton impacted certain properties in our Florida market for minor repair and remediation costs that were not subject to the Company’s property and casualty insurance policies. The Company is still assessing damages but preliminarily we expect to record a hurricane-related charge in the range of $3 million to $4 million in the fourth quarter of 2024.

4


amh_master-logoxv10xrgb.jpg
2024 Guidance
Set forth below are the Company’s current expectations with respect to full year 2024 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 2024 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 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 2024 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.
Guidance Summary
Full Year 2024
Previous Guidance Current Guidance
Core FFO attributable to common share and unit holders $1.74 - $1.78 $1.76 - $1.78
Core FFO attributable to common share and unit holders growth 4.8% - 7.2% 6.0% - 7.2%
Same-Home
Core revenues growth 4.25% - 5.75% 4.50% - 5.50%
Core property operating expenses growth 5.25% - 6.75% 4.50% - 5.50%
Core NOI growth 3.50% - 5.50% 4.50% - 5.50%
Full Year 2024
Previous Guidance Current Guidance
Investment Program Properties Investment Properties Investment
Wholly owned acquisitions 1,700 - 1,750 $490 - $500 million
Wholly owned development deliveries 1,825 - 1,975 $700 - $800 million 1,825 - 1,975 $700 - $800 million
Wholly owned land and development pipeline $100 - $150 million $100 - $150 million
Pro rata share of JV and Property Enhancing Capex $100 - $150 million $100 - $150 million
Total capital investment (wholly owned and pro rata JV) 1,825 - 1,975 $0.9 - $1.1 billion 3,525 - 3,725 $1.4 - $1.6 billion
Total gross capital investment (JVs at 100%) 2,200 - 2,400 $1.1 - $1.3 billion 3,900 - 4,150 $1.6 - $1.8 billion

Changes to Full Year 2024 guidance:
•Raised Core FFO guidance midpoint by $0.01 per share primarily related to increased Core NOI growth from the Same-Home portfolio driven by both better than expected property tax expense outlook and cost controls on controllable expenses.
•Revised Wholly owned acquisitions guidance includes bulk portfolio acquired during the fourth quarter as well as a small volume of individual property acquisitions.
Additional Information
A copy of the Company’s Third Quarter 2024 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.
5


amh_master-logoxv10xrgb.jpg
Conference Call
A conference call is scheduled on Wednesday, October 30, 2024 at 12:00 p.m. Eastern Time to discuss the Company’s financial results for the quarter ended September 30, 2024 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 Wednesday, November 13, 2024 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13748660#, 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. Our goal is to simplify the experience of leasing a home and deliver peace of mind to households across the country.
In recent years, we’ve been named one of Fortune’s 2023 Best Workplaces in Real Estate™, a 2024 Great Place to Work®, a 2024 Most Loved Workplace®, a 2024 Top U.S. Homebuilder by Builder100, and one of America’s Most Responsible Companies 2024 and Most Trustworthy Companies in America 2024 by Newsweek and Statista Inc. As of September 30, 2024, we owned nearly 60,000 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 2024 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, 2023 and in the Company’s subsequent filings with the SEC.
6


amh_master-logoxv10xrgb.jpg
AMH
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share data)

September 30, 2024 December 31, 2023
(Unaudited)  
Assets    
Single-family properties:    
Land $ 2,279,188  $ 2,234,301 
Buildings and improvements 11,081,984  10,651,388 
Single-family properties in operation 13,361,172  12,885,689 
Less: accumulated depreciation (2,962,482) (2,719,970)
Single-family properties in operation, net 10,398,690  10,165,719 
Single-family properties under development and development land 1,205,372  1,409,424 
Single-family properties and land held for sale, net 218,969  182,082 
Total real estate assets, net 11,823,031  11,757,225 
Cash and cash equivalents 162,477  59,385 
Restricted cash 155,372  162,476 
Rent and other receivables 49,727  42,823 
Escrow deposits, prepaid expenses and other assets 378,402  406,138 
Investments in unconsolidated joint ventures 154,997  114,198 
Asset-backed securitization certificates —  25,666 
Goodwill 120,279  120,279 
Total assets $ 12,844,285  $ 12,688,190 
Liabilities    
Revolving credit facility $ —  $ 90,000 
Asset-backed securitizations, net 927,099  1,871,421 
Unsecured senior notes, net 3,591,714  2,500,226 
Accounts payable and accrued expenses 629,868  573,660 
Total liabilities 5,148,681  5,035,307 
Commitments and contingencies    
Equity    
Shareholders’ equity:    
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 365,885,188 and 364,296,431 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively)
3,659  3,643 
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at September 30, 2024 and December 31, 2023)
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at September 30, 2024 and December 31, 2023)
92  92 
Additional paid-in capital 7,412,232  7,357,848 
Accumulated deficit (407,251) (394,908)
Accumulated other comprehensive income 2,756  843 
Total shareholders’ equity 7,011,494  6,967,524 
Noncontrolling interest 684,110  685,359 
Total equity 7,695,604  7,652,883 
Total liabilities and equity $ 12,844,285  $ 12,688,190 

7


amh_master-logoxv10xrgb.jpg
AMH
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)

For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
  2024 2023 2024 2023
Rents and other single-family property revenues $ 445,055  $ 421,697  $ 1,292,104  $ 1,214,948 
Expenses:        
Property operating expenses 172,031  167,041  477,428  456,662 
Property management expenses 31,973  30,785  95,757  92,251 
General and administrative expense 19,247  18,336  62,825  56,128 
Interest expense 43,611  34,381  120,866  105,107 
Acquisition and other transaction costs 2,605  3,399  8,866  12,650 
Depreciation and amortization 119,691  114,863  353,020  340,779 
Hurricane-related charges, net 3,904  —  3,904  — 
Total expenses 393,062  368,805  1,122,666  1,063,577 
Gain on sale and impairment of single-family properties and other, net 32,697  33,335  145,490  180,752 
Loss on early extinguishment of debt (5,306) —  (6,323) — 
Other income and expense, net 8,256  1,865  15,664  9,082 
Net income 87,640  88,092  324,269  341,205 
Noncontrolling interest 10,333  10,493  38,559  41,140 
Dividends on preferred shares 3,486  3,486  10,458  10,458 
Net income attributable to common shareholders $ 73,821  $ 74,113  $ 275,252  $ 289,607 
Weighted-average common shares outstanding:
Basic 366,981,466  362,426,273  366,757,369  361,665,436 
Diluted 367,600,636  362,924,932  367,294,979  362,121,128 
Net income attributable to common shareholders per share:
Basic $ 0.20  $ 0.20  $ 0.75  $ 0.80 
Diluted $ 0.20  $ 0.20  $ 0.75  $ 0.80 

8


amh_master-logoxv10xrgb.jpg
Defined Terms

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.

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).

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.

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.

9


amh_master-logoxv10xrgb.jpg
Non-GAAP Financial Measures
This press release and the Third Quarter 2024 Earnings Release and Supplemental Information Package include Funds from Operations attributable to common share and unit holders (“FFO attributable to common share and unit holders”), Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders, Retained Cash Flow, Core NOI and Same-Home Core NOI, which are non-GAAP financial measures. We believe these measures are helpful in understanding our financial performance and are widely used in the REIT industry. Because other REITs may not compute these financial measures in the same manner, they may not be comparable among REITs. In addition, these metrics are not substitutes for net income or loss or net cash flows from operating activities, as defined by GAAP, as measures of our operating performance, liquidity or ability to pay dividends. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in the Third Quarter 2024 Earnings Release and Supplemental Information Package.

10


amh_master-logoxv10xrgb.jpg
Funds from Operations attributable to common share and unit holders and Retained Cash Flow
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, 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 partnerships and 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, (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, 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 shares and units include weighted-average common shares and operating partnership units outstanding, as well as potentially dilutive securities.
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.
FFO, Core FFO and Adjusted FFO attributable to common share and unit holders and Retained Cash Flow are not substitutes 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.
11


amh_master-logoxv10xrgb.jpg
The following is a reconciliation of net income or loss attributable to common shareholders to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders and Retained Cash Flow for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands, except share and per share data):
  For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
  2024 2023 2024 2023
  (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net income attributable to common shareholders $ 73,821  $ 74,113  $ 275,252  $ 289,607 
Adjustments:        
Noncontrolling interests in the Operating Partnership 10,333  10,493  38,559  41,140 
Gain on sale and impairment of single-family properties and other, net (32,697) (33,335) (145,490) (180,752)
Adjustments for unconsolidated joint ventures 1,116  812  3,909  2,380 
Depreciation and amortization 119,691  114,863  353,020  340,779 
Less: depreciation and amortization of non-real estate assets (4,930) (4,476) (14,354) (12,902)
FFO attributable to common share and unit holders $ 167,334  $ 162,470  $ 510,896  $ 480,252 
Adjustments:      
Acquisition, other transaction costs and other 2,605  3,399  8,866  12,650 
Noncash share-based compensation - general and administrative 3,601  4,160  17,999  13,885 
Noncash share-based compensation - property management 1,043  953  3,827  3,151 
Hurricane-related charges, net 3,904  —  3,904  — 
Loss on early extinguishment of debt 5,306  —  6,323  — 
Core FFO attributable to common share and unit holders $ 183,793  $ 170,982  $ 551,815  $ 509,938 
Recurring Capital Expenditures (23,088) (23,973) (58,615) (59,079)
Leasing costs (995) (792) (2,832) (2,368)
Adjusted FFO attributable to common share and unit holders $ 159,710  $ 146,217  $ 490,368  $ 448,491 
Common distributions (109,133) (91,434) (327,670) (274,177)
Retained Cash Flow $ 50,577  $ 54,783  $ 162,698  $ 174,314 
Per FFO share and unit:      
FFO attributable to common share and unit holders $ 0.40  $ 0.39  $ 1.22  $ 1.16 
Core FFO attributable to common share and unit holders $ 0.44  $ 0.41  $ 1.32  $ 1.23 
Adjusted FFO attributable to common share and unit holders $ 0.38  $ 0.35  $ 1.17  $ 1.08 
Weighted-average FFO shares and units:
Common shares outstanding 366,981,466  362,426,273  366,757,369  361,665,436 
Share-based compensation plan and forward sale equity contracts (1)
1,015,421  910,552  927,581  800,032 
Operating partnership units 51,376,980  51,376,980  51,376,980  51,376,980 
Total weighted-average FFO shares and units 419,373,867  414,713,805  419,061,930  413,842,448 
(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.

12


amh_master-logoxv10xrgb.jpg
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 nine months ended September 30, 2024 and 2023:
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2024 2023 2024 2023
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net income per common share–diluted $ 0.20  $ 0.20  $ 0.75  $ 0.80 
Adjustments:
Conversion from GAAP share count (0.02) (0.03) (0.09) (0.10)
Noncontrolling interests in the Operating Partnership 0.02  0.03  0.09  0.10 
Gain on sale and impairment of single-family properties and other, net (0.08) (0.08) (0.35) (0.44)
Adjustments for unconsolidated joint ventures —  —  0.01  0.01 
Depreciation and amortization 0.29  0.28  0.84  0.82 
Less: depreciation and amortization of non-real estate assets (0.01) (0.01) (0.03) (0.03)
FFO attributable to common share and unit holders $ 0.40  $ 0.39  $ 1.22  $ 1.16 
Adjustments:
Acquisition, other transaction costs and other 0.01  0.01  0.02  0.03 
Noncash share-based compensation - general and administrative 0.01  0.01  0.04  0.03 
Noncash share-based compensation - property management —  —  0.01  0.01 
Hurricane-related charges, net 0.01  —  0.01  — 
Loss on early extinguishment of debt 0.01  —  0.02  — 
Core FFO attributable to common share and unit holders $ 0.44  $ 0.41  $ 1.32  $ 1.23 
Recurring Capital Expenditures (0.06) (0.06) (0.14) (0.14)
Leasing costs —  —  (0.01) (0.01)
Adjusted FFO attributable to common share and unit holders $ 0.38  $ 0.35  $ 1.17  $ 1.08 
13


amh_master-logoxv10xrgb.jpg
Core Net Operating Income
Core NOI, which we also present separately for our Same-Home portfolio, 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 GAAP).

14


amh_master-logoxv10xrgb.jpg
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 nine months ended September 30, 2024 and 2023 (amounts in thousands):
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2024 2023 2024 2023
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Core revenues and Same-Home core revenues
Rents and other single-family property revenues $ 445,055  $ 421,697  $ 1,292,104  $ 1,214,948 
Tenant charge-backs (67,615) (65,840) (172,323) (167,049)
Core revenues 377,440  355,857  1,119,781  1,047,899 
Less: Non-Same-Home core revenues (41,813) (34,292) (119,518) (97,053)
Same-Home core revenues $ 335,627  $ 321,565  $ 1,000,263  $ 950,846 
Core property operating expenses and Same-Home core property operating expenses
Property operating expenses $ 172,031  $ 167,041  $ 477,428  $ 456,662 
Property management expenses 31,973  30,785  95,757  92,251 
Noncash share-based compensation - property management (1,043) (953) (3,827) (3,151)
Expenses reimbursed by tenant charge-backs (67,615) (65,840) (172,323) (167,049)
Core property operating expenses 135,346  131,033  397,035  378,713 
Less: Non-Same-Home core property operating expenses (16,800) (15,522) (49,298) (45,287)
Same-Home core property operating expenses $ 118,546  $ 115,511  $ 347,737  $ 333,426 
Core NOI and Same-Home Core NOI
Net income $ 87,640  $ 88,092  $ 324,269  $ 341,205 
Hurricane-related charges, net 3,904  —  3,904  — 
Loss on early extinguishment of debt 5,306  —  6,323  — 
Gain on sale and impairment of single-family properties and other, net (32,697) (33,335) (145,490) (180,752)
Depreciation and amortization 119,691  114,863  353,020  340,779 
Acquisition and other transaction costs 2,605  3,399  8,866  12,650 
Noncash share-based compensation - property management 1,043  953  3,827  3,151 
Interest expense 43,611  34,381  120,866  105,107 
General and administrative expense 19,247  18,336  62,825  56,128 
Other income and expense, net (8,256) (1,865) (15,664) (9,082)
Core NOI 242,094  224,824  722,746  669,186 
Less: Non-Same-Home Core NOI (25,013) (18,770) (70,220) (51,766)
Same-Home Core NOI $ 217,081  $ 206,054  $ 652,526  $ 617,420 

Contact:
AMH Investor Relations
Phone: (855) 794-2447
Email: investors@amh.com
15
EX-99.2 3 amh0930248kexhibit992.htm EX-99.2 Document

a3q24suppreportcoverfinal-.jpg




AMH
Table of Contents
2



AMH
Earnings Press Release
AMH Reports Third Quarter 2024 Financial and Operating Results
Acquires High-Quality Portfolio of Nearly 1,700 Single-Family Rental Homes
Raises Full Year 2024 Guidance
LAS VEGAS, October 29, 2024—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 September 30, 2024.
Additionally, AMH today announced that in October 2024, the Company acquired a portfolio of nearly 1,700 single-family rental homes for approximately $480 million. The acquisition of the well-located, detached, high-quality homes across 13 markets reflects the Company’s disciplined and responsible approach to growth as well as the Company’s ability to create value by integrating homes onto the AMH platform. The Company funded the transaction through a combination of cash on hand and its previously undrawn revolving credit facility.
Highlights
•Rents and other single-family property revenues increased 5.5% year-over-year to $445.1 million for the third quarter of 2024.
•Net income attributable to common shareholders totaled $73.8 million, or $0.20 per diluted share, for the third quarter of 2024, compared to $74.1 million, or $0.20 per diluted share, for the third quarter of 2023.
•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 6.3% year-over-year to $0.44 per FFO share and unit for the third quarter of 2024 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 8.0% year-over-year to $0.38 per FFO share and unit for the third quarter of 2024.
•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 5.4% year-over-year for the third quarter of 2024.
•Achieved Same-Home Average Occupied Days Percentage of 95.9% in the third quarter of 2024, while generating 5.3% rate growth on new leases and 5.2% rate growth on renewals, resulting in 5.2% blended rate growth.
•Delivered a total of 753 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the third quarter of 2024.
•Raised Full Year 2024 Core FFO attributable to common share and unit holders guidance midpoint by $0.01 per share and unit to $1.77, representing anticipated full year growth of 6.6% over prior year.
“We founded this Company to provide high-quality housing for Americans. Reflecting on the last 12 years at AMH, we accomplished more than I ever imagined and I am grateful to pass the baton to our long-term Chief Operating Officer Bryan Smith at the end of the year,” stated David Singelyn, Chief Executive Officer of AMH.
“AMH is at the forefront of the increasingly important single-family rental industry because of the quality of our rental homes, our diversified footprint, strength of our operating platform, and seamless execution from our teams. Long-term business fundamentals remain strong and AMH’s history of delivering consistent and predictable operating results and growing responsibly will continue to drive shareholder returns for years to come.”
Third Quarter 2024 Financial Results
Net income attributable to common shareholders totaled $73.8 million, or $0.20 per diluted share, for the third quarter of 2024, compared to $74.1 million, or $0.20 per diluted share, for the third quarter of 2023. The decrease was primarily due to a $5.3 million loss on early extinguishment of debt and $3.9 million of hurricane-related charges, net in the third quarter of
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
3



AMH
Earnings Press Release (continued)
2024, partially offset by an increase in other income and expense, net as a result of higher interest income as well as increases in rents and other single-family property revenues exceeding increases in total expenses excluding hurricane-related charges, net.
Rents and other single-family property revenues increased 5.5% to $445.1 million for the third quarter of 2024, compared to $421.7 million for the third quarter of 2023. Revenue growth was primarily driven by higher rental rates.
Core NOI from our total portfolio increased 7.7% to $242.1 million for the third quarter of 2024, compared to $224.8 million for the third quarter of 2023. This growth was driven by a 6.1% increase in core revenues resulting primarily from higher rental rates, partially offset by a 3.3% increase in core property operating expenses.
For the Company’s Same-Home portfolio, core revenues increased 4.4% to $335.6 million for the third quarter of 2024, compared to $321.6 million for the third quarter of 2023, which was driven by a 5.1% increase in Average Monthly Realized Rent per property, partially offset by a 60 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 2.6% to $118.5 million for the third quarter of 2024, compared to $115.5 million for the third quarter of 2023, primarily driven by annual increases in property tax expense and partially offset by lower repairs and maintenance and turnover costs, net. As a result, Core NOI from Same-Home properties increased 5.4% to $217.1 million for the third quarter of 2024, compared to $206.1 million for the third quarter of 2023.
Core FFO attributable to common share and unit holders was $183.8 million, or $0.44 per FFO share and unit, for the third quarter of 2024, compared to $171.0 million, or $0.41 per FFO share and unit, for the third quarter of 2023. Adjusted FFO attributable to common share and unit holders was $159.7 million, or $0.38 per FFO share and unit, for the third quarter of 2024, compared to $146.2 million, or $0.35 per FFO share and unit, for the third quarter of 2023. These improvements were primarily attributable to increases in rents and other single-family property revenues as a result of higher rental rates exceeding increases in expenses.
Year-to-Date 2024 Financial Results
Net income attributable to common shareholders totaled $275.3 million, or $0.75 per diluted share, for the nine-month period ended September 30, 2024, compared to $289.6 million, or $0.80 per diluted share, for the nine-month period ended September 30, 2023. The decrease was primarily due to lower net gains on property sales as well as a $6.3 million loss on early extinguishment of debt and $3.9 million of hurricane-related charges, net in the nine-month period ended September 30, 2024, partially offset by increases in rents and other single-family property revenues exceeding increases in total expenses excluding hurricane-related charges, net.
Rents and other single-family property revenues increased 6.4% to $1.3 billion for the nine-month period ended September 30, 2024, compared to $1.2 billion for the nine-month period ended September 30, 2023. Revenue growth was primarily driven by higher rental rates.
Core NOI from our total portfolio increased 8.0% to $722.7 million for the nine-month period ended September 30, 2024, compared to $669.2 million for the nine-month period ended September 30, 2023. This growth was driven by a 6.9% increase in core revenues resulting primarily from higher rental rates, partially offset by a 4.8% increase in core property operating expenses.
For the Company’s Same-Home portfolio, core revenues increased 5.2% to $1.0 billion for the nine-month period ended September 30, 2024, compared to $950.8 million for the nine-month period ended September 30, 2023, which was driven by a 5.6% increase in Average Monthly Realized Rent per property as well as higher fees and lower uncollectible rents, partially
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
4



AMH
Earnings Press Release (continued)
offset by a 60 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 4.3% to $347.7 million for the nine-month period ended September 30, 2024, compared to $333.4 million for the nine-month period ended September 30, 2023, primarily driven by annual increases in property tax expense. As a result, Core NOI from Same-Home properties increased 5.7% to $652.5 million for the nine-month period ended September 30, 2024, compared to $617.4 million for the nine-month period ended September 30, 2023.
Core FFO attributable to common share and unit holders was $551.8 million, or $1.32 per FFO share and unit, for the nine-month period ended September 30, 2024, compared to $509.9 million, or $1.23 per FFO share and unit, for the nine-month period ended September 30, 2023. Adjusted FFO attributable to common share and unit holders was $490.4 million, or $1.17 per FFO share and unit, for the nine-month period ended September 30, 2024, compared to $448.5 million, or $1.08 per FFO share and unit, for the nine-month period ended September 30, 2023. These improvements were primarily attributable to increases in rents and other single-family property revenues as a result of higher rental rates exceeding increases in expenses.

Portfolio
Average Occupied Days Percentage was 95.1% for the third quarter of 2024, compared to 95.8% for the second quarter of 2024.
Investments
As of September 30, 2024, the Company’s total single-family properties, excluding properties held for sale, consisted of 58,899 homes, compared to 58,860 homes as of June 30, 2024, an increase of 39 homes during the third quarter of 2024, which included 640 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 16 homes acquired through our traditional acquisition channel, partially offset by 617 homes identified for sale. During the third quarter of 2024, we also developed an additional 113 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 753 total home deliveries through our AMH Development Program. As of September 30, 2024, the Company had 1,003 properties held for sale and 3,271 properties held in unconsolidated joint ventures.
Capital Activities, Balance Sheet and Liquidity
During the third quarter of 2024, the Company paid off the outstanding principal on the AMH 2014-SFR3 asset-backed securitization of approximately $471.8 million.
During the third quarter of 2024, the Company entered into a new credit agreement with a $1.25 billion sustainability-linked revolving credit facility, replacing its previous $1.25 billion revolving credit facility. The interest rate on the new revolving credit facility is at either a daily or Term Secured Overnight Financing Rate (“SOFR”) plus a 0.10% spread adjustment and a margin ranging from 0.725% to 1.40% or a base rate (determined according to the greater of a prime rate, federal funds rate plus 0.5% or the daily SOFR plus 1.10%) plus a margin ranging from 0.00% to 0.40%. In each case, the actual margin is determined based on the Company’s credit ratings in effect from time to time. The new revolving credit facility matures on July 16, 2028, with two six-month extension options at the Company’s election if certain conditions are met.
As of September 30, 2024, the Company had cash and cash equivalents of $162.5 million and had total outstanding debt of $4.6 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of 4.3% and a weighted-average term to maturity of 12.5 years. The Company had no outstanding borrowings on its $1.25 billion revolving credit facility and had estimated net proceeds of $109.5 million available from future settlement under its
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
5



AMH
Earnings Press Release (continued)
At-the-Market Program forward sale agreements at the end of the quarter. During the third quarter of 2024, the Company generated $50.6 million of Retained Cash Flow and sold 256 properties generating $81.0 million of net proceeds.
In October 2024, the Company issued and physically settled 2,987,024 Class A common shares under its At-the-Market Program forward sale agreements, receiving net proceeds of $109.8 million. The Company intends to use these net proceeds to repay indebtedness under its revolving credit facility it may incur and for general corporate purposes.

Hurricane Beryl, Debby, Helene and Milton Update
During the third quarter of 2024, Hurricanes Beryl, Debby and Helene impacted certain properties in our Texas, Florida, Georgia and Carolinas markets for minor repair and remediation costs that were not subject to the Company’s property and casualty insurance policies. The Company recorded a $3.9 million hurricane-related charge which has been excluded from Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders and our total and Same-Home Core NOI results.
In October 2024, Hurricane Milton impacted certain properties in our Florida market for minor repair and remediation costs that were not subject to the Company’s property and casualty insurance policies. The Company is still assessing damages but preliminarily we expect to record a hurricane-related charge in the range of $3 million to $4 million in the fourth quarter of 2024.


Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
6



AMH
Earnings Press Release (continued)
2024 Guidance
Set forth below are the Company’s current expectations with respect to full year 2024 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 2024 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 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 2024 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.
Guidance Summary
Full Year 2024
Previous Guidance Current Guidance
Core FFO attributable to common share and unit holders $1.74 - $1.78 $1.76 - $1.78
Core FFO attributable to common share and unit holders growth 4.8% - 7.2% 6.0% - 7.2%
Same-Home
Core revenues growth 4.25% - 5.75% 4.50% - 5.50%
Core property operating expenses growth 5.25% - 6.75% 4.50% - 5.50%
Core NOI growth 3.50% - 5.50% 4.50% - 5.50%
Full Year 2024
Previous Guidance Current Guidance
Investment Program Properties Investment Properties Investment
Wholly owned acquisitions 1,700 - 1,750 $490 - $500 million
Wholly owned development deliveries 1,825 - 1,975 $700 - $800 million 1,825 - 1,975 $700 - $800 million
Wholly owned land and development pipeline $100 - $150 million $100 - $150 million
Pro rata share of JV and Property Enhancing Capex $100 - $150 million $100 - $150 million
Total capital investment (wholly owned and pro rata JV) 1,825 - 1,975 $0.9 - $1.1 billion 3,525 - 3,725 $1.4 - $1.6 billion
Total gross capital investment (JVs at 100%) 2,200 - 2,400 $1.1 - $1.3 billion 3,900 - 4,150 $1.6 - $1.8 billion

Changes to Full Year 2024 guidance:
•Raised Core FFO guidance midpoint by $0.01 per share primarily related to increased Core NOI growth from the Same-Home portfolio driven by both better than expected property tax expense outlook and cost controls on controllable expenses.
•Revised Wholly owned acquisitions guidance includes bulk portfolio acquired during the fourth quarter as well as a small volume of individual property acquisitions.

Additional Information
A copy of the Company’s Third Quarter 2024 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.

Conference Call
A conference call is scheduled on Wednesday, October 30, 2024 at 12:00 p.m. Eastern Time to discuss the Company’s financial results for the quarter ended September 30, 2024 and to provide an update on its business. The domestic dial-in
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
7



AMH
Earnings Press Release (continued)
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 Wednesday, November 13, 2024 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13748660#, 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. Our goal is to simplify the experience of leasing a home and deliver peace of mind to households across the country.
In recent years, we’ve been named one of Fortune’s 2023 Best Workplaces in Real Estate™, a 2024 Great Place to Work®, a 2024 Most Loved Workplace®, a 2024 Top U.S. Homebuilder by Builder100, and one of America’s Most Responsible Companies 2024 and Most Trustworthy Companies in America 2024 by Newsweek and Statista Inc. As of September 30, 2024, we owned nearly 60,000 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 2024 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, 2023 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.
8



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 nine months ended September 30, 2024 and 2023:
For the Three Months Ended
Sep 30,
For the Nine Months Ended
Sep 30,
2024 2023 2024 2023
Core revenues and Same-Home core revenues
Rents and other single-family property revenues $ 445,055  $ 421,697  $ 1,292,104  $ 1,214,948 
Tenant charge-backs (67,615) (65,840) (172,323) (167,049)
Core revenues 377,440  355,857  1,119,781  1,047,899 
Less: Non-Same-Home core revenues (41,813) (34,292) (119,518) (97,053)
Same-Home core revenues $ 335,627  $ 321,565  $ 1,000,263  $ 950,846 
Core property operating expenses and Same-Home core property operating expenses
Property operating expenses $ 172,031  $ 167,041  $ 477,428  $ 456,662 
Property management expenses 31,973  30,785  95,757  92,251 
Noncash share-based compensation - property management (1,043) (953) (3,827) (3,151)
Expenses reimbursed by tenant charge-backs (67,615) (65,840) (172,323) (167,049)
Core property operating expenses 135,346  131,033  397,035  378,713 
Less: Non-Same-Home core property operating expenses (16,800) (15,522) (49,298) (45,287)
Same-Home core property operating expenses $ 118,546  $ 115,511  $ 347,737  $ 333,426 
Core NOI and Same-Home Core NOI
Net income $ 87,640  $ 88,092  $ 324,269  $ 341,205 
Hurricane-related charges, net 3,904  —  3,904  — 
Loss on early extinguishment of debt 5,306  —  6,323  — 
Gain on sale and impairment of single-family properties and other, net (32,697) (33,335) (145,490) (180,752)
Depreciation and amortization 119,691  114,863  353,020  340,779 
Acquisition and other transaction costs 2,605  3,399  8,866  12,650 
Noncash share-based compensation - property management 1,043  953  3,827  3,151 
Interest expense 43,611  34,381  120,866  105,107 
General and administrative expense 19,247  18,336  62,825  56,128 
Other income and expense, net (8,256) (1,865) (15,664) (9,082)
Core NOI 242,094  224,824  722,746  669,186 
Less: Non-Same-Home Core NOI (25,013) (18,770) (70,220) (51,766)
Same-Home Core NOI $ 217,081  $ 206,054  $ 652,526  $ 617,420 

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
9



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
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2023
Core revenues and Same-Home core revenues
Rents and other single-family property revenues $ 445,055  $ 423,494  $ 423,555  $ 408,657  $ 421,697 
Tenant charge-backs (67,615) (47,371) (57,337) (48,506) (65,840)
Core revenues 377,440  376,123  366,218  360,151  355,857 
Less: Non-Same-Home core revenues (41,813) (40,499) (37,206) (35,629) (34,292)
Same-Home core revenues $ 335,627  $ 335,624  $ 329,012  $ 324,522  $ 321,565 
Core property operating expenses and Same-Home core property operating expenses
Property operating expenses $ 172,031  $ 149,470  $ 155,927  $ 142,797  $ 167,041 
Property management expenses 31,973  32,382  31,402  31,112  30,785 
Noncash share-based compensation - property management (1,043) (1,340) (1,444) (879) (953)
Expenses reimbursed by tenant charge-backs (67,615) (47,371) (57,337) (48,506) (65,840)
Core property operating expenses 135,346  133,141  128,548  124,524  131,033 
Less: Non-Same-Home core property operating expenses (16,800) (16,273) (16,225) (15,130) (15,522)
Same-Home core property operating expenses $ 118,546  $ 116,868  $ 112,323  $ 109,394  $ 115,511 
Core NOI and Same-Home Core NOI
Net income $ 87,640  $ 108,534  $ 128,095  $ 90,937  $ 88,092 
Hurricane-related charges, net 3,904  —  —  —  — 
Loss on early extinguishment of debt 5,306  63  954  —  — 
Gain on sale and impairment of single-family properties and other, net (32,697) (43,892) (68,901) (29,082) (33,335)
Depreciation and amortization 119,691  117,603  115,726  115,771  114,863 
Acquisition and other transaction costs 2,605  2,937  3,324  4,260  3,399 
Noncash share-based compensation - property management 1,043  1,340  1,444  879  953 
Interest expense 43,611  38,678  38,577  35,091  34,381 
General and administrative expense 19,247  21,693  21,885  18,487  18,336 
Other income and expense, net (8,256) (3,974) (3,434) (716) (1,865)
Core NOI 242,094  242,982  237,670  235,627  224,824 
Less: Non-Same-Home Core NOI (25,013) (24,226) (20,981) (20,499) (18,770)
Same-Home Core NOI $ 217,081  $ 218,756  $ 216,689  $ 215,128  $ 206,054 
Unencumbered Core NOI and Encumbered Core NOI
Core NOI $ 242,094  $ 242,982  $ 237,670  $ 235,627  $ 224,824 
Less: Encumbered Core NOI (1)
(33,458) (33,816) (33,606) (33,590) (31,908)
Unencumbered Core NOI (1)
$ 208,636  $ 209,166  $ 204,064  $ 202,037  $ 192,916 
(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.
10



AMH
Fact Sheet
(Amounts in thousands, except per share and property data)
(Unaudited)
For the Three Months Ended
Sep 30,
For the Nine Months Ended
Sep 30,
2024 2023 2024 2023
Operating Data
Net income attributable to common shareholders $ 73,821  $ 74,113  $ 275,252  $ 289,607 
Core revenues $ 377,440  $ 355,857  $ 1,119,781  $ 1,047,899 
Core NOI $ 242,094  $ 224,824  $ 722,746  $ 669,186 
Core NOI margin 64.1  % 63.2  % 64.5  % 63.9  %
Fully Adjusted EBITDAre $ 211,737  $ 188,560  $ 636,046  $ 576,958 
Fully Adjusted EBITDAre Margin 55.5  % 52.8  % 56.3  % 54.7  %
Per FFO share and unit:
FFO attributable to common share and unit holders $ 0.40  $ 0.39  $ 1.22  $ 1.16 
Core FFO attributable to common share and unit holders $ 0.44  $ 0.41  $ 1.32  $ 1.23 
Adjusted FFO attributable to common share and unit holders $ 0.38  $ 0.35  $ 1.17  $ 1.08 
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2023
Selected Balance Sheet Information - end of period
Single-family properties in operation, net $ 10,398,690  $ 10,295,131  $ 10,217,286  $ 10,165,719  $ 10,132,185 
Total assets $ 12,844,285  $ 13,303,940  $ 12,761,092  $ 12,688,190  $ 12,559,377 
Outstanding borrowings under revolving credit facility $ —  $ —  $ —  $ 90,000  $ — 
Total Debt $ 4,578,772  $ 5,055,355  $ 4,561,186  $ 4,517,158  $ 4,433,095 
Total Capitalization $ 20,851,847  $ 20,813,612  $ 20,154,156  $ 19,717,611  $ 18,591,650 
Total Debt to Total Capitalization 22.0  % 24.3  % 22.6  % 22.9  % 23.8  %
Net Debt and Preferred Shares to Adjusted EBITDAre 5.0 x 5.1 x 5.3 x 5.4 x 5.4 x
NYSE AMH Class A common share closing price $ 38.39  $ 37.16  $ 36.78  $ 35.96  $ 33.69 
Portfolio Data - end of period
Occupied single-family properties 55,726  56,669  56,362  55,768  55,949 
Single-family properties leased, not yet occupied 347  407  418  251  299 
Single-family properties in turnover process 2,271  1,543  1,491  2,053  1,803 
Single-family properties recently renovated or developed 544  240  337  384  333 
Single-family properties newly acquired and under renovation 11  14 
Total single-family properties, excluding properties held for sale 58,899  58,860  58,615  58,470  58,392 
Single-family properties held for sale 1,003  633  728  862  700 
Total single-family properties wholly owned 59,902  59,493  59,343  59,332  59,092 
Single-family properties managed under joint ventures 3,271  3,167  3,004  2,978  2,936 
Total single-family properties wholly owned and managed 63,173  62,660  62,347  62,310  62,028 
Total Average Occupied Days Percentage (1)
95.1  % 95.8  % 95.3  % 95.0  % 95.6  %
Same-Home Average Occupied Days Percentage (52,370 properties) 95.9  % 96.8  % 96.3  % 96.1  % 96.5  %
Other Data
Distributions declared per common share $ 0.26 $ 0.26 $ 0.26 $ 0.22 $ 0.22
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.
11



AMH
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
For the Three Months Ended
Sep 30,
For the Nine Months Ended
Sep 30,
2024 2023 2024 2023
Rents and other single-family property revenues $ 445,055  $ 421,697  $ 1,292,104  $ 1,214,948 
Expenses:      
Property operating expenses 172,031  167,041  477,428  456,662 
Property management expenses 31,973  30,785  95,757  92,251 
General and administrative expense 19,247  18,336  62,825  56,128 
Interest expense 43,611  34,381  120,866  105,107 
Acquisition and other transaction costs 2,605  3,399  8,866  12,650 
Depreciation and amortization 119,691  114,863  353,020  340,779 
Hurricane-related charges, net 3,904  —  3,904  — 
Total expenses 393,062  368,805  1,122,666  1,063,577 
Gain on sale and impairment of single-family properties and other, net 32,697  33,335  145,490  180,752 
Loss on early extinguishment of debt (5,306) —  (6,323) — 
Other income and expense, net 8,256  1,865  15,664  9,082 
Net income 87,640  88,092  324,269  341,205 
Noncontrolling interest 10,333  10,493  38,559  41,140 
Dividends on preferred shares 3,486  3,486  10,458  10,458 
Net income attributable to common shareholders $ 73,821  $ 74,113  $ 275,252  $ 289,607 
Weighted-average common shares outstanding:
Basic 366,981,466  362,426,273  366,757,369  361,665,436 
Diluted 367,600,636  362,924,932  367,294,979  362,121,128 
Net income attributable to common shareholders per share:
Basic $ 0.20  $ 0.20  $ 0.75  $ 0.80 
Diluted $ 0.20  $ 0.20  $ 0.75  $ 0.80 
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
12



AMH
Funds from Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
For the Three Months Ended
Sep 30,
For the Nine Months Ended
Sep 30,
2024 2023 2024 2023
Net income attributable to common shareholders $ 73,821  $ 74,113  $ 275,252  $ 289,607 
Adjustments:  
Noncontrolling interests in the Operating Partnership 10,333  10,493  38,559  41,140 
Gain on sale and impairment of single-family properties and other, net (32,697) (33,335) (145,490) (180,752)
Adjustments for unconsolidated joint ventures 1,116  812  3,909  2,380 
Depreciation and amortization 119,691  114,863  353,020  340,779 
Less: depreciation and amortization of non-real estate assets (4,930) (4,476) (14,354) (12,902)
FFO attributable to common share and unit holders $ 167,334  $ 162,470  $ 510,896  $ 480,252 
Adjustments:
Acquisition, other transaction costs and other 2,605  3,399  8,866  12,650 
Noncash share-based compensation - general and administrative 3,601  4,160  17,999  13,885 
Noncash share-based compensation - property management 1,043  953  3,827  3,151 
Hurricane-related charges, net 3,904  —  3,904  — 
Loss on early extinguishment of debt 5,306  —  6,323  — 
Core FFO attributable to common share and unit holders $ 183,793  $ 170,982  $ 551,815  $ 509,938 
Recurring Capital Expenditures (23,088) (23,973) (58,615) (59,079)
Leasing costs (995) (792) (2,832) (2,368)
Adjusted FFO attributable to common share and unit holders $ 159,710  $ 146,217  $ 490,368  $ 448,491 
Per FFO share and unit:  
FFO attributable to common share and unit holders $ 0.40  $ 0.39  $ 1.22  $ 1.16 
Core FFO attributable to common share and unit holders $ 0.44  $ 0.41  $ 1.32  $ 1.23 
Adjusted FFO attributable to common share and unit holders $ 0.38  $ 0.35  $ 1.17  $ 1.08 
Weighted-average FFO shares and units:
Common shares outstanding 366,981,466  362,426,273  366,757,369  361,665,436 
Share-based compensation plan and forward sale equity contracts (1)
1,015,421  910,552  927,581  800,032 
Operating partnership units 51,376,980  51,376,980  51,376,980  51,376,980 
Total weighted-average FFO shares and units 419,373,867  414,713,805  419,061,930  413,842,448 
(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.
13



AMH
Core Net Operating Income – Total Portfolio
(Amounts in thousands)
(Unaudited)
For the Three Months Ended
Sep 30,
For the Nine Months Ended
Sep 30,
2024 2023 2024 2023
Rents from single-family properties $ 374,499  $ 352,986  $ 1,107,962  $ 1,040,072 
Fees from single-family properties 8,084  8,022  24,229  22,862 
Bad debt (5,143) (5,151) (12,410) (15,035)
Core revenues 377,440  355,857  1,119,781  1,047,899 
Property tax expense 62,942  59,585  191,556  180,212 
HOA fees, net (1)
6,913  6,832  19,965  19,105 
R&M and turnover costs, net (1)
31,449  32,252  84,558  82,822 
Insurance 5,138  4,680  14,863  13,212 
Property management expenses, net (2)
28,904  27,684  86,093  83,362 
Core property operating expenses 135,346  131,033  397,035  378,713 
Core NOI $ 242,094  $ 224,824  $ 722,746  $ 669,186 
Core NOI margin 64.1  % 63.2  % 64.5  % 63.9  %
    
For the Three Months Ended
Sep 30, 2024
Same-Home Properties Stabilized Properties
Non-Stabilized Properties (3)
Held for Sale and Other Properties (4)
Total
Single-Family
Properties Wholly Owned
Property count 52,370  3,952  2,559  1,021  59,902 
Average Occupied Days Percentage 95.9  % 95.2  % 76.7  % 45.0  % 94.3  %
Rents from single-family properties $ 332,785  $ 27,222  $ 11,446  $ 3,046  $ 374,499 
Fees from single-family properties 7,149  541  285  109  8,084 
Bad debt (4,307) (296) (127) (413) (5,143)
Core revenues 335,627  27,467  11,604  2,742  377,440 
Property tax expense 56,337  4,011  1,582  1,012  62,942 
HOA fees, net (1)
6,123  463  183  144  6,913 
R&M and turnover costs, net (1)
27,390  1,727  1,118  1,214  31,449 
Insurance 4,291  461  306  80  5,138 
Property management expenses, net (2)
24,405  1,806  2,275  418  28,904 
Core property operating expenses 118,546  8,468  5,464  2,868  135,346 
Core NOI $ 217,081  $ 18,999  $ 6,140  $ (126) $ 242,094 
Core NOI margin 64.7  % 69.2  % 52.9  % (4.6) % 64.1  %
(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 1,448 recently renovated or developed properties that do not meet the definition of Stabilized Property at the start of the quarter and 1,111 legacy-tenant properties which have not experienced tenant turnover under our ownership (the majority of which were acquired through bulk acquisitions, such as the ARPI merger) or properties currently out of service due to a casualty loss.
(4)Includes 1,003 properties held for sale, 11 properties newly acquired and under renovation that are not yet placed into service and 7 properties identified for future sale. 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.
14



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
Sep 30,
For the Nine Months Ended
Sep 30,
2024 2023 Change 2024 2023 Change
Number of Same-Home properties 52,370  52,370  52,370  52,370 
Average Occupied Days Percentage 95.9  % 96.5  % (0.6) % 96.3  % 96.9  % (0.6) %
Average Monthly Realized Rent per Property $ 2,208  $ 2,100  5.1  % $ 2,178  $ 2,063  5.6  %
Turnover Rate 8.0  % 8.4  % (0.4) % 21.8  % 23.4  % (1.6) %
Turnover Rate - TTM 28.1  % N/A 28.1  % N/A
Core NOI:
Rents from single-family properties $ 332,785  $ 318,418  4.5  % $ 988,718  $ 942,066  5.0  %
Fees from single-family properties 7,149  7,123  0.4  % 21,329  20,260  5.3  %
Bad debt (4,307) (3,976) 8.3  % (9,784) (11,480) (14.8) %
Core revenues 335,627  321,565  4.4  % 1,000,263  950,846  5.2  %
Property tax expense 56,337  53,532  5.2  % 170,587  160,866  6.0  %
HOA fees, net (1)
6,123  6,107  0.3  % 17,827  17,189  3.7  %
R&M and turnover costs, net (1)
27,390  28,002  (2.2) % 73,264  71,641  2.3  %
Insurance 4,291  4,147  3.5  % 12,721  11,778  8.0  %
Property management expenses, net (2)
24,405  23,723  2.9  % 73,338  71,952  1.9  %
Core property operating expenses 118,546  115,511  2.6  % 347,737  333,426  4.3  %
Core NOI $ 217,081  $ 206,054  5.4  % $ 652,526  $ 617,420  5.7  %
Core NOI margin 64.7  % 64.1  % 65.2  % 64.9  %
Selected Property Expenditure Details:
Recurring Capital Expenditures $ 21,028  $ 21,029  —  % $ 52,801  $ 51,905  1.7  %
Per property:
Average Recurring Capital Expenditures $ 402  $ 402  —  % $ 1,008  $ 991  1.7  %
Average R&M and turnover costs, net, plus Recurring Capital Expenditures
$ 925  $ 936  (1.2) % $ 2,407  $ 2,359  2.0  %
Property Enhancing Capex $ 10,163  $ 13,698  $ 26,650  $ 40,820 
(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 – Sequential Quarterly Results
(Amounts in thousands, except per property data)
(Unaudited)
For the Three Months Ended
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2023
Average Occupied Days Percentage 95.9  % 96.8  % 96.3  % 96.1  % 96.5  %
Average Monthly Realized Rent per Property $ 2,208  $ 2,178  $ 2,148  $ 2,125  $ 2,100 
Average Change in Rent for Renewals 5.2  % 5.2  % 5.9  % 6.0  % 7.1  %
Average Change in Rent for Re-Leases 5.3  % 5.7  % 4.8  % 4.2  % 7.0  %
Average Blended Change in Rent 5.2  % 5.3  % 5.6  % 5.5  % 7.0  %
Core NOI:
Rents from single-family properties $ 332,785  $ 331,155  $ 324,778  $ 321,013  $ 318,418 
Fees from single-family properties 7,149  7,104  7,076  7,002  7,123 
Bad debt (4,307) (2,635) (2,842) (3,493) (3,976)
Core revenues 335,627  335,624  329,012  324,522  321,565 
Property tax expense 56,337  57,085  57,165  53,150  53,532 
HOA fees, net (1)
6,123  6,030  5,674  5,873  6,107 
R&M and turnover costs, net (1)
27,390  24,595  21,279  22,053  28,002 
Insurance 4,291  4,245  4,185  4,150  4,147 
Property management expenses, net (2)
24,405  24,913  24,020  24,168  23,723 
Core property operating expenses 118,546  116,868  112,323  109,394  115,511 
Core NOI $ 217,081  $ 218,756  $ 216,689  $ 215,128  $ 206,054 
Core NOI margin 64.7  % 65.2  % 65.9  % 66.3  % 64.1  %
Selected Property Expenditure Details:
Recurring Capital Expenditures $ 21,028  $ 19,079  $ 12,694  $ 14,835  $ 21,029 
Per property:
Average Recurring Capital Expenditures $ 402  $ 364  $ 242  $ 283  $ 402 
Average R&M and turnover costs, net, plus Recurring Capital Expenditures
$ 925  $ 834  $ 648  $ 704  $ 936 
Property Enhancing Capex $ 10,163  $ 8,389  $ 8,098  $ 7,424  $ 13,698 
(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.
16



AMH
Same-Home Results – Operating Metrics by Market
Market Number of Properties Gross Book Value per Property % of
3Q24 NOI
Avg. Change in Rent for Renewals (1)
Avg. Change in Rent for Re-Leases (1)
Avg. Blended Change in
Rent (1)
Atlanta, GA 5,169  $ 220,352  10.1  % 4.9  % 3.7  % 4.6  %
Dallas-Fort Worth, TX 3,650  174,721  5.3  % 4.8  % 3.8  % 4.6  %
Charlotte, NC 3,751  214,740  7.5  % 5.4  % 7.2  % 5.8  %
Nashville, TN 2,978  243,468  7.1  % 5.1  % 4.6  % 5.0  %
Phoenix, AZ 2,894  212,275  6.2  % 3.9  % 0.5  % 2.9  %
Indianapolis, IN 2,768  174,204  3.9  % 5.7  % 8.0  % 6.3  %
Jacksonville, FL 2,767  208,716  4.7  % 5.2  % 3.6  % 4.7  %
Tampa, FL 2,512  221,565  4.6  % 5.4  % 2.6  % 4.8  %
Houston, TX 2,175  178,831  2.8  % 4.6  % 5.2  % 4.7  %
Cincinnati, OH 2,053  196,198  4.0  % 5.7  % 8.5  % 6.4  %
Raleigh, NC 2,041  199,586  3.7  % 5.1  % 5.4  % 5.2  %
Columbus, OH 2,039  191,568  3.8  % 5.8  % 8.5  % 6.4  %
Salt Lake City, UT 1,830  302,107  4.6  % 5.2  % 6.5  % 5.5  %
Orlando, FL 1,607  205,329  2.9  % 4.7  % 3.7  % 4.4  %
Las Vegas, NV 1,576  253,153  3.4  % 5.8  % 5.6  % 5.7  %
Greater Chicago area, IL and IN 1,492  192,845  2.5  % 7.6  % 10.4  % 8.2  %
Charleston, SC 1,455  229,865  3.0  % 5.2  % 5.1  % 5.1  %
San Antonio, TX 1,101  196,416  1.6  % 3.3  % (3.3) % 1.9  %
Savannah/Hilton Head, SC 971  203,997  2.0  % 7.1  % 11.3  % 8.3  %
Seattle, WA 911  323,883  2.4  % 5.3  % 8.5  % 6.0  %
All Other (2)
6,630  222,132  13.9  % 5.2  % 5.3  % 5.2  %
Total/Average 52,370  $ 214,124  100.0  % 5.2  % 5.3  % 5.2  %
 Average Occupied Days Percentage  Average Monthly Realized Rent per Property
Market 3Q24 QTD 3Q23 QTD Change 3Q24 QTD 3Q23 QTD Change
Atlanta, GA 95.8  % 96.5  % (0.7) % $ 2,240  $ 2,129  5.2  %
Dallas-Fort Worth, TX 95.9  % 96.7  % (0.8) % 2,287  2,167  5.5  %
Charlotte, NC 96.3  % 97.0  % (0.7) % 2,156  2,037  5.8  %
Nashville, TN 95.7  % 95.9  % (0.2) % 2,325  2,228  4.4  %
Phoenix, AZ 95.2  % 95.9  % (0.7) % 2,123  2,052  3.5  %
Indianapolis, IN 96.4  % 96.7  % (0.3) % 1,869  1,771  5.5  %
Jacksonville, FL 95.2  % 96.5  % (1.3) % 2,158  2,072  4.2  %
Tampa, FL 95.6  % 96.0  % (0.4) % 2,376  2,253  5.5  %
Houston, TX 96.3  % 97.4  % (1.1) % 2,058  1,953  5.4  %
Cincinnati, OH 96.5  % 96.5  % —  % 2,126  2,014  5.6  %
Raleigh, NC 96.5  % 96.4  % 0.1  % 2,027  1,926  5.2  %
Columbus, OH 96.5  % 96.9  % (0.4) % 2,169  2,051  5.8  %
Salt Lake City, UT 96.3  % 96.3  % —  % 2,434  2,337  4.2  %
Orlando, FL 95.1  % 96.4  % (1.3) % 2,352  2,200  6.9  %
Las Vegas, NV 95.9  % 96.1  % (0.2) % 2,235  2,141  4.4  %
Greater Chicago area, IL and IN 96.8  % 97.7  % (0.9) % 2,436  2,301  5.9  %
Charleston, SC 95.8  % 97.3  % (1.5) % 2,282  2,157  5.8  %
San Antonio, TX 96.6  % 96.4  % 0.2  % 1,949  1,898  2.7  %
Savannah/Hilton Head, SC 95.8  % 97.4  % (1.6) % 2,228  2,043  9.1  %
Seattle, WA 95.6  % 95.4  % 0.2  % 2,779  2,657  4.6  %
All Other (2)
95.7  % 96.3  % (0.6) % 2,188  2,082  5.1  %
Total/Average 95.9  % 96.5  % (0.6) % $ 2,208  $ 2,100  5.1  %
(1)Reflected for the three months ended September 30, 2024.
(2)Represents 15 markets in 13 states.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
17



AMH
Condensed Consolidated Balance Sheets
(Amounts in thousands)
Sep 30, 2024 Dec 31, 2023
(Unaudited)
Assets    
Single-family properties:    
Land $ 2,279,188  $ 2,234,301 
Buildings and improvements 11,081,984  10,651,388 
Single-family properties in operation 13,361,172  12,885,689 
Less: accumulated depreciation (2,962,482) (2,719,970)
Single-family properties in operation, net 10,398,690  10,165,719 
Single-family properties under development and development land 1,205,372  1,409,424 
Single-family properties and land held for sale, net 218,969  182,082 
Total real estate assets, net 11,823,031  11,757,225 
Cash and cash equivalents 162,477  59,385 
Restricted cash 155,372  162,476 
Rent and other receivables 49,727  42,823 
Escrow deposits, prepaid expenses and other assets 378,402  406,138 
Investments in unconsolidated joint ventures 154,997  114,198 
Asset-backed securitization certificates —  25,666 
Goodwill 120,279  120,279 
Total assets $ 12,844,285  $ 12,688,190 
Liabilities    
Revolving credit facility $ —  $ 90,000 
Asset-backed securitizations, net 927,099  1,871,421 
Unsecured senior notes, net 3,591,714  2,500,226 
Accounts payable and accrued expenses 629,868  573,660 
Total liabilities 5,148,681  5,035,307 
Commitments and contingencies    
Equity    
Shareholders’ equity:    
Class A common shares 3,659  3,643 
Class B common shares
Preferred shares 92  92 
Additional paid-in capital 7,412,232  7,357,848 
Accumulated deficit (407,251) (394,908)
Accumulated other comprehensive income 2,756  843 
Total shareholders’ equity 7,011,494  6,967,524 
Noncontrolling interest 684,110  685,359 
Total equity 7,695,604  7,652,883 
Total liabilities and equity $ 12,844,285  $ 12,688,190 
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
18



AMH
Debt Summary as of September 30, 2024
(Amounts in thousands)
(Unaudited)
Secured Unsecured Total Balance  % of Total
Interest Rate (1)
 Years to Maturity (2)
Floating rate debt:
Revolving credit facility (3)
$ —  $ —  $ —  —  % 5.91  % 4.8
Total floating rate debt —  —  —  —  % 5.91  % 4.8
Fixed rate debt:
AMH 2015-SFR1 securitization 496,732  —  496,732  10.9  % 4.14  % 20.5
AMH 2015-SFR2 securitization 432,040  —  432,040  9.4  % 4.36  % 21.0
2028 unsecured senior notes —  500,000  500,000  10.9  % 4.08  % 3.4
2029 unsecured senior notes —  400,000  400,000  8.7  % 4.90  % 4.4
2031 unsecured senior notes —  450,000  450,000  9.8  % 2.46  % 6.8
2032 unsecured senior notes —  600,000  600,000  13.1  % 3.63  % 7.5
2034 unsecured senior notes I —  600,000  600,000  13.1  % 5.50  % 9.3
2034 unsecured senior notes II —  500,000  500,000  10.9  % 5.50  % 9.8
2051 unsecured senior notes —  300,000  300,000  6.6  % 3.38  % 26.8
2052 unsecured senior notes —  300,000  300,000  6.6  % 4.30  % 27.6
Total fixed rate debt 928,772  3,650,000  4,578,772  100.0  % 4.28  % 12.5
Total Debt $ 928,772  $ 3,650,000  4,578,772  100.0  % 4.28  % 12.5
Unamortized discounts and loan costs (59,959)
Total debt per balance sheet $ 4,518,813 
Maturity Schedule by Year (2)
Total Debt % of Total
Remaining 2024 $ 2,576  0.1  %
2025 10,302  0.2  %
2026 10,302  0.2  %
2027 10,302  0.2  %
2028 510,302  11.1  %
Thereafter 4,034,988  88.2  %
Total $ 4,578,772  100.0  %
(1)Interest rates are as of September 30, 2024 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-SFR1 securitization and AMH 2015-SFR2 securitization have anticipated repayment dates of April 9, 2025 and October 9, 2025, respectively. If the securitizations are 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 (“SOFR”), as adjusted for the Company’s SOFR spread, plus 0.85% as of period end.


Interest Expense Reconciliation
For the Three Months Ended
Sep 30,
For the Nine Months Ended
Sep 30,
(Amounts in thousands) 2024 2023 2024 2023
Interest expense per income statement and included in Core FFO attributable to common share and unit holders $ 43,611  $ 34,381  $ 120,866  $ 105,107 
Less: amortization of discounts, loan costs and cash flow hedges (3,006) (3,085) (8,966) (9,193)
Add: capitalized interest 12,894  14,170  40,247  40,991 
Cash interest $ 53,499  $ 45,466  $ 152,147  $ 136,905 
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
19



AMH
Capital Structure and Credit Metrics as of September 30, 2024
(Amounts in thousands, except share and per share data)
(Unaudited)
Total Capitalization
Total Debt $ 4,578,772  22.0  %
Total preferred shares 230,000  1.1  %
Common equity at market value:
Common shares outstanding 366,520,263 
Operating partnership units 51,376,980 
Total shares and units 417,897,243 
NYSE AMH Class A common share closing price at September 30, 2024 $ 38.39 
Market value of common shares and operating partnership units 16,043,075  76.9  %
Total Capitalization $ 20,851,847  100.0  %
Preferred Shares Earliest Redemption Date Outstanding Shares Annual Dividend
Per Share
Annual Dividend
Amount
Series Per Share Total
5.875% Series G Perpetual Preferred Shares 7/17/2022 4,600,000  $ 25.00  $ 115,000  $ 1.469  $ 6,756 
6.250% Series H Perpetual Preferred Shares 9/19/2023 4,600,000  $ 25.00  115,000  $ 1.563  7,188 
Total preferred shares 9,200,000  $ 230,000  $ 13,944 
Credit Ratios Credit Ratings
Net Debt and Preferred Shares to Adjusted EBITDAre 5.0 x Rating Agency Rating Outlook
Fixed Charge Coverage 4.3 x Moody's Investor Service Baa2 Stable
Unencumbered Core NOI percentage 86.0  % S&P Global Ratings BBB Stable
Unsecured Senior Notes Covenant Ratios Requirement Actual
Ratio of Indebtedness to Total Assets < 60.0  % 29.4  %
Ratio of Secured Debt to Total Assets < 40.0  % 5.9  %
Ratio of Unencumbered Assets to Unsecured Debt > 150.0  % 382.8  %
Ratio of Consolidated Income Available for Debt Service to Interest Expense > 1.50 x 4.57 x
Unsecured Credit Facility Covenant Ratios Requirement Actual
Ratio of Total Indebtedness to Total Asset Value < 60.0  % 27.9  %
Ratio of Secured Indebtedness to Total Asset Value < 40.0  % 5.7  %
Ratio of Unsecured Indebtedness to Unencumbered Asset Value < 60.0  % 27.8  %
Ratio of EBITDA to Fixed Charges > 1.50 x 3.88 x
Ratio of Unencumbered NOI to Unsecured Interest Expense > 1.75 x 5.94 x
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
20



AMH
Top 20 Markets Summary as of September 30, 2024
Property Information (1)
Market Number of
Properties
Percentage
of Total
Properties
Gross Book
Value per
Property
Avg.
Sq. Ft.
Avg. Age
(years)
Atlanta, GA 5,891 10.0  % $ 230,069  2,178 17.4
Charlotte, NC 4,129 7.0  % 224,651  2,115 18.1
Dallas-Fort Worth, TX 3,867 6.6  % 176,435  2,087 20.2
Phoenix, AZ 3,312 5.6  % 218,485  1,845 19.6
Nashville, TN 3,358 5.7  % 253,658  2,120 16.4
Jacksonville, FL 3,264 5.5  % 226,933  1,927 14.2
Tampa, FL 2,972 5.0  % 241,032  1,948 15.0
Indianapolis, IN 2,814 4.8  % 175,141  1,925 21.7
Houston, TX 2,304 3.9  % 178,850  2,079 18.8
Las Vegas, NV 2,435 4.1  % 299,767  1,946 10.9
Raleigh, NC 2,183 3.7  % 200,849  1,887 18.2
Columbus, OH 2,162 3.7  % 200,332  1,886 21.5
Cincinnati, OH 2,121 3.6  % 199,041  1,843 21.7
Orlando, FL 2,125 3.6  % 234,992  1,924 17.0
Salt Lake City, UT 1,936 3.3  % 307,558  2,246 17.6
Charleston, SC 1,599 2.7  % 236,765  1,966 13.1
Greater Chicago area, IL and IN 1,527 2.6  % 193,164  1,867 23.1
San Antonio, TX 1,179 2.0  % 199,475  1,912 15.6
Savannah/Hilton Head, SC 1,058 1.8  % 214,582  1,888 15.9
Seattle, WA 1,012 1.7  % 338,031  2,009 14.3
All Other (3)
7,651 13.1  % 243,419  1,919 17.1
Total/Average 58,899 100.0  % $ 226,849  1,993 17.6
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, GA 95.0  % $ 2,257  5.0  % 4.1  % 4.8  %
Charlotte, NC 96.2  % 2,181  5.5  % 7.5  % 5.9  %
Dallas-Fort Worth, TX 95.8  % 2,287  4.8  % 3.6  % 4.5  %
Phoenix, AZ 95.0  % 2,120  4.2  % 1.2  % 3.4  %
Nashville, TN 95.3  % 2,339  5.1  % 4.9  % 5.1  %
Jacksonville, FL 94.4  % 2,170  5.3  % 3.8  % 4.9  %
Tampa, FL 94.0  % 2,409  5.1  % 2.6  % 4.5  %
Indianapolis, IN 96.4  % 1,870  5.7  % 8.2  % 6.4  %
Houston, TX 96.4  % 2,055  4.6  % 5.1  % 4.7  %
Las Vegas, NV 92.7  % 2,301  5.9  % 5.2  % 5.8  %
Raleigh, NC 96.3  % 2,034  5.1  % 5.4  % 5.2  %
Columbus, OH 96.1  % 2,184  5.7  % 8.6  % 6.3  %
Cincinnati, OH 96.5  % 2,127  5.7  % 8.5  % 6.5  %
Orlando, FL 92.9  % 2,380  4.8  % 4.0  % 4.6  %
Salt Lake City, UT 95.3  % 2,434  5.1  % 6.4  % 5.4  %
Charleston, SC 94.0  % 2,284  5.2  % 5.2  % 5.2  %
Greater Chicago area, IL and IN 96.8  % 2,435  7.6  % 10.4  % 8.2  %
San Antonio, TX 96.1  % 1,947  3.2  % (2.8) % 1.8  %
Savannah/Hilton Head, SC 95.4  % 2,240  7.0  % 10.8  % 8.2  %
Seattle, WA 95.3  % 2,804  5.2  % 8.4  % 6.0  %
All Other (3)
93.8  % 2,208  5.3  % 5.4  % 5.3  %
Total/Average 95.1  % $ 2,224  5.2  % 5.3  % 5.3  %
(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 September 30, 2024.
(3)Represents 15 markets in 13 states.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
21



AMH
Property Additions
3Q24 Additions YTD 3Q24 Additions
Market Number of Properties Average
Total Investment Cost
Number of Properties Average
Total Investment Cost
Las Vegas, NV 125  $ 409,286  334  $ 399,494 
Orlando, FL 83  370,081  197  367,755 
Jacksonville, FL 70  353,603  186  350,772 
Tampa, FL 60  388,346  155  379,271 
Atlanta, GA 55  371,797  173  375,022 
Tucson, AZ 43  337,906  82  342,559 
Boise, ID 35  463,555  69  444,657 
Phoenix, AZ 26  387,392  47  411,495 
Columbus, OH 25  380,262  25  380,262 
Charleston, SC 24  361,308  71  361,898 
Denver, CO 23  453,337  64  463,580 
Nashville, TN 23  399,959  74  422,230 
Salt Lake City, UT 18  363,743  36  361,124 
Seattle, WA 16  539,796  52  498,724 
Savannah/Hilton Head, SC 11  356,481  12  355,871 
Charlotte, NC 409,741  75  365,460 
Colorado Springs, CO 439,269  22  478,392 
Cincinnati, OH 307,668  307,668 
Raleigh, NC —  —  28  237,696 
Total/Average 656  $ 389,784  1,706  $ 385,721 

Property Dispositions
Sep 30, 2024 Single-Family Properties Held for Sale 3Q24 Dispositions YTD 3Q24 Dispositions
Market Number of Properties Average
Net Proceeds per Property
Number of Properties Average Net Proceeds per Property
Dallas-Fort Worth, TX 127  40  $ 277,769  150  $ 300,214 
Atlanta, GA 86  25  310,143  103  320,642 
Houston, TX 79  15  239,961  141  239,805 
Austin, TX 79  13  292,598  83  289,755 
Greater Chicago area, IL and IN 76  289,857  28  271,405 
Tampa, FL 66  10  351,162  53  372,597 
Inland Empire, CA 63  410,569  23  458,987 
San Antonio, TX 61  21  222,494  55  240,912 
Phoenix, AZ 57  23  344,557  83  359,837 
Orlando, FL 37  17  342,652  66  337,171 
Charlotte, NC 33  322,887  31  344,527 
Nashville, TN 28  11  321,256  27  338,240 
Indianapolis, IN 26  300,446  41  249,932 
Seattle, WA 19  466,118  21  425,924 
Raleigh, NC 17  250,003  15  323,568 
Salt Lake City, UT 15  972,727  736,346 
Jacksonville, FL 14  280,718  18  332,094 
Bay Area, CA 12  —  —  642,259 
Central Valley, CA 12  406,726  323,345 
Memphis, TN 12  11  252,673  38  246,274 
All Other (1)
84  32  354,728  129  340,900 
Total/Average 1,003  256  $ 316,260  1,118  $ 313,145 
(1)Represents 15 markets in 11 states.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
22



AMH
AMH Development Pipeline Summary as of September 30, 2024
YTD 3Q24 Deliveries Sep 30, 2024
Lots for
Future Delivery
Market Number of Properties Average Total Investment Cost Average
Monthly Rent
Las Vegas, NV 392  $ 401,000  $ 2,560  846 
Atlanta, GA 241  383,000  2,590  688 
Orlando, FL 197  368,000  2,560  876 
Jacksonville, FL 186  351,000  2,340  504 
Phoenix, AZ 176  366,000  2,360  1,459 
Tampa, FL 155  379,000  2,740  515 
Denver, CO 104  496,000  2,950  508 
Seattle, WA 90  459,000  3,140  437 
Nashville, TN 77  431,000  2,730  297 
Charlotte, NC 75  365,000  2,700  361 
Charleston, SC 71  362,000  2,440  872 
Boise, ID 69  445,000  2,520  272 
Salt Lake City, UT 36  361,000  2,420  284 
Columbus, OH 24  380,000  2,740  589 
Raleigh, NC —  —  —  66 
Total/Average 1,893  $ 392,000  $ 2,590  8,574 
Lots optioned 2,218 
Total lots owned and optioned 10,792 

Estimated Delivery Timing
Dec 31, 2023
Lots for
Future Delivery
YTD 3Q24
Net Additions/(Reductions) (2)
YTD 3Q24
Deliveries
Full Year Estimated 2024 Deliveries (3)
Deliveries Thereafter (3)
Wholly-owned development pipeline (1)
11,508 56 1,661 1,825 - 1,975 9,664
Joint venture development pipeline (1)(4)
1,121 232 375 - 425 721
Total development pipeline 12,629 56 1,893 2,200 - 2,400 10,385
(1)Reflects land pipeline and delivery timeline for projects that are intended either for the Company’s wholly-owned or joint venture portfolios.
(2)Represents the net of lots acquired and optioned and lots transferred to held for sale or disposed during the period.
(3)Reflects the Company’s latest development program estimates as of October 29, 2024.
(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.
23



AMH
Lease Expirations
MTM 4Q24 1Q25 2Q25 3Q25 Thereafter
Lease expirations 2,285 9,237 13,483 14,322 12,109 4,637

Share Repurchase History
(Amounts in thousands, except share and per share data)
Share Repurchases
Period Common Shares Repurchased Purchase Price Avg. Price Paid Per Share
2023 —  $ —  $ — 
1Q24 —  —  — 
2Q24 —  —  — 
3Q24 —  —  — 
Total —  —  $ — 
 Remaining authorization: $ 265,067 

ATM Share History
(Amounts in thousands, except share and per share data)
ATM Share Issuances ATM Shares Sold Forward
Period Common Shares Issued Gross Proceeds Avg. Issuance Price Per Share Common Shares Sold Forward Future Gross Proceeds Avg. Price
Per Share
Total ATM Gross Proceeds
2023 2,799,683  $ 101,958  $ 36.42  —  $ —  $ —  $ 101,958 
1Q24 932,746  33,756  36.19  2,987,024  110,616  37.03  144,372 
2Q24 —  —  —  —  —  —  — 
3Q24 —  —  —  —  —  —  — 
Total 3,732,429  $ 135,714  $ 36.36  2,987,024  $ 110,616  $ 37.03  246,330 
 Remaining authorization: $ 753,670 

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



AMH
2024 Guidance
Set forth below are the Company’s current expectations with respect to full year 2024 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 2024 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 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 2024 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.
Guidance Summary
Full Year 2024
Previous Guidance Current Guidance
Core FFO attributable to common share and unit holders $1.74 - $1.78 $1.76 - $1.78
Core FFO attributable to common share and unit holders growth 4.8% - 7.2% 6.0% - 7.2%
Same-Home
Core revenues growth 4.25% - 5.75% 4.50% - 5.50%
Core property operating expenses growth 5.25% - 6.75% 4.50% - 5.50%
Core NOI growth 3.50% - 5.50% 4.50% - 5.50%
Full Year 2024
Previous Guidance Current Guidance
Investment Program Properties Investment Properties Investment
Wholly owned acquisitions 1,700 - 1,750 $490 - $500 million
Wholly owned development deliveries 1,825 - 1,975 $700 - $800 million 1,825 - 1,975 $700 - $800 million
Wholly owned land and development pipeline $100 - $150 million $100 - $150 million
Pro rata share of JV and Property Enhancing Capex $100 - $150 million $100 - $150 million
Total capital investment (wholly owned and pro rata JV) 1,825 - 1,975 $0.9 - $1.1 billion 3,525 - 3,725 $1.4 - $1.6 billion
Total gross capital investment (JVs at 100%) 2,200 - 2,400 $1.1 - $1.3 billion 3,900 - 4,150 $1.6 - $1.8 billion

Changes to Full Year 2024 guidance:
•Raised Core FFO guidance midpoint by $0.01 per share primarily related to increased Core NOI growth from the Same-Home portfolio driven by both better than expected property tax expense outlook and cost controls on controllable expenses.
•Revised Wholly owned acquisitions guidance includes bulk portfolio acquired during the fourth quarter as well as a small volume of individual property acquisitions.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
25



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.




26



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) Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2023
Total Debt $ 4,578,772  $ 5,055,355  $ 4,561,186  $ 4,517,158  $ 4,433,095 
Less: cash and cash equivalents (162,477) (718,380) (124,826) (59,385) (69,514)
Less: asset-backed securitization certificates —  —  —  (25,666) (25,666)
Less: restricted cash related to securitizations (26,273) (37,112) (33,243) (42,278) (52,382)
Net debt $ 4,390,022  $ 4,299,863  $ 4,403,117  $ 4,389,829  $ 4,285,533 
Preferred shares at liquidation value 230,000  230,000  230,000  230,000  230,000 
Net debt and preferred shares $ 4,620,022  $ 4,529,863  $ 4,633,117  $ 4,619,829  $ 4,515,533 
Adjusted EBITDAre - TTM $ 919,174  $ 896,679  $ 875,707  $ 860,086  $ 842,366 
Net Debt and Preferred Shares to Adjusted EBITDAre 5.0 x 5.1 x 5.3 x 5.4 x 5.4 x
Fixed Charge Coverage
(Amounts in thousands) For the Trailing Twelve Months Ended
Sep 30, 2024
Interest expense per income statement $ 155,957 
Less: amortization of discounts, loan costs and cash flow hedges (12,052)
Add: capitalized interest 54,488 
Cash interest 198,393 
Dividends on preferred shares 13,944 
Fixed charges $ 212,337 
Adjusted EBITDAre - TTM $ 919,174 
Fixed Charge Coverage 4.3 x
Unencumbered Core NOI Percentage
For the Three Months Ended For the Trailing Twelve Months Ended
Sep 30, 2024
(Amounts in thousands) Dec 31,
2023
Mar 31,
2024
Jun 30,
2024
Sep 30,
2024
Unencumbered Core NOI (1)
$ 202,037  $ 204,064  $ 209,166  $ 208,636  $ 823,903 
Core NOI 235,627  237,670  242,982  242,094  958,373 
Unencumbered Core NOI Percentage 86.0  %
(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.
27



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 partnerships and 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, (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.
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, Adjusted EBITDAre, Fully Adjusted EBITDAre, Adjusted EBITDAre Margin and Fully Adjusted EBITDAre Margin for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands):
For the Three Months Ended
Sep 30,
For the Nine Months Ended
Sep 30,
2024 2023 2024 2023
Net income $ 87,640  $ 88,092  $ 324,269  $ 341,205 
Interest expense 43,611  34,381  120,866  105,107 
Depreciation and amortization 119,691  114,863  353,020  340,779 
EBITDA $ 250,942  $ 237,336  $ 798,155  $ 787,091 
Gain on sale and impairment of single-family properties and other, net (32,697) (33,335) (145,490) (180,752)
Adjustments for unconsolidated joint ventures 1,116  812  3,909  2,380 
EBITDAre $ 219,361  $ 204,813  $ 656,574  $ 608,719 
Noncash share-based compensation - general and administrative 3,601  4,160  17,999  13,885 
Noncash share-based compensation - property management 1,043  953  3,827  3,151 
Acquisition, other transaction costs and other 2,605  3,399  8,866  12,650 
Hurricane-related charges, net 3,904  —  3,904  — 
Loss on early extinguishment of debt 5,306  —  6,323  — 
Adjusted EBITDAre $ 235,820  $ 213,325  $ 697,493  $ 638,405 
Recurring Capital Expenditures (23,088) (23,973) (58,615) (59,079)
Leasing costs (995) (792) (2,832) (2,368)
Fully Adjusted EBITDAre $ 211,737  $ 188,560  $ 636,046  $ 576,958 
Rents and other single-family property revenues $ 445,055  $ 421,697  $ 1,292,104  $ 1,214,948 
Less: tenant charge-backs (67,615) (65,840) (172,323) (167,049)
Adjustments for unconsolidated joint ventures - income 3,935  1,535  10,575  7,703 
Rents and other single-family property revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures $ 381,375  $ 357,392  $ 1,130,356  $ 1,055,602 
Adjusted EBITDAre Margin 61.8  % 59.7  % 61.7  % 60.5  %
Fully Adjusted EBITDAre Margin 55.5  % 52.8  % 56.3  % 54.7  %

29



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
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2023
Net income $ 415,206  $ 415,658  $ 422,538  $ 432,142  $ 444,996 
Interest expense 155,957  146,727  142,893  140,198  141,356 
Depreciation and amortization 468,791  463,963  459,559  456,550  453,622 
EBITDA $ 1,039,954  $ 1,026,348  $ 1,024,990  $ 1,028,890  $ 1,039,974 
Gain on sale and impairment of single-family properties and other, net (174,572) (175,210) (194,076) (209,834) (238,159)
Adjustments for unconsolidated joint ventures 5,240  4,936  4,798  3,711  2,846 
EBITDAre $ 870,622  $ 856,074  $ 835,712  $ 822,767  $ 804,661 
Noncash share-based compensation - general and administrative 20,493  21,052  19,475  16,379  15,851 
Noncash share-based compensation - property management 4,706  4,616  4,408  4,030  3,866 
Acquisition, other transaction costs and other 13,126  13,920  15,158  16,910  17,988 
Hurricane-related charges, net 3,904  —  —  —  — 
Loss on early extinguishment of debt 6,323  1,017  954  —  — 
Adjusted EBITDAre $ 919,174  $ 896,679  $ 875,707  $ 860,086  $ 842,366 

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 partnerships and 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, (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.


30



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

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
Sep 30,
For the Nine Months Ended
Sep 30,
2024 2023 2024 2023
Property management expenses $ 31,973  $ 30,785  $ 95,757  $ 92,251 
Less: tenant charge-backs (2,026) (2,148) (5,837) (5,738)
Less: noncash share-based compensation - property management (1,043) (953) (3,827) (3,151)
Property management expenses, net $ 28,904  $ 27,684  $ 86,093  $ 83,362 
General and administrative expense $ 19,247  $ 18,336  $ 62,825  $ 56,128 
Less: noncash share-based compensation - general and administrative (3,601) (4,160) (17,999) (13,885)
General and administrative expense, net $ 15,646  $ 14,176  $ 44,826  $ 42,243 
    

31



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 nine months ended September 30, 2024 and 2023:
For the Three Months Ended
Sep 30,
For the Nine Months Ended
Sep 30,
2024 2023 2024 2023
Net income per common share–diluted $ 0.20  $ 0.20  $ 0.75  $ 0.80 
Adjustments:
Conversion from GAAP share count (0.02) (0.03) (0.09) (0.10)
Noncontrolling interests in the Operating Partnership 0.02  0.03  0.09  0.10 
Gain on sale and impairment of single-family properties and other, net (0.08) (0.08) (0.35) (0.44)
Adjustments for unconsolidated joint ventures —  —  0.01  0.01 
Depreciation and amortization 0.29  0.28  0.84  0.82 
Less: depreciation and amortization of non-real estate assets (0.01) (0.01) (0.03) (0.03)
FFO attributable to common share and unit holders $ 0.40  $ 0.39  $ 1.22  $ 1.16 
Adjustments:
Acquisition, other transaction costs and other 0.01  0.01  0.02  0.03 
Noncash share-based compensation - general and administrative 0.01  0.01  0.04  0.03 
Noncash share-based compensation - property management —  —  0.01  0.01 
Hurricane-related charges, net 0.01  —  0.01  — 
Loss on early extinguishment of debt 0.01  —  0.02  — 
Core FFO attributable to common share and unit holders $ 0.44  $ 0.41  $ 1.32  $ 1.23 
Recurring Capital Expenditures (0.06) (0.06) (0.14) (0.14)
Leasing costs —  —  (0.01) (0.01)
Adjusted FFO attributable to common share and unit holders $ 0.38  $ 0.35  $ 1.17  $ 1.08 

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.
32



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
Sep 30, 2024
Adjusted FFO attributable to common share and unit holders $ 159,710 
Common distributions (109,133)
Retained Cash Flow $ 50,577 

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.

33



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, and the Eighth Supplemental Indenture dated as of June 26, 2024 for the 2034 Unsecured Senior Notes II, 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, which has been filed as an exhibit 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, 2023, and in the Company’s subsequent filings with the SEC.
34


Executive Management
David P. Singelyn Christopher C. Lau
Chief Executive Officer Chief Financial Officer and Senior Executive Vice President
Bryan Smith Sara H. Vogt-Lowell
Chief Operating Officer Chief Legal Officer and Secretary





AMH Diversified Portfolio



amhmap-21statesa.jpg



Corporate Information Investor Relations
280 Pilot Road (855) 794-2447
Las Vegas, NV 89119 investors@amh.com
Media Relations
23975 Park Sorrento, Suite 300
Calabasas, CA 91302 (855) 774-4663
media@amh.com
(702) 847-7800
www.amh.com